Subject: File No. S7-08-09
From: Patrick McQuaid

August 19, 2009

Dear Chairman Shapiro and the S.E.C.,

It is disappointing that the S.E.C. is seeking an additional 30 day comment period before acting to reinstate an uptick rule. The S.E.C needs to simply accept that elimination of the uptick rule helped to vaporize trillions of dollars in wealth. Quit trying to sidestep the issue by wondering if there is some better mousetrap out there, when the original uptick rule worked fine for over 70 years. Accept culpability for the uptick rule removal mistake, and just fix it. With expediency, please revert back to the original uptick rule, and allow the markets to get back to a better semblance of normal. Also work strenuously and make it a top priority to eliminate naked short selling. To delay reimplementation of the uptick rule leaves the nation, and its economy, at risk for an unnecessary additional calamitous period in the equity markets.