May 5, 2009
It is essential that the uptick rule be put in place and enforced. Senator Ted Kaufman and Jim Cramer are correct. Please protect this country from a deep depression. Many people, because of Jim Cramer, probably beleive the return of the uptick rule is a done deal. His positive comments about the return of the rule made thousands if not millions return money to the market. Apparently the rule return is not a done deal. I would have taken all of my money out of the market if I thought the uptick would not be put back and enforced.
This rule is protection from negative sentiment of short sellers. Naked short selling should be illegal - people should do jail time for naked short selling. It is not right for people to sell something they do not own - It is theft from the legitimate stock owners.
If the uptick rule is not put back, the SEC should be closed and replaced with an organization that ethically protects companies and stock owners. How can we expect any type of protection from people like Madoff when the SEC cannot even keep people from selling something they do NOT own.
The only reason I can see to remove the uptick rule and to allow naked short selling is that bribes were accepted by the SEC to allow unethical activity in order for a small group of people to take advantage of systems to steal from legitimate property owners.