May 5, 2009
I have been an active trader and long-term investor in individual stocks for 7 years and in retirement 401k account for 16 years. I feel I am well informed on investing, as well as short-selling and the up-tick rule, and strongly believe that the up-tick rule needs to be restored. It is absurd that policy that clearly impacts the US (and even the world's) economy would be based on a test performed during a huge bull run in the market using only one-third of the largest stocks, and only performed for about a year. The market performed perfectly fine for 70 years with the up-tick rule in place. Restoring it will clearly pose no harm to our financial system, but rather restore confidence in a just and balanced system. Furthermore, naked shorting is, in my opinion, unethical and also destructive to our financial system, and needs to be eliminated.