Comment Text:
RONALD SHAW
301 green hill rd
madisonville, TN 37354-7691
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
LISTEN, I WOULD LIKE TO SAY ALL OF YOU PEOPLE KNOW WHY THE ECONOMY IS THE WAY IT IS. GAS GOES UP AN THERE IS NOT ANYTHING IT DOES NOT EFFECT. THE GOVERNMENT GETS IN EVERYBODY BUSINESS SO WHY CAN'T YOU TAKE CONTROL OF THE GAS PROBLEM. ARE YOU MAKING TOO MUCH MONEY OFF IT. THAT'S WHAT I THOUGHT.
THE GOVERNMENT WILL DO ANYTHING TO HELP YOURSELVES BUT IN THIS CASE THE PEOPLE NEED TO STAND UP AND VOICE THEIR OPINION OR THIS WILL BE THE WAY IT
STAYS. YOU CAN' T SAY THAT YOU CAN'T DO ANYTHING ABOUT IT.
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.
Sincerely,
RONALD SHAW
423-442-9590
