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This is not what the market really needed…The market did not need a ban on shorts. The big institutional money management lobby needed it.
The politicians who wanted to look strong, decisive and “in support of the people” needed it. But this type of move destroys confidence in the integrity and fairness of our the U.S. financial system. It communicates that the game is rigged…
It will hurt capital flows and market efficiency if investors believe its effects will be anything other than short-term. And in the long run, this is good for no one.
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Information Arbitrage: From Capitalism to Socialism to ???: Crossing the Line
All of Roger Ehrenberg’s posts from this week are killer…
