I wasn't a fan of the short-selling ban for financial stocks...but if you're going to ban short sales, you don't lift the ban while the market is more turbulent than ever!!
Isn't the idea to wait until the storm passes, and only then untie the boats?
From CNBC several weeks ago:
Investors who think the ban on short selling provides a buying opportunity could get stung by a likely selloff when the rules expire.
Well lookee what happened. Lifting the ban is like finishing only 1/2 of your penecillin prescription. You're left with only the toughest bugs and are potentially worse off than if you'd never started antibiotics.
The management of this mess so far has left me wondering if we'll yet see another depression rather than the expected painful recession. The only blunder that could top this one would be to close the markets Friday. Then we'd see Black Monday (a la 1987) all over again.
Luckily only Indonesia has done that so far.
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