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Title: Cantor Could Rake In Windfall If Debt Ceiling Isn’t Raised
Source:
RAWSTORY
URL Source: http://www.rawstory.com/rs/2011/06/ ... l-if-debt-ceiling-isnt-raised/
Published: Jul 1, 2011
Author: DAVID EDWARDS
Post Date: 2011-07-01 11:32:45 by Brian S
Keywords: None
Views: 3496
Comments: 4
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." Cantor pulled out of negotiations to raise the debt limit last week saying, "Now is the time for these talks to go into abeyance." Since that time, ProShares ETF is up 3.3 percent. "Cantor's office claims the investment is simply part of a balanced portfolio," noted Washington Monthly's Steve Benen. "It's hardly a stretch, though, to suggest prominent officials should avoid these kinds of conflicts of interest."
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#1. To: Brian S (#0)
Chuckles...if ever there was a metaphor for the GOP...betting against their own team... Then again...Cantor plays for TWO...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
That's not allowed in sports is it?
Von Mises associates any Government involvement in markets as "Socialism" , to mislead people into thinking Government is the enemy , when infact empire is the enemy and empire is Privatized.
Only politics...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
That will happen anyway. It's just a question of whether it'll happen soon, or very soon. What this tells me, is that the guy is not a dummy. He understands economics. Too bad you socialists don't.
Socialists & Democrats want you to do one thing:
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#2. To: war (#1)
#3. To: lucysmom (#2)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#4. To: Brian S (#0)
"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."
"You "say" the most iodtic things..." --our local dummy DwarF
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