May 5, 2009
Why do we need government? The preamble to the Constitution puts it rather well:
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
Why do we need the SEC? Your mission statement put it rather well:
http://www.sec.gov/about/whatwedo.shtml
The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
Is there Justice in the hard earned investments of the people being lost to the Short Traders? Is there Tranquility in the market crash of 2008? Is the SEC insuring posterity by removing the uptick rule?
I submit to you that the US Government and the SEC has failed at its stated mission.
Specifically on July 6, 2007, the SEC failed the people. The SEC also failed the people in 1929 and learned that we need to protect the market from the Short Traders. As you know, the SEC did that in 1938 by installing the uptick rule.
Give the market back to the people. Stop the Short Traders from devastating the market for their personal gain. Put real power into the new Uptick Rule and dont let the Short Traders convince you that we dont need to put powerful restrictions on their short selling.
Fulfill your stated mission statement and take the market back from the Short Traders.
Sincerely yours,
John Hill