May 7, 2009
We saw a large amount of money effectively coordinate the demise of some good companies that found their credability questioned during a down market.
The lack of an uptick rule allowed short sellers to gang up on these companies, relentlessly, until they could no longer cover their debts. It did improve the effectiveness of Hedge Fund managers who could never dream of such profits when the uptick rule was in effect. But no one, to include members of the Security Exchange Commission, was minding the Exchange and what the effect this would have on the country.
A country driven to take desperate measures that may affect it's very existence. In the least, actions that may weaken our ability to help and influence other countries towards a better/safer world.
Should there be any doubt, given this experience, that the uptick rule is needed? My question is: What other measures can we effectively enforce to further limit unpatriotic capitalists from destroying our country