Subject: Release No. 34-42343, File No. SR-NYSE-99-47

Date:    02/10/2000 11:02 AM
     
     
I'm writing to address the dangerous proposal regarding new margin rules 
for 'pattern day traders.'  Release No. 34-42343, File No. SR-NYSE-99-47
     
This proposal is seriously flawed and would do considerable harm to out 
prospering economy as well as my latest and most-lucrative career (that 
of a 'pattern day trader').
     
In the recent past technological improvements have fueled the greatest 
economic expansion in our history and these improvements have opened 
Wall Street's door to the general citizenry.  These markets have their 
own rules and can set them as they wish yet some have proposed a Federal 
limit on trading activity and margin rules.  This type of activity is 
the polar opposite of the spirit and word of the US Constitution.
     
Trading limits and margin loans are the concern of stock brokerages 
exclusively.  Liberty and freedom of trade are the concern of the Federal 
Government.  This proposal seeks Federal limits on the activities of US 
citizens participating in an open market.  This limitation is not the 
business of the Federal Government.  Such a limit would be painfully 
counterproductive at best, and dangerously de-stabilizing at worst, not 
to mention un-constitutional.
     
Please take this proposal very seriously and examine the ramifications 
of the Federal Government restricting brokerages from issuing margin 
loans as they wish.
     
The beauty of this country is the freedom, for which our forefathers 
died.  This freedom is evident in the openness of today's financial 
markets and the opportunity found therein.  The current proposal seeks 
to limit that opportunity, a concept that is patently un-American. I do 
hope you will reject Release No. 34-42343, File No. SR-NYSE-99-47.
     
     
Thank you,
David Birkenstock