May 10, 2009
I manage our family's investment accounts. Last year I watched with a sense of doom as my daughter's profitable long-term holding in JP Morgan got crushed day after day. I'd never seen anything like it in over 25 years of investing in the markets. My mother's holdings in stable Exxon got crushed. It seemed everything we held got crushed. You've heard this story before ... and my analysis that while market conditions and outside forces played a role in crushing these equities, market shorts pounded down these stocks on a daily basis to improve their returns.
Obviously, they don't understand patriotism as our President does. Nothing new on The Street ... Still, would this market smackdown have been possible if the uptick rule had been in force as it had been since the 1930s? No. Please return a somewhat level playing field for all market participants: Reinstate the uptick rule.
Gloria J. Brown