Why Cantor is negotiating in bad faith

[Qutzupalotl]

Cantor could rake in windfall if debt ceiling isn’t raised

Economists have said that failing to raise the debt ceiling could be catastrophic for the U.S. economy, but at least one lawmaker stands to gain financially if the country defaults on its debts.

House Majority Leader Eric Cantor's (R-VA) latest financial disclosure statement indicates that he owns up to $15,000 of ProShares Trust Ultrashort 20+ Year Treasury EFT, a fund that will likely skyrocket as U.S. debt becomes less desirable.

"If the debt ceiling isn’t raised, investors would start fleeing U.S. Treasuries," Motley Fool's Matt Koppenheffer told Salon. "Yields would rise, prices would fall, and the Proshares ETF should do very well. It would spike."

"Cantor's involvement in the fund and negotiations is not ideal," he added. "I don’t think someone negotiating the debt ceiling should be invested in this kind of an ultra-short... It looks pretty bad."

More:
http://www.rawstory.com/rs/2011/06/30/cantor-could-rake-in-windfall-if-debt-ceiling-isnt-raised

Originally posted on DU by Ian David:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1432164

[my2sense]

1. I wish the M$M would jump on this story n/t

[Qutzupalotl]

2. It's like he's betting against America while loading the dice.

Despicable.

[still_one]

3. 500 shares of the ultrashort 20+ treasury ETF is not going to make him wealthy. He is a prick, who

wants to be king of the teabaggers

He is doing it because he thinks he can become the speaker of the house

what a jerk

[beyurslf]

6. I agree it won't make him wealthy, but why would someone so high in our gov't own any shares whose

value is derived by our currency losing?>

[still_one]

13. You are absolutely right /nt

[gateley]

4. WHY aren't we pursuing this? I haven't even heard/seen

references to this on MSNBC or progressive radio -- have you?

Even if it comes to naught (the original story said the parliamentarian would probably not rule it as valid, though don't know why) that doesn't mean we shouldn't raise a big stink and get it full coverage!

[nadinbrzezinski]

14. Tom Hartman has mentioned it

[gateley]

16. They should ALL be giving gobs of coverage to this and making

a big deal out of, regardless of the outcome. Just get it "out there" and make people aware enough for him to be questioned about it by reporters. IMO, natch. :7 :hi:

[liberalla]

18. Randi Rhodes has talked about it too.

But still - mainstream coverage would be better.

60 Minutes should do a piece on it, or maybe Nightline.

[Renew Deal]

5. Can't they bring him up on ethics charges for that?

It sure seems pretty unethical.

[jberryhill]

8. No, and there is an important clue why not

Notice that the reason we know this is from the required disclosure he made.

He disclosed it, as the rules require him to do.

The idea is that this is information available to voters, and they are entitled to decide.

After all, he's up for re-election next year, along with the rest ofthe House. If the voters of his district don't care, then who is anyone else to decide whether he should be allowed to represent them?

[upi402]

7. cuz he's got the conscience and humanity of Ted Bundy - n/t

[atreides1]

9. He's nothing like Ted Bundy

Bundy had charisma....

[somone]

10. Cantor is worse scum than DeLay

[Klietzlander]

11. You insult scum good sir.

Scum is a valuable member of the ecosystem, Cantor and Delay are parasites.

[DFW]

12. Who said Cantor was negotiating?

There is a difference between posturing and negotiating.

Obama is trying to negotiate. Cantor is trying to unseat Bonehead as Speaker. There is a difference.

[nadinbrzezinski]

15. Thread winner

and he effectively has already done that

[somone]

17. Cantor has a bright future in the GOP

for now anyway:

http://www.ibtimes.com/articles/180100/20110714/eric-cantor-debt-talks-eric-cantor-deficit-eric-cantor-debt-limit-eric-cantor-virginia.htm

Debt Talks: Has Eric Cantor Hijacked the GOP?
July 14, 2011 9:39 AM EDT

..."There is one person who hasn't come up with a plan, hasn't compromised, hasn't reached out to the other side in an effort to move forward, and that is the majority leader in the House, Mr. Cantor," Sen. Charles Schumer (D-NY) said from the Senate floor on Wednesday. "He is the only one who still says, 'My way or the highway.'"

Cantor has maintained an unwavering opposition to any deal that involves new sources of revenue, or "tax hikes" in GOP rhetoric. It manifested itself when he walked out of an early round of talks, and in his regular statements refusing to give any ground on taxes.

This steadfastness has to a certain extent usurped the debate from more senior elements of party leadership. Speaker of the House John Boehner, R-Ohio, endorsed a deal, floated by Obama, that would have sought a much larger deficit reduction package including Republican goals like cutting Social Security and Democratic priorities like new tax revenue -- not surprisingly, Cantor was one of the loudest voices in a chorus opposing it. Obama has praised Boehner for being "very sincere about trying to do something big," but has not had such kind words for Cantor.

Cantor also rejected a plan from the top Senate Republican, minority leader Mitch McConnell, R-Ky., that would have effectively ceded authority for raising the debt limit to Obama. McConnell appears to have calculated that the move would shift responsibility -- and blame -- to Obama, deflecting criticism that Republicans had not done enough. Shortly after McConnell released that plan, Cantor issued a press release maintaining that "Currently, there is not a single debt limit proposal that can pass the House of Representatives." It did not directly mention McConnell's plan, but from the timing the intent was clear.

[DFW]

21. to paraphrase an old song:

(to the tune of "There's no business like show business")

There’s no business like NO business like no business I know
Blocking off Obama’s nominations, filibuster just around the bend
Freezing up some needed legislation, means will be justified by the end!


There’s no people like NO people, their truth standards are low
Even if you don’t like what Ann Coulter writes, or Cantor puts on his web sites,
Alito will still rule against your civil rights, so let’s go on with the NO!

[yella_dawg]

19. Cantor is a pig.

But $15K isn't even chump change for people like him.

[Kingofalldems]

20. He should be removed from the room and not allowed back.