02 July 2011

Arrest GOP Rep, Cantor For Manipulating Treasury Bond Market During Debt Talks?

Speaker Boehner, left, Whip Cantor, right, photo by Alex Wong, Getty Images
From Denny: Talk about scummy politics. The Dylan Ratigan Show was reporting this week about how Congressman Eric Cantor, R-VA, is betting against the American, even the world, economy.

Remember when he threw a huge hissy fit and stormed out of the debt ceiling budget talks with top Congressional leaders led by VP Joe Biden? Something about that move was so calculated and sure stuck in my memory. Well, it wasn't long before the Universe intersected me with the Information Explanation.

Turns out that Cantor bought shorts in the stock market, betting the Treasury bond prices would go down as a result of the breakdown in debt ceiling talks. So, let me see if I understand this correctly. A top political leader, the number two guy in the House of Representatives, declares the debt ceiling talks are at an impasse.

He refuses to talk - or talk reasonably - for any kind of compromise with the Democrats.  He succeeds at rattling the Wall Street guys, driving down U. S. Treasury bond prices - as well as confidence in the world markets that America will pay its debt.

Cantor makes a truck load of money as his perk for being one of the political leaders in charge of said economy and influencing the debt ceiling talks to tilt his way.  This is an outrage.  This man should be arrested immediately.  The GOP and its leaders are not negotiating in good faith.
Everyone in America has been left scratching their heads as to why the Republicans, to a person, have been more unreasonable than usual. So, we have a top level leader, involved in the budget talks, who literally laid a bet that the America's Treausry bond prices would decline, and no one has arrested this guy for purposely manipulating bond prices by using his position in Congress?  Hmmm... malfeasance in office, insider trading would be two counts to get the DOJ started on their investigation.  Will Speaker Boehner bring him up on charges in the House?

Cantor and his Republican friends have been willing to bring the American and world economy to the brink of total implosion just to make a buck on Wall Street? How depraved can you get? The better question is this:  How many other Republicans - whether involved in these debt ceiling talks or not - are buying shorts, trying to drive down the bond market purposefully?

The bigger question: Why is no one investigating this?

Update: 5 July 2011 - The White House and the national leadership has gone quiet on this. When this happens it can only mean one thing: Both sides have been doing this profiteering on the misery of the public - and doing it for some time.

Perhaps it explains many of the terrible decisions made by Axelrod and Plouffe and Obama the past three years? If they are betting against their own country just like Cantor they all should be impeached and thrown in jail.

When there is no righteousness in the leaders of a country, then the country descends into chaos. It's time we expect better - and finally receive it. There is no excuse for this cavalier behavior and political corruption.

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