May 5, 2009
The SEC has got to regain control. From what I've read, the uptick rule was put in place, after the Great Depression, to stop the same type of rampant shorting that has just taken place over the last year. There needs to be regulation because there are a select few on Wall Street who seem to live by the credo "All for one, one for one". They couldn't care less about how they are affecting the global economy. Naked short selling also has to be stopped. How could the SEC allow someone to sell something he doesn't even have or can't even borrow? Unscrupulous people are making free money by driving down prices without any collateral. It really makes me sick that the last chairman, Christopher Cox, was asleep at the switch.