Subject: File No. S7-19-07
From: Jon Grutzmacher

July 23, 2008

I applaud the regulation change to limit short sales to those who can only borrow the stock first.

Simplistically speaking, I don't know why it was ever allowed in the first place. If you try to explain to a common member of the public what was going on in simple terms, they are appauled that it was ever allowed.

We own a business, and allowing short sales would be like allowing someone to sit in front of our business and take orders to sell a product for less, and less, and less, money. ANd then never have to give them the merchandise.

It should be made permanent in ALL equities.