February 23, 2009
Please, consider bringing back the uptick rule for short selling. The formation of capital is critical to the growth of our economy. Ever since the SEC rescinded the uptick rule for short selling the stock market has been increasingly volatile and increasingly negative. When the Federal government is spending billions to help the economy and the financial markets, why wot the SEC at least temporarily bring back the uptick rule. The prior Chairman temporary halted short selling which gave the markets a brief relief from the short selling. His mistake was not bringing back the uptick rule before he allowed the resumption of short selling. I am all for a fair market. However, the short sellers are at a distinct advantage given the current mark-to market rules and ability for the shorts to disseminate false information on individual companies. The SEC must step up and stop this downward spiral before it is too late and the economy really enters a Depression.
David
David Risgaard, CFA
North Star Asset Management