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Subscribe to RSSSpurred by a CBS “60 Minutes” report and a new book by Peter Schweizer, a fellow at the conservative Hoover Institution, on alleged insider trading by members of Congress, there’s growing momentum for an effort to ban members and congressional staff from trading stocks or commodities based on confidential information they have on pending bills.
Yet despite the attention given to the “60 Minutes” report, such a ban is a long way from becoming law, partly because it would be difficult to enforce and might create significant unintended consequences.
“Many constituents saw the report and will be asking their lawmakers, ‘So what are you doing to fix that problem?’ Politically, they need some kind of an answer,” said congressional scholar John Pitney, who teaches political science at Claremont McKenna College in Claremont, Calif.
One answer is a House bill called the “Stop Trading on Congressional Knowledge Act,” or STOCK Act.
The bill, sponsored by Rep. Tim Walz, D- Minn., and Rep. Louise Slaughter, D- N.Y., would ban buying or selling stocks or commodities by a member of Congress or staffer who has “material nonpublic information” regarding legislative action that relates to a specific company or commodity.
Author Peter Schweizer and "60 Minutes" correspondent Steve Kroft join Morning Joe to discuss a report on insider trading in Congress.
It would also prohibit House members and staff from disclosing information about any pending bill or amendment relating to a particular company or commodity if the member or staffer “has reason to believe” that the information will be used to buy or sell the company’s stock or the commodity.
Republican targeted in insider trading piece fires back
A hearing on the Walz-Slaughter bill is scheduled for Dec. 6 before the House Financial Services Committee. The chairman of that panel, Rep. Spencer Bachus, R- Ala., is one of the members whom 60 Minutes accused of improper trading, a charge his spokesman has denied.
A similar bill has been introduced in the Senate.
Meredith McGehee, the policy director of the Campaign Legal Center, a nonpartisan reform group which supports the STOCK Act, said, “Right now there is not enough clarity in current law and in current rules” to make sure that members of Congress and staffers don’t profit from their inside knowledge of pending legislation.
She added, “Unless you have a member of Congress dumb enough to say, ‘Hey, I just learned this in a secret committee,’ it can be very difficult to prove” that a member made a stock trade based on confidential information gained from their job.
“Experience has shown that unless there are explicit prohibitions, the (House and Senate) ethics committees are loath to take any kind of enforcement action,” she said. “And obviously without the statute explicitly stating that members of Congress are covered, a prosecutor is not necessarily going to say, ‘I’m going to take this case on’ because it can be very difficult in a court of law to make the case about what statute was violated.”
Sen. Jon Tester, D-Mont., talks to Richard Lui about the possibility of insider trading in Congress and his efforts to stop it.
Let’s say, for instance, that a crucial amendment benefiting a specific defense contractor has just picked up the last few votes that will allow it to become law. In such a case, said University of Pennsylvania law professor Jill Fisch, an expert in securities law, if a member of Congress or a staffer trades a stock based on information “that has a significant predictable impact on whether the bill is going to pass, that’s over the line,” in other words a violation of insider trading laws “to the extent that he is misappropriating or misusing the information.”
And she said, “There’s a case to be made for additional clarity” in the law to make clear that members of Congress are misappropriating confidential information if they trade.
Washington attorney Stan Brand, who served as general counsel to the House and who has represented several members in ethics proceedings, said, “Insider trading rules could already be applied to members of Congress if the SEC (Securities and Exchange Commission) thought they could make such a case. I guess they never have.” He called the Walz-Slaughter bill “a solution looking for a problem.”
Disclosure could serve as a deterrent: the reason that “60 Minutes” knew that members owned particular stocks was that they are required to file annual financial disclosure forms.
Pelosi fires back at report on 'insider trading'
If voters look at the disclosure form and see that Rep. X owns 50,000 shares in a company and they know that he inserted a provision in a bill to benefit that same company, they might think he had a conflict of interest and could boot him out at the next election, if they wanted to.
Pitney pointed out, “The people who read a lawmaker’s disclosure forms most carefully are opposition researchers from the other party. When they find something, they bring it to the media’s attention. In that sense, ‘oppo’ guys are the real ethics cops. But ‘Don’t worry, trust the oppo guys’ is not a satisfying answer for most constituents.”
But given the vast scope of issues and businesses which Congress regulates, finding out about potential insider trading would seem a daunting task.
“Capitol Hill is home to hundreds of lawmakers and thousands of staffers who love to talk,” Pitney said. “Every day, they have countless conversations with reporters, lobbyists, executive branch officials, and ordinary citizens. In this setting, the line between public and nonpublic information is blurry at best.”
And he added, “Just about every bill has an effect on publicly traded companies, so the potential reach of the legislation is so broad as to be impractical.”
For example, the Energy Policy Act of 2005 had effects on every solar, oil, coal, natural gas, ethanol, biomass, nuclear and other energy firm. Everyone from sugar cane growers to refrigerator manufacturers stood to gain or lose from the bill. It would have been difficult, at best, to monitor conversations that every member of Congress had about that bill with his constituents, industry representatives, and environmentalists interested in the how the bill was being shaped.
Even McGehee, a supporter of the STOCK Act, says it might have a potential unwanted effect. “I do have a concern about the way the language is drafted” she said. There might be certain facts that members of Congress “would want to hide and then they’d say, ‘well, this is a ‘material nonpublic fact’ and we can’t disclose it.’ Anytime you’re dealing with Congress and you give them an explicit statutory right to keep things secret, it needs to be thought through very, very carefully…. You’re dancing on the edge of a cliff here: you want to make sure they aren’t using insider information, but at the same time you have to be careful of giving them something that can be used as a carte blanche to hide” information which the public needs to know.
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The laws would just be the right thing to do but it will have a hard time getting passed because it would cripple the legislaters who would be prohibited from profiting by their insider knowledge.
Congress likes to hold hearings and make laws about such important issues as baseball players chewing tobacco but this insider trading by members of Congress is just too difficult?
What have we voters do to ourselves? Time to throw the cheaters out. Start with Charlie Rangel and go down the list. It was interesting in this article that the only member mentioned, Spencer bachus, was a Republican. Come on MSNBC, can't you a least try to be unbiased?
There is nothing complicated with the bill and it wouldn't have unintended consequences. Congress members just don't want to give up their cash cow.
If a referendum is passed by the votors, it becomes law.
It sounds like the politicians just don't want to play by the same rules as everyone else. I would like to be proven wrong, but I really don't see congress actually passing anything to prevent themselves from doing insider trading...too many of them have become millionaires via insider information.
btw, I still say the OWS crowd needs to be in DC...the politicians are the root of the problem.
All this shows is that politicians do not know right from wrong - they have no moral compass. Politicians are only concerned if their actions are 'legal' - according to the laws they write.
Unfortunately, that sophisticated 'moral' weakness is infecting our society at large. If Congress can do it, why can't I? More and more people are simply wanting to be insiders. Being 'rich' trumps being ethical ...
My guess is that some companies also offer some insider information to sweetened the vote in their favor ...
If only the Foreign Corrupt Practices Act also applied to our government!
I sure hope that our elected officials are bound by the SAME insider-trading laws that business leaders and management must agree to
But what are we also going to do about the corruption in general?
I want an FCPA on our leaders SO BAD! I want senators, congress people and presidents to consult their lawyers before they even accept that the person across the table from them will buy them a sandwich!
I guess we'll have to wait for Roberts and Scalia to leave the bench before this happens though...lately it seems that monied-speech is free-er than free speech.
Then wtf is the ethics committee for?
This sh*t makes my blood boil big time. Bunch of elected crooks.
Unintended consequences? Like what? Maybe they will be thrown out for ethics violations? Or maybe someone would find out with certainty that they are crooks and fly in the face of the law?
Vote out all encumbents. Congress has become an entitlement program we cannot afford.
Make these arrogant a holes obey the same laws as every one else..... And prosecute all of the offenders
Simple fix: legislate 'blind trusts' for any investments by members of Congress. Penality for avoiding the issue: immediate removal from Congress, extensive fines, loss of all benefits earned with no opportunity to ever hold a public trust office anywhere again, and jail term.
Unfortunately, some congress person would have to submit this then go through the House and Senate processes. Fat chance of passage.
The amendment they made to exempt themselves from American laws is against the Constitution. They are supposed to be ounder the same laws, etc as we are.
Domestic enemies pursue legislation, programs against the powers of the US Constitution. They work on destroying and weakening the Rights of the People guaranteed by the Constitution. Plus they create laws, amendments, etc that goes against the restraint on the three branches of our government by the Constitution.
meh. this is all such small fish compared to the kind of REAL reform the financial industry needs...
This issue separates the corrupt from the committed. Those who support the legislation are simply putting the same restraints on themselves that apply to the rest of the country. Those who oppose or try to weaken it, or create loopholes around it are corrupt. Period.
it is absolutely a pathetic state of affairs when we KNOW fully well, that our senators and congressmen are clearly doing insider trading for personal benefit, we try to legislate rules that would prohibit it, but we are having difficulty because the crooks will find a loophole or a way around the new rules. In other words, we've elected crooks to office, have been doing so for years, we discover their scams but cannot do anything about it.
this is yet another reason to first toss all the trash out the door come election day. Then, establish term limits for all congressmen and senators. Insist that, if they wish to hold office, they MUST put all their holdings/investments into a blind trust just before, during and until just after their term in office is completed. some would say this is unfair. I say, that since this is the only apparent way of eliminating the con they have developed, they must. On the bright side, since there are term limits, this would not be a career long burden, as would be said about a rule like this for career politicians. These congressmen and senators are simply crooks. we need to identify them as such, and treat them accordingly.
Congressmen and senators think they are due our respect because of the office they hold. When will they realize that respect is NOT DUE you, but something you EARN over a long period of time.
Ah I don't know what you all are complaining about, Congress is addressing this as we speak. You want proof, look at how quickly they came up with a spiffy new name for their legislation,
Introducing The STOCK Act, coming to a circular file near you!
I do like the blind trust idea, no fuss, no muss.
Note: I do not support either corrupt political party. Vote out the incumbents, for true term limits.
I used to have more faith in politicians but now I believe MOST of them are in it to make a buck or are just on a power trip. Of course they don't want to pass a bill to stop members of Congress or members of their staff from using the knowledge they have gained and use it to profit in the stock market. They don't want to give up their great health insurance either and use the healthcare that they voted for. Yep it's getting very difficult to trust politicians.
Senators and politicians should not be allowed to own stock in the first place. It is a conflict of interest. But hey, i guess its OK for them to do what everyone else can't when it comes to conflict of interest.
So, even if a politician has been identified as using "behind closed doors" information to buy, sale, or trade stock and someone took them to the Congressional ethics committee, does anyone really think the committee would do anything ?
There are DOZENS of Congressional members, and their staffs, who are currently under investigation by the committee:
Heck, Senator Waters was "convicted" by the ethics committee, however she filed an appeal.....the results of which are still looming in a closet somewhere.
Further, the Congressional Ethics committee is comprised of their "peers". So, here we are.....nothing getting done AGAIN in the Congressional Halls. The Ethics committee should consist of an "outside" law firm.....PERIOD.
Now, I wonder why these "TURKEYS" spend millions to get elected for a $ 175,000 a year Congressional job. It sure isn't about "cleaning the swamp" or helping the "children or seniors", it is about HELPING THEMSELVES to a multi-million dollar retirement fund (i.e. Pelosi, Reid, Frank, Rangel, Dodd.....etc.)
They'll never pass anything that might hurt their pocket books.
This is all fine and dandy.. BUT When confronted with this did Nancy Peolsi not say that all the information she acted on was considered " public knowledge "?
Personally, I am all for a law that states...
ALL members of Congress give up their rights to buy new stocks from the day they enter Congressional Service to the day they end their duties. That puts any and all doubt out of the playing field. IF they do it, they are removed from Congress. I also see no reason to not extend this to the judicial and executive branches either. The only one that might be exempt would be the SCotUS because of the lifetime appointment.
What? How would the rich and powerful get even richer and more powerful?
Let's face it, the American people feel everything is rigged anymore, whether due to gerrymandering or money in politics or that corporations are people or the revolving door or how only the rich can send the kids to college or can afford good health care or even home ownership any more. We need to restore the American Dream.
Let's start with Wall Street playing the role it was designed to play -- raising capital for business ventures. Wall Street and banks make money off money now, serving only themselves and not society at large. If you want to talk about Band-Aids (Mitt Romney), insider trading is merely a symptom of much larger problems.
Congress voting themselves pay raises, enjoying good health care, and most of all retirement regardless of how long they serve is more egregious. As our populations grows, the number of representatives grows with it. No wonder we are hurting for money.
The dirtbags doing the insider trading in Congress are the same guys that are voting on this new law, what a joke. !!!!!!!!!!!!!!!!
Lady Cat...finally, someone gets it right. Our congress will not do a thing that will cut possible funds or information for funds that they receive in any form. Its interesting to note..that reports demonstrate that members of congress do way better than anyone else on wall street.....is that just luck..I think not since some of these folks went into congress with not all that much in assets..but sure build up those assets while in congress....which is not what the general pubic has the option to do...nor is able to do with info made public..members of congress however are another story since lobbyist have no problem handing out money...and most likely info that will bring them, congressional reps, even more.
As far as any laws being passed that would effect them..never happen..consider, they alreay have taken themselves out of any laws that effect all other federqal employees. Any pay cuts to those employees will not effect them..they are above all that.
Further, 41 Obama White House staff members owes the IRS back taxes, along with:
And these folks are going to be expected to "clean their house" from "insider trading" while they write the Income Tax laws and DON'T PAY THEIR TAXES.
The next time you talk to your "elite" elected representative, ask them one question before you vote for them again:
Remember tightening the law on the deviates in Washington would require said deviates to pass a law restricting their pursuit of wealth. Hasn't a snowball's chance in hell of moving forward.
Its not corporate greed that is hurting this country, its politician's greed...
There will be no laws written to prevent congressional insider trading, even if there was a law, Congress would just leak the information to an "interested party" who would make money and be "very greatful" to the person who provided the information. The only real way to prevent this is to bypass Congress all together. All pending legistlation should be made public, before any voting and after voting with the results of voting. I believe it probably is, but it should be made easily accessible to all. If everyone is inside, there can be no insider trading. You might not be able to pinpoint the corrupt and greedy Congressional members, but maybe you can remove the ability for them to become more corrupt. If we are expecting morality from Congress, we will be waiting and waiting and.......
As long as we're dreaming... after congressional inside trading laws are passed, they can pass a law that says whatever they do to us, they are not exempt from. They'd have to obey discrimination laws, hiring quotas, be part of the social security system, health care, etc.
Merry Thanksgiving (Merry? Yes, since stores are advertising Christmas way before Thanksgiving)
Hey folks, give us a break, they're going to steal, let it be from the market, maybe that'll give us taxpayers a break.
Absolute power corrupts absolutely. We have a legislative body which has exempted itself from following the laws it mandates for the rest of the country. They attempt to obfuscate and blow smoke up our collective skirts, claiming the moral high road and pointing fingers at their political opponents. When you have the bi-partisan bickering amongst the electorate, democrats=good vs. republicans=evil and vice versa, said bickering essentially gives them a pass on being responsible and honest. As long as they can rely on the disunity and bickering amongst the electorate they will continue to lie, cheat and steal with impunity.
Speaking of ethics.
Has ANYONE heard about any proceedings on her ethics investigation?
Oh, wait, look what I found.
Coincidence?
Constitutionally limited government, fiscal responsibility, free-market principles and Taxed Enough Already. This is the type of movement we really need in this country.
Oh wait, we already do, NOT this sham OWS mob of useful idiots.
Unless we cut the head off the 535 criminal snakes in Washington, we will continue to be exploited!
Conflicting stories on Congresswoman Waters.
On one hand, the ethics committee dismisses the charges:
On the other hand, the ethics committee has assigned an outside attorney to investigate the case since the ETHICS COMMITTEE screwed up the investigation:
This is what happens when your "friends" are going to send you under the bus.....NOTHING WILL HAPPEN TO HER......SICK.....SICK......SICK.
Most Presidents put their finances into a blind trust. This should be a requirement for the Whitehouse, Congress and the Supreme Court.
The only was they will get this passed is to pass two bills - one bill will say that Democrats are prohibited form Insider Trading (the Republicans will vote for that one.) The other one will say - you guessed it - Republicans are prohibited from insider trading.
It would be a bit like asking the fox to watch the henhouse.
These people have no morals. During the last campaign Sen. Harry Reid was asked how he, the poor son of a miner, came to be a multi-millionaire. He response was, and I quote, "That's a low blow". He refused to answer any further.
It shouldn't be too difficult, just ban politicians from trading stocks, directly or indirectly, period. As much money as they already earn in salary, there is just no reason why they need to gamble on the stock markets.
http://usgovinfo.about.com/od/uscongress/a/congresspay.htm
Rank-and-File Members:
The current salary (2011) for rank-and-file members of the House and Senate is $174,000 per year.
Congress: Leadership Members' Salary (2011)
Leaders of the House and Senate are paid a higher salary than rank-and-file members.
Senate Leadership
Majority Party Leader - $193,400
Minority Party Leader - $193,400
House Leadership
Speaker of the House - $223,500
Majority Leader - $193,400
Minority Leader - $193,400
A cost-of-living-adjustment (COLA) increase takes effect annually unless Congress votes to not accept it.
I have the ultimate solution. Abolish congress, put legislation to the people at large. Make internet connectivity available to everyone. Outlaw legalese in law. Make the United States a real democracy. There would be no insider trading, because everyone that wanted to know would know what was going on, but there would be no 'secret committees' making deals in the dark; just citizens writing, reading and voting on laws.
Don't allow any member of Congress to do any investing while they are serving their terms. Also set the same standard for their staff. If they have to put their funds and assets into a blind trust then they will not be able to profit by their votes or by their picking winners and losers in loan guarantees.
I wonder how many in the Energy Department bought stocks in Solyndra just before they got the big $500 million dollar pay off? I also wonder how many got rid of the stock when they found out that the Company was going to go Bankrupt. Maybe the SEC should be looking at that company and the insider trading there. Along with some of these other picked to win "green companies" that Obama so loves.
Cavalier,
I like your proposal in theory, but then I think of how so many people have been manipulated for so long now, that they'd be voting (often) because of knee jerk reactions and not as a result of writing and reading about the proposed bills. The Nation, more than ever, would be subject to victimization due to propaganda campaigns. Still, I do like the idea of direct citizen participation in the approval process, but there will also have to be a mechanism for negotiating bills.
Regarding this insider stock trading issue, I propose another approach. Require our Congresspeople and Senators to post any information on stocks they intend to buy/sell BEFORE they are allowed to make the purchase/sale. It will allow the citizenry to see what their people in DC are doing and also allow them to get in on the deals/sellings by copying their moves. Any 'late posting' will negate their purchase/sales- NO EXCEPTIONS- and they automatically get prosecuted and removed from office. I think that that may be a more practical solution and maybe some of our more needy citizens may be able to benefit from early purchase of a stock in companies that are getting government contracts by buying at the same low price the stocks will have before the news is put out to the general public.
This plan may have some errors/faults/weaknesses that I don't realize. I've only bought stock once so I'm far from being expert on the issue. I'd really like to hear some intelligent comments/critiques/refinements of it. I haven't gotten angry or called anyone names so I hope that all who reply will give me the same courtesy.
Merlin-420455
The biggest flaw I see is most people who are need will not have any money to tie up in stocks. Maybe some Middle class people can gain but most, if not all, poor people would not get any benefit from knowing the information.
Trading has to be taken out completely. With politicians greed seems to always win over moral judgement. Take the incentive away to be greedy and you can begin to get politicians to pander to their constituents because they are the only ones that can elect them again.
@ Independant4Ever
BTW, I both enjoy, and totally agree with your name
Also just to add,
Not only is insider trading an issue with our elected officials, apparently it's not at all illegal for our elected officials to be given first dibs at IPO shares! WTF?! That's basically just a big bribe disguised as a stock issuance.
The law should read that no member of Congress, family members, or their staff (in DC or their back-home offices) are allowed to trade in any stock from the time any appropriately related legislation is presented to any committee until a minimum of of six months after any legislation is passed.
Actually, it should be similar to how a judge excuses himself from a trial that he/she can be deemed biased for or against.
If a politician owns stock, they should excuse themselves from voting in any committee that could affect the price of the stock,, and/or not purchasing/selling shares also.
Well, yes, they should have to abstain from any voting on the issue as well, but they must be banned from any insider trading capability from any knowledge received in those hearings, etc.
I think putting their investment portfolios in a blind trust when they enter office would also work. (doesn't the president already have to do this?)
Very easy fix here. No member of congress can have their net worth grow any faster than the average American's while they are in office. If their net worth grows faster it is taxed at 100%. Not subject to any deductions. Taxed right off the top. Wouldn't be as fun for them if they couldn't pocket the cash.
Every legislator should be required to place all their assets in a totally blind trust.
They would have no knowledge about any trades for their benefit at all.
And only able to specify general guidelines that are set down at the beginning of the blind trust.
.
Once again, the pricks exempt themselves from the rules. How long do we allow our government to do whatever they please? Where is the public outrage? Oh, that's right...everyone's too busy watching DWTS and football...
yep, blind trust. no one will be able to enforce this STOCK act
If these pricks are gonna make money using their position for their own gain, they should have no problem paying 75-90% of their earnings for the privilege of serving the American people. Why we even pay these crooks is beyond me.
Here we go again .. Another dog and pony show for the american voters.
All congress will do is jaw bone this to death . No how no way will they kill a goose that lays golden eggs . Unless of coarse the wall street boys start screwing them next . But untill we get the pacs , special interest groups and all other large money contrebutions out of the election process it will remain business as usual .
bob
The only way to do that is to join the Popular Amendment Movement and help pass the Election/Campaign Finance Reform constitutional amendment and the related Term Limits amendment. Go to www.faircampaignreform.us to get involved.
Thank you anti-trust.
People love to bitch and moan but only a few hundred thousand in the whole country bother to sign a petition to stop this kind of bull$@!$%#. The American voter is his/her own worst enemy and deserves the government they get.
anti-trust & Caligula,
We'll have to remove the republican/democratic party's hold on the government to get that stuff passed. We need 4-6 political parties involved in DC, not 2. The more parties involved the more honest the government will be, as there will always be at least one party who will point a finger and say "J'accuse!" when another party(ies) try to get away with some legislative skullduggery. I suggest encouraging people to vote for 3rd party candidates in the upcoming election if you want thos amendments passed with the teeth they'll need to be effective. If the reps/dems were going to pass these reforms it would be done already, so that should be a good indication of their intentions. Use that fact to sell the idea of 3rd party voting.
Could anyone expect anything different from these criminals? Rule of law for the 99% and we make our own laws for everyone else with $$$ and power. A F78kin disgrace. 2 million us citizens in Jail, the largest population in the free world. Wow free ,I like our federal governments definition of free. Free for them to do whatever they please. Enslavement for the rest.
http://www.youtube.com/watch?v=Xbp6umQT58A&feature=related
The SEC is a waste of tax payer dollars. Its quite funny, they can catch people insider trading and making $50-$60k a pop (which probably cost millions to the tax payers to investigate), yet, they can't catch all these ponzi schemes going on for BILLIONS. Heck, Madoff never made a stock trade for 10 years+ and the SEC couldn't figure it out.
Why can't congress members be prosecuted for insider trading, are they above the law? If I sit in a committee for telecommunications which is passing a law which could affect, lets say AT&T, and I buy or short a huge sum of stock...................... how is that not enforceable?
John, according to current law, its not illegal for members of Congress to indulge in what is illegal for everyone else. Nothing more need be said about the integrity of our politicians.
Like I said, they are above the law.
If they are allowed to do insider trading, the rest of the US should be allowed also.
It is not that they are stupid, but that they are told to ignore "certain things". Of course if they kept their Oath as they are required to, that would not happen.
Washington D.C. festers with such scum. This x-ray of our national leadership clearly exposes why people will spend millions of dollars to get elected.
It will be interesting to see how many encumbants hold their seats in the coming election.I'm willing to bet many will return,simply because we are afraid to give up our little greedy interests,which may or may not be our only way to live.While on the other hand,the bast@%&s make their own rules,and force the rest to live by another set of rules.Americans like it in the rear,and they never feel it until someone is finished and pulled out.It won't take much longer until the nation is sunk,as of now,we are treading water.
this is not going to get fixed, congresspersons have been paid good bribe money for this to continue. you say your a voter and you have rights, that my be true but until you come up with big cash your not a player and your voice means nothing.
That is NO excuse. Read below, it is Sooo true!
Politicians are the only people in the world who create problems and then campaign against them.
Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?
Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?
You and I don't propose a federal budget. The president does.
You and I don't have the Constitutional authority to vote on appropriations. The House of Representatives does.
You and I don't write the tax code, Congress does.
You and I don't set fiscal policy, Congress does.
You and I don't control monetary policy, the Federal Reserve Bank does.
One hundred senators, 435 congressmen, one president, and nine Supreme Court justices equates to 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.
I excluded the members of the Federal Reserve Board because the Congress created that problem. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.
I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a president to do one cotton-picking thing. I don't care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator's responsibility to determine how he votes.
Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party. What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The president can only propose a budget. He cannot force the Congress to accept it.
The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. The Speaker of the House is the leader of the majority party. The Speaker and fellow House members, not the president, can approve any budget they want. If the president vetoes it, they can pass it over his veto if they agree to.
It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted - by present facts - of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.
If the tax code is unfair, it's because they want it unfair.
If the budget is in the red, it's because they want it in the red.
If the Army & Marines are in IRAQ, it’s because they want them in IRAQ
If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way.
There are no insoluble government problems.
Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish;
To lobbyists, whose gifts and advice they can reject;
To regulators, to whom they give the power to regulate and from whom they can take this power.
Above all, do not let them con you into the belief that there exists disembodied mystical forces like "the economy," "inflation," or "politics" that prevent them from doing what they take an Oath to do.
Those 545 people, and they alone, are responsible. They, and they alone, have the power.
They, and they alone, should be held accountable by the people who are their bosses.
Provided the voters have the gumption to manage their own employees... We should remove all of them out of office and clean up their mess!
Or to insider trading which they gave to themselves (I added that one)
Charlie Reese is a former columnist of the Orlando Sentinel Newspaper.
You mean one hundred Senators and 435 Representatives. You do realize that the Senate is part of Congress? I can't stand it when I see these posts that refer to Congress as if it is only the House of Representatives. Don't they teach civics class in school anymore?
Sorry, I just couldn't hold my peace any longer. If people are going to post, please at least sound like you know what you are talking about.
I wish that were a recipe, it wasn't. What Mr Camp stated still holds ground, summarized shortly, your voice means nothing. The post was superlative, Knine, but fell into the blame game and dropped it squarely on 545 people. I'm still on the fence here. Having read further down here I believe Wake Up to be headhunting, and that'll get us nowhere either. So the thread lacked solutions. What else is new.
Right now we are in crucify mode, looking to stake some people, reminds me of Vlad. Our justice seeking, while on a knife edge. Reality is the system needs some rework, since an overhaul is too traumatic we need to rework in facets, phases to ease the shock and outcry.
I think the best way to quell the masses and restore hope is to give them their voice. Not just on forums, or on TV interviews, but in politics. I'm a firm believer in YOU, vine reader. Street walker, occupier, veteran. Whatever avenue you have walked, if you are an American citizen then I believe you, me, and everybody need that political influence. There is no way 545 people can handle the task so we must do it for them.
How? Volunteer.
We need an Altruist branch of oversight and here's why.
A random 1 week termed Altruist member cannot be bought or bribed. They cannot be influenced. They cannot be bought because nobody knows who is coming next, and there are so many that it becomes impossible to fund every new arrival.
An Altruist's function is to oversee lawmakers. From that point lawmakers would be looking in face of an American every time they made a decision. An Altruist's purposes are also in their own self-interest. Gay rights, Abortion, Fracking... tying to keep this brief and readable.
Televise it. Make public information a spectacle while keeping sensitive matters private. An Altruist's limitations are base level security clearance, public welfare, common law. With National Security and Military branches maintaining anonymity. Common sense.
I know that we all feel superior, and dismiss our fellow American as 'an idiot'. Well that is not entirely true. I revel at the logic posted in these vines. There is some brilliance left, in places, in pockets. The simpletons who's profound 4 words etch themselves into memory.
A revolution that is peaceful, a solution that is obtainable. Here in America we 'set examples'. We solve problems. We identify and remedy scandals. We clean up, excel in our efforts. Forwards people. Forward.
These thieves are making millions and millions in the same way that many are in jail for doing. We don't need to make a new law, we simply need to enforce existing insider trading laws to arrest any person who works in or for Congress that uses confidential information for personal gain. That these so called law makers even attempt to defend this despicable practice makes me want to vomit.
How about this- if your state representative/ senator does not support the STOCK Act or offer any substantive alternative/ remedy, don't vote for him/her as a matter of principle?
Difficult to enforce or not, allowing the status quo is simply flaunting their arrogance, corruption, & moral deficit.
I am from SC, so Jim Demint, Lindsey Graham, This means you, too.
Congress is out of control and out of touch. They think they are better than those who elected them. Alaskan, Republican Don Young is a perfect example of the sheer arrogance many of our elected officials possess. Our elected officials are no longer "Statesmen" or "Stateswomen" working for the interests of their constituents. They are looking to do one thing and one thing only; enhance their financial wealth by any means available be it insider trading, kickbacks, lavish gifts, or medical and retirement packages that defy all reason and common sense. What this country needs is to elect some common everyday working class people that understand what it is like to struggle making house payments and putting food on the table.
This is against the law. They are Constitutionally NOT above the law because "pursuing legislation, programs against the powers of the US Constitution, working on destroying and weakening the Rights of the People as guaranteed by the Constitution, Plus creating laws, amendments, etc that goes against the restraint on the three branches of our government by the Constitution makes them no longer able to stay in the current position they currently occupy.
They take an Oath to support and defend the Constitution and not an individual leader, ruler, office, or entity to get into the Office or Position they want.
They must keep that Oath until they leave the office or position they currently occupy to be able to stay in that position.
Domestic enemies pursue legislation, programs against the powers of the US Constitution. They work on destroying and weakening the Rights of the People guaranteed by the Constitution. Plus they create laws, amendments, etc that goes against the restraint on the three branches of our government by the Constitution.
What is against the law, Knine? What are "programs against the powers of the Constitution" of which you speak? What laws or amendments have been created that go against the restraint of the three branches of the Constitution? And what is the source of the restraint of which you speak? What constitutional rights are being destroyed and weakened, Knine? Can you name any specific rights that have been weakened or destroyed?
As a constitutional legal scholar who earned a Master's Degree with an emphasis on constitutional law from Stanford Law School, I must have missed these things. Actually, Knine, I'm afraid you're just an angry, ill-informed windbag.
Pelosi and Boehner were cited in the 60-minutes piece. I do not believe that the OWS movement will get anywhere, but it is sleazy stuff like this that leaves Congress wallowing in disrepute. Putting it another way, list the members from whom YOU would buy a used car.
I guess your list was kinda short, too, Eh?
Its a long way from becoming law because these scumbags make the law and no one can possibly think they are going to make any law that polices there sorry A$$ES. DO NOT VOTE THESE SLMIEBALLS BACK INTO OFFICE OR WE HAVE NO ONE TO THANK BUT OUR SELVES. THAT MEANS REP AND DEM BOTH.
Where do you think the funding for "Black Cell" Operations come from? If everything was privy to the American public so that the public would know exactly where the money is going to then enemies of the U.S. such as Iran and North Korea would know exactly where the money was going to and coming from to fund operations against them. Such disclosure is extremely bad for the defense of America.
Those behind the move to make public such transactions as actually counter-intelligence/espionage agents from other countries who want to be able to dictate to America who we support in their goal of freedom from oppressive states.
Such un-intelligent masterminds behind this plot to force America to uncover such spending come from no other than Julian Assange who we all know is the founder of Wiki Leaks. If Julian Assange was not actively engaged in acts of espionage and counter-intelligence operations against America and is not in fact working for a foreign entity such as Russia, Iran, North Korea or Syria in trying to discover inside information on troop movements, operations and missions then why is he only going after America's defense infrastructure which now includes finding direct avenues of monetary support for such operations in the Middle East and other places around the world through what is considered illegal insider trader?
Why has Julian Assange not devulged such classified information about Russia, Iran, Syria, New Zealand or Australia for that matter. The reason is is because he is part of a network that is determined to undermine the attempts of America and the rest of the free world from spreading the natural birth right of every single human to be born with the freedom of choice.
A choice that with the information that he further attempts to gain will allow his beneficiaries complete knowledge of who and where America's elite operatives live at and operate as well as the means and location of where the money is transferred to and from to such operatives.
Locations that will put America at even greater risk of attack from outside than any American can possibly think of.
Are you seriously arguing that disclosure of stock trades by congressional members is bad for the defense of america? Are you seriously arguing that the funding for our black cell ops comes from the stock trades of our elected officials?
Id say if anything it would expose how many lawmakers are in bed with the corporate elites, including israel.
Julian assange hasn't looked into other countries because those countries do not go around the world telling others what to do. We project our militarism around the world, hence why we technically are the worlds biggest terrorists. We kill more innocent people in the name of freedom than almost all other terrorist countries combined.
We tell others what to do because we think we have the moral high ground because we are america.
guess what, welcome to the the real world.
OK then. how about making it legal for everybody, then?
Does that sound like a good idea?
Assange did us a GREAT favor.He let the world know just how corrupt things in this country are.The War Machine is taking over,along with big oil,insurance,unions,pharma,etc.What industry (shall we include banking)isn't trying to screw this country.Think of all the jobs sent away.Think of the wars fought by this country.What has it accomplished besides making big money much more money?When we pull out of these sh!& holes do you think they will become great nations?They never were great,and they never will be.We could have just gone in,kicked good butt,and left,but NOOOO!Let's stay until they(greedy corps)all get richer of of good ol Uncle.We do have a problem though,we are too lazy to throw out these scumbags in D.C.,and I'd bet you'd vote for your favorite to retain their seat!
This will have to be a nationwide referendum. Only a fool could expect Congress to give up this unfair advantage willingly.
Wow, glad to see most of these comments are right on the money! Now spread the word and Occupy! The louder the noise gets the better for the rest of us!
Pretty typical. Insider trading? Go to jail if you're a citizen, OK if you're a politician. Obamacare? Good enough for you as a citizen. No way it applies to us politicians. Congress passes these laws then exempt themselves from the same laws. It should be illegal for Congress to pass a law unless they themselves are subject to that law.
It is. The Constitution did not give them the right to exempt themselves, they did; by going against the Constitution and breaking the Oath they were required to take. By the way, breaking that Oath they made themselves no longer "meeting the requirements" of that office/position. That means they are illegally occupying those positions until we remove them, and prosecute.
Domestic enemies pursue legislation, programs against the powers of the US Constitution. They work on destroying and weakening the Rights of the People guaranteed by the Constitution. Plus they create laws, amendments, etc that goes against the restraint on the three branches of our government by the Constitution.
There you go again, Knine, citing the Constitution as if you'd ever read or studied it or the cases that interpret it. The Constitution is silent as to whether insider trading is permitted or not. Just because it's hypocritical to enact legislation that prohibits citizens from insider trading without also forbidding politicians from doing so doesn't mean it's unconstitutional. Just because you think it's bad or unfair doesn't make it unconstitutional, Knine. Only if some legislation or executive act violates a specific provision of the Constitution or its amendments, Knine. Because there is no constitutional provision precluding members of Congress from engaging in insider trading, there is no violation of the oath to upheld and defend the Constitution, Knine.
Quoting or repeating yourself, as you did in italics, doesn't make what you say any less ill-informed about the Constitution. I suggest before presenting yourself as an expert on what the Constitution says or requires, you spend some time actually studying what it says and what it means according to US Supreme Court decisions that have interpreted it.
I do not understand this. Federal employees (including those at the FDA) are specifically banned from stock trading with their inside information, so why are Congressional officials exempt? Absolutely ridiculous!
Because They Are So Special..... Yea Right..... Poiliticans, what a batch of CROOKS.....
So...Congress makes laws that impact (or limit) how they act? Talk about a conflict of interest... How do we know they won't just leave a convenient loophole, the public thinks the issue is settled, and then they just keep on insider trading?
Congress writes laws, it is as simple as that, and this is not your your father or grandfathers Congress. They would have voted them out or the Justice Dept. would have.
We need to step up and act like our responsible fathers did and save America for your kids and from these people, clean your house.
Exactly!
They are corrupt.
Perfect example as to why we need "OWS". Now we need "OCH" Occupy Capital Hill.
Crook bastards need the cookie jar locked.
DO you think CONGRESS will kill the GOLDEN GOOSE not in your life time . HOW do you think they become RICH . ITS like lossing their piggey bank .
Peter, that depends on us, the American citizens. They made it so they no longer legally meet the requirements for them to stay in the position they are currently occupying. It is up to insist that they are arrested, charged, held, prosecuted while we replace them.
That will also encourage the replacements to act a bit more honestly.
Knine,
You already blundered in asserting that members of Congress forfeit their jobs by engaging in insider trading. Now, you assert that American citizens insist that they be arrested, etc. for crimes. But where in the United States Code is there a crime for politicians who do insider trading, Knine? Can you cite the section to which you refer? Knine, if there is no criminal law against the act by politicians, there's no crime. You do believe in the due process of law, don't you Knine? You know, the principle that says persons must be forewarned by published laws before they can be bound to follow them. You do know, don't you Knine?
I didn't think so, windbag.
When people know they are being watched they will likely obey the law. If you give SEC the bark and give a Non-Partisan Judicial Oversight Committee the bite it will be a deterrent.
How much more garbage do the 'lawmakers' expect the American public to take?
How much blood do they expect to extract from us after turing us into turnips?
Although the Constitution says 'We the people', there is no such thing happening today. We are being fleeced by the rich, the super rich, the energy industry, big agra, big pharma, the Kochs, Carl Rove, Roger Ayles, Rupert Murdoch, all of the repugnicrites and most of the democrats.
It appears 'we the people' no longer have the right to peacefully assemble, but the members of Congress get to make fortunes off the the laws they make to rape us.
To everyone one of the 535 members of that Congress, I say, "You are lazy freeloaders, liars, cheats and I hope you choke on your riches.
"Although the Constitution says 'We the people', there is no such thing happening today."
That depends on us. I know many believe we have no power, but they are incorrect. Let me explain it again.
The three branches of our government, the Military, all Law Enforcement, all Heads of the States, all federal employees are required to take an Oath to support and defend the Constitution and not an individual leader, ruler, office, or entity to get into the Office or Position they want.
They must keep that Oath until they leave the office or position they currently occupy to be able to stay in that position.
If they do not keep that Oath, they make themselves Domestic Enemies of the USA, plus they no longer meet the legal requirements for them to stay in that position or office and must be replaced.
Domestic enemies pursue legislation, programs against the powers of the US Constitution. They work on destroying and weakening the Rights of the People guaranteed by the Constitution. Plus they create laws, amendments, etc that goes against the restraint on the three branches of our government by the Constitution.
Few, if any, of this current administration has kept that Oath. (Same for Bush's). It is up to us, the American citizens to require them to be arrested, charged, prosecuted. We can legally replace them at anytime because anything/legislation, amendment, law/etc made that weakens or goes against the US Constitution is illegal, not valid, and only makes those who are enforcing them criminals.
It doesn't matter if it was put into place the day after the Constitution of the United States went into effect; it is still put there by a domestic enemy, it is still illegal and not valid.
An example is congress giving the Federal Reserve (a federally chartered, but private, central bank.) their duty to provide a sound currency. It is illegal, it is invalid, and they are a criminal organization.
They do not have to actively do it, they only have to passively stand aside and let it happen, which is NOT defending the US Constitution.
Understand?
Knine,
You're nothing if not irrepressible. First, oaths are different for different federal officials. The oath for Senators, for example, makes no mention of "and not an individual leader, ruler, office, or entity to get into the Office or Position they want. " It actually reads:
I do solemnly swear (or affirm) that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of evasion; and that I will well and faithfully discharge the duties of the office on which I am about to enter: So help me God.
You wrote, "If they do not keep that Oath, they make themselves Domestic Enemies of the USA, plus they no longer meet the legal requirements for them to stay in that position or office and must be replaced." Where did you get these alleged facts, Knine? You just make up things and proclaim them as a constitutional principles. What you proclaim, however, isn't found in the Constitution, so where did you find it, Knine? Me thinks in the deeper recesses of what you mistakenly call your mind.
According to you, Knine, "Few, if any, of this current administration has kept that Oath. (Same for Bush's)." How have they violated their oaths, Knine? Remember, just because they don't do things the way you'd like them done doesn't make their conduct unconstitutional. So, tell us, enlightened one, what constitutional provisions have members of the current administration or Bush's, for that matter, have been violated?
The remainder of your assertions have no more constitutional support. You have no idea what the Constitution is about, which, unfortunately, doesn't deter you from making pronouncements about it. You're yet another example of the happy marriage of ignorance and arrogance.
humansmatter,
They haven't outlawed rope or trees yet!
You covered this story but ignored the story that Romney's first campaign ad lied about an Obama quote (intentionally cropped it to misrepresent it. Funny how integrity in the American press hardly ever gets covered, isn't it.
Google "Romney ad Obama and dishonest" to see the story, folks.
Siara, this was all over Fox News last night. They called Romney out on it. Just like on MSDNC, Mr Tingle up his leg Mathews called Romney out on it also. I'm a right-winger but even I hate BS adds like that. I thought the guy was suppose to be smart? What I have not seen much of on MSDNC is the fact that Mathews threw Obama under the bus this weekend while talking about his new book. He basically said Obama has not given anyone a reason to vote for him again. Although I'm certainly not happy with how the candidates on the right are stacking up I will vote for any of them over Obama. The insider trading crap is just another reason why the left and the right need to realize that they are all crooks!!! I kills me every time I hear some lefty talking about the right protecting the rich and corporations when the left is just as guilty. AS A MATTER OF FACT GENERAL ELECTRIC IS THE CO-FOUNDER OF MSNBC WITH MICROSOFT. THE BIGGEST CROOK OF ALL IS RUNNING THIS NETWORK AND YOU CALL THE RIGHT CROOKED. OBAMA+IMELT+GE+MICROSOFT = THE OBAMA NETWORK...lol ;/
Ask you congress people WHY? This should be a no brainer for EVEN Congress. BUT we all know how much in the pockets Congress is.
IF Congress was representing the American public, they would have taken it up in both houses, passed a sweeping reform and gone on to new business. BUT that is like saying "when pigs fly".
Swamp your congress people with email, letter, texts, and anything else. Make ipod and phone videos asking why. Those people who are camping out are a joke and Congress knows it. THEY don't have to answer them, they just step right over them. GET IN YOUR CONGRESS PERSON FACE.
ASK, WHAT IS THE PROBLEM!!
Actually, no, I disagree. it is time we enact OUR Constitutional Rights to support our Constitution from Domestic enemies.
This administration qualifies (many times over) as domestic enemies. It is time to fire them, have them arrested, held, prosecuted while we replace them. Replace the judicial branch before we prosecute them though, they also did NOT "defend the Constitution" as required of them, plus many have not held up the 2nd Oath Judicial takes.
Knine,
You're a constitutional idiot. We already adopted a Constitution, we already enjoy constitutional rights, and just because you don't like what the current Administration has done or hasn't done doesn't mean they're domestic enemies, as that term is used in the applicable oath of office.
Under our Constitution, change does not come by "arresting, holding, or prosecuting them, " just because you say so, Knine. To be arrested, held and prosecuted, there would have to law declaring their conduct to be criminal, and whatever your gripes are about the Obama administration, none of them violated a criminal statute for which they could be arrested, held, or prosecuted. Similarly, judges are not arrested or prosecuted as there are no crimes for judges doing their jobs, no matter how badly they perform them. Individual justices may be removed from office for specified misconduct, but they can't be prosecuted for a crime that doesn't exist.
Aren't you getting tired of attempting to impress others with your legal ignorance or attempting to pass it off as legal knowledge?
Too complicated....try the Blind Trust instead for existing investments and a complete prohibition on equities purchases by the Member (but not by the Blind Trust) while in office. Easy to do, easy to enforce, hard to abuse. Just saying.....
Agreed. Any disagreement?
Cheney's 450k, plus shares of Halliburton were put in a blind trust while he was VP, what about his other positions in the White House, were they in "Blind Trust," than? The other question, I know the answer, just being facetious, but, did Cheney's Blind Trust stock in Halliburton grow during the Iraq/Afghanistan's wars?
"That's how (Newt) got Rich" "We got to take these people out before its to late"
How you do it is this.
All cash and assets go into a blind trust for all elected or appointed officials from the moment they are nominated until one year after they have left office.
Subjects of the trust include the official themselves, wives/husbands and children.
The trusts are managed for the general benefit of the subjects of the trust.
You could even make it more effective to include anyone declaring themselves to be a lobbyist and the lobbyist's employer.
I think this would put a severe dent on people that want to be or have lobbyists.
There are only pitfalls for the people who do it!