Reading this, Markets Soar, but New Rules Upset Traders – NYTimes.com, it appears to me that the people who are complaining about what has occurred this week (e.g., restriction on short selling) have missed what has happened. Someone needs to tell them: you have messed up too badly; the rules have changed; you are no longer in control.
And people can argue all they want for this change and that change, but after hastily making an enormous commitment to keep things alive in U.S. and global financial markets, the U.S. government likely has more important things to worry about than whether or not trading software can handle the new rules or
- “Some of my clients are literally closing their books and going on their vacation for two weeks — they can’t operate in this environment” (That might help.)
- “turning a football game into badminton.” (Actually, its more like a bloodbath than a football game, but either way, badminton is preferable.)
- “If you took the week off … you didn’t miss anything.” (uh…yeah, sure, pal, business as usual, things are back to normal. 🙂 )
Things may have calmed down, but going into next week, there is no more “normal”. That burned to the ground last week.