Comment Text:
Mark Feldman
137 Winchester Dr
Santa Rosa, CA 95401-9137
March 25, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Excessive speculation DAMAGED/HURT 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 MUST HAVE 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:
• STRONGLY SUPPORT the Commission's immediate adoption of spot-month speculative position limits; • STRONGLY URGE the Commission to ADOPT EFFECTIVE back-month levels that will accomplish the legislative purpose of curbing excessive speculation; • STRONGLY URGE the Commission to ADOPT single-month limits that are NO HIGHER than two-thirds of the all-months-combined levels; • STRONGLY URGE the Commission IMMEDIATELY to ADOPT a position-accountability regime for the nonspot months in place of its proposed position-visibility rule; and • STRONGLY URGE the Commission to ADOPT LOWER speculative position limits for passive, long-only traders.
Time is of the essence, and I STRONGLY DEMAND THAT YOU ACT NOW. OUR POCKETBOOKS and the broader ECONOMY DEPEND ON IT.
Sincerely,
Mark Feldman
566-8799
