May 13, 2009
The uptick rule absolutely needs to be re-instated and a circuit breaker rule added. Shorts control the market and can move it anyway they want. The typical investor is armed with bows and arrows but the shorts are heavily armed with machine guns and rocket launchers. They overwhelm the market. Why was the uptick rule ever taken away to begin with? It's criminal what they can do to these markets by borrowing my shares without my permission. There should be a price to pay for borrowing my shares - a premium over the cost so that shorters would think twice about burying a stock. Like $5/share. Some stocks already do that for a German bank - there's a premium to short (Proshares). Get with it and get out of the last century. This is a new world that calls for new rules. Shorts, including hedge funds have so much money they can move the market any way they want with impunity. The lone investor is at their mercy (of which they appear to have none).
Sincerely