May 5, 2009
I can't believe that you have ANY doubts that the elimination of the "uptick rule" played a HUGE roll in the second largest destruction of stock market wealth in the last 100 years I can't believe that you would consider a study of the uptick rule in the raging bull market of 2005 as valid evidence it isn't needed without coupling it with the evidence of the total destruction the absence of it caused in the current bear market (10/07-3/09) I can't believe you would allow this horrible, misguided decision (i.e. eliminating the rule)to go on in light of what has happened The uptick rule had 70 years of successful history prior to your ill-conceived experiment Other than you are probably on the take from special interests and your egos are too large to admit your mistake, I can't think of ANY reason you would allow this to continue as is Put this rule back in and make sure it has teeth The longer you allow this to go on, the worse it will be for you when the media and the authorities finally call you out on the carpet. Whether you care or not, history will not be kind to you on this issue. The sooner you admit your mistake and put it back in the better it will be for you and all investors