May 8, 2009
I believe that the reinstatement of the uptick rule is absolutely necessary to protect the stability of the stock exchange. The abuses that occurred since it was eliminated are many and too numerous to even begin to list. I believe that if the uptick rule had remained in effect, Lehman Brothers would still be in business and many of the extremely obvious abuses including, but not limited to "bear raids" and other similar actions would not have occurred. In all likelihood, the country would have saved many billions, possibly trillions of dollars if the rule had been in effect during 2007 and 2008. History is a lesson to those of us interested enough to pay attention. The uptick rule was implemented as a result of similar abuses which contributed to The Great Depression in 1929. The only reason I can conceive of for it's elimination is the power of the lobbyists for the hedge funds and other people who had only their own personal profit on their agenda without any concern whatsoever for the good of the general population. Please do whatever you can to make sure this critical rule is reinstated in a form as much like the previous rule.
Thank you for your prompt attention to this matter.
A concerned citizen and frightened investor.