Nasty Nancy isn’t just a career Democrat politician that’s now in a tight spot because Brandon the Bumbler could knock down the house of cards that she has delicately constructed over the past few years.
No, the Wicked Witch of the West is also a renowned real estate and equities investor, owning tons of valuable buildings and making stock trades so good that they’d make Warren Buffett blush.
Of course, the implication is that she uses her political knowledge to time those trades, as we saw with her making a mint off Tesla stock, which was bought shortly before the new legislation was passed that gave TSLA a major boost.
As a result of the stock trades of Nancy and many other seemingly corrupt politicians on right and left, the public outcry has been severe, which has in turn led some of the less corrupt and more populist members of the legislature to push for a ban on trading stocks for members of the legislature. Kevin McCarthy, for example, recently called for an “outright ban.”
Nancy, however, has pushed back, saying that members of Congress “should be allowed” to trade stocks because…it’s a free market (not for long, if Brandon has his way).
That’s drawn outrage from all corners. An Obama ethics official, Walter Schaub, took to Fox to say:
“What a disgusting comment. This is the opposite of government ethics. Nobody kidnapped these members of Congress when they were private citizens, dragged them to Washington and forced them to be in Congress. The American people are sick of members of Congress buying and selling stock and creating the appearance of trading on insider information. They should absolutely be banned from trading stocks. Let them buy diversified mutual funds. Let them buy government bonds. But bar them from trading stocks for crying out loud.”
Criticism has come from the right too, most recently from former President Donald Trump, who absolutely unleashed on Nasty Nancy the Stock Trader and called for a total ban on legislators trading stocks. Speaking about Pelosi’s stock trading on a press call, he said:
“She has inside information. It’s not right. It’s not appropriate. It shouldn’t be. She doesn’t want to discuss that. She wants to discuss other things that shouldn’t be discussed. Some of the things that they’re proposing now, like impeaching someone for absolutely no reason for a perfect phone call. You look at that. You look at impeachment—both of them.
But you get impeached for a phone call that was like perfecto. So many different things. I happen to watch her and see her and dealt with her a lot and I think she’s clever in one way and stone cold crazy. She should not be allowed to do that with the stocks. She should not be allowed to do that. It’s not fair to the rest of this country.”
Trump is right. When politicians use insider info to make money trading stocks, they’re taking advantage of the rest of the country. It’s high time they’re not just held accountable for insider trading, but also stopped from doing so in the future.