As we continue to see bail-out after bail-out, and government programs designed to prop up a market in dire need of correcting itself, MarketWatch's David Weider gets to an end-game: why not just outlaw selling stocks at a loss altogether? It's got all the features lawmakers love: it keeps up on the upward slope, and does so without using taxpayer dollars, either.
His column is as funny as it is biting
, recounting how the discussion in the oval office might go, sort of as a faux movie script:
Cox: But I was getting a pedicure the other day and I thought, 'Why not just short selling?' What about ALL selling?' Why not make a rule that prohibits selling a stock for a price lower than the last trade. We'd stop losses altogether. Everyone would make a profit. Unlike some of these other measures you've heard today, it wouldn't cost taxpayers a penny. So, what do you think of the Cox No-Loss Sale rule?
Bernanke, Paulson, Geithner, Lukken: Mr. President --
POTUS: (holds his hands up) Hold on. Hmmm. Can we call it the Bush-Cox No-Loss Sale rule?
Cox: I think so.
POTUS: Do it. Effective until Jan. 19.
Funny stuff. Below is a video from Weidner that sets up the background.