A maverick like Sen. John McCain is wont to seek advice from unlikely folks.
That’s the mark of a maverick. But would the Republican presidential candidate tap Jim Cramer, the pulse-pumping host of CNBC’s Mad Money, for economic policy?
Whether or not he actually would, it makes Nasdaq CEO Robert Greifeld uncomfortable that, around the same time two weeks ago, both McCain and Cramer endorsed the so-called uptick rule as an emergency measure in financial markets. Greifeld, not shy of dabbling in politics, pointed out the eerie coincidence in the waning minutes of a conference call this week.
The topic was the U.S. ban on short-selling, and Nasdaq, the big stock market, was advocating the use of circuit breakers to help rein in traders said to be feeding off rotting financial firms. (Circuit breakers could be used to halt short selling after a stock drops by a specified amount.
The uptick rule, on the other hand, was used by the SEC for decades to force shorters to sell at a higher price than the previous trade.) Greifeld, also not shy of tongue-in-cheek, was arguing that the uptick rule was more or less useless, when he took a break to say:
“I just have a personal feeling when I see Jim Cramer advocating for it on Mad Money, and then Senator McCain advocating that Chairman Cox be fired, and also advocating for the adaptation of the uptick rule, I get concerned that it’s just kind of a rush to judgment not based upon any particular study.”
Checkmate. But for the record, McCain made the recommendations amid a flurry of others as Wall Street crumbled and Washington desperately needed a fix. Cramer made the recommendation amid flying chairs, rolled-up sleeves and the sound of toppling bowling pins.
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6 comments so far
First of all, CRAMER was against the UPTICK elimination in July of 2007 when COX changed the rules. It now is obvious that the NASDAQ CEO must have been the engine behind pushing COX to change it, based on these comments. Secondly, why is the NASDAQ CEO against restoring the rule??? ANSWER: He makes money every time a trade goes thru, no UPTICK RULE means more trades, which means more revenues for NASDAQ. How transparant!
Anyway, what you have here is another GREEDY CEO who does not care about the American Public and only cares about his pocket book. I hope the American Public sees through the latest low-life CEO (Robert Grefield).
- Posted by Dan DavidsThe whole financial industry is against the removal of the UPTICK rule and this dope at NASDAQ is going to make a correlation between McCain’s comment and Cramer?
- Posted by John HenryI am a firm believer in the uptick rule which for 55 years I’m familiar with. I was very upset when this was stopped! Traders have made millions by not having it! I want it back !
- Posted by arnoldgreenYou know I used to be a big Palin fan, but I recently saw this blog that really opened my eyes (http://everythingsarahpalin.blogspot.co m/) . Now I’m not one to easily be swayed but Carol, the lady who wrote this blog, had hundreds of sources and links to said sources .I could not believe that McCain choose her to be his VP choice after reading such a thing and I feel that others should be made aware of who Sarah Palin is exactly.
- Posted by MorganI used to be a big Obama fan until I saw the type of people surrounding him. I was so shocked …..I could never vote for a Chicago thug. Just check out the outrageous misused of campaign finances by the Obama campaign.
- Posted by ladyluckI want the smartest candidate who can analyze and then thoughtfully come up with a solution. That kind of rules out someone who admits to making rash decisions, don’t you think?
I wouldn’t work for someone as impulsive as McCain who admits who wasn’t a good student. He has lived history and knows it, so I give him credit for that, but as for being a leader who considers alternatives, he’s not “the one”.
Love your kids? Want a better future? Obama Biden.
- Posted by Michele Costello