The Persecuter in Chief

Posted By: Season of Reason
Posted on: Sep. 20, 2008 at 2:12 PM

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President Bush appeared briefly and gave spoke to reporters on September 19, 2008 in the White House Rose Garden. Flanked by Fed Chairman Ben Bernanke, Treasury Secretary Henry Paulson, and Securities and Exchange Commission Chairman Chris Cox, he proceeded to explain what had happened.

“The Securities and Exchange Commission has issued new rules temporarily suspending the practice of short selling on the stocks of financial institutions. This is intended to prevent investors from intentionally driving down particular stocks for their own personal gain. The SEC is also requiring certain investors to disclose their short selling, and has launched rigorous enforcement actions to detect fraud and manipulation in the market. Anyone engaging in illegal financial transactions will be caught and persecuted [sic].”

He is the guy to persecute them. Maybe they will even be prosecuted.

What a buffoon.

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Comments:

indie616

Sep. 20, 2008 at 05:14:05 PM

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Amazing how Bush would be on TV every day in the run-up to the Iraq war debacle, but when the financial markets are melting down, he hides like a baby.

Oh, and anyone wanna bet that anyone of significance will be prosecuted OR persecuted?

Perhaps they can blame it on Lindy England or Martha Stewart.

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AZ Moderate

Sep. 20, 2008 at 08:51:53 PM

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You stole the topic of my next article Season of Reason! But welcome to it.

And where has this baby been at a time of national crises indie616? That is a question that has started to crop up even in the Conservative MSM. Do we still have a president? Isn’t the president supposed to at least be the figure head leading in times of crises? This poor sap is cringing in his crib.

Then when he does make a very short appearance and then stalk resolutely off stage, he pulls a Bushism to embarrass us yet again before all of the English speaking people of the world. What a Buffoon indeed!!

I didn’t think he could sink the bar any lower. This is a new low. But why should we be surprised by the behavior of our Sandbox Bully in Chief’s behavior? I know I am certainly not!

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Phaedrus

Sep. 21, 2008 at 12:06:39 AM

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OK, first off, short selling isn't a problem. The repeal of the uptick rule was trouble - you couldn't close a short position, or a put, on a downward price move. Shorters could only sell on an "uptick." That change lead to an abuse of the rules.

Also, people shorting WAMU, IndyMac, and CountryWide didn't force those lenders to lend money to people who couldn't repay. The idiots at the Fed are looking at the credit crisis, and confusing it for a banking crisis. The problem isn't unsound banks, the problem is borrowers aren't making payments. Add in some accounting rule changes that were enacted in 2001 to reward big banks, and investors on good news and higher prices for homes. They overlooked that home prices can fall, and once they did, and loans became worth less than their original prices it snowballed downward.

The short sellers didn't force these banks to make bad loans. They (we) were profiting from it.

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