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Old 01-09-2021, 02:51 PM
 
7,961 posts, read 4,953,991 times
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I highly doubt they are Charles Schwabb when it comes to investing. Thats proof we do need a "Great Reset" in this country. Though for a different reason.
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Old 01-09-2021, 02:59 PM
 
3,560 posts, read 1,639,101 times
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Quote:
Originally Posted by DorianRo View Post
I highly doubt they are Charles Schwabb when it comes to investing. Thats proof we do need a "Great Reset" in this country. Though for a different reason.

Who votes for a self proclaimed billionaire for prez? Stupid is as stupid does. No rich guy is going to well represent interests of working stiff. But the working stiffs keep voting for them.
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Old 01-09-2021, 03:01 PM
 
Location: West of You
889 posts, read 271,768 times
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we both know the answer to that: corruption
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Old 01-09-2021, 03:21 PM
 
23,844 posts, read 14,968,500 times
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They just know stuff the rest of us have no access to. Just look at those 2 senate candidates from Ga. Insider trading.

Martha Stewart goes to jail, it's a perk for politicians.

We all are fed up with DC, but keep electing the same ol same ol congressmen and senators. Go figure. We put all our hopes for reform on the POTUS who can't do jack without the house and senate.
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Old 01-09-2021, 03:31 PM
 
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Many of them come from prominent families to begin with, starting life with a few million $ just because of who your daddy is makes making more millions much easier. Also, many were prominent lawyers and business people before going into politics. Finally, some I am sure get their palms greased from time to time.
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Old 01-09-2021, 03:33 PM
 
12,905 posts, read 15,616,422 times
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These days, politicians are wealthy before they get to office save for a few.

Otherwise, they get involved in the stock market, they get an enormous amount of money for speaking fees and attending other events locally that don't have to do with their political "job."
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Old 01-09-2021, 03:43 PM
509
 
6,323 posts, read 6,999,048 times
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Not sure if the law has been changed, but the insider trading laws, in the past, did not apply to Congress members.
There was a book written about all the laws and rules that do NOT apply to the members of Congress. It was written about a decade ago.

Can't think of the title now, but doing a search will probably bring it up.
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Old 01-09-2021, 03:44 PM
 
Location: Barrington
63,919 posts, read 46,615,875 times
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Quote:
Originally Posted by DorianRo View Post
I highly doubt they are Charles Schwabb when it comes to investing. Thats proof we do need a "Great Reset" in this country. Though for a different reason.
In the earliest days of the federal government politicians were not paid as most were wealthy.

Today, the so called wealthy did not earn their wealth while in public service. Instead they had lucrative careers in the private sector or are married to someone who made their wealth in the private sector or inherited.

Some might consider Mitch McConnell wealthy. His wife inherited money and both work full time.

Then there’s Biden who was, for the most part, one of the least wealthy politicians, despite his wife had a full time career. Any semblance of wealth he accumulated happened during the gap between 2017- 2020. It’s all about book deals and speaking fees.
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Old 01-09-2021, 04:00 PM
 
23,844 posts, read 14,968,500 times
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They had to have enough assets to give up working in order to serve a couple terms.

One way to stop it is to end the retirement benefits.

The founders never intended serving to be a lifetime career.

Informing the public and their constituents is part of the job, why such high speaking fees when no longer in congress? They retire with a pension and lifetime medical then go to work for a lobbying firm.

How many go home after being in DC for years?
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Old 01-09-2021, 04:11 PM
 
Location: Barrington
63,919 posts, read 46,615,875 times
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Quote:
Originally Posted by Veritas Lux Mea View Post
we both know the answer to that: corruption
Quote:
Originally Posted by crone View Post
They just know stuff the rest of us have no access to. Just look at those 2 senate candidates from Ga. Insider trading.

Martha Stewart goes to jail, it's a perk for politicians.

We all are fed up with DC, but keep electing the same ol same ol congressmen and senators. Go figure. We put all our hopes for reform on the POTUS who can't do jack without the house and senate.
Loeffler was appointed to fill a vacancy. Reportedly, she is worth about $800 million, attributed to her husband’s business. She is the wealthiest, soon to be former, Senator.

She claims she does not make her own investment decisions and that appearances she traded on inside information is a coincidence. The ethics investigation was closed.
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