May 5, 2009
Please reinstate the uptick rule. Short sellers have taken advantage of the loose rules and enforcement in this area to nearly break the US financial system.
In my opinion, there is no real need for the lack of the uptick rule and anyone for keeping the status quo must be a pawn of short selling hedge funds. Private individuals are really adversely impacted by the lack of the uptick rule, and the failure of the SEC to follow up and hold accountible the short sellers who sell stock they haven't even yet borrowed.
Name any other business where you can borrow an asset and then sell wildly and recklessly in order to drive the asset class down so that everyone is harmed (including the one you borrowed it from) except you. Just so some favored traders can make money on the down market direction. If they want to place a bet (versus making an investment), have them go to a gambling hall.
Please reinstate the uptick rule and enforce it and all other short selling trading regulations. The average American wants you to please do your job.