Subject: File No. S7-08-09
From: Michael J Gaffey
Affiliation: Economics Instructor, Norwich Technology High

June 3, 2009

I fully expect President Obama's administration to back the uptick rule, as such trades if not outlawed do not contribute to growth of confidence in the economy but rather the rape of growth for the benefit of speculators who's self-serving acceleration of a down sliding market undermines confidence in the smooth fucntioning of the markets. President Obama may acknowledge the lack of contribution from such banned trades and seek through tax legislation to penalize such practices and super short term equity holdings as he attempts to reinvigorate capital investment. Such legislation would be unnecesssarily time consuming and a distraction from other important matters, but if the SEC fails to rule appropriately, than probable.