SEC: Short on Brains!

In July of 2007, the SEC changed a rule that had been in effect since 1929. Known as the uptick rule, it was designed to prevent short sellers from shorting a stock that was dropping in price, forcing them to wait for a price uptick before they could short. Since that ill conceived  change, the market has dropped nearly 4,000 points. It's time the SEC admits it made a mistake, and acts to prevent short sellers from destroying the markets. Reimposing this rule would be a good start, prohibiting naked shorting also needs to be done immediately. In fact, all shorting should be eliminated, it is a relic of the past when markets were manipulated to benefit the few at the expense of the many. Numerous companies have been destroyed and countless jobs lost by allowing this practice, Bear Stearns was just the latest victim. It's time for the SEC to wake up and restore order to the markets.