May 5, 2009
The past few months have been a nightmare for many of us long term investors in the USA stock market. We invested in our retirement accounts regularly to try and build a nest egg, now this dream has been challenged because we were not as savvy as some hedge funds and those who short the markets. The rules that existed just a few years ago were eliminated causing incalclable harm.
I request that the following rules be reinstated and enforced.
UPTICK RULE: With the elimination of UPTICK rule, short sellers were able to slam the selected stocks continuously to the point where they were unable to sustain their buisneess.
NAKED SHORTING: It appears the SEC did not enforce rules that prevent naked short selling.
ULTRA ETF: These leveraged ETF are causing undue fluctuations in the stock market. They are highly leaveraged and can be used to manipulate the market.
Please don't let the Stock exchange become a Casino. Please restore credibility and enforce regulations so that small investors can invest their savings without fear of market manipulation. Can you imagine the harm our society would have faced if Social security money was invested in the stock market.