Comment Text:
William Dorgeloh
61 Schleighs Ln
Fredericksburg, VA 22406-4711
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Dear Sir, below is a standard message you are receiving from a lot of people. Just wanted to add, I'm sick and tired of people making money off speculation at the cost of retired people like myself who live off savings and social security. If gas and food costs go up , I have less and have to choose between things like food and medicine. You and I both know that speculation has helped cause our countries economic problems, not all of them , but energy cost caused much of the problem with consumer spending.
Do the right thing. Limit the speculation in energy related items. Thank you William P Dorgeloh Jr. Fredericksburg, VA
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.
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,
William P Dorgeloh Jr.
540 752 1960
