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Congressman "shorting the market"

Discussion in 'Politics, Elections & Legislation' started by stilltrying, Jul 30, 2011.

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  1. stilltrying

    stilltrying Member

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    Reportedly members of Congress cannot be charged with insider trading, like Martha Steward. They can buy stock in companies they know are getting government contracts. This "default crisis" suggests they "shorted" a lot of stock. Since the price of stock has dropped 500 pts. in the last week and the markets will crash on Monday if there is no extension many of these guys are going to make a killing in the markets. Who is going to investigate this? No one, the good old boys cut funding to the government agencies. After Monday if there is not deficit extension there will be a lot of good buys on preowned K-80's, Blazers, Kolars etc....retirees 401's are going to take a big hit! They are not Patriots, true Patriots fight and pay for the wars.
     
  2. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Deplorable Bitter Clinger in Liberal La La Land
    Congressman

    401Ks are only going to take a hit if people kept their money in the market. I saw the handwriting on the wall a long time ago and put mine into fixed interest. I have not made a lot of money for sure, but I damn well did not lose a dime.
     
  3. stokinpls

    stokinpls Well-Known Member

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    Congressman

    Do you think a lot of them bought Enron?
     
  4. mrskeet410

    mrskeet410 TS Member

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    Stilltrying - Name one U.S. war that was not funded largely with debt?
     
  5. bigdogtx

    bigdogtx Well-Known Member

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    Revolutionary,,,,although the Dutch did provide some funding at the end to protect their trading ports...
     
  6. mrskeet410

    mrskeet410 TS Member

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    bigdogtx - You have to read your history, especially Hamilton and the refunding of the Continental debt and the veterans' land warrants.
     
  7. bigdogtx

    bigdogtx Well-Known Member

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    Looks like a pretty good return on their loan....
     
  8. mrskeet410

    mrskeet410 TS Member

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    bigdog - Actually the "land swindlers" that bought the land warrants at big discounts that got good returns.
     
  9. Rick Barker

    Rick Barker Well-Known Member

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    Didn't we borrow money from the French during the RW?

    Wasn't that one of the reasons for the French Revolution, the shortage of money and heavy taxes imposed on the people?
     
  10. Terry_Maiden

    Terry_Maiden TS Member

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    Congressman

    Revolutionary War was financed with issues of unsecured paper money. Most of it was never redeemed even though it stated clearly on its face that it would be exchanged for Spanish Milled Dollars or a like amount of gold or silver. So much was issued (or counterfeited by the British) that even if the Spanish contributed all the gold and silver their South American mines produced it would not have been enough.

    The southern states financed their part of the Civil conflict with unsecured Treasury notes, paper money in huge quantities. When the war ended most southerners had nothing except huge sacks of paper money to show for their sacrifice. The North amended the Constitution preventing any claims for redeeming all this Confederate issued debt. There were also bonds, at least an amount about equal to the outstanding paper money, also never redeemed.

    Trapshooting and politics, really the same thing isn't it?
     
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