"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) 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.

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 Citigroup ( C).

As for IMB ( IBM), 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.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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