Tried as they did, Congress and the Bush White House couldn’t stem the implosion of financial markets in the fall of 2008. I remember those days, with people huddled around televisions at work watching the oscillations of the stock markets as if it were a Tigers game, but instead of being fun, people were watching their life savings evaporate.
But some people weren’t. Congressman Spencer Bachus (R-AL) was making money hand over fist at the time. Why? He was capitalizing on inside information that he gleaned from meetings held by senior government and regulatory officials designed to help stem the economic tide, actively shorting the market all the while. For you and me, this is insider trading, illegal as hell, and a surefire way to land ourselves in jail. For members of Congress, Democratic or Republican, it’s legal. Why? Why indeed. Because Congress exempted themselves from it. So, illegal for us, legal for them. Get it? I don’t.
This shouldn’t even be a partisan issue. That Congress routinely exempts themselves from the enforcement of the laws that they routinely pass is a habit that should be halted, and done so immediately. They’re not a special class of people, they’re not discriminated against, they’re public servants. And that they’re able to capitalize on this positions in such a filthy and morally abhorrent manner is atrocious. It ought to stop. I’d recommend calling your Congressman, but they’re not particularly incentivized to halt the practice. Doing so would land most of them in jail.