May 5, 2009
Please reinstate the uptick rule as it was before 2007. It served us well for 70 years and I fail to see why we need something different. It should have never been repealed. I know that many say that there is no empirical evidence that repealing the rule led to the bear raids of 2007 and 2008. However, 70 years of experience leads any reasonable person to conclude that it is a good rule.
In addition naked short selling should be abolished. A person who is doing naked short selling is nothing more than a pure speculator. Such a person should be in Las Vegas, not playing with the economy of our nation.
Taking these two actions would go far to restore the trust of ordinary investors, such as myself, in the market. The many people like me, who merely want to invest in America and make some money for retirement, have been badly used by the speculators and the fat cats. Only speculators and fat cats could be against the uptick rule and for naked short selling.