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Mr. President: make the RBOB Gambit and stop food and fuel speculation.
By martin horzempa (Contact)
To be delivered to: President Barack Obama
Petition Statement
Mr. President: As required by the Dodd-Frank act, we the undersigned respectfully petition you to require the CFTC to immediately adapt and enforce rules to ensure that speculation is removed from the commodities and futures markets of our nation and thereby return to the American public the hundreds of billions of dollars that is currently being siphoned from our economy. Rapid enforcement of existing laws against commodity speculation will stimulate the U.S. economy, stimulate the global economy, help feed billions around the globe, put millions of Americans to work, help the unemployed, the underemployed, the poor, the working elderly, the retired, and those in the underground economy by lowering their living cost. More cash in the hands of the American consumer will help in the effort to halt the foreclosures and put a floor under the housing market. It is fast. It requires no new legislation. It is legal. It is good policy. It is good politics. It is the right thing to do.
Petition Background
The RBOB Gambit is simply this: The country is suffering a major financial slowdown precipitated by a drastic increase in the price of oil and thereby gasoline (the RBOB contract can be said to be the wholesale price of gas) caused by massive speculation in the commodities and futures markets. Laws have been written and rewritten for decades to stop this very problem, the most recent being the Dodd – Frank Act. The CFTC by the actions of its commissioners have failed in their duty to enforce these laws. The CFTC is part of the executive branch and thereby under the direct control of the President. By exercising the power of his office, Barak Obama has the means to revive the economy, increase employment, stem the tide of bankruptcies and home foreclosures, reduce basic food and energy prices for billions around the world and thereby help revive the world’s economic engine. Requiring the CFTC to pass rules to ensure that commodities markets are free of excessive speculation as required by the congress is not only his purview it is his duty. It is legal, requires no new legislation, can be done in weeks not months, costs nothing, and will return hundreds of billions of dollars of purchasing power to American consumers that will drive growth. This singular act of presidential leadership will signal to everyone that the president has the interest of the Main Street rather than Wall Street as his primary focus. Expedient execution of the RBOB Gambit will change the political discussion in the country and probably secure re-election of him while helping the Democrats at the polls. More Details are at www.rbobgambit.org
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