Subject: File No. S7-19-07
From: Bruce A Thompson

July 15, 2008

Welly Welly Well.

Here we are.

This is the systemic meltdown we have been telling you folks about in all these endless comment periods for years.

Hedge funds, with their trillions of dollars of risk money have now turned on the quasi-government corporations Fannie and Freddie and are biting very hands that protected them.

How else did you think they are going to pay themselves that same trillion dollars in bonuses this year that they paid themselves last year?

How does it feel watching the value of your corporations disappear right from under your very noses? The same noses you have turned up and away from us for years while we pleaded for you to do something about naked shorting.

So your solution is to admit that naked shorting is real and to stop it in its tracks for your two darling corporations using your emergency powers?

It is exactly that easy. Just stop it with an order from on high.

But. What about the rest of us out here? Why won't you extend to us the same protection you are using for yourselves? Saving your two corporations is NOT solving the problem with the markets.

Stop all forms of naked shorting NOW. Reinstate the uptick rule NOW. Do it for all trading in the US makets NOW. Use your emergency powers NOW.

Before it is too late.