Comment Text:
10-002
COMMENT
CL-01932
From:
Sent:
To:
Subject:
[email protected]
Wednesday, April 14, 2010 5:34 PM
secretary
Proposed Speculative Position Limits on Energy
Jeffrey Fastov
2401 sunrise blvd
ft myers, FL 33907-4344
April 14, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
So when is the CFTC going to do something about speculative trading.The
rich are getting richer(hedge funds,Investment Banks)and we struggle to
make ends meet.Even if employment is getting better,the pay is low.People
are underemployed. Sure retail sales are going up due to pent up demand,
but higher energy prices will stop that in no time.Remember ,peoples
credit limits were cut on their credit cards and they can't use their
house as an atm as a safety net now.Well summer driving will slow down and
prices will rise and Bernacke says it will not hurt us.No it will not hurt
him.He makes a lot of money. These people are out of touch and the
speculators are going to put the last nails in the economic coffin and
they will laugh all the way to the bank. Stop this insanity now. They can
put limits on trades and make sure people buying oil are going to take
delivery.This is what happened in the housing bubble and will surely cause
an oil bubble. I am writing in support of the CFTC's Proposed Federal
Speculative Position Limits that will reestablish speculative position
limits on major 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.
Wall Street's speculative trading in oil not only hurts the economy, but
hurts every American who pays excessive prices at the pump, for groceries,
home heating oil and everything related to transportation.
Our tax dollars were used to bail out large Wall Street firms when they
were on the brink of bankruptcy. It is these same institutions that
pushed the price of gasoline well past $4 per gallon in 2008 by gambling
on oil and continue to profit at every American's expense.
Rampant oil speculation by large Wall Street trading firms has resulted in
extreme volatility in energy markets and unwarranted price spikes in
recent years. Given that supplies are at record highs and demand remains
weak, fundamentals cannot explain recent price hikes and destructive price
swings. Unless the CFTC adopts the proposed rule, markets will continue to
fluctuate wildly.10-002
COMMENT
CL-01932
Position limits existed in energy markets until 2001 and currently apply
to agricultural commodities. CFTC should use its existing experience to
regulate position limits of speculators and prevent excessive
concentration in the energy markets, ~vhile ensuring that exemptions to
these limits afforded to real physical players such as fuel cooperatives,
public utilities, truckers and airlines are not exploited by big banks and
billionaire investors.
Energy consumers desperately need stability in the marketplace. I
encourage the CFTC to adopt the Proposed Federal Speculative Position
Limits before volatile fuel prices further harm the country's already
~veakened economy.
Sincerely,
Jeffrey Fastov
239-362-0475
