Who expects the “super committee” to come up with anything? They can now waste our time trying to spin the news. (Their true competence?) Early spinners are starting with a “joint statement” (Reuters).
After 3 months of haggling, how much did this futile charade cost?
John Kerry (D-MA) has been trying to trade against the outcome but didn’t have his normal edge because the markets have priced in failure before they had the chance to announce it.
Doing nothing and a super committee failure will, according to Barry Ritholtz and E.J. Dionne actually produce a $7 trillion savings over 10 years. Maybe the super committee should think about unpaid leave.
Here’s another commentary on our congressional inside traders.
Insider Trading Congressional Style
And the quote that I appreciate:
As an independent trader that risks his own capital, my family’s capital, I cannot begin to describe to you how offensive the insider trading scandal in Congress is. However, because they write the rules, it’s legal. It’s disgusting.
It disgusts me more than the Wall Street insider trading scandals because everyone knows that the stock game is rigged via regulation in the banker’s favors. You don’t expect a Congressman or Senator to be worrying about their portfolio when they are debating legislation.
What if you got the job as President of the United States and after a few years decided you didn’t like it?
You’ve interviewed, campaigned, kissed-ass, lied (white…), traded favors, and now you’re in. But your phone rings 24hrs a day, wars break out, you can’t even go to a Starbucks and read the paper. Feeling overwhelmed by the sea of pettiness and congressional corruption, you’re getting tired of the cool travel perks, and great cooking, maybe this job wasn’t really as dreamy as you thought.
And for oil speculators $CL_F
Oil is over $100 presumably due to the IAEA seeking a visit to Iran and the tennis match between Iran and Israel, but the weakening global economy would argue for lower demand, so who’s gaming who here?
Virgin Money buys Northern Rock.
Is Sir Richard Branson to the UK as Donald Trump is to the US? (Don’t read this about Trump’s Panama Ocean Club…)
This insider trading story hopefully won’t go away. I’m disgusted.
Here are a few good posts I ran into today. Outrage, is the right word.
From the Daily Beast: “Ethically Challenged Congress Needs Law or Code Banning Insider Trading”
From The Big Picture: “Top Favorite Stock Holdings of Congress” (Check out John Kerry!)
From Business Insider: “Outrage of the Month“