<h5><i>Preciousss, We Sstill Hatesss Nasssty Short Sellerss</i></h5>

I keep saying the following. The markets should treat buyers and sellers evenhandedly. To that end, the SEC prefaced its repeal of the uptick rule with a crackdown on naked shorting, and the agency continues to implement that crackdown. I don't favor reimposition of the uptick rule, but if the rule is brought back it should be balanced by a downtick rule on margin purchases.

Dinocrat notes that Jim Cramer has resumed slamming the repeal of the uptick rule. Jim Cramer readily went long-short when he ran a hedge fund but his current customers are retail investors who primarily go long (and his stock is down over 60%). This Jim Cramer:

The last two market tops -- one in the spring of 2000, the other last October, when the Dow pushed through all-time highs -- had little in common...(p)Here's what both market tops did have in common, at least for Cramer: He buried his head under the pillow and pretended logic made no sense. He told investors to discard everything they'd learned over the years as nonsense. He told investors to keep buying stocks just because it felt good. Without peeking, I'm sure you can guess the outcomes.

Cramer is an energetic entrepreneur, but I don't find him credible as a policy wonk. Where were his calls for the uptick rule while the oil price was dropping?

Vodkapundit's Will Collier notices somebody else who is not cut out to be a policy wonk:

Just When I Think It’s Safe To Stop Holding My Nose…McCain goes and says something really, really stupid:

John McCain said in an interview with CNBC Tuesday that...regulators also need to “do a better job in reining in short sellers.”

Unbelievably dumb. Nancy Pelosi dumb. Herbert Hoover dumb.

Yep. Couple that with McCain's sneaky campaigning for immigration amnesty, and I'm glad I restrained my impulse to donate when McCain picked Palin.