Comment Text:
Dear CFTC,
It is a shame what is happening to the US today. I feel like I am unable to predict the amount of money I need to earn to support my family since the prices of everyday items keep going up and up. I think Wall Street and speculative trading is at fault! Why isn’t our huge government doing its job of protecting its citizens against other citizens and speculators making an unfair profit without doing the day to day hard work that lots of hard working taxpaying citizens are doing every day? Something has to stop, insider deals ruined the economy through the housing industry and the banking industry, now you are not doing your job of overseeing trading and it is impacting regular families from being able to support the themselves.
Why won’t the CFTC do their job?
Respectfully, Susie Graham, Jupiter FL
Dear Friends,
“A loaf of whole wheat. A gallon of gasoline. A pair of Levi’s. Americans are paying more for many basic items this year, making tough economic times even tougher.”
Part of the reason, according to The New York Times, is that speculators are still playing games in the marketplace. Our regulators allow them to wildly bid up the price for everyday items we need, like wheat, gasoline and heating oil. Click here to read The Times article.
Despite a clear directive from Congress to rein in excessive speculation, our watchdogs in Washington seem to be listening more to Wall Street, and not acting quickly enough to protect American consumers. Consider: On any given day about half of the oil futures contracts are bought and sold by traders, not companies that use oil, like airlines and power companies. And the sky’s the limit when it comes to how much of the market traders can control.
To help stop the manipulation of commodities prices, send an e-mail now to the Commodity Futures Trading Commission - and tell the members to stop speculators from interfering with the price of food and energy. Tell the commissioners to stop listening to Wall Street lobbyists. Tell them to impose meaningful position limits.
And while you’re at it, forward this note to your friends, family and others who care about this issue. If the commission hears from enough folks, it’ll adopt stronger rules next month when a vote is scheduled.
