February 20, 2009
Dear Honorable Members of the Joint Economic Committee and Members of the SEC,
I guarantee that if the government does the following this vicious downward spiral will end and the Government can become proactive instead of reactive to the situation:
A) Have the SEC restore the Uptick Rule immediately and state that enforcement will be extremely vigilant for those violating the rule and for those not legally borrowing securities prior to a legal short sale.
B) Announce that the administration is looking at revamping the mark to market accounting rules. This rule is the fuel that is adding to the fire. Selling begets selling. This creates capital problems for our financial institutions that are regulated by mark to market accounting rules.
If you would like to discuss further, please do not hesitate to call me.
Sincerely,
David Goldfader