Comment Text:
A Zotti
125 Tremont
East Orange, NJ 07018-2330
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 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.
You are URGED to adopt speculative position limits that protect American
consumers and our economy from the volatility and high prices that excessive speculation causes. Efficient, rational commodity markets need effective position limits, transparency and a regulator that guards against market distortions caused by excessive speculation, as well as fraud and market manipulation. In this country characterized by profound greed, lies, dishonesty, and self-serving politicians from the corner committee man or woman who is absolutely useless to the President, we the working class who historically have bailed out the weathy, the poor, the politicians, and everyone in beween are sick and tired of being used and abused as puppets on the strings of Capitlism. I can't help but believe that the prevailing situation has been artificially synthesized to frighten and ultimately gain psychological control of the working middle
class. Enough is enough. It is time for a revolutionary change in this
country that literally turns things upside down. Maybe then the Congressmen & Senators(not the brightest stars in the sky, but certainly the ones who know whose asses to kiss when they are stealing from every American)can be stopped from voting themselves pay raises on a yearly , if not more frequent basis, while the rest of us struggle to survive.
This country is nothing shy of pathetic; no wonder we are literally hated throughout the world. Yes, we have earned that position. The United States at an earlier point in time was the prototype of a Democracy. It
now is the prototype of a new government, the Socialist Capitalist. The
US has become a metastatic cancer and soon it too, shall cease to exist.
Sincerely,
A Zotti
973-465-1786
