May 16, 2009
Since the uptick rule was eliminated, the market has moved to decimal from 1/8 trading spreads. I don't think the uptick rule would be effective at a penny. It should be at least a nickel. It should definitely be re-instated.
Legitimate short selling can be an effective instrument for price discovery, but 'naked short selling' is pure theft. It should be prosecuted vigorously, and convictions should carry jail sentences commensurate with similar offenses involving weapons and victims. Why is the simple enforcement of existing law taking so damn long to implement? The crooks retain control of the markets because they have the money to buy protection from our government.