Subject: File No. S7-08-09
From: Franklin Bird, Ph.D.

May 5, 2009

We spent eight years catering to the demands of financial intermediaries and speculators. Look where that got us.

It's time for regulators to bring the focus back to protecting investors and companies raising capital. After all, the point of capital markets is to bring together investors and business, not to provide a casino for speculators.

Rather than worrying about making life easier for short sellers, the current economic fiasco proves that the priority must be to protect savers, companies in need of funds and the economy in general from speculators. Reinstating the uptick rule is a modest step in the right direction.

Thank you.