This guy missed the whole point. The entire argument is long side only index speculators whose total holdings are a large fraction of the entire market. Every other class of speculator has position limits, but not these guys because of the Goldman Sachs “loophole.”
Did he?
"The study shows that a surge in trading by commodity firms has offset the dramatic rise in speculation, maintaining a market balance of buyers and sellers.
“The bottom line is that the balance between hedgers and speculators in our commodity markets today is very much within historical norms for these markets going back to the 1940s,” he said. “We argue that when there’s a buyer and a seller, the market will balance itself.” "
As you know, I have tried to, numerous times, here and elsewhere. The attempt appears to be largely pointless, sad to say.