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(Think Progress)   Not News: Republican Senate nominee wants federal government to default. Fark: Republican Senate nominee would wildly profit from federal government defaulting   (thinkprogress.org) divider line 104
    More: Sick, Senate, federal government, debt limit, bond funds, Senate nominees  
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3879 clicks; posted to Politics » on 27 Jul 2012 at 5:41 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-27 03:23:12 PM  
How would that not be criminal, again?

Oh rit. He's rich.
 
2012-07-27 03:23:20 PM  
So is he hedging his investment in bonds or is this an all out attempt to profit off his party's misdeeds?
 
2012-07-27 03:24:00 PM  
Yeah, Cantor had the same kind of thing. Probably still does, and he intends to stop the government again.
 
2012-07-27 03:27:37 PM  
If he's long-term holding leveraged short ETFs, he's too stupid to be allowed to even handle money, let alone vote on it.
 
2012-07-27 03:40:21 PM  
FTA: he holds "up to $1,001" worth of this Treasury-shorting fund and his holds "up to" another $15,000 in another. How rich can he get off of this investment?
 
2012-07-27 03:48:33 PM  

BarkingUnicorn: FTA: he holds "up to $1,001" worth of this Treasury-shorting fund and his holds "up to" another $15,000 in another. How rich can he get off of this investment?


Assuming I understand these right, their value currently is extremely low given how unlikely it is we will default, but it's similar to a bet on odds. Value on a 1000:1 shot is low but the payoff is huge.
 
2012-07-27 03:50:18 PM  
It really is "Not News."

Cantor's got the same conflict of interest.
 
2012-07-27 03:54:57 PM  
and then the GOP wonders why voters wanna beat 'em with a rubber hose every time the say something about 'smaller government'.
 
2012-07-27 04:21:57 PM  

Diogenes: Cantor's got the same conflict of interest.


i.imgur.com

The article noted this as well.
 
2012-07-27 04:23:36 PM  
Is it too much to ask that someone running for the U.S. Congress (on any ticket) doesn't actively invest against the country they seek to represent?

Apparently, it is.
 
2012-07-27 04:24:09 PM  
With 10 year inflation-protected treasury bonds selling at -0.06% people are literally paying us to hold on to their money for them.

Why are we not taking more advantage of that?
 
2012-07-27 04:55:22 PM  
Guy should be taken out back and have the ever loving shiat kicked out of him, and then be deported to the Congo.
 
2012-07-27 04:59:08 PM  
Pete Rose bets on the Reds to win, and he gets banned from the Hall of Fame.
This fark-nugget bets on his country to lose, and will probably wind up in Congress.

TANJ
 
2012-07-27 05:01:20 PM  

Somacandra: Diogenes: Cantor's got the same conflict of interest.

[i.imgur.com image 596x98]

The article noted this as well.


why isnt it legal to kill these people again?
seriously
they are the worst kind of humans. They make heroin dealers look warm and fuzzy.
 
2012-07-27 05:13:44 PM  

GAT_00: BarkingUnicorn: FTA: he holds "up to $1,001" worth of this Treasury-shorting fund and his holds "up to" another $15,000 in another. How rich can he get off of this investment?

Assuming I understand these right, their value currently is extremely low given how unlikely it is we will default, but it's similar to a bet on odds. Value on a 1000:1 shot is low but the payoff is huge.


Naw, you're thinking of options contracts, which are much more like lottery tickets. Normally, leveraged ETFs will pay off 2x or sometimes 3x the movement in the underlying security, but it's not exponential (and as someone upthread mentioned, these funds are intended for very short term trading -- they always lose money compared to the underlying, over the long run). If bonds lose 100% of their value he might double or triple his money, which might almost make up for the crash in the value of the dollars his securities are denominated in if there's really a default.

He's not betting on default, he's betting on the crash in the value of 30-year bonds with ridiculously low interest rates, which is sure to happen when the economy starts picking up steam and we start seeing some real inflation.
 
2012-07-27 05:40:13 PM  
This is the kind of thing which prompts us to ask...where are Romney's tax returns?
 
2012-07-27 05:41:04 PM  

Asa Phelps: With 10 year inflation-protected treasury bonds selling at -0.06% people are literally paying us to hold on to their money for them.

Why are we not taking more advantage of that?


Because socialism.
 
2012-07-27 05:42:34 PM  

DamnYankees: Asa Phelps: With 10 year inflation-protected treasury bonds selling at -0.06% people are literally paying us to hold on to their money for them.

Why are we not taking more advantage of that?

Because socialism.


Makes as much sense as the more official-sounding argument that inflation is going to skyrocket any...minute...now...

**crickets chirping**
 
2012-07-27 05:48:00 PM  
Mandel. Color me shocked.
 
2012-07-27 05:48:28 PM  
Up to . . . *pinky to lips" . . . One Thousand and One Dollars!!!!
//That'll get him quite a haul
/Even if the guy's a twit, this is some small-time complaining
 
2012-07-27 05:56:11 PM  
Sooooooo... Has anyone ever seen this Douchenozzle AND Putin in the same room at the same time?

/father and son?
 
2012-07-27 05:56:39 PM  
A hustle here and a hustle there.
Josh Mandel knows the place where...
 
2012-07-27 05:56:52 PM  
Tanking the economy to benefit one of your investments at the expense of the rest of them isn't the best thought out plan.
 
2012-07-27 05:59:38 PM  
You farking republicans have no shame whatsoever.
 
2012-07-27 06:01:48 PM  

give me doughnuts: Pete Rose bets on the Reds to win, and he gets banned from the Hall of Fame.
This fark-nugget bets on his country to lose, and will probably wind up in Congress.

TANJ


or he could be betting on an increase in interest rates and a strengthening economy. Both would drive the prices of treasuries down
 
2012-07-27 06:04:01 PM  

Raoul Eaton: Up to . . . *pinky to lips" . . . One Thousand and One Dollars!!!!
//That'll get him quite a haul
/Even if the guy's a twit, this is some small-time complaining


Indeed. It's not a conflict of interest or even worth looking into unless he profits greatly, not just profits. It's like how if someone shoplifts a pack of smokes and not a carton, who cares?
 
2012-07-27 06:07:10 PM  
HOW THE F*CK IS THIS LEGAL???
 
2012-07-27 06:07:29 PM  
Cantor and Mandel undermining the country?

*jews did this.jpg*
 
2012-07-27 06:13:58 PM  
This doesn't matter because Brown is going to win by at least 10.
 
2012-07-27 06:17:06 PM  

snowjack: He's not betting on default, he's betting on the crash in the value of 30-year bonds with ridiculously low interest rates, which is sure to happen when the economy starts picking up steam and we start seeing some real inflation.

This

skullkrusher: or he could be betting on an increase in interest rates and a strengthening economy. Both would drive the prices of treasuries down

and this.

Srsly, bond yields are at pretty much the lowest they've ever been. There's not much room for them to go lower, but there's plenty of room to go higher once investors regain confidence in other asset classes. It's a sensible trade, though I think they're in far too early.
 
2012-07-27 06:17:46 PM  
Eww, did I just agree with skullkrusher? I feel dirty.
 
2012-07-27 06:17:52 PM  
But he can't possibly be corrupt, he's not a democrat!
 
2012-07-27 06:19:47 PM  

GAT_00: BarkingUnicorn: FTA: he holds "up to $1,001" worth of this Treasury-shorting fund and his holds "up to" another $15,000 in another. How rich can he get off of this investment?

Assuming I understand these right, their value currently is extremely low given how unlikely it is we will default, but it's similar to a bet on odds. Value on a 1000:1 shot is low but the payoff is huge.


Pretty much. He has a small amount of money invested, but imagine them as units. Each unit is extremely cheap because there is little chance the US would default on t-bills. Unless of course it's engineered. Then each one of those units would be extremely valuable.
 
2012-07-27 06:22:21 PM  

incendi: Eww, did I just agree with skullkrusher? I feel dirty.


it isn't hard to do. Generally just requires a person to drop their assumptions.
 
2012-07-27 06:27:33 PM  
America should just create the money to pay off debt. The reality is inflation would be negligible as long as supply outstrips demand in most markets ...like it currently does.
 
2012-07-27 06:28:04 PM  
Now that guy looks like the veteran of many a swirly, dead-leg and wedgie.
 
2012-07-27 06:31:20 PM  

Shvetz: GAT_00: BarkingUnicorn: FTA: he holds "up to $1,001" worth of this Treasury-shorting fund and his holds "up to" another $15,000 in another. How rich can he get off of this investment?

Assuming I understand these right, their value currently is extremely low given how unlikely it is we will default, but it's similar to a bet on odds. Value on a 1000:1 shot is low but the payoff is huge.

Pretty much. He has a small amount of money invested, but imagine them as units. Each unit is extremely cheap because there is little chance the US would default on t-bills. Unless of course it's engineered. Then each one of those units would be extremely valuable.


Some of the individuals who own these "units" are official representatives of the United States of America that make decisions affecting the outcomes mentioned above.

There is a paper trail and pattern of these individuals voting in a manner that would help them reap large benefits at the expense of the United States and it's citizens. That should be considered a violation of allegiance to one's sovereign or to one's state and at minimal they should be removed from office immediately.
 
2012-07-27 06:34:45 PM  

nyseattitude: Shvetz: GAT_00: BarkingUnicorn: FTA: he holds "up to $1,001" worth of this Treasury-shorting fund and his holds "up to" another $15,000 in another. How rich can he get off of this investment?

Assuming I understand these right, their value currently is extremely low given how unlikely it is we will default, but it's similar to a bet on odds. Value on a 1000:1 shot is low but the payoff is huge.

Pretty much. He has a small amount of money invested, but imagine them as units. Each unit is extremely cheap because there is little chance the US would default on t-bills. Unless of course it's engineered. Then each one of those units would be extremely valuable.

Some of the individuals who own these "units" are official representatives of the United States of America that make decisions affecting the outcomes mentioned above.

There is a paper trail and pattern of these individuals voting in a manner that would help them reap large benefits at the expense of the United States and it's citizens. That should be considered a violation of allegiance to one's sovereign or to one's state and at minimal they should be removed from office immediately.


Here's the problem: explain the issue in a manner that right-wingers could understand. (Feel free to use pictures.)
 
2012-07-27 06:36:20 PM  
Financial terrorism
 
2012-07-27 06:38:20 PM  

skullkrusher: incendi: Eww, did I just agree with skullkrusher? I feel dirty.

it isn't hard to do. Generally just requires a person to drop their assumptions.


I'd agree as well, if it wasn't a well known fact that Republican politicians regularly stoop to this doucheitude. It saturates every action they attempt, from the smallest to largest. That senator investing against America? Odds are they identify themselves as Republican. Douchebag that park their Denali in one and a half parking spaces in a busy mall? Odds are that person identifies themselves as a Republican (or has a big sticker advertising their ignorance). No real American conservative identifies themselves as a Republican these days.
 
2012-07-27 06:39:35 PM  
JjjjjjjjjjjjjjjjjjjjjjjjjoooooooooooOOOOOOOOOOOOOOOOOSSSSSSSSSSSSSSH HHHHHHHHHHHIMCOMINGTOGETYABOOOOYYYYYYYYY

[chases the guy around wid a fireaxe a la Jack Nickolaus in The Shining]
 
2012-07-27 06:40:49 PM  

gimmegimme: nyseattitude: Shvetz: GAT_00: BarkingUnicorn: FTA: he holds "up to $1,001" worth of this Treasury-shorting fund and his holds "up to" another $15,000 in another. How rich can he get off of this investment?

Assuming I understand these right, their value currently is extremely low given how unlikely it is we will default, but it's similar to a bet on odds. Value on a 1000:1 shot is low but the payoff is huge.

Pretty much. He has a small amount of money invested, but imagine them as units. Each unit is extremely cheap because there is little chance the US would default on t-bills. Unless of course it's engineered. Then each one of those units would be extremely valuable.

Some of the individuals who own these "units" are official representatives of the United States of America that make decisions affecting the outcomes mentioned above.

There is a paper trail and pattern of these individuals voting in a manner that would help them reap large benefits at the expense of the United States and it's citizens. That should be considered a violation of allegiance to one's sovereign or to one's state and at minimal they should be removed from office immediately.

Here's the problem: explain the issue in a manner that right-wingers could understand. (Feel free to use pictures.)


Mention treason and label them Democrats. At least one of them would be shot dead within 36 hours.

static.flickr.com
2.bp.blogspot.com
 
2012-07-27 06:41:50 PM  
Huh, wonder what state he's from? Reads TFA

Ohio Senate Nominee Josh Mandel

Aw, crap.

/The article doesn't mention that he currently the Treasurer of Ohio
 
2012-07-27 06:43:00 PM  
The Pound Sterling was the reserve currency for 200 years. In the 1970s England decided to intentionally devalue it currency by 14%. It so devastated the trust in the pound that literally overnight became no longer the reserve currency of the world. The US dollar rose to the occasion. A few years later Nixon took us off the gold standard to take advantage of the Hegemony a reserve currency allows a nation. For 50 years we enjoyed the privilege. We, like England, have abused it, and will lose our status as the reserve currency. It will happen fast: literally overnight; and, when it does.....The bill comes due. Our money will be worthless. Debts will be paid. Our will too.
 
2012-07-27 06:47:40 PM  
It;s so easy to be outraged when you don't know how somethijng works, but I honestly think the GOP is trolling Think Progress after sending them this picture from inside the Republican lavatory.......



cache.thisorth.at
 
2012-07-27 06:51:20 PM  

nyseattitude: Mention treason and label them Democrats. At least one of them would be shot dead within 36 hours.


Missed a couple:

intershame.com

Who: John McCain
What was going on when he was mislabeled: Campaigning for the Republican nomination for President of United States, one month before he wrapped up the nomination. McCain was considered too centrist by many in the Republican party.
When: February, 2008


intershame.com

Who: Mark Sanford
What was going on when he was mislabeled: Just admitted to an extramarital affair after having disappeared without a word over Father's Day weekend.
When: June, 2009


intershame.com

Who: Arlen Specter1
What was going on when he was mislabeled: Grilling Bush Attorney General appointee Alberto Gonzales during hearings over the dismissals of eight U.S. attorneys.
When: July, 2007


Note the one of Specter is from 2007, two years before he switched parties.
 
2012-07-27 06:52:10 PM  

PapaChester: skullkrusher: incendi: Eww, did I just agree with skullkrusher? I feel dirty.

it isn't hard to do. Generally just requires a person to drop their assumptions.

I'd agree as well, if it wasn't a well known fact that Republican politicians regularly stoop to this doucheitude. It saturates every action they attempt, from the smallest to largest. That senator investing against America? Odds are they identify themselves as Republican. Douchebag that park their Denali in one and a half parking spaces in a busy mall? Odds are that person identifies themselves as a Republican (or has a big sticker advertising their ignorance). No real American conservative identifies themselves as a Republican these days.


If his plan is to put the country in a situation like this to benefit an investment that is worth at most $16,000 to the detriment of the country and all his other investments he needs a new, crooked financial adviser. Not to mention that the Feds would probably cut other discretionary spending to avoid defaulting on the debt service so his scheme might not even work to benefit the TTT position he has
 
2012-07-27 06:53:59 PM  
Um, Eric Cantor (R-tarded Jew) also profited from the credit reduction. But of course, that was last year and doesn't count.
 
2012-07-27 06:54:05 PM  
Betting against America. So typically Republican of him.
 
2012-07-27 07:05:12 PM  
Here's my question - in what way is this different than a board member of a company shorting his own company's stock? Isn't that a crime? I think at the very least its a violation of common law fiduciary duties.
 
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