Comment Text:
James Chandler
2582 Joann Ct
Niagara Falls, NY 14304-4600
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 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.
Enough is enough! All companies are entitled to make profits, and all
investors are entitled to make a reasonable return on investment, but not
when it severely diminishes the income of American families who get up
every day and go to work to provide a place to live for there family, some
basic entertainment in there lives, collage for there children and yes
maybe even some savings in which to retire before the age of 70, only to
get sick and die 5 or 6 years latter.
We have the means to alternative cheaper fuels and oil companies, and
lawmakers refuse to bend and rid the US of our dependency on foreign oil
while at the same time they are all reaching into our pocket and taking
what little disposable income we have left. This only hurts our economy
and weakens us as a nation. I strongly urge you to impose strong and
meaningful rules to end this legal but horrific debauchery of our ever
shrinking prospering nation.
I thank you for your time and only hope you read this and truly make the
right decisions to save our country from the greed that goes on within our
government and big business.
Sincerely,
James Chandler
321-246-6713
