February 23, 2009
I would like to urge again for the SEC to act quickly in restoring confidence in our equity markets.
I think it's unanimous among the investor community that we need the uptick rule back (after all that was implemented after the last great depression) and some reigning in of the massive naked short selling that is going on.
If you allow retirement savings of more and more individuals to be wiped out by our current death spiral, we're in for a travesty.
The SEC can't solve the inherent problems of housing and our economy. But what you can do is restore some of Pre Chairman Cox rules that allowed the markets to act more orderly.
There was never a justification for the elimination of the uptick rule and naked short selling should not be tolerated much longer.
Thank you very much.