Congressional Insider Trading Is What America Wants
I’m against big government. Politicians are wasteful with our tax dollars and like to propose empty promises to maintain power. From that ding dong Congressman who sent pictures of himself in his underwear on Twitter, to Elliot Spitzer’s indecencies – when people have too much power, they let us down. Given this view, I am perplexed why there are those out there who vote for more government! Do you really want XYZ government agency controlling your every move and stealing from you?
60 Minutes recently did a terrific 15 minute spot about how Congressional lawmakers can freely trade stocks based on non-public information and the very bills they are voting on! For example, if you are on the Healthcare Committee which is about to pass a law that requires all hospitals to provide the first $5,000 in expenses for free, you can actually short hospital stocks on this information even though nobody has a clue this bill will pass!
TELL ME WHY, WHY, TELL ‘EM THAT IT’S HUMAN NATURE WHY, WHY…
So I got to thinking, why do we allow Congressional insider trading to happen, when any one of us who acts on non-public information will go to jail? The answer is simply that the public WANTS our Congressmen to enrich themselves since they provide us such great service! If the public didn’t want Congressmen to have a leg up on real estate and stock deals, then we simply would elect officials who propose legislation to restrict this type of activity.
Everything is rational folks. We feel sorry for our Democrat and Republican Congressmen and women who only earn $174,000 a year. As a result, we allow them special opportunities the rest of us don’t have, even though the average household income is less than half their salaries! Who cares if the top 5 richest congressmen are worth a combined $1 billion dollars. We must help our leaders!
America loves big government. If we didn’t, we’d have small government and less waste. Watch this video and share your thoughts. After you do, please don’t throw your computer out the window.
Readers, why do we allow the already privileged and powerful to play by different rules?
Anybody have a better reason for why Congressmen and women get to conduct insider trading?
Could you resist the temptation of not participating in IPOs and material inside information if you could earn hundreds of thousands of dollars in a week legally?
Photo: Our beloved Nancy Pelosi of San Francisco.