May 4, 2009
I have been an active investor in the stock market since 1981. I remember the problems during the 1987 market crash, which proved to be a manipulated market. Simply put, ladies and gentlemen, today's market is rigged in favor of short selling. Does anyone recall a worse market since 1932, when FDR appointed Joseph Kennedy to the newly formed SEC? When the public cried out against the appointment, Mr. Roosevelt commented that it takes a crook to catch a crook. This time the remedy is simple. We do not need a crook at the SEC, (I think one just left). All we need to do is reinstate the uptick rule, not the watered down version. Also, the Proshare ETF's are manipulating the market, I see no practical use for them. I believe they should be banned. These opinions are coming from someone who is a Reagan conservative, so as a general rule I do not believe in government intervention. This market, if we let it go on, will destroy capitalism. I will remain a Conservative Republican, but you guys need to do your job.