Subject: File No. S7-08-09
From: keith laing
Affiliation: taxpayer

May 29, 2009

After watching the debacle that was the market during the last quarter of 2008, it should be obvious why our fathers instituted the uptick rule. AFter having gone through the worst period in financial history, they saw that greed was the main motivating force in an unsecured market. They instituted a very simple rule that worked for 70 years, until it was repealed by Cox. It was no fluke that the market began to swing wildly.
It was no fluke either that when the value of the very risky derivitives was brought into question, the smart money began to short financial stocks. When the tide started to turn the greed players jumped in with both feet. It was all legal, unless it was naked, and the taxpayers are picking up the tab now.
I feel that if the uptick rule had been in place, the short etf funds could not exist. It would be far more difficult for the financials to be shorted because SKF would not be on the table.
All you have to do is look at a chart of the VIX to see how it all played out.
Bring back the uptick rule as it existed as soon as you can. PLEASE