May 6, 2009
I'm appalled at the level of thoughts expressed by Government officials and news organizations regarding control of US financial markets. The Government set up the 401k/IRA system in hopes of allowing/forcing individuals to save and invest in their own retirement. This has been a great boon for US companies that now not longer need to provide pensions for employees. However, the government has SEVERELY neglected the control of financial markets, in the name of free markets, (read this as free for the rich and influentiial) to the detriment of the 401K/IRA investors. There are millions of reasonable and prudent investors who have been forced into the volatile stock and the nearly returnless bond markets in order to see their investments grow. Have they grown? Are they secure? Are they well regulated? Why not? because the government has sat idlelly by while the people have had their pockets picked by fees and charges in the simple quest to avoid risk. Of course the markets want volatility, volatility means more fund and stock hopping which generates fees.
We need regulation!!
Please reinstate the up-tick rule.
Please ban naked shorting?
Please get rid of ETFs that avoid traditional stock market rules.
You must do these things to preserve the union. People are upset.