Investing in Failure
Putting his money where his mouth is? Eric Cantor, the Republican Whip in the House of Representatives, bought up to $15,000 in shares of ProShares Trust Ultrashort 20+ Year Treasury ETF last December, according to his 2009 financial disclosure statement. The exchange-traded fund takes a short position in long-dated government bonds. In effect, it is a bet against U.S. government bonds—and perhaps on inflation in the future.
Given that it seems the Republicans are hell-bent on destroying the economy in order to stick it to Democrats, I fail to see how this isn’t a big deal.
Perhaps I am not reading this correctly and it isn’t a conflict of interest, but it certainly seems like it is: These folks have a stake in the failure of the U.S. economy, but IOKIYAR.
I’d ask where the jobs are, but why bother.
[via Think Progress][cross-posted at ABLC]