Subject: File No. S7-08-09
From: Michael T Hughes
Affiliation: Retired

June 10, 2009

As a struggling American Citizen and investor I support the reinstatement of the Uptick Rule. It is unfortunate that so many of the little people like me have lost so much of our life savings and retirement income. It seems that what had happened in the 1930s was forgotten about, or just pushed aside. We must learn from our mistakes, lessons of success and those of FAILURE to enable us to continue to be a strong country and to be the economic leader of the world. I support reinstatement of the Uptick Rule which will help to stabilize the market by reducing manipulation of the market by certain groups or high profile individuals, which then causes fear based reactions of other investors. The lack of the uptick rule helped to annihilate some companies and almost drove other companys into extinction. The voraciousness of some of the hedge funds and high profile investors/speculators almost destroyed our economy. Many small investors (like me) were almost financially obliterated and many of us will not ever recover our losses or regain our prior financial security we worked our entire lives to achieve. I believe that restoring the Uptick Rule will help restore investor confidence in the market, help prevent the annihilation of some companies and help to restore the U. S. and world economies to success financial stability.