April 24, 2009
I am making these comments on behalf of millions of vunerable Americans who have lost all their life savings to robbers born from elimination of UPTRICK rule by SEC that existed since 1929. Purpose of UPTICK rule was to limit the advantage of powerful (financially strong having inside information)very few citizens.
Elimination of UPTICK rule is creating unlimited supply of shares for a liminted demand. If supply exceeds the demand, prices got to tumble and in fact it can come down so low just like free. That's what happened recently. A good company producing same amount business but their shares tumbled from hundred dollers to less than one dollars.
If SEC can not relize this fact, than I do not know who will protect the general public.
Mark to Market rule is another tool given to powerful to bring down share holders equity to nothing. You have buyer to buy your house for certain price. Bank will not give the loan because their imaginary Mark to market price is half of it. This will bring the housing prices down.