May 11, 2009
Please don't water down your reponse to the terrible decision to cancel this rule that was well researched by a very intelligent panel during times of great economic stress.
I have over 20 years of experience at commodity trading, so I know some of what I speak. That rule was well founded and needed in times of great stess. I also know how traders will pounce on fear which will always be stronger than the the greed factor on which our capitalist system is based. Traders will exploit this power.
Please don't let the few who make great profit by driving heards over cliffs in fear change a well thought out rule. They are motivated to line their posckets.I am motivated to see our capital system be successful. And don't let the fact that the same fear mongers who have created leveraged short ETF's use these advances as reason for not reinstating the uptick rule.
Please do the right thing and reinstate the rule that existed for 70 years for good reason. There is no good reason to drop such a long held trading rule. Does anyone think it just coincidence that the economic meltdown happened after the rule was dropped? It may not have been the only reason but it was a contributor.
The SEC must start correcting its blunders. Start with this one.