I've Got 'Ya 1% Right Here!

Discussion in 'Politics' started by PoliticalChic, Nov 15, 2011.

  1. PoliticalChic
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    PoliticalChic Diamond Member

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    I just heard two interviews with Peter Schweizer discussing his new book, "Throw Them All Out."

    I'll bet most of us suspected this legal-illegal game that politicians play, but Schweizer names names and explains the game. While I have only ordered the book, not read it, the following is from several reviews on Amazon; read, and watch your blood pressure rise.

    1. Schweizer points out that if you're an elected official and you sit on an important committee, you are allowed to trade on the information that comes to you or even results from your committee-related decisions. It stands to reason that if you're on the banking committee, you probably trade bank stocks, playing it both long and short. If you're a staffer, you may accumulate sensitive information and sell it to hedge funds. A lot of careerists trade on non-public information.

    2. Nancy Pelosi, the 60th Speaker of the United States House of Representatives with an estimated net worth of $58 million, bought 5,000 shares of V (Visa) at the privileged IPO price $44. This trade showed a profit immediately and the shares went up to about $88 in a matter of days. However, Pelosi worked on major legislation that if it had not been killed in the body she led, would have had a strong negative affect on the price right at that time. The rest of us can't do it because we're subject to strict conflict of interest rules, unlike lawmakers. Plus, we're not invited to participate in IPOs until after the price is run up.

    3. Congressmen are big winners in the stock market. They cultivate companies in their loyalty structure from whom they get insider information often at the committee level. There are many ways they get rich while serving constituents, especially if you know what big deal Warren Buffett will do and when. Many names are given in this book of successful inside information operators within Congress.

    4. The Pay-to-Play regime and the flow of insider information can be used by even the most novice traders using an online brokerage account. One big story is how Congressman Spensor [sic] Bachus used a private meeting with Fed Chair Bernanke and Treasury Secretary Paulson. Bachus was in the role of Ranking Member on the House Financial Services Committee. He used the dire information presented to him in this meeting to bet heavily that the market would go down, using option trades. Bachus, working with Bernanke and Paulson from July 2008 to November 2008, scalped $50K out of the falling market. The book has lots of war stories like that.

    5. Â…the political class is so intelligent that they--get this!--compel CEOs to let them buy lucrative shares in IPOs at very low prices in exchange for passing favorable legislation for those CEOs! And all the while, the stupid idiot people of America--that would be you and me who have a 9 to 5 job, worship God and like to go to a ballgame every now and then--just carry on with their ignorance-is-bliss lives while the political class keeps enriching their wealth, power and influence in this way!! Genius...simply genius!
    [ame]http://www.amazon.com/Throw-Them-All-Peter-Schweizer/dp/0547573146/ref=sr_1_1?s=books&ie=UTF8&qid=1321369232&sr=1-1[/ame]


    "Our government is completely corrupt.

    Yes, this behavior may be technically legal, because of an absurd loophole that makes insider-trading rules not apply to Congress."
    Rep. Spencer Bachus Should Resign In Disgrace - Business Insider
     
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  2. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    I'm no fan of Nancy Pelosi but I gotta ask my self; "Why does "The Machine" want to destroy Nancy Pelosi and why now"? :confused:

    But yeah, our gov't is not only completely corrupt but because of that corruption has been taken over by The Privately Owned Federal Reserve and it's International Shareholders.

    You wonder why Politicians and Judges always seem to go against what the People want? This is why. Our entire Gov't is being held hostage. That's not an exaggeration.
     
  3. PoliticalChic
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    PoliticalChic Diamond Member

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    Doc, help me with this...it seems a straight line from pols having the inside info, to using same to become wealthy.

    Seems to fit as per Occam's Razor.

    So...wheredoes the Fed fit in?
    Would there not be this corruption based on opportunity without the Fed?
     
  4. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Corruption has existed since the beginning of time and as long as men have power over other men, there will be corruption. But using the Federal Reserve, that corruption is increased by orders of magnitude.

    The Constitution says that Congress shall control the money supply. But thanks to the Federal Reserve Act that established the Bank in 1913 (And also established the IRS) Congress doesn't control the money supply anymore, the Fed does. And the name "Federal Reserve" is a trick. It's no more Federal than Federal Express. It's a Privately Owned Bank.

    It used to be that the gov't printed money when it was needed. As economic activity increased the gov't would increase the money supply. There was never more dollars in circulation than was needed to cover the current economic activity. A dollar issued in 1900 was worth a dollar, it had no interest attached to it that needed to be paid to any banker.

    But when a dollar is issued by the Federal Reserve it's issued "at interest" because the US Gov't is borrowing it from the Federal Reserve. US Gov't borrows it, the Tax Payers pay it back with interest.

    Now the US Gov't has the power to revoke the Federal Reserve's Charter when they wish. How much corruption would you think is involved by the Federal Reserve and it's leaders along with our Congressmen in keeping the Bank open. Trillions of dollars are at stake, you think the Bank is just gonna' let that all get away from them? I guarantee you they have Congress in their pockets. And those that aren't paid off are blackmailed by something else in their past. Pedophelia, adultery, closet gays, drug use, etc.

    I know this is a difficult concept to grasp as we've been living under the "debt money" system all of our lives. We know nothing else.

    Did you know that without the Federal Reserve the House you own would only cost the List Price plus a few fees?

    If you bought a house for 159,000, you would pay back 159,000 plus associated fees. Not the 100-200,000 or so that the Federal Reserve adds on in compound interest.

    The reason you do is because the US gov't borrows money from the Federal Reserve at interest and loans it to US Banks who then loan it to you. So the Federal Reserve gets free money from Congress who then loans it out at about a 3% interest rate. Pretty good scam eh?

    FRB: The Discount Rate
    The FED creates money from nothing, it loans it back to us through banks, and charges interest on our currency. The FED also buys Gov't debt with money printed on a printing press and charges US Taxpayers interest.

    You think there could be any corruption there?
     
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  5. LadyGunSlinger
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    LadyGunSlinger Conservative Babe Supporting Member

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    This is why I support abolishing the Fed and going back to the gold standard. We wouldn't be in the financial mess we're in today had we done this a long time ago. Freaking phantom currency.. MOVE OVER MONOPOLY, here comes the Fed Reserve!
     
  6. Jarhead
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    if you read it, you would know it is by no means partisan..,..I did not reads it however....but I saw exerpts that cited people of both sides of the aisle.
    It is not about "the machine" taking down Pelosi.
    It cites a stock deal Pelosi was involved in that netted her a nice little profit in a matter of days as an example of the issue
    It also cited a congressman who bought a plot of farmland in the middle of nowhere for a song...and then put in an earmark to have a highway built that went right along the land he bought...doubling its value...and, of course, he then sold it.
     
  7. Bfgrn
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    Bfgrn Gold Member

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    Well PC, it seems that you have it all figured out. Our only problem is Democrats. Get rid of them and our problems are over...
     
  8. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    But a corrupted Nanci Pelosi is an ally to "The Machine".

    You cite her crimes yet I can say with confidence that the vast majority of our Congressmen are corrupted in some way, shape or form. That isn't the real story.

    Why
    is she being destroyed and why now? Can you answer that? :confused:
     
  9. Jarhead
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    This is not a book written to destroy Pelosi.
    It is written to expose the corruption in congress.
    Pelosi is one of MANY cited as being invoilved in questionable insider practices...

    This is a book attacking congress as a whole....as is evident by its title.
     
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  10. PoliticalChic
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    PoliticalChic Diamond Member

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    I'm OK with Scoop Jackson Democrats....

    ....but the communists who have co-opted the party must go.


    Gonna miss ya', BoringFriendlessGuy!
     
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