Comment Text:
I am Theodora Crawford, a retired registered stock broker and equity research assistant, and S&L investment analyst. I first observed CMOs in late 1980s and realized they were incomprehensible to most bank officers despite presentations by endless Wall Street salespeople.
I am deeply disturbed by our corporate food policies and the spread of financial manipulation and the resulting destruction here in the United States, and globally. I am also deeply concerned about the manipulation of food products (GMOs) and corporate agriculture's disdain for those concerned about our health who oppose them in an effort to protect global health.
Besides the fear of our health, one of biggest myths created by corporate agriculture and the oil industry is Ethanol...it costs more to produce and contributes to huge cost increases for food, although scientifically proved to be less efficient than many other alternative sources for fuel production (switchgrass for example). Even better, many of the alternate fuels are organic, precluding additional chemical harm to the planet. The resulting speculation in corn has caused terrible suffering as corn-based food has become prohibitive in much of the third world.
Such policies demonstrably line the pockets for financial speculators! I urge you to curb excessive gambling in commodities markets like food and oil by curbing opportunities for financial speculation.
While many factors contribute to today’s highly volatile commodity prices, it is clear that such 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.
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. Ensure there are NO EXEMPTIONS!
Moreover, I urge you to institute a small financial transaction tax (similar to the Tobin plan), which would reign in speculation while generating meaningful federal revenues.
Thank you for your consideration.
