Comment Text:
David Wegher
1211 KUPAU ST
KAILUA, HI 96734-3645
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I left the boilerplate in this message because I probably couldn't add much of any significance to this message, and because I'm not sure anyone will read any farther than necessary to determine which column to place the check mark in.
I fully expect elected officials to lie to the politically mentally challenged electorate in this country and dance to the input of their economically powerful puppeteers to receive the resources necessary to fill the air waves with whatever messages are required to get the masses to support positions against their own best interest and to return their politicians to office.
Since you are appointed rather than elected, I am hoping that your commission will have the political, economic and moral courage to act as Americans rather than as Democrats, Republicans or the "Economic Royalty"
who seem to have far too much control over both parties.
There was a time when powerful men were still honest men, and acted in the best interest of America, not always in their own narrow interest.
Those men were true Americans. Politics and the associated decisions in America today are usually not made by true Americans, but by Democrats, Republicans or the "Economic Royalty" in this country whose motives are to cheat the average American out of a few dollars each to bring millions or billions to the pockets of the powerful.
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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,
David Wegher
808-261-4987
