May 6, 2009
Thank you for the opportunity to comment on this very important issue.
I believe eliminating short selling in its entirety would be the best option. My reasons are as follows:
Long investments grow American businesses and build a more prosperous future,
Shorting is BETTING against growth and helps to destabilize companies in America,
Shorting acts AS A TOOL to accomplish the destruction of value at those companies shorted,
Naked short selling borrows long investor shares to be used as tools against the long investor,
Elimination of traditional pensions, stress on Social Security, diminished Cash Balance plans push American workers towards IRAs, Roth IRAs, and 401k plans that invest in equity markets. This non-sophisticated investor is reliant on stable, long-term growth for their economic health in retirement. Since we have put these Americas in the marketplace we need to regulate it as they do depend on it. We need stable, ethical, fair markets on which all participants can trust and depend,
Extensive new trading tools and market access for investors has been put into place during the past 30 years. These new tools provide power and leverage not envisioned 30 years ago. New rules can help balance the power of those new tools,
Options markets provide ample opportunity for speculation on future stock prices,
The value of stability and confidence in a fair market vastly outweighs the loss of a portion of trading transactional income to a select few companies,
Opportunities for financial attacks aimed at disrupting stable, American equity markets would be diminished
Please chose the best course for America this is our, and our children's, home. Thank you.