February 20, 2010
In order to prevent "piling on" when a stock is in play on the downside, the uptick rule on short selling (or something very similar to it) must, I repeat, must be re-instituted.
This is a fundamental rule of stock trading which was put in place after the infamous short selling practices of Jesse Livermore and others that aided and abetted the Depression era crashes. And both the current and former Fed Chairmen have said that had it still been in place, the panic markets in the fall of 2008 and early 2009 would have been much less severe....and maybe avoided altogether.
This is a no brainer, also naked shorting without borrowing the stock...ridiculous As soon as I learned these rules were dropped a few years ago, i exited the market almost entirely...and I am not coming back in any meaningful way until these practices are addressed....reminds me of the song....."the Night they drove Old Dixie down.....
Thank you....now do the right thing, please
DMS