What are the potential unintended consequences if you were to do that? Have you thought through that?

Well, but they do sell. They just roll.

So who makes the money off that?

What do you attribute the tremendous increase in activity in index funds, especially as related to commodities?

So people are going to start loading out of CME to somewhere else in the world if it is not fixed?

Do you think those have any impact at all on price swings? Do you think the average investor who is being told to invest in an index fund has any idea about what the risks associated with that are?

The American consumer did not win, but the American farmer sure as heck did not win either.

OK. Does the higher volume generated by the commercial index traders actually increase liquidity or decrease liquidity, in your opinion?

So let me go to you, Mr. Strongin. Have I got this right, that I could actually buy an index fund, pay the storage cost, and net about 4 percent versus the cost of my money, if nothing changed in terms of the price of the contract and I…

Does everybody at the table agree that there needs to be changes in the contract on wheat?

So you think there is minimal risk for us of losing capital in this country by making these changes?

But there is some risk?

Yes. OK.

That is why we see China doing what they are doing.

I am not sure many people recognize that as a legitimate economic policy.

It is not really good for your business in the long term, is it?

One of the reasons people were investing there is fear of not getting a return in other investment vehicles.

I want to thank you for calling this important hearing.