Wednesday, May 5, 2010

Congressional Hypocrites Were Betting Against Stocks As Country Collapsed

More proof this was by design. The banks bet on collapse. Congress bet on a collapse. Why and how were they aware of a collapse and we weren't? Anyone with but a nominal understanding of economics could've seen this coming a mile away. And many did, but they were laughed at. Those same people are predicting future calamity for America. Will you listen to them now? You ignore them at your own peril.

    BusinessInsider -

    Remember all that scorn in Congress about evil shortsellers betting against America and bringing the country down?

    Well, it turns out Congress-people did it, too. And they used derivatives to do it, which they now say they abhor.

    For the record, we have no problem with shortselling or derivatives, and we find the routine scapegoating of both after market crashes ludicrous. But if you're going to complain about how awful shortselling is and how evil and venal people are for doing it, you should probably abstain from the practice yourself.

    And, yes, most of the folks here were just betting against stocks, not actually selling stocks short. But it's the same idea. To use their own tortured, populist logic, they were betting against the country and their 401k-holding constituents!

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