June 15, 2009
The uptick rule, and other restraints on short selling should be restored. I am in favor of elilminating completely the process of naked short selling. Equity markets should be operated for the average investor on "Main Street", not for the armies of wall street traders who with the current system are able to syphon off money from such "Main Street" investors by creating extreme market volatility, and fear in the "Main Street" market place. Wall street was originally established to allow the average investor to take equity positions in companies and participate in the profit or loss of such companies, not to set up a whole industry of financial services traders with an ability to create huge market swings and profit from them.