I’m against big government and definitely against congressional insider trading. 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! Wth. Does nobody see how this is allowing congressional insider trading?
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!
Congressional Insider Trading
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? Check out this post I wrote on whether or not coincidentally buying a stock before an acquisition is insider trading.
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. I’m shocked there hasn’t been more outrage regarding congressional insider trading.
But 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. Unfortunately the video I originally posted with this article has been taken down. For those of you who saw it, please don’t throw your computer out the window.
Can You Believe Our Country Allows Congressional Insider Trading?
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?