February 23, 2009
Dear Chairman Schapiro,
The stock market is down 30 % since the last election. Did you noticed that The fiscal stimulus package did not bring any relief to investors or the economy; because it is a spending package not a stimulus package and the markets voted it down, because there are 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 transferred 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 fixed incomes going to make ends meet How about suspending "mark-to-market" accounting, at least temporarily? Bring back the "up tick rule", to stop the bear raids. Get rid of the Ultra ETFs i.e.SKF please! They are working against the government's efforts to stabilize the financial and banking sectors.
Sincerely, Michael Boeykens