Comment Text:
Gary Stoner
1015 East Lois Lane
Phoenix, AZ 85020-1192
August 18, 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;
The hardship this causes is wrong. Families, business and yes, even the
government can not plan and maintain a bidget.
This will and has curtailed jobs and economic growth for our country
• 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.
Help Amercia grow
Gary Stoner
2699322326
