May 5, 2009
Dear Chairman Schapiro,
What needs to be done is simple. Re-instate the uptick rule that was in force since the 1930's depression.
It worked great for 70+ years
The proposal to do this on a temporary basis is not going to work, since the shorts will have their way once the temporary restrictions are lifted.
The untimely and unnecessary removal of the uptick rule is a major reason for the current financial fallout. Short sellers drove stock prices down, and financial instruments tied to stock prices failed. Dominoes then started to fall.
I am a long investor, believing that the U.S. will grow and improve and my stock purchases allow our companies to invest that capital to make money.
The individual investor needs to know that you care about us, and that you will make right what the SEC board has done by removing the uptick rule that was in force.
If it is not broken, do not fix it, and the old rule was not broken by any means or measurement.
Thanks for listening,
E.H. Ross