Comment Text:
Leona Kanter
1400 Coleman Avenue
Macon, GA 31207-0001
March 24, 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.
It's time to take a stand against the speculators who are corrupting the oil market and placing the United States and the American people in vulnerable positions. We need meaningful, effective speculative position limits to restore balance to commodities markets ensuring that they are connected to "real" market fundamentals. The present situation is fueled by unbridled and unrestricted greed - a greed that is eating at the very fiber of our economy. In particular, I:
I support the following activities on the part of the Commission:
1) immediate adoption of spot-month speculative position limits;
2) urge the Commission to adopt effective back-month levels that will accomplish the legislative purpose of curbing excessive speculation; 3) urge the Commission to adopt single-month limits that are no higher than two-thirds of the all-months-combined levels; 4) urge the Commission immediately to adopt a position-accountability regime for the nonspot months in place of its proposed position-visibility rule; and 5)urge the Commission to adopt lower speculative position limits for passive, long-only traders.
The pocketbooks of the American people and the broader economy depend on it and you!
Sincerely,
Leona Kanter
4783012937
