Clueless Fund Manager of the Day: Blaming Short Sellers
Wow, this guy Christopher Ailman is utterly clueless. I don't usually say things like this, but "Way to keep your eye on ball, genius!"
I don't have much of a problem with the uptick rule -- its pointless, and is easily worked around by hedge funds -- but i can take it or leave. And, I agree that rules against naked short-selling -- already illegal -- should be enforced.
But if you think the current economic, credit and financial problems are caused by shorting, you are simply a smoking too much dope. (Don't do drugs, or you will end up a brain-dead piece of lawn furniture).
Idiots . . .
One of the nation's top pension funds taking aim at short sellers, with Christopher Ailman, CalSTRS CIO and CNBC's Maria Bartiromo.
To review, it wasn't the excess leverage, or the under-capitalization, or the lack of risk controls, or the bad investments in all of the real estate related paper, or the insolvency -- it had nothing to do with the nonfeasance on the part of the Fed, and the SEC going AWOL -- no, it was the short selling.
Financial punditry has reached new lows -- and with Luskin and Ben Stein running around, that ain't easy.
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Sometimes I wonder just exactly what the truth is about the influence of short-selling in this financial crisis.
The academic me says "no" but the practical me is not so sure.
One thing is for sure however, and it's that the financial firms have aided and enhanced any "honest" short-selling by leveraging their operations to the brink... thus frightening their shareholdersa and the entire investing environment (macro)... and thus t-h-i-n-n-i-n-g any buyer enthusiasm for seeking values at a discount.
In other words, they let loose the brakes of the railcar all by themselves, and now it's gaining speed down the grade.
Go back and read the gospel, according to Eclectic:
Posted by: Eclectic | Sep 18, 2008 6:06:26 AM
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