March 2, 2009
Dear Chairman Mary Schapiro:
I wanted to implore you to consider the reinstatement of the uptick rule. This rule, especially in these times of fast money and extreme hysteria would better serve the public interest of providing smoothly operating financial markets. It does not serve the public to allow short sellers to take advantage of this crisis to pour orders on to effectively hit stops that would then allow the stock to enter freefall. This coupled with the regulation of the CDS market will go a long way toward allowing the market to stabilize somewhat. I realize that this is not the sole solution, but if we are to give the Obama administration economic plan a chance, it would certainly stand a better chance of success if the market were not allowed to be manhandled to lower levels by hedge funds and short sellers who seem to be the only major players in the market nowadays.