Members of Congress Are the Bandits; “We the People” Are the Fools
Did you miss the horrendous story 60 Minutes broke last Sunday. If you missed it, it will be well worth your time to see it here and now. The story shows that some members of Congress, including House leadership on both sides of the isle, are apparently engaging in insider trading. Said another way, the members of Congress are making out like bandits and “we the people” are the suckers they are stealing from by their . Insider trading by you and me would land us in prison for a long time, but it is merely another perk for members of Congress.
Kudos to CBS for this story
I know CBS NEWS has not been known for doing much hard news in the past, except for stories that cast conservatism and conservatives in a bad light, but they claim that is changing, and I, for one, am inclined to take them at their word until they prove otherwise. This video is an example of hard news that take no prisoners on the progressive or the conservative sides of the political spectrum. Kudos to the CBS show 60 Minutes for this story.
This 60 Minutes story was probably sparked by a book that touches on this subject. The book is Throw Them All Out by Peter Schweizer. Click the book title Throw Them All Out and get your own copy. The cost at the time of this writing was $15.60. (Fair warning, I will make a shekel of two if you buy using this link to Throw Them All Out.)
One of the biggest scandals in American politics is waiting to explode: the full story of the inside game in Washington shows how the permanent political class enriches itself at the expense of the rest of us. Insider trading is illegal on Wall Street, yet it is routine among members of Congress. Normal individuals cannot get in on IPOs at the initial asking price, but politicians can and do routinely. The Obama administration has been able to funnel hundreds of millions of dollars to its supporters, ensuring yet more campaign donations. An entire class of investors now makes all of its profits based on influence and access in Washington. Peter Schweizer has doggedly researched through mountains of financial records, tracking complicated deals and stock trades back to the timing of briefings, votes on bills, and every other point of leverage for politicians in Washington. The result is a manifesto for revolution: the Permanent Political Class must go.
We must stamp this kind of behavior. This book will provoke you and all freedom-loving Americans.
If You Haven’t Seen This Video Yet, You Need to See It Now
If you haven’t seen it yet, see it here and now. You may want to download the transcription of the show on the CBS News website here instead to read later or to read along as you watch the video.
CBS NEWS VIDEO
Should “We the People” Throw Them All Out?
There is a reason that no one should be able to use non-public information to make money with stock transactions: Such a practice creates an unlevel playing field and strips markets of credibility and fairness. There is an even better reason members of Congress should not be allowed to do so: It interferes with their ability to do their job, which is presumably to represent “we the people,” rather than represent their own selfish interests.
You would expect this sort of self-dealing from people like a Muammar Gaddafi, not members of the U.S. Congress. What makes it even worse is that this is a problem that is simple to solve. Members of Congress should do what the President does – have their assets in blind trusts so they have no ability to influence the investments they own. I hasten to add such a blind trust should be monitored by regulators to see to it that it does not engage in financial shenanigans for the benefit of its Congressional owner. Commonsense and Christian morality dictates this course of action. But since commonsense Christian morality obviously don’t work for many in the U.S. Congress, I suppose yet another law would be in order.
What do you think? Should trading on inside information be just another Congressional perk? Or do you see it my way; as common criminal activity that should be severely punished. Share your view here.
- “Honest Graft” – How Our Representatives enrich themselves through Congressional Insider Trading (theleagueofaggressiveprogressives.wordpress.com)
- Your Take: Congressional Insider Trading (bargaineering.com)
- Connecticut Doctor Gets 5 Years Prison for Insider Trading and Over $10 Million in Fines – You Have To Be A Member of Congress To Pull Something Like This Off… (ducknetweb.blogspot.com)
- OUTRAGE OF THE MONTH: Insider Trading In Congress (businessinsider.com)