May 7, 2009
Its evident that 2004 was an inappropriate test date for revisions to Rule 10a-1, inlight of the 2008 experience. Without reinstatement of this rule the stock market can never be perceived as an appropriate opportunity for non-professionals to invest in the growth and success of american businesses. Instead, without reinstatement it will remain not more than a casino venue for a select few fulltime traders intent on manipulating the system to their own personal advantage. While the professional trader might prefer the quick action volitility brings most Americans prefer to simply watch their investment grow as American business flourish. Few expect or prefer to benefit from the failure of American enterprise and all are appalled at the trampeling of a good companies success and reputation for the sake of a select few realizing personal gain. Unchecked greed and avarice will prevail on wallstreet, ultimately killing the goose that laid a golden egg. I strongly recommend the permanent market-wide uptick rule based on last price be re-established. The temporary approach will only delay the short-selling onslaught for a day, with perhaps even more severe consequences causing after hours panic worldwide and much greater negative pressures on the troubled stock. The old uptick rule provides an adequate regulator to normal influences of the markets without the destructive consequences of massive short-selling.