A loaf of whole wheat. A gallon of gasoline. A pair of Levis. 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 skys 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 youre at it, forward this note to your friends, family and others who care about this issue. If the commission hears from enough folks, itll adopt stronger rules next month when a vote is scheduled.
Sincerely,
Bill Nelson
