Just Like the Rest of Us

From Open Secrets and Think Progress:

Guess what?  It isn’t about Left vs Right, Conservative vs Liberal, Republican vs Democrat.

Welcome to the Plutocracy.

A new report suggests that U.S. House members are using their powerful roles for more than just political gain.   It indicates that members of Congress have a significant information advantage in making financial investments when compared to average, and even corporate, investors.

Other interesting findings from the review:

  • Purchases made by House members beat the market by 55 basis points per month, or about 6 percent annually.
  • The magnitude of the abnormal returns among House members was substantially smaller than those earned by Senators during the same time span.
  • Stocks purchased by the junior representatives significantly outperform stocks purchased by the most senior representatives.
  • Stocks purchased by Democrats also outperform those purchased by Republicans.

Read the full report here.

Also, freshmen Rep. Paul Gosar (R-AZ) cautioned his constituents against raising taxes on wealthy Americans. About his own millions, he claims “I live just like the rest of you folks.” Suuuuure you do.

So disconnected from the circumstances that their (voting) constituents live under, and so connected to the circumstances their (financial) constituents live under. It is no wonder that they favor the wealthy over us.

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One Response to “Just Like the Rest of Us”

  1. Just Like The Rest Of Us Redux « Politically Me Says:

    […] I guess these guys really DO understand the rest of us. […]

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