February 3, 2009
Ban short selling and reinstate the uptick rule --- financial institutions are being slaughtered. The market needs to be stablized in order for people regain confidence. Check out what is happening to PNC Financial Institution.
Also, banks should be required to pay a higher yield on CDs and savings accounts so that all those fleeing the market have a safe place to put their money where they can earn more than .50 to 2%. Middle class Americans have been duped (by our leaders, investment firms and financial institutions) into investing their savings into this mess that is called the stock market. It use to be that you could earn decent interest on CDs and savings accounts but when the rates dropped so low, the average joe, having little to no knowledge of the stock market, was steered into risking his savings to get a better return on his money.
Our government needs to act swiftly to put us on the path to recovery.
Sincerely,
Cheryl McDonald