Comment Text:
robert santee
285 lone oak drive
senoia, GA 30276-1615
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.
It is time for government to remember sacrifices made and still being made by our men and women of the military. Many gave the ultimate so we, you and I, could live in a peaceful and prosperous nation. By allowing greed and gluttiny by the rich will drive this great Nation to a third world country. In doing so you will have allowed these men and women to have died in vain. Their sacrifice will have meant nothing. The Government and country they fought and died for should be protecting and working for their families and citizens of the United States, not raping and pilfering them.
Time is of the essence, and I urge you to act quickly. Our pocketbooks and the broader economy depend on it.
Sincerely,
robert santee
4044285337
