Why there’s a Tea Party

“60 Minutes” : Congressmen getting rich trading on inside information. This is actually old news – every study ever done shows that Congressmen’s investments beat the DJA and the performance of professionals year after year, and why not? They can do what Rajamatazz did, only they aren’t going to jail for it because they have exempted themselves from the law (as they have for almost every other law). Republicans and Democrats all have their snouts in this trough, by the way.

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9 responses to “Why there’s a Tea Party

  1. There’s a bill on the docket to make it illegal for sitting members to take advantage. What a surprise: no one wants to endorse it to pass it. So while it’s unethical, it’s not illegal.

  2. HG

    http://www.theatlantic.com/magazine/archive/2011/11/capitol-gains/8692/

    I didn’t see the 60 Minutes piece but when I used to watch it, my sense was that 60 Minutes was not very reliable. This link goes to an interesting discussion of the academic research that I assume was glossed over by 60 Minutes. If we invert the question and ask “is there zero insider trading by members of Congress and staff?” the answer obviously is that there is more than zero. Still, it is interesting that as a group they have not been able to do that well even with inside information

  3. Georgie

    This story is right up there with USA Today’s expose that all these holy than thou legislators belly aching about public sector pensions at the same time that they have created all these “add on” bennies to their own LIFETIME pension payouts. It makes your stomach turn at the blatant corruption, self-dealing, and thievery by BOTH Democrat and Republican party leaders.

  4. not so anonymous

    and they made such a show of putting Martha Stewart away for a dinner conversation…. it’s rotten to the core.

  5. Anonymous

    TERM LIMITS!!!!!!!!!!!!!!!!!1

  6. Peg

    There’s such an easy solution – if ONLY we can get enough of the corrupt crowd to vote for it. If you want to serve in Congress, then you must put your assets in some form of a truly “blind trust”. Having people passing laws to feather their own nests and pump up their own assets is simply unacceptable.

    Don’t want this kind of restriction on your ability to invest? Simple! Don’t run for Congress.

    Of course, good luck to us finding enough politicians who are willing to abide by the above…….

  7. Anonymous

    Its time for “Occupy Congress?”

  8. Anonymous

    @Anon 11/15 10:04am.

    That’s where the Tea Party directed their protests starting in 2008.