May 4, 2009
I strongly support reinstatement of the up-tick rule, in place for roughly 70 years. There does not seem to be a real reason for the previous administration's Chairman Cox to do away with it. It appears the Board was swayed by a group of powerful self-centered persons over the interests of the nation.
The recent market turmoil would seems to reinforce the belief that the suspension of the rule has added unnecessary volatility while vastly increasing the mistrust in the market's ability to withstand manipulation. I do not think it an unreasonable burden for an investor to be required to AT LEAST borrow a stock, if not actually OWN it, before selling. Many believe enough "clever" people are "playing" the market to turn a quick profit at the expense of value investing. This abusive short interest debases the capitalist market and undermines the basic reason for having a stock market....building of capital.
PLEASE step up for the individual investor over the pressure of influential short sellers. Do the right thing for America and "level the playing field" for the average investor.