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Posted by: hyperbola 1 year, 1 month ago
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hyperbola1 year, 1 month ago
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MYTH: Sen. Barack Obama's campaign has significantly more ties to Fannie Mae and Freddie Mac than does John McCain's...
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MYTH: Democrats sought to divert funding in the Emergency Economic Stabilization Act to ACORN....
MYTH: Former President Clinton has blamed Democrats for the financial crisis....
... Clinton said, "I think the biggest mistake, by the way, that contributed to the current circumstance that almost nobody talks about, is the repeal after decades of something called the uptick rule, which allowed the hedge funds, heavily leveraged, and others to just drive down the market without any kind of automatic stoppers." In a separate interview aired that day with Matt Lauer, co-host of NBC's Today, Clinton stated of the financial situation: "[T]his thing really took off when the SEC, under this administration, exercised less oversight and they got rid of something called the uptick rule, which enabled betting down on housing stocks to go crazy."
The uptick rule, which was created in 1938, was a securities trading rule that regulated market short selling, the act of selling a stock that an investor does not own (but borrows from a broker or someone else) in anticipation that the stock's price will decrease. After a June 13, 2007, decision that became effective July 3, 2007, the SEC issued a final rule that repealed the uptick rule.
http://www.propeller.com/story/2008/10/12/gop-lies...
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