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Dow up!!!!

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Bullhauler

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The stock market is up over 4% today. I thought this needed posting since every down day the Imperial Wizard has to make a post about it.
 
NEW YORK (CNNMoney.com) -- Markets surged Tuesday afternoon, recovering from multi-year lows, after Citigroup cooled some worries about its solvency and talk resurfaced that the SEC could reinstate a key trading rule.
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"Citigroup got us started but then Barney Frank came out and said that the uptick rule could be reinstated and that helped a lot too," said Tom Schrader, managing director at Stifel Nicolaus.

Rep. Barney Frank, D-Mass., the head of the U.S. House Financial Services Committee told reporters Tuesday that the Securities and Exchange Commission would restore the "uptick rule."

The uptick rule -- which was in place until July 2007 -- limits short sellers from adding to the downward momentum of a stock that is already plunging. In short selling, traders make money when the price of a stock falls.

Critics say the ending of the uptick rule has added to the selling in the financial sector stocks over the last year and a half.
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Uptick rule

The uptick rule is a securities trading rule used to regulate short selling in financial markets. The rule mandates, subject to certain exceptions, that, when sold, a listed security must either be sold short at a price above the price at which the immediately preceding sale was effected or at the last sale price if it is higher than the last different price. In 1938, the SEC adopted the uptick rule, more formally known as rule 10a-1, after conducting an inquiry into the effects of concentrated short selling during the market break of 1937. The original rule was implemented by Joseph P. Kennedy, Sr., the first SEC commissioner.

The NASD and Nasdaq adopted their own short sale price tests based on the last bid rather than on the last reported sale.


Elimination
The SEC eliminated the uptick rule on July 6, 2007. The elimination of the rule was preceded by an SEC order, placed on July 28, 2004, to create a one-year pilot temporarily suspending the uptick rule on select securities. The purpose of the suspension was so that the commission could study the effectiveness of the rule. The SEC's Office of Economic Analysis and academic researchers provided the SEC with analysis of the data obtained during a six-month period starting May 2, 2005. The consensus was against the uptick rule, with the commission concluding that the uptick rule "modestly reduce[d] liquidity and do[es] not appear necessary to prevent manipulation."

The rule was originally put in place to avoid the perpetration of a financial crime known as a bear raid. However, short sellers themselves viewed the rule as "largely symbolic" and having little actual effect on short selling.
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Obama keeps mouth shut on markets, markets ease upward. Simple.

CNBC called this movement before the markets opened this morning. There was a rumor that Citibank had made a profit in February.........
 
One more up day like this and the market will be higher then when Obama took office. Then it will be time to work on the 6000 points that were lost when Bush was in office.
 
I still say- and always will that the main problem that brought on this Bush Bust is that everyone forgot history- and why most all the financial regulation was put in place 75+ years ago during/after the Great Depression and other financial crisis to keep it from happening again...

Just like in the ranching and cattle industry- there is a reason our fathers and grandfathers did certain things a certain way...They'd learned by trial and error- and hopefully the kids didn't have to relearn the lesson...But the kids in Congress sold out to the promotion of the Lobbyiests and Fatcats--and the "bigger, better, faster movement" of GREED, and went on a "forget history, everyones trustworthy- we don't need rules, and deregulate everything" spree.....

Kind of similar to what happened to a lot of angus/cattle breeders- and the reason so many have now dug back into the semen tanks for semen from bulls of the 60's and 70's- that actually make it in the real world...

And we're at were we are- now trying to re-invent the wheel...

I believe in corporations. They are indispensable instruments of our modern civilization; but I believe that they should be so supervised and so regulated that they shall act for the interest of the community as a whole.
~Theodore Roosevelt
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Kind of sounds like old Bernanke's saying the same thing Teddy knew and said 100+ years ago :wink:

Bernanke: Regulatory Overhaul Needed

Tuesday, March 10, 2009 8:48 AM

WASHINGTON -- The nation's financial rule book must be rewritten to prevent a repeat of the global economic crisis now gripping the United States and other countries, Federal Reserve Chairman Ben Bernanke said Tuesday.


"We must have a strategy that regulates the financial system as a whole ... not just its individual components," Bernanke said in a speech to the Council on Foreign Relations.


Bernanke offered new details on how to bolster mutual funds and a program that insures bank deposits. He also stressed the need for regulators to make sure financial companies have a sufficient capital cushion against potential losses.


The Fed chief's remarks come as the Obama administration and Congress are crafting their overhaul strategies. For the administration, critical work will be carried out among global finance officials this weekend in London ahead of next month's meeting of leaders from the world's 20 major economic powers.


The patchwork of U.S. financial rules dates to the Civil War. Congress, the administration and the Fed want to strengthen the system to avoid any future financial crises from plunging the U.S. economy and many others into recession.


Bernanke said there's a "good chance" the U.S. recession could end this year if the government is successful in getting financial markets to operate more normally again. The recession, now in its second year and already the longest in a quarter-century, has turned out to be more severe than anticipated, he acknowledged after his speech.


To guide the regulatory overhaul, Bernanke laid out four key elements. One is for Congress to enact legislation so the failure of a huge financial institution can be handled in such a way to minimize fallout to the national economy — similar to how the Federal Deposit Insurance Corp. deals with bank failures. Such "too big to fail" companies must be subject to more rigorous supervision to prevent them from taking excessive risk, he said.


The bailouts of insurance giant American International Group Inc., Citigroup Inc., Bank of America Corp., and mortgage finance companies Fannie Mae and Freddie Mac have put billions of taxpayers' dollars at risk over the past year and angered the American public.


Policymakers also should consider ways to bolster money market mutual funds that are susceptible to runs by investors, Bernanke said. That could be done by imposing tighter restrictions on the financial instruments that money markets can invest in or through a limited system of insurance for certain funds.


Bernanke also called for a review of regulatory policies and accounting rules, suggesting a larger financial buffer for the FDIC's insurance program for bank deposits that could be used when conditions worsen. Capital regulations for banks and other financial institutions also must be "appropriately forward-looking" to ensure sufficient money is set aside against potential losses.


Finally, the government should consider creating an authority specifically responsible for monitoring financial risks and protecting the country from crises like the current one. Some in Congress — and the previous Bush administration — have proposed the Fed, which already serves as the lender of last resort to troubled financial companies, take on this super financial cop role.


Asked whether he ever has second thoughts about taking the job as Fed chief, Bernanke said he couldn't deny there's been "some dark days, some difficult nights, difficult weekends, but I don't regret it."
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Bullhauler said:
One more up day like this and the market will be higher then when Obama took office. Then it will be time to work on the 6000 points that were lost when Bush was in office.
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I see you use the same math that Obama uses to cut costs in his budget. The REALITY is that it would take 7 more days like this to match election day on the DOW.

It'll probably take 10 years to get back the money Frank, Dodd, and the rest of the obstructionists lost us in a normal market. With Obama saddling this country with unsustainable debt, it will probably take 20 years.
 
hypocritexposer said:
Hopefully Bullhauler, you can come back tomorrow and give us the same info.

Try to start a trend would you! :)
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hey now that was a positive post ty hypo....see you cant be all bad..
 
Oldtimer said:
I still say- and always will that the main problem that brought on this Bush Bust is that everyone forgot history- and why most all the financial regulation was put in place 75+ years ago during/after the Great Depression and other financial crisis to keep it from happening again...
Click to expand...

I am curious what regulation did Bush remove that is to blame for any of these problems?
 
Bullhauler said:
One more up day like this and the market will be higher then when Obama took office. Then it will be time to work on the 6000 points that were lost when Bush was in office.
Click to expand...

Jan 20
The Dow Jones industrial average opened 8281 and closed 332 points down at the 7,949 level.

Today
Dow +379.44 6,926.49

Still down by 1355 from when he was sworn in so it will take more than one day :wink:

Nov 5th
As of 8:30 a.m. Pacific time, the Dow was 9,593.58.

Still Down 2667 since election day.
 
Tam said:
Bullhauler said:
One more up day like this and the market will be higher then when Obama took office. Then it will be time to work on the 6000 points that were lost when Bush was in office.
Click to expand...

Jan 20
The Dow Jones industrial average opened 8281 and closed 332 points down at the 7,949 level.

Today
Dow +379.44 6,926.49

Still down by 1355 from when he was sworn in so it will take more than one day :wink:

Nov 5th
As of 8:30 a.m. Pacific time, the Dow was 9,593.58.

Still Down 2667 since election day.
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I see you aren't disputing the 6000 pts. the dow lost with bush as president.
 
The Dow hit it's all time high while Bush was in office, but that didn't last long because the Dems took over Congress....................

You know, all that spending on Iraq and such that they appropriated. :lol:
 
aplusmnt said:
Oldtimer said:
I still say- and always will that the main problem that brought on this Bush Bust is that everyone forgot history- and why most all the financial regulation was put in place 75+ years ago during/after the Great Depression and other financial crisis to keep it from happening again...
Click to expand...

I am curious what regulation did Bush remove that is to blame for any of these problems?
Click to expand...

Bumped for OT. Curious if you will answer the question above?
 
Easy- it happened during the years Bush was President- and he did nothing to stop it-told regulators/overseers to take an 8 year coffee break-- not even recognizing the country was in dire straits til Wallstreet was crashing at his feet- and the run on the banks had started... Just like the Hoovervilles of the thirties were so named because of the crash happening on Hoovers watch- this crash came about on Bush's watch so will be the Bush Bust...

I see where some of the tent cities springing up around the country of out of work folks that have lost their houses are being named Bushvilles...
 
not even recognizing the country was in dire straits til Wallstreet was crashing at his feet
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So how do you explain him asking Congress 17 TIMES to fix Fannie Mae & Freddie Mac?

You've seen the videos.....lets have an answer. :roll:
 
Faster horses said:
I'm suprised at you OT. Surely you recognize that Congress makes the
laws, not the President. And don't forget Nancy was the big dog (nice words for a bitch) for the past 4 years...
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Do all Republicans rewrite history to fit their own version :???:

Wrong- FH--Nancy has only been in control the past 2 years-Dems didn't regain control until 2007- the previous 12 the Congress was all in the hands of the Repubs- with 6 of those years with Bush and they controlled ALL...

If you think this Bush Bust happened in just 2 years you're looking thru foggy glasses again.... :roll: Even the economists now recognize we were already into a recession in 2007...GW just couldn't get himself to see it until Wallstreet crashed and the banks were being run on...

All the laws in the world that Congress passes mean nothing- if the administration doesn't enforce them.....And this is a pattern which shows up in the entire Bush reign- from the USDA, FDA, CFTC, EPA, etc. etc...
 
Mike said:
not even recognizing the country was in dire straits til Wallstreet was crashing at his feet
Click to expand...

So how do you explain him asking Congress 17 TIMES to fix Fannie Mae & Freddie Mac?

You've seen the videos.....lets have an answer. :roll:
Click to expand...

They did....Fannie and Freddie voluntarily went under the reporting and transparency rules that the bill in Congress- that died at the end of a session and was never reintroduced in the next- would have done...
That is the reason it was never reintroduced....
Problem is- by then it was way too late....
 

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