Comment Text:
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From: Carter, Virgil A.
Sent: Monday, September 26, 2011 5:25 PM
To: [email protected]
Subject: Stop the manipulation of commodities prices
To the Commodity Futures Trading Commission: Please stop speculators from interfering with the price of food and energy. Commissioners stop listening to Wall Street lobbyists. Impose meaningful position limits.
A loaf of whole wheat. A gallon of gasoline. A pair of Levi’s. Americans are paying more for many basic items this year, making tough economic times even tougher.
Part of the reason, according to The New York Times, is that speculators are still playing games in the marketplace. Our regulators allow them to wildly bid up the price for everyday items we need, like wheat, gasoline and heating oil.
Despite a clear directive from Congress to rein in excessive speculation, our watchdogs in Washington seem to be listening more to Wall Street, and not acting quickly enough to protect American consumers. Consider: On any given day about half of the oil futures contracts are bought and sold by traders, not companies that use oil, like airlines and power companies. And the sky’s the limit when it comes to how much of the market traders can control. Enough is enough!! Protect American citizens from greedy traders and market manipulation!
Sincerely,
Virgil A. Carter
