Why are politicians so DAMN RICH?!

How Congress Cheats The Stock Market

Evidence is mounting that US senators and members of Congress are using insider knowledge on major policy decisions and looming crises to game the stock market. And they think it’s totally okay.

About:
Johnny Harris is an Emmy-winning independent journalist and contributor to the New York Times. Based in Washington, DC, Harris reports on interesting trends and stories domestically and around the globe, publishing to his audience of over 3.5 million on Youtube. Harris produced and hosted the twice Emmy-nominated series Borders for Vox Media. His visual style blends motion graphics with cinematic videography to create content that explains complex issues in relatable ways.

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[manderly]

I work as a corporate trainer at a law firm. I do not handle any client documents. And I am still *completely barred* from any stock trading without going through a byzantine approval process, and that goes for my spouse, too.

If I, a private citizen, cannot trade stock because I happen to work at a law firm, there is no way congresspeople or their families should be able to play the stock market like this.

[parvapatel]

"the only people who can profit from the system are the people running the system." This quote becomes more real and true day by day.

[ralphgreenjr.]

When I retired from the US Army friends talked me into running for elected office. I did and was elected twice, as a Republican. In 8 years I got an eye full of politics. I helped on several campaigns for state senator, state representative, and congressman. Having been a commissioned officer, I could not put up with the lack of honor, honesty, or truthfulness. I saw it at all levels in both parties, so after 8 years I declined to run again and I walked away. I am now a farmer in rural southern Ohio. My wife and I are now happy.

[IOUaUsername]

If I work as a researcher, It's nearly always in my contract that I'm not allowed to go patenting ideas in my own name because I obviously used ideas I came up with or worked on at my job. It should be in your contract as a government employee with access to non-public information that you can't hold stocks at all. When you're in congress you're getting paid enough to live comfortably forever. You should be focused on creating a country you want to retire in, not building yourself an escape hatch so you won't have to live with the repercussions of your choices.

[mustang_mike]

Can we please ban congress members from trading and give them term limits 🙏

[krombopulos_michael]

I used to work for a bank and currently for a trading company. In both cases, I had no insider information, but I still had to follow policies stating that if I wanted to buy or sell stock, I had to lodge a request to do so and be granted access. I also had to hold onto anything I bought for at least 30 days.

I don't know why this isn't the bare minimum expected of politicians and their families.

[Ahmiseysoh]

The corruption in American politics is just sickening. Especially when you see how they are so quick to call out and condemn other countries leaders for corruption when they are no better. Only better at disguising it .

[gustavoaragon]

This is why politicians shall not be in office for more then two terms . People needs to vote out all of these crooks.

[voltaireon]

I will never not be bitter that, as an external auditor, I had more stock buying restrictions than members of congress. My immediate family was subject to these tighter laws than CONGRESS.
😡

[gardenlifelove]

I wish for the day that congress is held accountable for their decades of insider trading.

[jonathonbrooks]

I'm going to save you a full 29.30 seconds.

Question: Why are politicians so rich?
Answer: They're corrupt.

[RenatoVargas]

The graph at 00:26 describes shorting wrong. To short, he borrows the stock (paying a recurrent fixed fee, at a fraction of its cost) and he immediately sells it at what he believes (or knows) is the high point (not "buys"), that's where the short begins, essentially paying just the monthly/ weekly/ whatever fee while it lasts. When the market is low enough, he buys it back (not "sells") at a much lower price, gives it back to whoever he borrowed it from, stopping the fees, and he pockets the difference between the selling and buying back point.

[intosound]

i paid into my 401k for 12 years, double payments, 2008, i lost all of my retirement savings, job, and house. so glad politicians were smart enough to save themselves and then bailout the millionaires they shorted with tax payers money. almost 15 years to be debt free and not homeless anymore. thanks government

[LabourLawAdvisor]

Johnny investigates finance better than financial journalists and Finfluencers.

[TheAceOfOnes]

We need to vote these crooks out or drag them out

[reedbrignac]

If income taxes are "necessary", how did the country survive until 1913 when the 16th amendment was ratified, beginning the very first income tax?

[HeisenbergFam]

Congress has a great talent when it comes to making people disappointed

[GraphicJ]

Politicians: "We investigated ourselves for insider trading and we found out that we have done no wrongdoing"

[zyzzyvacation]

"A politician who is poor is a poor politician" (Carlos Hank González ~ 1927-2001)

[glennabate]

Richer than they ever been while the people there supposed to represent are poorer than they’ve ever been. This system has become a failure.