February 23, 2009
Dear Chairman Schapiro,
The stock market is down 30 % since last election. Did you noticed that?
The fiscal stimulus package did not bring any relief to investors or the the economy, because it is a spending package not a stimulus package and the markets voted it down, because there is not enough pro growth policies in it i.e. TAX CUTS.
Do you know, that with this type of market action all the wealth from pension plans is going to be transfered to the hedge funds, because they keep shorting the market and most of the pension plan managers can not?
Companies are going to stop paying dividends because they will try to preserve capital and the US Treasury bond yields are very low. How are the retired people who are on the fixed income are going to met ends?
How about suspending "mark-to-market" accounting, at least temporary.
Bring back the "up tick rule", to stop the bear raids.
Sincerely, Danuta Kiercul