June 1, 2009
I've always believed in "if it aint broke, don't fix it". Therefore I ask, what was wrong with the original uptick rule that worked great for 70+ years. Why do we need to modify or eliminate something that seemed to hold off major recessions until it was eliminated. Is it just so someone doesn't have to admit "we were wrong"? I think the significant rebound in stocks (especially banks) since the threat of reinstatement is evidence of the need. Thank you for this opportunity to give my opinion. I don't feel qualified to give a recommendation on which modification is best, instead I ask that you don't overcomplicate something simple.