May 4, 2009
When the SEC trialed eliminating the uptick rule in 2005, the stock market was in a record bull market, so no harm was observed. It seemed that the wisdom of the 1930's decision was passe.
Now we have witnessed a bear market unlike anything since the great depression. My savings, IRA, 401K, and my employer's pension fund are decimated. My tax dollars, and generations of tax payers dollars will be required to bail out financial institutions, and auto makers.
A good deal of the carnage could have been avoided if the uptick rule was in place. For over a year the safe bet was to beat down the above mentioned companies.
Please listen to common sense, not the academics, or large investment houses that have gained off the market carnage, and were one of the main causes. Level the playing field, re-institute a vigorous uptick rule.
Thank you for allowing me to add my thoughts.