Can some one explain the 'up tick rule' and tell me if it is good for workers, and the economy?

You understand wrong. The uptick rule means that you cannot short sell a stock except when the trade price is higher than the previous trade price. This is neither good nor bad for the economy and doesn't have anything to do with layoffs. To the extent that it has any effect, it prevents short sellers from selling to people who have entered buy orders that are triggered by a sudden major down-draft in share price caused by the release of unfavorable news about the stock.