May 5, 2009
To Whom It May Concern:
The uptick rule was put into place after the great depression to prevent unrelenting destruction of capital to happen again. Unfortunately Christopher Cox lifted the uptick rule and as a result we witnessed the loss of trillions of dollars in the stock market.
Sophisticated investors such as hedge fund advisors might have benefitted from destroying capital but the average retail investor lost at least 30% of their 401k. If the uptick rule is not reinstated ordinary investors will continue to stay away from the stock market ands keep their money in FDIC insured bank accounts.
Unless the market becomes safe for average investors, retirement will not be an option for most Americans.
Sincerely,
Elisa Gansell