“The Senate has severely scaled back the Stock Act, the law to stop members of Congress and their staff from trading on insider information, in an under-the-radar vote that has been sharply criticised by advocates of political transparency.”
A reader comments:
This is symptomatic of the bigger and very true point you make in the legal protection for 401ks post: behavior changes dramatically when we don’t expect growth. It’s a fight for share. Thus politicians fighting so hard to preserve their information advantage in the public markets.
Old ways to get rich:
Invent good stuff.
New ways to get rich:
Insider trading.
Taxes and rents.
Capital raids.
The House, controlled by Republicans, is reported to be on track to voting for a similar bill. Well, inside every Representative is a Senator waiting to be born, I suppose. Why not get a head start on that net wealth thing?
Remember when "trickle down" was a slam at the Republicans who figured a rising tide lifts all boats?
Yeah, pissing all over the rest of us is way different.
But look on the bright side: here we have a bipartisan moment uniting both sides of the aisle without tarnishing their money grab with mere political squabbling. Ah, progress.
