Comment Text:
I am Mark Reback, I drive 45 minutes to and from work every day, and I directly feel the effects of every increase in the price of gas.
I strongly urge the CFTC to curb excessive gambling in commodities markets like food and oil. While many factors contribute to today’s highly volatile commodity prices, it is clear that excessive speculation is largely responsible, as shown in dozens of studies by respected institutions such as Princeton, MIT, Petersen Institute, University of London, Yale, the United Nations and the U.S. Senate.
We cannot afford a repeat of the 2008 food and gas price bubbles, so the CFTC should put in place strong position limits to control excessive gambling.
The CFTC should not allow exemptions or exceptions that undermine the rule, and should not give any exemptions to banks, hedge funds or other financial players.
Thank you for your consideration.
