March 6, 2009
I am forwarding this AP report on to you to make sure you get the message regarding the abusive shorting in the market. They are destroying our markets and our economy. Unlike the irrational exuberance, which increases economic growth for a while, this irrational pessimism is negatively affecting the entire economy and their impression of this administration. A little help would be greatly appreciated. Reinstating the uptick rule or temporarily banning short selling for the rest of the year would be a start. Mark-to-market accounting would be another great suggestion. The market and the economy need time to heal. Unless something is done soon to regain market confidence, the negative feedback loop will accelerate and we will really have a terrible solution on our hands. Please, any statement supporting a higher stock market would be very, very helpful.