I have watched every Super Bowl game, from the beginning at the Coliseum in Los Angeles, where Green Bay won, until the miracle on 42nd Street directed by Eli Manning. I even attended one of the games at the Rose Bowl with my late father-in-law and my brother-in-law (both from Minnesota), where Minnesota scored first with a field goal and Oakland scored all the rest of the points. It was still fun! What didn’t happen through all the years of Super Bowl games was a announcement that could have gone in this manner: “While the teams are making their halftime adjustments so are we. We have decided to disallow any points scored by a field goal, in order to make this a more enjoyable game. Thus we are taking 9 points off the score board.” Las Vegas would have to be locked down to keep the gamblers from killing anyone, including themselves. Or maybe we could expect the PGA to announce that the next tournament would require all who make the cut play from the left side of the ball. Interesting! If we can change some of the important things in our daily lives and financially bankrupt a few unlucky chaps who simply were in the wrong situation at the right time, why not drop a few surprises on the “toy department of life” sports entertainment . Makes sense!
Picture this: you go to sleep on Thursday, September 18, 2008, with visions of financial rewards dancing in your head as you are short (sold stock you didn’t own, but was borrowed from your brokerage house), 1000 shares of Morgan Stanley at $28. You figured being it closed at the bottom of the $20 range that tomorrow, September 19, you would cover (buy back the stock and return the borrowed shares) in the middle teens and you would have your New Year’s skiing trip to Switzerland paid for. You never counted on, nor would ever consider, a change in the rules in the middle of the game. As you reach for the first cup of your morning beverage and flick on the T.V. to the stock market station, you can’t believe your eyes. Everything is going up, not down and your bet is heading the opposite way. How could this happen? They, the ubiquitous they, changed the rules. They outlawed the shorting of 799 financial stocks, including Morgan Stanley, and you my friend have just gotten the shaft.
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.