repost from iflizwerequeen

Yes, there are members of Congress making Wall Street Bets on the failure of the USA Economy.  How can you trust these Wall Street millionaires to represent you and the majority of Americans who live on Main Street?  You can’t.

If you thought that members of Congress couldn’t get lower, well they just did. I read yesterday that Eric Cantor had a conflict of interest in the debit ceiling debate [a faux argument by both parties in the first place put forth for the purpose of cutting Social Security and Medicare, a move approved by the leadership of both parties].

“Putting his money where his mouth is? Eric Cantor, the Republican Whip in the House of Representatives, bought up to $15,000 in shares of ProShares Trust Ultrashort 20+ Year Treasury ETF in December of 2009, according to his 2009 financial disclosure statement. The exchange-traded fund takes a short position in long-dated government bonds. In effect, it is a bet against U.S. government bonds—and perhaps on inflation in the future.” [Source]

But if you think that betting against the USA is limited to Republicans like Cantor, you are wrong. Democrats do it too.  According to a May 3, 2010 article in the  WSJ,  ” . .  . investment accounts of 13 members of Congress or their spouses show bearish bets made in 2008 via exchange-traded funds—portfolios that trade like stocks and mirror an index. These funds were leveraged; they used derivatives and other techniques to magnify the daily moves of the index they track.”

Furthermore, many of them have been liars and hypocrites about what they are doing.  For example, in February of 2010, Sen. Johnny Isakson (R Ga) argued on the senate floor that ”we don’t need those speculating in the marketplace to take unfair advantage of the values of equities that are owned by Americans all over this country for the sake of making a buck on a short sale.”  Turns out that as the Federal Reserve was bailing out American International Group Inc.  an account Sen. Isakson held invested more than $30,000 in ProShares UltraShort 7-10 Year Treasury and UltraShort 20+ Year Treasury, the records show. These are “leveraged short” funds, designed to gain $2 for each $1 drop in the daily value of U.S. Treasury bonds.

Jonathan Gillibrand, husband of New York Democratic Sen. Kirsten Gillibrand, made more than 250 transactions in options in his E*Trade account in 2008, when his wife was in the House, according to disclosures.  Sen. Gillibrand, in an April 22, 2010 news release on White House financial-regulatory proposals, praised the effort to “rein in excessive risk and leverage in the pursuit of short-term profits.” [Source]


iflizwerequeen comments

Do you want 44% of your Congress to be made up of Wall Street millionaires who represent 1% of the American people?   I don’t because with a ratio like that we all lose.

How can America recover when almost half of our Congress own Wall Street stock in Wall Street corporations like General Electric and ExxonMobil who don’t pay USA federal income tax in spite of the fact that they make billions of profit year after year?

How can America win when Wall Street millionaires in Congress stand to make more money if we lose?

The fact is folks, we can’t.  It’s time for all of us to wake up and vote the millionaire kleptocrats out of office.

Start looking for some decent Independent to run for office–people who are not heavily invested in Wall Street.

Nothing will change until we change the members of Congress and it won’t change in 2012 unless you start now to find their replacements for 2012!

Run for office yourself!  Here is a free guide to help you get started now.

Liz Berry

Liz Berry