May 10, 2009
I sometime wonder about the quality (excellence) of the people we have in office. After having the UpTick rule in place to protect us for years... Chris Cox in a matter of days, suspended the rule. Now it seems like we have been talking for more than a year... at least through Jim Cramer's rants to reinstate the rule and to stop naked short selling, so that you have to own the stock before you can short it.
Why do we need this public forum to make this decision. The reason given previously was that it was not necessary, so if it is not going to hurt us why not try it. This is Government at it's worst.
The naked short selling and the removal of the UpTick rule are the main triggers of the demise of Lehman Brothers and Bear Stearns. Had those rules been in place and then enforced by Chris Cox we would not be in the mess were in now.
Do something to fix it... please do not waffle
Robert A. Lupton