Comment Text:
Dennis Williams
1730 northeast expressway Suite 200
Atlanta, GA 30329-2069
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 is hurting the economy and IS NOT helping the American people recover from their current economic stress but adding to it. The future traders are doing nothing but shoring up there profits by creating this artificial inflation. This country's fundamental economic foundation is based on a sound financial market involving one hundred cents on the dollar and not a crystal ball method (futures) forecasting one hundred and fifty cents on the dollar.
We need meaningful, mandated,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. * urge strong enforcement with sever sanctions and penalties for traders that violate trading ethics, whom purposely inflict a panicked pricing domino effect that would direct or indirectly burden the American people with extreme inflation.
Time is of the essence, and I urge you to act quickly. Our pocketbooks and the broader economy depend on it.
Sincerely,
Dennis Williams a hard working American Businessman
7705276081
