Comment Text:
Brent Hamann
713 E. Lynden Ln.
Arlington Heights, IL 60005-2072
February 23, 2012
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 2012. Speculators have raised their positions in energy
markets again, bringing speculation to ridiculous levels, and gas prices
soaring for no reason (Supply is up, demand is down!)
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,
Brent Hamann
8472073610
