Comment Text:
James Teets
4003 Collindale Ct
Hopewell, VA 23860-5335
March 28, 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.
I would like stop the speculator from running their mathmatical scams on the American public. Finally an interview with one of the shiny pants money changers who until recently was an IT manager. He quit his job and said he can make more money faster by speculating on oil. When asked what he did with his oil he said he had never taken a single drop of oil in delivery, had no use for it and was just in it for the quick buck.
Making money on other people's grief, sometimes in an actual life or death situation for families around the world for heat, other speculators in grain and all based on greed. Basic necessary staples should not be used to make the masses miserable, lower the standard of living for many for a quick buck for a few.
Can't the majority at least have some critical staples, some peace of mind without being a target for the greedy speculating slave to their
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.
Sincerely,
James Teets
804 586 6677
