June 30, 2009
By removing the Uptick Rule and blessing the speculative levered ETFs for daytrading gambling, the SEC has damaged capitalism, our capital markets, and capital formation.
Capitalism should enable people to invest in the future, but the SEC has been destroying capitalism and capital formation by removing investor protection rules (as Uptick Rule), preoccupying themselves only with pleasing Wall Street lobbyists, and promoting volatility and daytrading speculation.
If the SEC does not reinstate the Uptick Rule, it will face the power of people (90% want stable non-volatile markets and the Uptick Rule to be reinstated 12 months ago). Enough is enough