"The chairman of U.S. discount brokerage giant Charles Schwab (Nasdaq:SCHW) has come out strongly in favor of the move, arguing that reimplementation of the uptick rule is a necessary step toward reducing market volatility and restoring investor confidence." http://community.investopedia.com/news/IA/2009/Upticked-Off-MS-C-SCHW-TROW0116.aspx
He obviously has a vested interest, as he believes the uptick rule will help his business. The big money folks will still push the price where they want it to go, but it will just take longer. No real trader has complained about the rule, because it should be used to your advantage. Most of the complainers don't know how to short, and that is like taking a knife to a gun fight.
It strikes me as odd how many veterans of the investing community have come out to blame the mechanics of the markets in place of the true faults. Why is there such an uproar about the uptick rule, when the banks are insolvent, Credit Default Swaps are the ultimate gift to shorts, and the commodities markets are in a bubble correction?
The only reason for that is they are pussies and can't play the game. Maybe thats why their current system sucks total ass! Just maybe if Schwab would quit crying like pussies about the game and become part of it. They would get their shit together and quit leaning towards government pussificatiion! Fuck you SCHWAB!!! Either repent and reform to adapt to the system or just become another failure. Use your fucking brain instead of collapsing like pussies to the progressive movement! Or you can keep your current path and wine like bitches as we all watch the current system collapse. If you want more income offer traders shares to trade or just be at bay and ban all volital stocks from being shorted. As you do!
Ok, I didn't spend any time researching this but..... One most think on the face of it that the average Schwab customer doesn't know as much as they should to be trading and They are the perma longs until it hits bottom at which point they sell out. That being said, Schwab really needs a villain to point the finger at to keep the full price retail clients from hitting the road and what better way then to blame the uptick rule being taken away. I also would like to add evidence to my theory that Jimmy Crammer has been saying the same BS for a while and that really sold me on the idea that its all BS.