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  1. #1
    Atomic Punk bklynboy68's Avatar
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    Default Report: Majority in Congress Millionaires for First Time in History

    For the first time in history, a majority of lawmakers in Congress are millionaires at a time when Americans feel that Congress and those in the "Boomtown" that is Washington, D.C. are becoming more removed from their everyday lives.

    According to a Center for Responsive Politics's http://swampland.time.com/2014/01/09...ionaires-club/ analysis of "the personal financial disclosure data from 2012 of the 534 current members," 268 lawmakers in Congress had an average net worth of at least $1 million. That was up from 257 from the year before.

    The Center for Responsive Politics found that the "median net worth for all House members was $896,000 (Democrats averaged $929,000 to Republicans’ $884,000) and, for Senators, $2.5 million." In the Senate, "the median net worth for Senate Democrats was $1.7 million, down from $2.4 million in 2011; for Republicans: $2.9 million, up from $2.5 million in 2011." According to the report, "the median for congressional Democrats was $1.04 million and, for Republicans, $1 million."

    Rep. Darrell Issa (R-CA) is the wealthiest lawmaker in Congress with a reported average net worth of $464 million in 2012 and the "least-wealthy member was Rep. David Valadao (R-Calif.), who reported an average net worth of negative $12.1 million." According to the Center, Valadao is in debt "due to loans for his family’s dairy farm."

    To calculate the net worth of members of Congress, "the Center added together members’ significant assets, such as corporate bonds and stocks, then subtracted major liabilities such as loans, credit card debt and property mortgages." The average net worth of each lawmaker in Congress can be found here https://docs.google.com/spreadsheet/...=sharing#gid=1 .




    http://www.breitbart.com/Big-Governm...ime-in-History
     "He has a swaggering retro machismo that will give hives to the Steinem cabal" -Camille Paglia on Donald Trump

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    "I wish Bon Jovi would've given me a call before he recorded all of his hits, because the lyrics would've been smarter, the melodies would've been much more smashing, and they would've sold a lot fewer records." -David Lee Roth

    "My beef is people thinking Bon Jovi is good cuz they sold lots of records to housewives." -tango

    "But being number one doesn’t really mean jack fuck all. We sold twice as many records as other records that year (1984) that landed in the Number One position." ~Eddie Van Halen

  2. #2
    Atomic Punk LLFHS's Avatar
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  3. #3
    Atomic Punk Dave's Dreidel's Avatar
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    You can't just take that at face value.

    For one thing, being a millionaire isn't the same as it was in let's say the 1950's.

    Secondly, time value of money. Our original Congress was pretty much nothing but wealthy men, and if you were to bring their estimated net worth forward into modern times, they all might have been millionaires.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

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  4. #4
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    I don't mind if these people are rich, but we don't need to be lining their pocket books with six figures either.

    My idea has always been that each congressman and senator make the median income of the area they represent.

  5. #5
    Sinner's Swing! VH122's Avatar
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    Quote Originally Posted by lovemachine97(Version 2) View Post
    I don't mind if these people are rich, but we don't need to be lining their pocket books with six figures either.

    My idea has always been that each congressman and senator make the median income of the area they represent.
    And limit their pensions to equal time served.

  6. #6
    Atomic Punk bklynboy68's Avatar
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    Quote Originally Posted by lovemachine97(Version 2) View Post
    I don't mind if these people are rich, but we don't need to be lining their pocket books with six figures either.

    My idea has always been that each congressman and senator make the median income of the area they represent.
    The reason a lot of them line their pockets is because they made it legal for them to commit insider trading. The average American goes to jail for that, but if you're a legislator it's all good. Isn't that great?

    John Kerry while trying to get Obamacare passed found out that it would force millions of people (who can afford it) to go overseas for treatment. So what does he do? He invests in medical tourism companies so he can make some bank. Click on the link that provides the average net worth of each legislator, it provides some interesting numbers.
     "He has a swaggering retro machismo that will give hives to the Steinem cabal" -Camille Paglia on Donald Trump

    "Make way for the bad guy"- Tony Montana

    'This hamburger don't need no helper"- David Lee Roth

    "I wish Bon Jovi would've given me a call before he recorded all of his hits, because the lyrics would've been smarter, the melodies would've been much more smashing, and they would've sold a lot fewer records." -David Lee Roth

    "My beef is people thinking Bon Jovi is good cuz they sold lots of records to housewives." -tango

    "But being number one doesn’t really mean jack fuck all. We sold twice as many records as other records that year (1984) that landed in the Number One position." ~Eddie Van Halen

  7. #7
    Atomic Punk Dave's Dreidel's Avatar
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    12.18.17 @ 03:51 AM
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    Quote Originally Posted by bklynboy68 View Post
    The reason a lot of them line their pockets is because they made it legal for them to commit insider trading. The average American goes to jail for that, but if you're a legislator it's all good. Isn't that great?

    John Kerry while trying to get Obamacare passed found out that it would force millions of people (who can afford it) to go overseas for treatment. So what does he do? He invests in medical tourism companies so he can make some bank. Click on the link that provides the average net worth of each legislator, it provides some interesting numbers.
    To my knowledge, that is not accurate. The STOCK Act is still in force for members of Congress, it was just gutted in regards to executive branch employees and Congressional staffers.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    Preferred pronouns: he/him/his

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  8. #8
    Atomic Punk edwardv's Avatar
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    12.18.17 @ 08:25 AM
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    Someone with a net worth of 464 million and in Congress wow you would think they would rather just go fishing or something. I guess the old saying that once you get filthy rich then power is what you crave is true. No wonder we are in decline.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  9. #9
    Atomic Punk bklynboy68's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    To my knowledge, that is not accurate. The STOCK Act is still in force for members of Congress, it was just gutted in regards to executive branch employees and Congressional staffers.
    Stock Act Change Just Quietly Made It Easier For Top Federal Employees To Inside Trade

    4/17/2013


    Who says nothing ever gets done in Washington? Swiftly and without fanfare, Congress and President Obama have made it easier for top federal employees to trade on inside information.

    On Monday, Obama signed into a law a change in the Stop Trading On Congressional Knowledge, or STOCK Act, which was passed in 2012. The change, which was approved unanimously by Congress last week, means that top federal employees, including staffers on Capital Hill and in the White House, will not have to publicly disclose their financial holdings online. That requirement was part of the original STOCK Act, but its implementation had been delayed again and again by Congress. And now it's dead.

    The STOCK Act change does not apply to the president, vice president, members of Congress or candidates for Congress. Obama and Congress loudly passed the original STOCK Act last year after reports in the Wall Street Journal and elsewhere, along with academic studies, noted that lawmakers with access to market-moving information were suspiciously lucky in the timing of their stock trades. One widely-cited estimate suggests congressional portfolios outperform the broader market by 12 percent annually, though there are reasons to doubt that figure.

    The rationale for changing the law was that its disclosure requirements created a national security risk, according to a study ordered by Congress and completed by the National Academy of Public Administration. Federal employees' unions had objected to the law from the start, saying it could put federal staffers at risk.

    Still, changing the law creates its own risks. Though the law's disclosure requirements still apply to members of Congress, staffers have been a big part of the insider trading problem all along. As the WSJ reported in 2010, many congressional staffers were actively trading in stocks of companies with business before Congress. And many of those staffers were working on legislation affecting those companies.

    But it's not as if the original STOCK Act was likely to fully clamp down on insider trading anyway: It was loaded with loopholes, Yale professor Jonathan Macey noted in 2011.

    "On closer examination, it appears that what Congress really wants is to keep making the big bucks that come from trading on inside information but to trick those outside of the Beltway into believing they are doing something about this corruption," Macey wrote.

    They're still at it.


    http://www.huffingtonpost.com/2013/0...n_3100115.html
     "He has a swaggering retro machismo that will give hives to the Steinem cabal" -Camille Paglia on Donald Trump

    "Make way for the bad guy"- Tony Montana

    'This hamburger don't need no helper"- David Lee Roth

    "I wish Bon Jovi would've given me a call before he recorded all of his hits, because the lyrics would've been smarter, the melodies would've been much more smashing, and they would've sold a lot fewer records." -David Lee Roth

    "My beef is people thinking Bon Jovi is good cuz they sold lots of records to housewives." -tango

    "But being number one doesn’t really mean jack fuck all. We sold twice as many records as other records that year (1984) that landed in the Number One position." ~Eddie Van Halen

  10. #10
    Atomic Punk Dave's Dreidel's Avatar
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    I am well aware of the law and the changes to it. It eliminated most employees of the executive branch and congressional staffers from being under the purview of the Act. However, that not what you said, you said it is legal for members of Congress to trade on insider information, and that is incorrect.

    It is still illegal for members of Congress to profit from insider information, and all members of Congress are to report large stock trades, and all their financial information is public record if you want to bother going to DC to look for it.

    It is a common misconception. Now, if you had said "members of Congress engage in illegal stock trading and no one does anything about it" I would agree with you 100%.

    Fraud is difficult to prove, and going after a Senator or Representative is sometimes dangerous to your own well being. Nothing like the IRS, OSHA, or the Department of Labor being sent to your door to make you stop asking questions.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    Preferred pronouns: he/him/his

    Hurricane Halen - Let's all gingery touch our sword tips!!!

    DONATE TO THE LINKS YA CHEAP BASTARDS!!!!

  11. #11
    Atomic Punk bklynboy68's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    I am well aware of the law and the changes to it. It eliminated most employees of the executive branch and congressional staffers from being under the purview of the Act. However, that not what you said, you said it is legal for members of Congress to trade on insider information, and that is incorrect.

    It is still illegal for members of Congress to profit from insider information, and all members of Congress are to report large stock trades, and all their financial information is public record if you want to bother going to DC to look for it.

    It is a common misconception. Now, if you had said "members of Congress engage in illegal stock trading and no one does anything about it" I would agree with you 100%.

    These bastards are sneaky. Check this out.

    The STOCK Act Gets Gutted; Here’s Why You Should Care

    April 23, 2013

    A year ago President Obama signed the so-called STOCK Act. The point of the act was to allow the public to see for themselves if members of Congress and their employees were trading on material, non-public information. "The STOCK Act: Bans Members of Congress from Insider Trading" was the bolded headline at the top of a lengthy and self-congratulatory press release.

    Last Monday the White House website took the guts out of the STOCK Act in one run-on sentence under the headline "Statement by the Press Secretary on S. 76." Those so inclined are invited to read the memo themselves. The gist is that disclosures will no longer be practically available for all employees but only for the elected officials, which means staffers, lobbyists, employees, aides and anyone who works for or is close to a serving politician can do whatever they want. Corrupt officials could theoretically still dish insider info with little fear of discovery — it's just hard for them to trade off of the information themselves.

    The idea of transparency is to remove doubt about conflicts of interest and malfeasance, real or imagined. When the rules are quietly changed to such a degree, it defeats the purpose entirely.

    Hank Smith of Haverford joined Breakout to discuss this backtracking. "We only have ourselves to blame because we're the ones voting these clowns in," notes Smith in the attached video. It's a fair point, but the government doesn't make it easy for the public to see these flip-flops. The STOCK Act passage was on the front page. When it got de-fanged, the announcement was so buried that only the most hardcore of wonks could find the news.

    Smith thinks the existing regulations are deeply flawed but more than sufficient to level the investing playing field if the same rules applied to everyone and were enforced consistently. When the laws are baffling and when those entrusted by the public to look out for citizens quietly carve out exemptions for themselves, the STOCK Act and everything of the sort is little more than a cynical attempt to con the unwitting.

    It is our responsibility, as voters, to raise our collective voice against the double-dealing sleaze like the phony STOCK Act and its quiet neutering. If you've read this far, take it to the next level: Let your Congressperson know you're mad as hell and you're not going to take it anymore.
    Fraud is difficult to prove, and going after a Senator or Representative is sometimes dangerous to your own well being. Nothing like the IRS, OSHA, or the Department of Labor being sent to your door to make you stop asking questions.[/QUOTE]



    http://finance.yahoo.com/blogs/break...173159298.html
     "He has a swaggering retro machismo that will give hives to the Steinem cabal" -Camille Paglia on Donald Trump

    "Make way for the bad guy"- Tony Montana

    'This hamburger don't need no helper"- David Lee Roth

    "I wish Bon Jovi would've given me a call before he recorded all of his hits, because the lyrics would've been smarter, the melodies would've been much more smashing, and they would've sold a lot fewer records." -David Lee Roth

    "My beef is people thinking Bon Jovi is good cuz they sold lots of records to housewives." -tango

    "But being number one doesn’t really mean jack fuck all. We sold twice as many records as other records that year (1984) that landed in the Number One position." ~Eddie Van Halen

  12. #12
    Atomic Punk Dave's Dreidel's Avatar
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    12.18.17 @ 03:51 AM
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    As I said, they changed it so that it didn't cover executive employees (outside of the President and VP) and Congressional staffers.

    It really didn't matter anyway. Yes, it is still illegal, but no one enforced it anyway.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    Preferred pronouns: he/him/his

    Hurricane Halen - Let's all gingery touch our sword tips!!!

    DONATE TO THE LINKS YA CHEAP BASTARDS!!!!

 

 

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