May 4, 2009
I have lost almost everything I have saved and invested over 40 years since the elimination of the uptick rule by the SEC in July 2007 and the disregarding of the laws against naked short selling and market manipulation by the SEC and Bush administration during its occupation of the White House.
The uptick rule allowed an orderly market for 69 years where the individual investor was not as likely to be financially destroyed by the conspiracy of short sellers, bears, the naked short sellers and other criminals, hedge funds and institutions etc. The SEC and the Bush administration were obviously biased in favor of short sellers and against the small individual investor and maliciously removed the uptick rule leading to the economic devastation of the individual investor and trader during the last 2 years for the benefit of the unethical rich. And I believe it was probably at the orders of the Bush-Cheney regime.
The "studies" the SEC ran as evidence that the uptick law was unnecessary were run in a limited fashion and surreptitiously during a bull market when it was not likely to have the overwhelming and devastating effect it has now that we are in a bear market exacerbated by the elimination of that very uptick rule. As soon as the criminals learned that they need have no fear of the SEC or Federal Govt. in criminally attacking the stock market, the businesses and corporations and the American economy and ambushing the small investor, they went insane with greed and avarice and the results are obvious. The SEC just refuses to admit the truth of the SEC's culpability and correct its mistakes. Corrupt individuals of the SEC and the Bush administration permitted the conspirators to destroy the American, and hence, the global economy and may very well have benefitted at the expense of the 90% of us who aren't extremely rich, greedy and evil.
The obvious solution to the tick test after decimalization is to increase the uptick rule amount to $.10 or $.25 for the same fairness impact of the original uptick rule.
The "Emergency Orders" the SEC announced to supposedly enforce the laws against naked short selling which the SEC and Bush Administration had ignored for years were a sham, limited to only 19 stocks with a well-advertised very short timeframe. This was a totally transparent, superficial pretense that the SEC was doing its job. It is the job of the SEC to enforce the laws against naked short selling and market manipulation and instead it assisted the lawbreakers.
If the uptick rule and naked short selling reforms are not passed, this will end the trust of the American public in investing in the Stock Market which will collapse the American economy further and faster.
Every individual who has been involved in this corruption and devastation of the American economy and individual should be prosecuted whether an ex-White House official, an ex-SEC commissioner or an insider-trading naked shortseller. Those of you who participated in this should all be ashamed of yourselves and do the right thing: fix what you've destroyed as much as possible and then resign in disgrace.
Please recover your sense of decency and replace the complete uptick rule and arrest the naked short sellers who you've allowed to criminally and illegally destroy the individual investor for the last few years. Remember that you work for the American public, not for the American financial criminals.
Jim Blakeslee