Democrats and the Uptick Rule and your Portfolio
Lots of Democrats trying to claim that Republicans have the filibuster and President Bush has the Veto therefore the Democrats since taking over the House and Senate couldn't fix anything with the Financials, Mortgages, and etc.
Sorry but the facts speak for themselves that the Democrats were heavily in the tank with Freddie Mac and Fannie Mae and have for years BLOCKED any efforts by Republicans including John McCain to regulate the industry!
John McCain in 2005 co-sponsored a bill targeting reforms for Fannie Mae and Freddie Mac. It was defeated by the Democrats. Chris Dodd and Barack Obama happen to be the #1 and #2 largest recipients of Freddie Mac Donations.
The Uptick rule was the last straw in the whole mess that massively accelerated the decline in the financials. And this isn't just about an uptick rule. It's about the Democrats not doing their jobs.
You can claim "filibuster" and "veto" and all of that. But that is pure meaningless jargon and excuse making when the facts are that there exists NO DEMOCRAT willing to speak up and show the world that they understand the problems and want to fix the problems.
There exists NOT 1 DEMOCRAT who has ever claimed he/she was interested in bringing back the Uptick Rule. Not 1.
Granted.. the Republicans stupidly removed the Uptick Rule. They get the blame for that.
But, when that has clearly caused problems and Jim Cramer and others have been exposing the problems created... Where were the Democrats?
And it all goes further than that to 1994 when the Democrats supported mandating that mortgage lenders give loans to minorities regardless if they can afford them through a piece of legislation they passed.
There's no ridiculousness about any of my comments here. None. The Uptick rule plays a role and when the Democrats could have brought that rule back... They instead did nothing for 2+ years.