After Henry Kissinger received the Nobel Prize in 1973, a famous satirist remarked that "it was at that moment that satire died." Whatever life satire might have had left was finally extinguished yesterday, when the government announced plans to crack down on improper short-selling.
And who are the delicate flowers in need of government protection? Why, shrinking violets like Goldman Sachs
To be fair, Fannie Mae
So Cox seems to be saying that he is taking action to outlaw something that is, um, already outlawed. Do the likes of Goldman Sachs and Bank of America really need extraordinary protections provided by the federal government? No wonder a blogger for The Wall Street Journal referred to this as "Operation Stocks Go Up Always."
The story of the Feds lending a helping hand to some of Wall Street's most powerful firms is something the Motley Fool might run on April Fool's Day. Of course, such a story would have only been possible in the days before satire died.
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John Reeves does not own shares in any of the companies mentioned. He wishes we could all be kinder to the gigantic health insurance companies. Bank of America is an Income Investor recommendation. The Fool has a disclosure policy.