June 2, 2009
I pray that the SEC will reinstate the up-tick rule. When the stock of a well-run company like Goldman Sachs can be driven down from around $200 to $47, an average investor like me thinks that the fix is in. That there is no fairness to be had on Wall Street. The interconnectedness of the many people employed on Wall Street doesn't help to allay any suspecions of colusion.
I see the job of the SEC to create a level playing field for all who want to make money by investing. The removal of the up-tick rule told me that the SEC was only there to help the traders on Wall Street make money. The speed with which the stock market fell last year made it hard for investors like me to get out without losing my shirt. You would have to watch the market all day like the traders do to protect your earnings. Most average investors do not have the time to do that.
Thank you for reading my comments.