Comment Text:
Dear CFTC:
Food, oil and other forms of energy are necessities, they are not luxuries or optional choices. I strongly urge you to curb excessive gambling in commodities markets like food and oil. I believe the American people may be finally getting it, that Wall Street after almost collapsing the entire economy, is looking for every opportunity to speculate with all of our futures. Rather than learning from their mistakes, they feel a renewed sense of entitlement to do whatever they want. They paid no real penalty, so why should they worry.
While many factors contribute to today’s highly volatile commodity prices, it is clear that excessive speculation is partially 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.
Speculation thus imposes financial hardships on families around the country. Sudden rises in gas and food prices force us to make difficult decisions and sacrifices. Especially right now, with so many families struggling, and unemployment barely beginning to decrease, we cannot allow speculators to unduly affect our food and gas prices. 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.
Please put in place effective position limits rules, and do not allow them to be undermined by exemptions or exceptions, or allow Wall Street gamblers to undermine the rule. Do not give any exemptions to banks, hedge funds or other financial players.
I own a small architectural firm that is about 50% smaller than it was before the Great Recession. Unemployment in this field is about 25%, and much greater in some areas of the country. We are told that the recession is over, but that has no meaning to me because no improvement is in sight.
Thank you for your consideration. Please do the right thing for all Americans.
David W. Stirling, AIA
