Comment Text:
With the current under reported unemployment rates we can ill afford a repeat of the 2008 gouging in food and gas prices. Since there seems to be no stomach for outlawing this type of behavior, the least the CFTC could do is to enact strong position limits to control excessive gambling.
While several factors are at play leading to today’s highly volatile commodity prices, it is obvious that excessive speculation takes the leading role, 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.
Artificially high prices for necessities such as food and gas are being driven by speculators enriching themselves on the backs of working families around the country while enriching those . 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.
I am writing to urge you to curb excessive gambling in commodities markets like food and oil. Please put in place effective position limits rules. 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.
Sincerely,
Penny Bos
