Comment Text:
Helene DiDonato
4 Addison Street
Ansonia, CT 06401-2238
March 24, 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. I want to know why we the people have to take action to stop this rape of all Americans. Why are the traders permitted to raise the price of oil for their own sake ie their pockets?
What is wrong with our government and their lack of governing? How are we the people going to afford to live in this our "America" when our President and those in government turn their back and ignore what is going on on Wall street? We the people have been through this same situation before and were told that oil would be taken off the stock market. Who is in charge and why hasn't something been done? Who is on the take? Do something about this situation or we won't need a government because there won't be anyone left to govern!!!!
Sincerely,
Helene DiDonato
2037359963
