May 4, 2009
Madam Chairman
This is an obvious one. I've heard you speak before and it seems you have a good grasp of the market, economy, and your job. I don't understand why this is even a discussion. Just look at the run on the banks that happened in October. The fact that such a run could happen should make this an obvious decision that should have been made months ago.
I am a young investor, and I promise you I'll be shorting the next time anything like this happens (unless I am not allowed to). I do not want this country to go down in shambles, but I promise you I understand that if I do not participate in the run, I'll be personally worse off in the end.
That's capitalism, and you hold the government's role in our capitalist society in your hand. Capitalism fails without government help (I did not say intervention) in leveling the playing field. I do not believe the market should be equivalent to Las Vegas. I do not believe the retirements of so many millions should fall victim to the greed of market savants.
Please do the right thing in bringing back the uptick rule, as each day you wait on this undermines any credibility you may otherwise have in holding such an important government postion.
Brad Mott