From: Erna Burkle
I am an average middle class American, a public school teacher, who is trying to live the American way of life. That is, to live within my means by staying within my budget and saving a little each month. As the savings accumulate, I then invest the money in a REIT, Natural Gas, or Oil. The money from these investments and my long term care insurance should make me self-sufficient in my retirement. I do not want to be a burden to my children or my country.
I am trying to discern why the SEC would want to prevent me from accomplishing this. My investments stay in this country and add to job growth, which helps increase the GNP. If I am prevented by your new ruling from investing in a REIT, Natural Gas or some other pooled hedge funds; I will have only two choices. One is to make these types of investments outside the United States and increase jobs in a foreign country which will add to their GNP. The other choice would be to invest in a fund where the maintenance fees may be more than the return on your investment. You may show a growth in the fund, but after the fees are paid you are often in the red.
If the impetus for the new ruling is to prevent people from losing money, I suggest you go after the aggressive lenders. Ruthless mortgage lenders convince the elderly to accept unrealistic loans on their debt-free homes. These loans with their excessive fees often cause the elderly to lose their home. The worst offenders are the payday loan lenders. Many people can never get free from these loans. How much better it would be to allow people to invest in pooled hedge funds to create jobs to prevent the needs for such loans.
The money which is invested in energy helps to move America towards its goal of less reliance on foreign energy. If the SEC prevents American investors from investing in energy, the companies will be forced to forego drilling or become dependant on foreign investors. Money is readily available in Saudi Arabia and the other oil countries. Do we really want them controlling our oil as well as theirs?
American investments have long sustained this country and helped it grow into a great nation. I hope the SEC does not destroy our American way of life for myself or future generations.