Subject: File No. S7-08-09
From: Seth Cogswell
Affiliation: Trader

June 12, 2009

To whom it may concern,

I am writing in regard to the uptick rule. While the abolition of the rule more or less corresponded with the top of the US stock markets, it had absolutely nothing to do with where we find ourselves today. The markets are off their highs, not because it was slightly easier to short stocks, but because the US is in a recession. The US also recently saw bubbles pop in both the housing and credit markets. These bubbles and the current recession are accountable for one hundred percent of the losses that people have recently experienced. The majority of people who are calling for the reinstatement of the rule are doing so because they made poor investments and, rather than taking accountability for their mistakes, are looking for a scapegoat. Dont let the ignorant make the rules.