McCain is Right - Chris Cox Should Be Fired

Cox is a former congressman who has no business being at the helm of the SEC and despite what some fools say, the President has the authority to remove the Chairman of a Commision from his Chairmanship. Cox is now looking at banning all short sales, talk about a bubble-inducer. Larry Kudlow got it right in this post were he stated "(a)s much as I agree with Paulson’s new RTC-type agency, which is what I call a smart regulatory move, I disagree with Cox’s action, which is an incredibly stupid regulatory move."

SEC Changes Short Seller Rules

This is just out and it should help the markets, especially the financial stocks. The short sellers have been allowed to create more shares because they do not have to borrow stock to sell short. The Dow is down 189 points at 9:21 AM.

Update: Well that move that takes effect Thursday morning sure didn't help very much, the Dow Jones 30 was down 449 points.