Comment Text:
Billy Ferrell
470 Fields Rd
McDonough, GA 30253-6327
August 21, 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.
Time is of the essence, and I urge you to act quickly. Our pocketbooks and
the broader economy depend on it.
Sincerely,
Billy Ferrell
9125341678
