Oct 01 2008
Reinstating Fair Market Governance – Suspending the Mark to Market Rule is not enough, We Must Reinstate the 70yr old Uptick Rule
Reinstating Fair Market Governance – Suspending or Modifying the Mark to Market Rule is not enough, We Must Reinstate the 70yr old Uptick Rule.
Americans have a real problem with the current 110th Democrat led Congress failing to be the financial guardians we charged them with when we elected them.
When the American public votes for and elects members of Congress, we expect them to watch over our financial future with stalwart integrity. No one can deny that this Congress let the American public down in the last few years.
I sleep better at night because I have these boys in my yard:
I think most Americans agree that when we elect (hire) members of Congress to serve us, we expect them to guard our financial future since that is the primary function they are charged with.
Since the House Republicans had the sense to fail the initial economic bailout package last Monday (9/29/08) , a great deal of focus has turned to issues of collateral damage to our “Fair Market” financial institutions caused by irresponsible Congressional actions and inactions, especially perpetrated on us by this current 110th Democrat led Congress.
Whenever laws are passed defeating “Fair Market Governance” due especially to lobbying by special interests, we (taxpayers) always get smacked down!
It’s not enough to suspend or modify the “Mark to Market Rule” . The “Mark to Market Rule” plays out hand-in-hand with the previous suspension of the “Uptick Rule”.
The 70 year old “Uptick Rule” should be reinstated now! If it were still active there would most likely be no need for the current SEC suspention of short selling on many financial stocks.
Why on earth Congress let these two loopholes go unguarded acting symbiotically together for hedge funds to rape the American financial system is beyond belief!
We can’t fire them all, but its way past time Americans stood up and took control of their own governance, because Congress hasn’t and there is no guarantee they will…. not even with this historic crisis.
Engineer2
