Comment Text:
Edward Diehl
15135 Lakewood
Plymouth, MI 48170-2679
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Mr. Stawick,
I'm sure you are aware that your charge is to write a meaningful and direct legislation regarding excessive speculation. It hurt the economy in
2008 and, once again, is harming the economy in 2011. According to data recently released, the speculation is at record highs. The government predicts that the average gas bill will rise 28% over last year. It is time to stop the gouging of the people and control the out of hand profit taking by Wall Street.
We need 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,
Edward Diehl
734-420-2430
