All US residents should write the SEC chair and their reps:
I am a small investor (don't call yourself a trader, traders have been vilified and congressmen are clueless). The restoration of the uptick rule is designed by big institutions to harm the small investor and to harm price discovery. Those larger players will still be able to short at will should the uptick rule be brought back; the restoration of this undemocratic restriction will simply cause more trades to move from individual stocks to derivatives such as etfs, options, futures and swap contracts - instruments that most individual investors cannot trade.
Please, stop the witch hunt and focus on the true causes of the financial meltdown.
I think they're ignorant and desperate. They just don't know, but they're willing to try anything to stop the bleeding, even if it doesn't address the issue.
5 comments:
All US residents should write the SEC chair and their reps:
I am a small investor (don't call yourself a trader, traders have been vilified and congressmen are clueless). The restoration of the uptick rule is designed by big institutions to harm the small investor and to harm price discovery. Those larger players will still be able to short at will should the uptick rule be brought back; the restoration of this undemocratic restriction will simply cause more trades to move from individual stocks to derivatives such as etfs, options, futures and swap contracts - instruments that most individual investors cannot trade.
Please, stop the witch hunt and focus on the true causes of the financial meltdown.
I am faced with this dilemma: “are this people evil or plain stupid?”
Amen John,
I'm not a U.S. resident, so I'm counting on you guys.
Anarco,
I think they're ignorant and desperate. They just don't know, but they're willing to try anything to stop the bleeding, even if it doesn't address the issue.
I might be having too high expectations by wanting senators to know what they are doing, as opposed to guessing.
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