Comment Text:
Jason Esch
75 Cedar Street, #9
Branford, CT 06405-3657
May 4, 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.
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.
However, with all due respect, I really don't expect this to happen. This
goes beyond some corporate profits or "capitalism;" it's going to
devastate a fragile economy that's been in the progressive stages of
positive transition. But, I wouldn't expect the people making profits
hand-over-fist to do anything rational that might actually help the
country and our economy. Instead, it'd be much easier to continue this
same nonsensical crap and crush the industry that so utilizes this oil
that's an essential inelastic good. I'd equate oil speculators to the
Mafia of the late early-mid 1900's, but then I think I'd be giving the
Mafia a bad rap. At least their 'tortious deeds' were a little more
flagrant.
As I can imagine, there are any number of people who are not very happy
with the speculators, thus I'm sure your time is limited and likely read
only a small number of correspondence that you receive. Having said that,
I wouldn't expect this to be read, so I'll leave you with some few choice
statements: U.F.O's are real and hiding in Area51, Stonehenge is really a
portal to another universe, America is a free country, 3-D movies are
enjoyable to watch, and Wall Street has a conscience. Well, that's enough
fiction for now.
Time is of the essence, and I urge you to act quickly. Our pocketbooks and
the broader economy depend on it.
P.S. All offers void where valid. No substitutions, extensions or refunds.
See your local dealer for details. All offers subject to change without
notice. Pricing and participation may vary. Cheese is tasty.
Sincerely,
Jason A Esch
203-535-9462
