Comment Text:
I urge you 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 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.
America was built on its ability to develop a strong manufacturing economy. Today the smartest and the brightest speculate on the work of others and gamble on the basis of "tails I win heads you loose". Recent history has shown the limits and consequences of such irresponsible business model.
As a tax payer I refuse to consider an other bailout of wallstreet.
As regulators I urge you to side with those of us who are at the base of the economic engine and not with those who sit by the side lines and skim the cream off the top of the economic cauldron while dodging the IRS with fancy schemes.
The only way America and capitalism can survive is if there is an even playing field.
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 escape them.
Thank you for your consideration.
