May 5, 2009
Naked short selling must be banned and the ban enforced.
The uptick rule must come back.
Short selling should be allowed, BUT WITH RULES THAT ARE ENFORCED. PLEASE, however, help protect "Main Street" investors from the so-called "Wall Street" professionals and firms. So much has changed over the years in the markets to the advantage of "Wall Street" and the average "Main Street" investor has been disadvantaged. "Wall Street" has used every legal and illegal tactic to make a lot of money for themselves at the expense of the many innocent on Main Street. Greed, at any cost, is rampant and so many individual investors have been hurt and scared away. (Doesn't Wall Street still need the individual investor so they can continue to take advantage of them to achieve their goals?) It's been clear to me in the price actions of some of the stocks that I have owned and watched that they have been manipulated. Wild price declines occurred when there was no news to cause the incredible drops.
Many arguments by short sellers are smoke screens. Of course, they don't want any regulations that limit their ability to drive down prices and make a profit. Short sellers must have limits since many have shown to be dangerous and DO NOT MAKE THE MARKETS HEALTHY as some have claimed.
The world has experienced the tragedy and travesty of so-called self-regulation, so-called liquidity, and a so-called healthy markets. I don't call what the world has been put through in the last 9 months as "healthy" The so-called professionals have proved by their actions that they cannot be trusted.
Please put back in an uptick rule to best achieve the goals of the individual (Main Street). Yes, it will cost Wall Street some money, but it will at least make many individuals feel more trusting in the market. I always thought the SEC was to protect ALL investors, i.e. the individuals. Thank you.