Comment Text:
I am Aaron Ezekiel, I drive 30 minutes to and from work and to take my children to school every day. I do all the shopping and the travel associated with that, as my spouse is disabled, so our family feels the effects of every increase in the price of gas.
I urge you to curb speculation and 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.
Additionally, because the actual ultimate suppliers of these products to the consumers are so much an oligopoly, price change is extremely flexible in the upward direction and extremely sticky in the downward direction. So allowing speculation has negative effects that both last far beyond the immediate period of high pricing and also go inordinately to the wealthiest and most powerful in society. Thus, rather than performing its intended purpose of smoothing out pricing, futures trading is contributing to worse inequality and economic damage.
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.
