May 4, 2009
I am totally in favor of the uptick rule being reinstated. There was a reason the rule was established after the stock market crash that heralded the great depression . Said rule was in effect for over 70 years and the stock market functioned well. The uptick rule was only abolished for 2 years and we all know what happened...the greatest crash since the great depression...you do not have to be a genius to see the correlation. In this day and age with computer driven sell programs the short sellers ravaged the financial stocks and almost ruined the financial system and economy the country A lot of seniors and widows lost their life savings which were conseratively invested in our nation's largest banks What social good do the short sellers do for our country? These short selling programs,especially the "naked" shorts make the entire market treacherous for the average citizen to participate in. This entire problem lays at the doorstep of the SEC since it blundered horribly in the past few years eg. Madoff, repeal of the uptick rule, raising leverage etc. I think the new administration and the public deserve and expect that these blunders now be corrected...or there will a hue and cry to reform the SEC.