May 5, 2009
The uptick rule has been needed and still is, in order to stop the people that have enough money ( and the lack of morals ) to influence the market by driving down the stock price of any stock they choose in order to make lots more money for themselves. This is not investing in the market, it is pillaging and raping of not only companies but of the whole coutry. Neither is it sustainable, as investors will not continue to put money into the market just to loose it to these greedy people.
Naked short selling is not legal but is practiced daily, why are these wrongdoings not prosecuted?
Ultra Proshares, What are people thinking? How were these ever made legal? What a joke. These were created to make more money from commissions and are allowing people to get around naked short selling.
I do not believe in these circuit breakes. They are susceptible to misuse whereas the uptick rule is there and does not require human imput.
As for the excuse of the markets have changed, maybe we need the uptick to be a nickel or a dime instead of a penny?
And for the excuse of being technically too difficult to implement, give me a break We can control a remote vehice on the surface of Mars but can't write a program for the uptick rule. I'm sure there are unemplyed computer hackers that could do this in their sleep.
We just need someone in position to ignore the people that are getting away with this deplorable pillaging and eliminate the Ultra Proshares, reinstate the uptick rule and prosecute All wrongdoings such as naked shortselling.