Insider-Trading Ban for U.S. Congress Gains Support

Lucrum · Dec 7, 2011

http://www.businessweek.com/news/2011-12-07/insider-trading-ban-for-u-s-congress-gains-support.html

"Dec. 7 (Bloomberg) -- Bipartisan support is growing in the U.S. Congress for new rules banning insider trading by lawmakers amid concerns about waning trust among the public.

The number of co-sponsors for a measure explicitly banning such trading has grown from nine last month to 171 âand counting,â Representative Louise Slaughter, a New York Democrat, told the House Financial Services Committee yesterday. She first introduced similar legislation five years ago and never garnered more than 14 co-sponsors.

The issue took on new urgency after the CBS News program â60 Minutesâ reported last month that members of Congress bought stock in companies during debates on legislation that might affect the businesses. None of the questioned investments was illegal, the report said..."

Now if they will only pass it, along with term limits.

pspr · Dec 7, 2011

I'm beginning to think Congress will never pass term limits on themselves. If they're not corrupt before being elected to Congress by the second week in office they fall right into line with those who are.

Lucrum · Dec 7, 2011

Quote from pspr:

I'm beginning to think Congress will never pass term limits on themselves...

Oh they won't. It will have to be demanded by huge crowds of tax paying voters "occupying" congress while they're in session.

Of course almost all of them/us have jobs so I'm not sure how we're going to make that work.

Crispy · Dec 7, 2011

Insider trading is already illegal. What makes anybody think another law will change things?

How about this - The day you become an elected official all you get to own are treasuries. You own stocks coming into the position you have to hold them, but you get to buy puts if you want protection. Or the day you get the office you have to punt all equities , period.

Fucking clowns....this is like giving the wolf the key to the henhouse...

"ok boys...this time we REALLY mean it...insider trading is illegal..starting.....................NOW...no wait......NOW....wait...ok....aww fuck it..."

Lucrum · Dec 7, 2011

Quote from Crispy:

Insider trading is already illegal...

For us, is there ANYTHING that is truly illegal for a congressman?
Even when caught red handed practically all that ever happens is they get a slap on the wrist from their fellow congressmen.

Ricter · Dec 7, 2011

Quote from Lucrum:

For us, is there ANYTHING that is truly illegal for a congressman?
Even when caught red handed practically all that ever happens is they get a slap on the wrist from their fellow congressmen.

On this we agree, I support such a ban as well. Yep, enforcement is the problem.

Two problems with term limits: 1) they can be voted out if they're really making their constituents unhappy, 2) if the limits are too short then they enshrine inexperience.

Lucrum · Dec 7, 2011

Quote from Ricter:

Two problems with term limits: 1) they can be voted out if they're really making their constituents unhappy,

Theorectically yes, back here in the real world, hows that working out so far.

2) if the limits are too short then they enshrine inexperience.

More...

We have term limits on the POTUS why not congressmen? But then we actually have an inexperienced and wholly unqualified president at the moment. So maybe your point some merit.

Our country is disintegrating. The vast majority of our problems CAN be traced back to congress, either directly or through unintended consequences.
How much experience do you think is required to be a complete fuck up?
IOW hows all that congressional experience, you seem to place so much "hope" and trust in, working out so far?

Ricter · Dec 7, 2011

Quote from Lucrum:

Theorectically yes, back here in the real world, hows that working out so far.We have term limits on the POTUS why not congressmen? But then we actually have an inexperienced and wholly unqualified president at the moment. So maybe your point some merit.

Our country is disintegrating. The vast majority of our problems CAN be traced back to congress, either directly or through unintended consequences.
How much experience do you think is required to be a complete fuck up?
IOW hows all that congressional experience, you seem to place so much "hope" and trust in, working out so far?

Granted, I want "philosopher kings" in power in the first place.

Edit: imho we are not disintegrating as much as we are contracting. But, it will certainly become primarily disintegration if we allow, during our contraction, our "internal periphery", the poor, to fall further, and particularly if we allow the ranks of idle young men to continue growing.

FixedGrin · Dec 7, 2011

Before we get too pessimistic, we should attempt to make this happen:
-Contact your Senators and Representatives telling them that if they support this ban, you will vote for them again (if they can lie through their teeth, why can't you too?).
-Tell all your friends to do the same.

It's just a few minutes out of your day! Please help this gain momentum.

Lucrum · Dec 7, 2011

Quote from Ricter:

... But, it will certainly become primarily disintegration if we allow, during our contraction, our "internal periphery", the poor, to fall further, and particularly if we allow the ranks of idle young men to continue growing.

"Allow it"? Liberal policies, like perpetual welfare for example, are promoting it!