Comment Text:
10-002
COMMENT
CL-00759
From:
Sent:
To:
Subject:
jimsteitz@mac, com
Thursday, April 8, 2010 7:08 PM
secretary
Proposed Federal Speculative Position Limits
Jim Steitz
564 Esslinger Drive
Gatlinburg, TN 37738-5040
April
8, 2010
CFTC Comments
Dear CFTC Comments:
I am writing in support of the CFTC's Proposed Federal Speculative
Position Limits that will reestablish speculative position limits on maj or
energy commodities. This rule will provide stability to the marketplace
and help prevent future price bubbles. The CFTC must quickly approve a
strong rule to protect America's struggling economy.
***Much of the investment in derivatives is not legitimate hedging against
risk, but pure betting in a manner that has adverse effects on the overall
rationality and efficiency of the economy. Derivatives speculation causes
the diversion of capital from more productive uses, and drives up pressure
to produce whatever goods whose price is inflated. In the case of fossil
fuel and housing, this has terrible effects on the environment***
Sincerely,
Jim Steitz
