May 6, 2009
We definitely need the up-tick rule to be re-instated. Investors have lost faith in the stock market and I am personally outraged at the idea that billions of phantom shares are traded everyday and the sellers don't even own them. Sure I want to sell the Golden Gate bridge, but the world I live in does not allow me to sell things I don't own. Apparently Wall Street short sellers live in a World of their own, where they can sell millions of shares they don't own, they disturb the balance of supply and demand and drive stock prices to the ground. The only thing they are accountable for -if they can be held accountable and a big IF- is a worthless IOU as depressed as the shares they sold.
Naked shorting should be banned and prosecuted. Up-tick rule should be re-instated, and investors should be protected from the predators of Wall Street. Only then we can restore confidence in the US Market.