May 5, 2009
Dear SEC,
After the repeal of the Glass-Steagall act, the banks sold stocks and bonds to average people. The small individual investor and retirement plan holder now depends on the stock market for their retirement security. These average buy and hold investors are the backbone of our financial markets.I am one of them. There is a great loss of faith in our largest financial institutions. To help restore that faith, the SEC must impose regulations that protect average buy and hold investors. I support reinstating the uptick rule to help calm the markets. Perhaps a circuit breaker approach would work if it applied to all securities all the time. There should be a permanent prohibition on naked short selling. Otherwise the high volume short sellers will drive one company after another into near or actual bankruptcy and we all will suffer.
Thank You