June 1, 2009
To those whom have concerns about the long term stability of the U.S.
Quite simply, the uptick rule was removed, two or three months later the entire world market crashed, strange coincidence?
I am sure that we were in for a decline anyways, but a 1929 style may have been overted if the rule remained in place. The uptick rule served capitalism well for 70 years, it was designed to prevent a 1929 style crash, and in my opinion, we need it back EXACTLY as it was to prevent further decline in the market. We are enjoying a short term rally right now but I fear the long term sustainability of the markets depend on muzzeling "bear raids", "rapid fire shorts", and naked shorting. These have but one purpose, to destroy, and thats what they will do, destroy 401K's, 529's, IRA's and no "retail" investors will want to come back into the market, that is just plain wrong in this great country of opportunity.
I vote for the uptick rule re-instated EXACTLY as it was.
Charles East