Subject: File No. S7-08-09
From: David Miller, Ph.D.
Affiliation: UCSD

May 9, 2009

The evidence is clear that removing the up-tick rule has lead to dysfunctional capital markets, to aggressive short sellers interfering with normal process of price discovery, to exacerbated stock market moves and record high levels of volatility, to violent manipulative bear raids with non-stop rapid-fire selling attacks and draining of liquidity by aggressive short sellers (violently distorting supply and demand of the shares and forcing the prices violently lower by not allowing time for the new bids to be placed).

Please reinstate the up-tick rule and enforce it ASAP. And please no exceptions for the market makers and other "privileged" and well "connected" groups of individuals. Everyone must follow the same rules, no exceptions. You must also stop/enforce the wide spread practice of stock price manipulation by the short sellers who dilute the supply of company shares and interfere with normal process of price discovery by selling the shares that they do not have.