Sure what you said is right, but still could not explain the higher and higher short rate, you know that shorts have to pay the divi, right? what make them to keep on shorting? 10% divi is a heavy, they have to see their profit by shorting is greater than 10%, is the future profit sustainable? Why some people keep on shorting such a "good company"? Be cautious, not making money is better than losing money. They cut divi already, could that happen again?