May 21, 2009
The uptick rule was put into place 70 years ago so that the banks could not be attacked and nearly destroyed as they were in 1929. It was eliminated in recent years with the result that massive manipulation of financial stock share prices coordinated with panic inducing negative information (in some cases, rumors and lies)disseminated throughout the media again nearly destroyed our financial institutions.
As part of this massive short attack, the 401k's of the baby boomer generation have been harvested by marauding hedge funds and other groups. Perhaps this was the purpose of what was obviously a concerted and coordinated attack in many cases.
Some companies do better than others when faced with massive short selling of their securities. Financial institutions are vulnerable to panic driven runs by people frantic to safeguard their money.
It seemed obvious to me as an individual investor that something was "fishy" during 2008, and yet the SEC turned a blind eye. You are supposed to be watchdogging our markets and yet, over six months after Obama promised his administration would "hit the ground running," this SEC is still quibbling about the uptick rule. It worked for 70 years. What is your problem in figuring out that we need it reinstated?
Are you waiting for the "fat cats" to get the rest of the money individual Americans have worked and scraped to save for their retirement? Do you want just one more leg of the downturn first to panic the last of us out of our retirement funds?