Comment Text:
Mark Andreas
1901 South Grange Ave
Sioux Falls, SD 57105-2606
March 24, 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 non-spot 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. And remember, history will judge you simply for what you do and don't do. It does not remember embellishments and rationalizations. It only remembers the facts. Do something that will make your grandchildren and great grandchildren proud to call you their grand father or grandmother. Help the nation and not just a few sick people who put greed of money & power over their civic responsibility and the care of a great nation. History has already judged them for what they are and no one who understands will ever erect a statue for them. So take courage and do the right thing.
Sincerely,
Mark Andreas
6053322003
