"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."
head Duncan Niederauer said today that the
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
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
As for GE's need to raise capital, Cramer said that it's not alone. "No company is strong and solid," he said. "It's every man for himself. There's not a single company, aside from maybe Warren Buffet's company, that I would trust right now with their financials." He said that any company in the country that has an opportunity to raise cash right now should do it, including
, it's "caught up in this whole web of the notion that you need financing," Cramer said. "IBM has been money in the bank for a long time, but nobody trusts any company that needs financing right now."
At the time of publication, Cramer was long General Electric.
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