May 29, 2009
I would like to lend support to the re-establishment of what is known as the "uptick" rule in regards to short selling of stocks. I find that the previos administration was foolish to eliminate this very important rule. It served to rstain coparate raiders from repeatedly and maliciously downgrading a stock purely for profit. This rule was implimented after the Great Depression as means of slowing speculators form manipulating the stock market. This rule has served the public interest for many years. This is a case of "if it's not broken don't fix it". From the recent cases of the market diving down the price and the ability of the banks to raise capital it is my belief that it was part of the cause for their finicial problems, T he end result being that the frderal government has had to step in to shore up the finicial system at great cost to the public. The only people who have and continue to benifit from the lack of this rule are short sellers with nothing but bottom line profit as their motivation.