Comment Text:
Levi Manselle
129 E. Fairfield St.
Gladstone, OR 97027-2109
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I am not sure if you remember how the CFTC nearly RUINED our economy in
2008 by allowing speculators to inflate oil prices. Three years later and here we are in the same situation where speculation is now at the highest level on record.
I have very little income and cannot afford inflated gasoline prices which translate to excessive increases in food costs and other goods. Please put yourself in the shoes of a hard working man who pays almost as much for gasoline to drive to work as I bring home in a day. You possess the power to curb speculation and help restore a fair price for oil and gasoline, however your current effort and policies are harmful to the American economy. I believe that the benefit of speculators is far outweighed by that of American citizens.
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. Lip service is not cutting it, and obviously looking the other way to allow manipulation in the market has caused serious consequences in the past. I cannot afford $4 a gallon gasoline, your finances are exponentially better than mine so I can understand how doubling the cost of gasoline would not effect you. This has harmed me and my family, our quality of life had dropped significantly due to a lack of integrity and ethics on your behalf. Ignoring a problem is in no way ensuring a solution. Can you please take IMMEDIATE ACTION?!? I have a few suggestions which would benefit the commonwealth. I support the CFTC's immediate adoption of spot-month speculative position limits; adopt effective back-month levels that will accomplish the legislative purpose of curbing excessive speculation; encourage the CFTC to adopt single-month limits that are no higher than 60% of the all-months-combined levels; urge the CFTC immediately to adopt a position-accountability entity for the non-spot months in place of its proposed position-visibility rule; and encourage the CFTC to adopt lower speculative position limits for long term traders.
Please take positive action in protecting US citizens from these economic terrorists, speculators have already crippled a weak economy. It is time to dump your don't ask don't tell speculator policy, we need to confront these issues. I look forward to your reply and more importantly, your swift action.
Best Regards,
Levi Manselle
503-467-6671
