Comment Text:
Shannon Sadilek
13768 Ferden Road
Oakley, MI 48649-9771
March 28, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
As a tax-paying citizen, I am astounded by the political machinations of our country. As a middle class citizen, I see the crunch on my pocketbook with the rise in gas prices. I see a country where it is okay to take from our future as the rich get EXCESSIVELY richer. The middle class to the poor can not continue to pay high gas prices so the upper class can profit. At some point this has to come to an end.
Excessive speculation hurt the economy in 2008 and, once again, is harming the economy in 2011. According to data recently released by the Commission, speculators have raised their positions in energy markets by
64 percent compared to June 2008, bringing speculation to the highest level on record.
We need meaningful, effective speculative position limits to restore balance to commodities markets and ensure that they are connected to market fundamentals, so that they fulfill their price-discovery function properly and without distortions caused by excessive speculation. In particular, I:
• support the Commission's immediate adoption of spot-month speculative position limits; • urge the Commission to adopt effective back-month levels that will accomplish the legislative purpose of curbing excessive speculation; • urge the Commission to adopt single-month limits that are no higher than two-thirds of the all-months-combined levels; • urge the Commission immediately to adopt a position-accountability regime for the nonspot months in place of its proposed position-visibility rule; and • urge the Commission to adopt lower speculative position limits for passive, long-only traders.
Time is of the essence, and I urge you to act quickly. Our pocketbooks and the broader economy depend on it.
Please remember MOST of America, when you look at regulating Oil Spedulation.
Sincerely,
Shannon Sadilek
9898456404
