Economics

Congress, Economics

A Cool $5 Million-Does Pelosi Know Something We Don’t?

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It’s not hard to see why some politicians are calling for a ban on lawmakers trading stocks. The problems of senators and House reps getting filthy rich and generating conflicts of interest have been with us for a long time. But the loot amassed by former California Democrat and former House Speaker Nancy Pelosi is raising eyebrows afresh.

According to the widely followed X account “Unusual Whales,” which tracks suspicious trades, Pelosi has made $5 million recently from her stock in the company Nvidia, which is now the most valuable company in the world (albeit with a much higher price to earnings ratio than second and third place, Microsoft and Apple). The company is best-known for its computer graphics cards powering popular high resolution video games, but like all such companies, it’s branching out into Artificial Intelligence (AI).

For reference, this is 20 times her annual salary.

An earlier story from a few weeks ago reported that Pelosi’s husband Paul made stock moves with Nvidia that netted the couple almost $4 million at that point.

What are the odds that their percent returns exceed that of investment legends like Warren Buffet?

It will probably be difficult or impossible to round up enough lawmakers to get a ban on congressional stock trading; too many people are feeding at that trough. Past legislation that claimed to ban the practice have done anything but. Politicians have always sought to enrich themselves above the “plebs” they pretend to serve, but the extremity of Pelosi’s wealth generation has really gotten under the skin of ordinary Americans.

Politicians are able to insulate themselves from much contact with real people, but the feelings of ordinary citizens flow freely on Elon Musk’s X.

Bruce is not alone. Like many others,  “FrankChronicles” believes Pelosi is engaged in insider trading. These are just suspicions and allegations, but they’re widely shared.

Then again, so is skepticism about accusations of insider trading:

But on the other-other hand, Pelosi’s return on investment has some people questioning how it is that a congresswoman seems to be outperforming top investment advisors.

We’re unlikely to find out for sure whether Pelosi or any other politician is getting inside tips because the system is set up to protect corruption for the powerful – but it’s safe to assume that’s exactly what’s happening.

Are you a casual or professional investor? What’s your take on Pelosi’s Nvidia windfall? Let us know in the comments.

Economics

Top Biden Economist Proves He’s Just as Incompetent as You’d Expect

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It should come as no surprise that an economist in the Biden administration knows nothing about economics – and Biden’s 31st Chair of the Council of Economic Advisers, Jared Bernstein, has reminded us that’s undoubtedly the case.

Bernstein appeared in a new documentary called “Finding the Money,” which was made by proponents of Modern Monetary Theory, a crank theory that argues the government can endlessly print money without consequences.

“The U.S. government can’t go bankrupt, because we can print our own money,” Bernstein says.

The interviewer then asks, “Like you said, they print the dollar, so why does the government even borrow?”

Bernstein then seemed uncertain in his response. “Again, some of this stuff gets.. some of the language and concepts are just confusing. The government definitely prints money, and it definitely lends that money by selling bonds. Is that what they do? They sell bonds, yeah, they sell bonds. Right? Since they sell bonds, and people buy the bonds, and lend them the money.”

He continued; “A lot of times, at least to my ear with MMT, the language and the concepts can be kind of unnecessarily confusing but there is no question that the government prints money and then it uses that money to um, uh … I guess I’m just, I can’t really, I don’t get it, I don’t know what they’re talking about. . . . It’s like, the government clearly prints money, it does it all the time, and it clearly borrows, otherwise you wouldn’t be having this debt and deficit conversation. So I don’t think there’s anything confusing there.”

The responses to his comment ranged from mockery…. to mockery.

Sadly, Bernstein probably is the most qualified person Biden could’ve found.

Economics

It’s Been Over a Year Since the Bud Light Boycott Began – Here’s How It’s Doing Now

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Go woke, go broke.

Despite an increase in substantial earnings in Q1 2024 for parent company Anheuser-Busch, sales of Bud Light continue to plummet more than a year since its disastrous pro-trans marketing campaign.

A mass boycott by furious beer drinkers began in April 2023 after Bud Light launched its campaign featuring transgender activist Dylan Mulvaney. Following widespread publicity, sales of the beverage to retail stores had fallen by more than a quarter by July 2023.

One year on and sales continue to drop, although its impact on Anheuser-Busch is somewhat limited. The company experienced a 2.6% revenue increase to $14.55billion in the first quarter of the year, partly attributed to higher prices. That said, the boycott remains noticeable with a 9.9% volume decline in Bud Light sales across North America.

This was a shock to no one, of course.

Anheuser-Busch has not escaped the impact even with successes elsewhere. With its market share continuing to fall one year on, the brewer has sought to minimize its losses through an unsuccessful Super Bowl ad.

What is your view on the Bud Light fiasco? Did you stop drinking it after the Mulvaney campaign?


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