Subject: File No. S7-08-09
From: samuel e stern, phd

May 6, 2009

Immediately reinstate the up-tick rule, the rule served us well since first introduced, the argument that it was not needed any longer is not born-out by events since it was eliminated. Second, one should not be able to short a stock without first borrowing it, and this should hold for all market participants, including hedge fund, market makers, and anyone else. Lets all play by the same rules.