March 9, 2009
Dear Ms. Schapiro,
Concerning the terrible state of the stock markets it seems to me that some of the continuing blame must be laid at the doorstep of the so called "short sellers". Logic dictates that the market conditions should not be continuing in such a dire condition. Short sellers contribute to driving down stock prices and increasing panic in the general public.
In my opinion this problem could be substantially diminished by reinstating the so called "uptick" rule. As you are aware this rule was designed to prevent short sellers from adding to the added spiral of downward momentum when stock prices are already in sharp decline.
Like many thousands of other citizens my portfolio has suffered most seriously from the current economic crisis. While my opinion is certainly far from being that of a professional in the field of finance, I am convinced that the market should have made more of a recovery than it has. Shouldn't everything possible to hasten the end of this crisis be undertaken quickly?
Thank you for your consideration in this matter.
M. Robert Steinberg