Jim Cramer's 'Stop Trading!': Thumbs Up to the Uptick Rule

"The idea of a short-selling ban has been ludicrous for a long time," Jim Cramer said on Wednesday's "Stop Trading!" segment on CNBC. "Welcome the shorts. The shorts have been dead right."

NYSE head Duncan Niederauer said today that the SEC is considering reinstating the uptick rule. "That would be fabulous," Cramer said. "I hope they don't just do a penny uptick, maybe a nickel or a dime. ... It's time to get away from that silly ban and bring back the uptick rule the way it's been for years."

Cramer also said that he agrees with Sen. John McCain that SEC CEO Christopher Cox is "very unsophisticated" and "not the right man for the job."

Addressing Warren Buffet's pledge to buy $3 billion of General Electric(GE Quote) stock, Cramer said: "I believe that everyone now realizes that, 'Wait a minute, if this deal's in the hole, this is my last chance to buy GE cheaply.'" Cramer added that he was "completely conflicted" because he works for GE and owns GE stock contractually as well as in his Action Alerts PLUS charitable trust. ...