Comment Text:
Kenneth Quinn
6828 Honeysuckle Trail
Bradenton, FL 34202-2923
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. This benefits the Wall Street Bankers. The same people who benefited from the real estate and economy crash getting families kicked out of their homes and into the street. Are you going to listen to just a few of the super rich, or the majority of all Americans? People all over the world are getting sick of their governments only benefiting the super rich. The only reason Americans are not out in the street protesting is because they are so far in debt they can't take off work to go protest.
And that too was engineered by the same people who are bribing you to not to change the regulations.
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,
Kenneth Quinn
941-388-0904
