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Non-Tech : Invest / LTD -- Ignore unavailable to you. Want to Upgrade?

To: SJS who wrote (13934)	9/27/2000 2:16:46 PM
From: drsvelte	Read Replies (1) \| Respond to of 14427

TXCC .. yes, a fav. My wife bought some last week @ 51 and sold at 58. Look to re-enter when (if?) things stabilize. Just saw this on theStreet.com.. The Downside of the Level Playing Field By James J. Cramer 9/27/00 9:55 AM ET Click here for the latest from James J. Cramer. The government wasn't wrong in banning selective disclosure. But it sure did pick a doozy of a time to make it happen. This quarter has to have more hiccups to its linearity than any I can recall. Did companies budget the right price for oil? Did companies game the euro right? Did companies bank on a lot of business from Ford (F:NYSE - news - boards)? Did companies make too much product, in light of the acknowledged slowdown in the economy? Before the new rules, all an analyst had to do was check in with a company and shade numbers lower. This quarter we could have had some guidedowns, but nothing really brutal. We would have had nickels here and there. Instead, we are getting "Stop Trading, Shortfall" and it is creating a climate of intense fear. Sure, some of these preannouncements would have happened anyway. But many of them are because the backchannel has disappeared. Two important principles are now at loggerheads: The need to have a level playing field and the need not to create artificial shocks that dry up liquidity and make equities seem more dangerous than they are. The first principle has won. So we must accept that the second principle follows inexorably. In other words, get used to it. The change in the rules is a short-seller's paradise. But if that's the price we have to pay so that nobody gets over on somebody else, so be it.