simplesimon

Market Meltdown: We Need Congress to Make This Right

It's nice to hear some rational thinking from someone obviously old enough to be able to put things in perspective. Indeed the field has been plagued by millions of whipppersnappers with a 'blackberry and a lunch break who would panic at the first series of downticks kicked off, like the proverbial dominoes, by perhaps, borrowing ten thousand shares of someone else's position, then sell at a drastically lower, fire sale price, and then 'reap the benefits' of the short sale...and leave the original holder with a devalued portfolio. Isn't that a little like borrowing someone's car, without their knowledge, and then bashing it up, selling it 'as is' and then 'reaping the rewards' of your 'caper' ?
I've heard an awful lot of cynical mockery and anger about the ban on naked short selling...I am making a stab in the dark here- but I am guessing that this outrage is coming from a million or more blackberry whizes who now have to hurry and cover their shorts?
I'm also astounded that there would be so much resistance to the gov't's bailout proposal. I am guessing here also, it is more about congress diverting blame from itself to the current whipping boys, Bernanke and Paulson.
I'd like to hear more from this contributor and others whether the Dow, which has swooned 4,000 points - whether it could fall another 4,000 with what appears to be political wrangling this close to election time? And why not fall to a DJIA of 6,000? My personal view is that we should not abandon ship at this moment in history. Buffet placed his bet on the table, and I encourage others to gird their loins also, and make a show of some modicum of courage-and, make for some gesture of 'this far down, and no farther' bottom. In a word, stop dumping shares out of panic. To quote another whipping boy of late, "Stand up and fight!" Show some hutzpah, goys and shiksas.