May 26, 2009
I freely admit that I don't understand all the complexities of the uptick rule, but I know enough that I want America to reinstate the uptick rule and put some teeth into it this time.
I invest in America, in my own little way, and it galls me that SO CALLED AMERICANS, although I doubt the ones who do this take much pride in it, can drive our companies into the ground by naked shorting, and I think the uptick rule should be replaced, PRONTO, and anyone caught naked shorting an American company, or ANY company in America, any company who hires American workers, putting bread on American tables should be prosecuted. PROSICUTED, not a slap on the wrist, either.
I don't give a darn about these NAKED SHORTSELLERS feelings about too much regulation. Someone should have regulated them a long time ago, and instead they were given a free pass to LOOT our business, NOT BY doing a better job, by honest competition, but by NAKED SHORT SELLING. Business SHOULD BE SUPPORTED. Those good businesses who have the fundamentals in place, act properly, employ lots of Americans, try to survive, should have survived, but CANT SURVIVE because of the previous administration's decision that the uptick rule is less important than greedy desire to beat a company into the ground to make money.
It would be an ideal world if they would re-learn to make money an old fashioned way, BUILDING UP something our nation needs, AMERICAN BUSINESS, instead of dragging it into the ground. These short selling people are a pack of vicious greedy mad dogs and, well, I imagine you know what we should do with vicious greedy mad dogs. They were supported by those who had all the money and the power when the uptick rule was eliminated. They don't have all the power now, not anymore. It is my feeling that the old administration was spanked so soundly in this past election not only for the potential and hope we saw in the current one, but because the entire nation, even some of those who initially were supporters of that old administration, knew they SCREWED UP. In lots of ways. Getting rid of the uptick rule was one of them.
If the ability to short sell a business , although repugnant, is a legitimate part of our economy, then, at the absolute very least, DO YOUR JOB AND STOP NAKED SHORT SELLING.
If you think the simple American who has been told that there won't be enough Social Security for them after contributing all their lives, who were told "the life span is longer, so we are making retirement later" so they have to drag their old tired aching bodies and minds to work 5-10 years longer than their parents, that is, if they are allowed to or are able to, who were told that they better start saving and one of the best ways to save, building a nest egg a little at a time, investing in those companies we felt safe in, or in the SP 500 Index funds, or in other financial avenues, if you think we will put up with this outrage a second time, BELIEVE ME YOU ARE WRONG.
I am old and I am TICKED OFF
I am and have been saving my pennies to retire, (and watching them be cut in half), but, if you think little old gray-haired ladies and men can't cause a decent sized uproar if you allow this to happen to us again, you are WRONG.
So do what is right for me, for my kids, for my grand kids, for workers all over America, for employers who pay them, for business who were started by folks who have spent their lives, staying late, skipping lunches, not sleeping at night when the going got rough, figuring ways to promote their business, keep them going, folks who spend their lives putting in 100% to develop and grow a corporation. They are building a good thing for all of us.
The short sellers are destroyers. The naked short sellers.. GET RID OF THEM, AND REINSTATE AND ENFORCE THE UPTICK RULE
Doris Cundiff