Comment Text:
Dean Funk
1508 Raleigh Dr.
Burnsville, MN 55337-1231
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
This is my second not and has a MUCH better solution.
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 think:
Lets keep this simple. In order to speculate you must take delivery and hod the product for at least 2 weeks. This would not only eliminate all paper speculation and tie price to product demand and availability but it also would create a moving emergency reserve for all products. As a side benefit, jobs would be created building storage containers as well as transport vessels. Win Win Win. but no, we will pass some other by-passable regulation that hurts the little guy eventually and drives all buisness to China.
Time is of the essence, and I urge you to act quickly. Our pocketbooks and the broader economy depend on it.
Sincerely,
Dean Funk
952-894-1332
