LONDON (MarketWatch) -- The Securities and Exchange Commission early Friday issued an emergency order temporarily banning short selling in the shares of 799 financial institutions.
The regulator said it was acting in concert with the U.K.'s Financial Services Authority, which announced a similar ban on Thursday, and added the move was needed "to protect the integrity and quality of the securities market and strengthen investor confidence."
The ban takes effect immediately and runs until midnight on Oct. 2. The SEC said it may extend the order if it's necessary to protect investors, but it won't last more than 30 days
It looks like the Feds are in full out panic mode. They don't want to scare Americans too much with the truth about our US financial instability however, it seems to be foreign banks they're trying the hardest to influence - which is even more frighten really. I guess this also means oil won't tumble below $ 95 dollars a barrel either. We can't have Bush's fake peak oil theory collapse, now than can we, at least not with coastal drilling on the docket before congress at his very moment. But isn't that what American needs right now - cheap energy rather than another tax cut to jump-start productivity, put more money back into the public hands immediately.
It is just too bad that the "bosses" controlling Bushie (and McCain) are the ones giving these guys their marching orders. Bush and Cheney are only interested in holding everything aloft long enough to blame the entire ravaged mess on the next sucker that inherits the ruin and insolvency those two are leaving behind.