Nancy Pelosi Comes Out In Support of Stock Trading Ban After Trump Says He Doesn’t Really Know About It
https://www.mediaite.com/politics/nancy-pelosi-comes-out-in-support-of-stock-trading-ban-after-trump-says-he-doesnt-really-know-about-it/Open linkView original on lemmy.world449
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Of course she doesn't care now, she's only a few years away from retiring or dying on the job anyways
... and has her coffers more than filled 👍
She's really going to get hers and then pull up the ladder behind her, eh? What a boomer.
She's actually too old to be a boomer. Pelosi is silent generation.
No, no, the correct meaning of "boomer" apparently is "anyone older than me that I don't like"
Attempting to explain anything meaningful by referencing generational cohorts is a lazy, useless pastime anyway. It has about as much intellectual rigor and explanatory power as astrology or the theory of humours.
I recently heard some teenager call someone that was Gen Y a "boomer". IRL.
Yeah, I actually laughed out loud at that. 🤣
This is a huge about-face by her. Why couldn't she have done this when she was still in power?
Pulling the ladder up behind you and boomer shit, name a more iconic duo.
She supported it in 2022: https://www.willmarradio.com/news/politics/pelosis-support-of-bill-banning-congressional-stock-trading-clears-path-forward/article_610170a0-6df6-5a36-b99a-f986756545e2.html
And in 2019: https://thehill.com/policy/finance/473281-house-passes-bill-to-explicitly-ban-insider-trading/
And in 2012: https://pelosi.house.gov/news/press-releases/pelosi-statement-on-senate-passage-of-stock-act
But yeah she made money on stock trades, and famously did not support it in 2021. So there’s that. https://www.cnbc.com/2021/12/15/house-speaker-nancy-pelosi-opposes-banning-stock-buys-by-congress-members.html
She stopped supporting it when it had a real chance of passing. Performative progressivism is the Democrat way.
Nah it looks like she was for banning trades using insider trading, and against banning Congress members and their spouses from trading stocks.
If your husband/wife's entire career is trading stocks I highly doubt you'd be for such. It's hypocritical that she would be for it now though. She should have kept her stance that she had in that 2012 article, that increasing scrutiny and verifying their trades should be done to make sure no inside information was used.
Nuance is always appreciated
https://www.quiverquant.com/congresstrading/politician/Nancy%20Pelosi-P000197
look at her trading history and answer that yourself
"Got Mine, Fuck You."
because this is not how capitalists work, simply put.
Retire? Oh you're funny.
She is 100% planning on dying in office. She's obviously one those people who are obsessed with leaving a "legacy". In her mind she's going to be remember as the first female member of the House and a groundbreaking feminist who made way for others, etc.
Which would have probably stuck if she'd retired a decade ago. Now she's going to remembered as a greedy ghoul who intentionally sabotaged other politicians and held back society to enrich herself. This is too little, too late.
Yea, I have nothing but disdain for Dianne Feinstein who did great things like 300 years ago and then held on to her position so long that it all got ruined and thrown away.
RBG did the same thing.
RBG actually did some good, unlike Feinstein. She hung on too long, but it was for honorable reasons, she just didn't live long enough for the benefits to materlialize.
Feinstein never did anything significant.
Ah, right, he "woman CEO" 1970s bourgeois feminist trope. But experience has now demonstrated that here's no difference between a male and a female corrupt weasel. Capitalists are still capitalists, and their weasel mouthpieces are still weasels.
Yeah I was gonna say, she's 85 and has insider traded her way to a net worth of ~$250 million. No wonder she's like yeah fuck it lol.
She still cares and if this had a chance to pass shed vote against it
We'll see neoliberals claim to want progressive policy now, because they'll never have to vote on it.
The same way Republicans spent four years demanding Epstein lists, and now that they can release them they won't.
Normally I'd agree, but she's one of the old boomers. She's planning to stay in power another 15 years.
Well, kids these days only care about TikCrafts and their MineToks, so it's our fault she has to stay in power. If we cared more about governance by the people, for the people, instead of streaming Fartnight, she could learn what skibidi toilet Ohio means from her great-grandkids and know why Democrats lose there.
What, for the next generation of unethical legislators?
Boomer. lol no. Words do have meaning and you’re using that word wrong. She predates the baby boomers, that’s how fucking old she is
More correctly, she’s actually a part of the silent generation.
So that's why she never spoke out against insider trading
She's a fucking vampire, and she predates the Salem witch trials where she thinned out the competition.
Huh you're the third person who said this exact thing
Cool. Also, fuck Nacy Pelosi.
That's like Trump saying they should ban pedophilia now that he can't get it up anymore.
People have actually died from too many enhancement pills...
ETA https://www.psychologytoday.com/us/blog/all-about-sex/201412/warning-men-erection-drugs-just-might-kill-you
lol, she already made her money. I agree with removing it, but that’s a very boomer way of seeing…. “I’ve got mine, so fuck you”.
Trump will do crypto, is that covered?
If it was itd never pass
By saying she supports it, she knows trump will block it
This is the on-brandest
Twist: It is actually a total ban on all stock trading thus eliminating stock markets forever.
Don't stop, I'm finna chum
IMBATUKUM
Lol without the context of my comment I was just thinking what the fuck is this dude going on about. But you right
Now that would change things drastically. I would think for the better.
She blocked it when it had a chance of passing. Of course she supports it now that she knows it won't
Pelosi is the poster child (though "child" in this case is woefully inappropriate) for why such a ban is needed.
If it weren't for insider trading, she'd be living in a trailer.
The fact that she's speaking on the topic at all bespeaks a breathtaking level of arrogance and hypocrisy.
I don't get what the point of saying stupid shit like this is. She had been speaker of the house for years, and in Congress for decades. Making 170-190k/year. That's not trailer money. Her husband also was wealthy prior to this.
Did they abuse her position for personal gain? Yes.
Would they be poor without it? Fuck no
Is she the worst offender? Also no, but Republicans refuse to admit their own politicians do the same shit, more blatantly and more often. Do she gets criticism from all angles while Republican politicians get it only from the opposition. Being the most prominent member of the house also gave her advise more visibility.
She's fucking 85. It's not like it will fuck up her retirement plan or something.
That's probably the only way to move things forward though. Implement rules that only affect future politicians. Let the current generation have their cake. We can gradually transition to something more sane as they get replaced.
I loathe agreeing with that, but when a political system is so self-serving, that's the only way.
She's following the Feinstein Retirement Plan.
It wouldn't have changed her retirement plans when she blocked the last attempt several years ago
Well, there goes the Nancy ETF.
The fix is in then. We know this greedy inside trader doesn't want that.
She definitely got some kind of cutout.
Clearly Nancy doesn't believe in a word that she's saying. It doesn't take decades to figure out that you're getting rich because you have insider knowledge. Which means she knows there's no chance the legislation would pass, and she's just grandstanding, and hey that's better than nothing, so we can give her a golf clap.
It's cynical, dishonest, manipulative, and completely unproductive.
Based on that alone I completely believe that Nancy Pelosi did the math and realized that Democrats could argue for this out loud maybe even vote for it but there's no chance that it'll ever happen so it's a great chance for her to actually do politics with the voters which I thought she had considered beneath her.
Make it retroactive to Trumps first term and see how much she supports it.
She's really good at stocks though.
I mean they are. She publicly posted every trade she made for like 2 years and they beat every model out there, and none of the companies had ongoing congressional votes.
Has she made stock trades in the past, probably/possibly. But if you look at the stocks she invests in, it's mostly all large tech companies. She was up 74% in 2024 which is rediculous. That said NVIDIA was up 190% in 2024, which is where she likely got a lot of her gains. She started trading a bunch in 2020.
That said I'm sure her trading will slow/stop soon enough, it appears her husband just had a kidney transplant (her daughters kidney) so I imagine he'll kick the bucket soon enough. He's 85 from what I just saw.
https://valueinvesting.io/nancy-pelosi-stock-trades-tracker
Maybe Warren Buffett should hire her then, since she's so good at stocks without any insider information at all.
Buffett is what, 480x her worth, with most of his money coming from investment banking as well. The Pelosis out performed him for the last ten years but she only made 250 million in that time supposively.
To put that in perspective buffet makes her net worth twice a month. That's at 5% growth, and the 10 year market average is over 10. Meaning he really should be making $1 billion dollars a month with average market investments.
If you have money to invest the markets make you stupid money, the problem is that most people will never have money to invest like they do. Then again if everyone did, inflation would skyrocket as well.
Our capitalistic system is designed around those who get ahead taking off, and the majority griding day after day filling their pockets. Banning Congress from trading stocks may help some day, but only if there was some way to make people impregnable to greed. Otherwise guess what, Buffet who wasn't in Congress keeps going, Pelosi's kids take control of assets and invest, the Trump organization is split between names, so nothing stops Ivanka/Jr/the rest of them from making the trades. Hell they can just make the trades in their kids names and the kids can say they are just taking care of their elderly parents anytime they want to buy something. (Those people are to old to use anything really) But the same principle applies elsewhere.
Its better to just make strict regulations with a 3rd party investigative body.. or put wealth caps, or if we could, come up with a new system. A democracy would be nice. A democratic communist society could be nice as well. Haven't seen many of those outside of small pirate crews.
To everyone here dismissing this and saying “too little too late..”
What are republicans doing or saying that comes even close to this?
Like sure this is bullshit, but can anyone say when republicans even came close to the lowest fake ass shit you’d pretend this to be ?
She's commenting in support of a Republican's bill. This is Hawley. It's performative. They all know it won't pass.
Hey, she already got her millions, so who cares. In fact, she's a hero for supporting this legislation that would have prevented her insider-trading husband from accumulating so much wealth had it been in place when she took office. Let's throw her a parade.
Dang. I was already up 30% by mirroring her portfolio. Now we'll have to play fair again if we cant know her trades.
I don't trust these kinds of bills because voters don't know enough to have a say.
Politicians will announce policy MONTHS in advance. People don't care because CNN or whatever didn't make it consumable. And then politicians make moves on the stock market. And then people accuse them of insider trading.
The last few times Pelosi has went viral, the policies were hashed out ad nauseum and even made headlines well in advance. Way before she made her moves.
People have no idea what's going on and then a bill like this appears?
Edit: the amount of people who take this further is rare. It's all about "insider trading." But what about the things they actually do to profit off governance?
So, what you're saying is we should just read the congressional record and day trade?
There are professionals that make millions a year trying to figure this stuff out while managing their funds. Just to eek out an extra percent or two over A&P. Do you really think they never thought to look at the text of potential bills before?
But congressmembers routinely vote those returns out of the water. And that's just something they do on the side, from their full time job as a politician...
You actually believe that?
I think you're ignoring the Congress index fund people. They've proven quite clearly that members of Congress are beating other national index funds on a regular basis. Is that because Congress is smarter? More informed? I'm going with the latter, not the former.
It sounds like you want to try to reduce other types of corruption. Great, let's do that too. But this is an obvious starting point especially when you see the president throwing up terrorists just so his buddies can time the market.
I feel like this is a big list.
This can only mean one thing.... The market is about to tank and tank hard as fuch.
Yeah, she can go F' herself here. She blocked it last time progressive brought this up and this just more performatory BS from disingenuous Democratic leadership.
Says the highest stock earner in Congress.
She was #10 in returns in 2024.
https://www.fool.com/research/congressional-stock-trading-who-trades-and-makes-the-most/
I stand corrected.
Info he's referring to: Rep. David Rouzer (R-NC): 149.0% Rep. Debbie Wasserman Schultz (D-FL): 142.3% Sen. Ron Wyden (D-OR): 123.8% Rep. Roger Williams (R-TX): 111.2% Rep. Morgan McGarvey (D-KY): 105.8% Rep. Larry Bucshon (R-IN): 98.6% Rep. Pete Sessions (R-TX): 95.2% Sen. Susan Collins (R-ME): 77.5% Rep. David Kustoff (R-TN): 71.5% Rep. Nancy Pelosi (D-CA): 70.9%
149% in a year, that's wild. Must have owned mostly NVidia
Yeah, you only get those kinds of numbers (usually) from something like crypto - of course, it could easily swing the other way, since it tends to be extremely volatile.
The article says this:
By the way, my comment that she's #10 is not meant to make an excuse for her. Just because she was beat by 9 others doesn't make it right...in fact, it's still quite infuriating and most Americans support putting an end to this insider trading.
You can get those numbers reading options. If you know a company is about to get a $100 million government contract, which might bump up the stock like 10-20%, you can buy options that multiply those returns because you know how quickly it will jump
Well the truth is likely different than people want to hear. Every trade over $1000 dollars has been reviewed by an ethics committee since the stock act was passed back in 2012. It made sure Congress members trading with insider information was a crime. Aka, everyone who's bitched about insider trading since 2012 has been going off their feelings of how it's unfair rich people can make money off the insane amounts of money they have.
https://www.congress.gov/bill/112th-congress/senate-bill/2038
They've clearly not been enforcing that very well. Sure, they now submit their trades a month afterwards. Nothing happens unless they're very obviously telling other people to also trade on that info
They might not be enforcing it strongly enough, but it's already illegal. Meaning the punishments and review process should just be reviewed/changed. That said if you look at where everyone made giant amounts of money last year it was Nvidia. It wasnt about insider information. The company just took off, and the legislative branch has actually put restrictions on the company, not voted to allow them to operate freely. Had Nvidia been able to sell in China and build more factories there the company would have been able to increase more rapidly. So the insider information would have been to sell Nvidia stock, not buy it.
If we want to fix the issues at its core we need to find ways to ban everyone from investing in the stock market, not just government members.
She's barely in the top 10.
I bet she tells her undertaker she's for term-limits.
Lol. She's got her $200mil, she can pretend to care at this point.
I got excited for a second thinking she came out as the crypt keeper.
There's no need to be cruel.
The Crypt Keeper doesn't deserve to be compared to someone like her.
Whatever. She knows it won't happen while she's alive/in office, and just wants brownie points for being on the right side of history.
Nancy is a fascist and needs to be taken out with the rest of the trash