Comment Text:
Ronald Hull
8757 W. Weaver Ave
Littleton, CO 80123-3360
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.
What the American people really deserve: When a buyer places an order for a commodity, they need to take delivery. This is nothing more than price fixing and theft from the consumer. The only difference between felony theft and this speculation is that a law was passed in 2000 to make it legal to trade and not take posession of commodities on the market. All of the people responsible for not stopping this speculation (legalized felony theft from every consumer) should go to prison. This would be those in the CFTC, US Congress, and the presidential administration (past and present, congress included). There appear to be only suttle differences between our administration & congress versus the Ghadaffi regime. The regime are just a little more blunt in how they take the people's money. Someday the American people will be on your door step like they have in the Middle East and when that happens, I would hate to be you. We are tired of being robbed by laws that Congress makes. I can'
believe this group settled on regulating the market when the specific law on commodities speculation should have been repealed.
Sincerely,
Ronald Hull
303-590-5459
