May 11, 2009
Please respectfully consider the reinstatement of the uptick rule. In 2007, the removal of the rule, which had been in place since the late 1930's, significantly contributed to the extreme market crash of 2008. Very few investment experts took the time to re-evaluate this new risk to their investment strategies, nor did they properly advise their clients how to re-position their portfolios.
As companies reduced and/or eliminated their pension funds and with the increasing uncertainty of Social Security benefits, many hard working Americans attempted to save for their retirements via 401K's, etc. For many, those funds have been cut in half or more with little hope of recovery esp. as more companies are laying off employees or cutting benefits further. Retirees and the unemployed who can't find re-employment are struggling to make ends meet while prices continue to increase for gasoline, food, utilities, local taxes, health care, etc. Real estate assessments/taxes have remained the same even as housing prices have fallen dramatically.
After the removal of the uptick rule, concerns were raised and the worst fears came to pass as companies and their stocks were crushed into dependency on government bailouts with taxpayer's money. Is there anyone left in Washington or the SEC with integrity, principles and values? With courage, that's what it will take to clean-up the mess left by the greed of politicians, government officials and corporate America. Perhaps the SEC on behalf of American citizens would have Congressional support for taking appropriate actions if politicians indefinitely suspended their campaign contributions from all the corrupt special interest groups.
Sincerely and respectfully from a A Concerned American Citizen,
W.B.