May 30, 2009
Stability of our economic system has been compromised by the removal of the uptick rule. stability is what we need to increase confidence if we are to grow out of our current mess.
I was born and raised, had a family and retired under a set of rules, including economic rules. The uptick rule was changed without my knowledge in 2007, without my understanding, as well as many others as witnessed by the results.
Indeed,our whole social system was developed under a set of rules that in receint years has been compromised: up=tick, mark to market, etc.
I see no advantage in removing or modifying the uptick rule, after all, we have prospered well since 1938. Compare that period with the last two years. True, that is only a contributing cause of our recent problems, BUT, wise people know not to argue with the ill-informed public from a lofty position in the USA. The public will not listen and make up their minds based upon what they have experienced in THEIR past, NOT, the experts experiences.
If, we need the public for recovery, as WE DO, then we MUST return to the ways of doing business known to the public.
RE-INSTATE the up-tick rule, TOTALLY. This is no time for an academic argument, no mater how well documented the relative positions are postured. This is a time to appeal to the common man, you remember them don't you....the ones that produce the nation's wealth?