"It's easier to take stocks down without the uptick rule than it is otherwise," said Jim Cramer on Tuesday's "Stop Trading!" segment on CNBC. "What the uptick rule did was allow people to catch their breath, have buyers come in without it just being knocked down."
One of the biggest proponents of eliminating the uptick rule, Cramer said, was
. "The loved the trade," he said. He had no patience for uptick-rule supporters. "You'd think that after all the destruction, they would realize -- they are morons!" he said.
As an example of further damage the uptick rule could do, he offered
, currently trading at about $13. "That stock can be taken to $5 if five guys get in a room and decide to take it down," he said.
"It's easy to say that this rule didn't matter," Cramer said, "but I look at the actual empirical evidence." He cited the destruction of Lehman and the "near-destruction" of
"The rule worked," he said.
Changing gears, he said that
CEO Kevin Plank "should just sell the company to
while he's still got a company. Make a few bucks."
At the time of publication, Cramer had no positions in stocks mentioned.
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