Subject: File No. S7-08-09
From: Thomas S Graves, Ph.D.

May 20, 2009

I believe that the uptick rule should be re-instated in it's original form. Much of the turbulence that we have seen in the market in the last year, including large financial companies going bankrupt or nearly bankrupt, could have been prevented if the uptick rule had been in place. We saw the rapid decline in November come to a halt when the SEC temporarily banned short selling. And please ban naked short selling, a phenomenon that lets short sellers behave as if there was an infinite supply of stock to be sold. Also, please ban double and triple short ETFs like the SKF that allow investors to get around margin rules. If you want to get small investors to come back to the market, you have to restore fairness by making it as difficult as possible for the large investors to manipulate the markets.