Last week, Sears Chairman Edward Lampert issued, in Consumerist’s words, a “15-page manifesto” — also known as a letter to shareholders.

Lampert covered a lot of territory, including a broad overview of how the financial crisis developed and grew.

Among his interesting observations is how Wall Street reacts to messages from Washington – not just verbal messages, but policy messages:

Just as our nation’s leaders can contribute to a downward spiral of confidence they can also contribute to an uplifting of confidence. And this is not just about words. Any actions that contribute to respect for private property and the rule of law will be immediately greeted by improved investor sentiment. Whether as a bondholder or stockholder, investors need to know that they have rights and that the rules of the game are going to be fair and predictable. Any rule changes or actions should not simply be decided and announced over a weekend. Improved oversight can be constructive. Allowing significant policy changes to work their way through the system over time, rather than implementing them overnight because of stock price declines, can break the cycle of panic and fear.