May 8, 2009
I strongly reccomend that the "uptick rule" be reinstated.
I believe both the SEC and FIRNA have, through inaction or blindness to reality, allowed and ignored "naked" short selling - correcting these after the fact is far too late. I equally believe that many investore have lost a tremendous amount of their hard earned wealth because of this. Markets can go down but NOT driven down. If you want out - you sell what you own, but rumors and unbriddled greed have ruined many companies and the individuals who trusted enough to "buy" into these institutions.
If we are to believe anything from this administration or futuure administrations regarding the "financial crisis" we are presently undergoing - and, IF the financial industry, in particular, is so critically important to our well being - it is inexcusable that this sector in particular, and the "market" as a whole - can and appears to be manipulated for the benefit of the few "short sellers" without regard at all for the fundamental strength of a particular company or industry in general.