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Why do we still let congresspeople trade stocks?

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Wed, Nov 30, 2022 10:32 PM

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Plus: Xi's '89 problems. Follow Us This is Bloomberg Opinion Today, a cocaine bear of Bloomberg

Plus: Xi's '89 problems. [Bloomberg]( Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, a cocaine bear of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - Once more, with feeling: [Congressional stock trading is bad](. - [Xi’s 1989 reboot]( keeps getting worse. - What if [stagflation is good](? - At least we don’t have to [worry about the supply chain](. Congress Should Not Be Trading Stocks Humanity’s greatest asset, and its greatest liability, might be its capacity to ignore terrible situations for long periods of time. This has helped us conquer the planet but also keeps us from addressing things like slavery or climate change until it is way too late. This applies to less-existential issues, too: everything from the [five-day workweek]( to the fact that it took [35 years]( to finally make “[Cocaine Bear](” (content warning for cursing, gore, cocaine use by a bear). Then there is the US Congress. There are many enduringly terrible things about it. But one of the most obvious, and most easily addressable, is the fact that lawmakers have the opportunity to do insider trading and flaunt conflicts of interest right in our faces. When lawmakers profit on industries they oversee, or on national tragedies such as terrorist attacks and pandemics, that hurts democracy, which as you may have noticed hasn’t been having its best decade. A while back, Congress did make a “law,” the Stock Act, warning itself it will be really disappointed in itself if it sees itself pulling any such shenanigans around here and telling lawmakers to report their trades. But [violations]( have resulted in precisely as many criminal prosecutions as you would expect (zero). Enough is enough, Bloomberg’s editorial board writes: It’s long past time for a hard [ban on any stock trading by members of Congress](. If these people must own stocks, then they should be in a blind trust while in office. You might think this would make it harder to attract quality candidates, to which I would counter: [Marjorie Taylor Greene](. If even Nancy Pelosi, one of Congress’s biggest stock-market beneficiaries, is now on board with real reform, then this might finally happen. Cocaine Bear waited 35 years. We shouldn’t have to. Xi Has ’89 Problems As if Xi Jinping didn’t have enough reminders of [1989]( to worry him, the death of one of his predecessors adds to the parallels. Former president Jiang Xemin died today, in what Clara Ferreira Marques writes is an eerie echo of the 1989 death of Hu Yaobang, which [gave protesters an excuse to gather in public](. Xi’s harsh Covid lockdowns have cranked up public unhappiness to levels not seen since Tiananmen Square. And though Beijing has so far managed to keep the unrest to a minimum, Jiang’s death could mark a turning point. It’s not as if Jiang is exactly a natural figure around which to build a revolution, Matthew Brooker writes; post-Tiananmen, he offered China the devil’s bargain of trading political freedom for economic abundance, after all. But his death will remind everybody that, however bad that bargain was, [Xi keeps breaking it](. Bonus China Reading: Chinese censorship-by-spamming is giving [Elon Musk a crash course in content moderation](. — Tim Culpan Deflation Watch! Today was a big day for Team Soft Landing. Job openings [shrank]( a bit. Jay Powell [suggested]( the Fed would bludgeon the economy a little less aggressively next month. Euro-zone [inflation might have peaked](, writes Marcus Ashworth. Stocks [jumped](. Even [cotton prices]( have gotten cheap in a hurry, as Javier Blas notes. Chart by Jessica Karl All of this might sound like good news, but apparently not to Narayana Kocherlakota. The former Fed official argues the best thing for the economy right now would be [a little bit of stagflation](, because higher unemployment now would bring inflation down faster in the long run, avoiding even higher unemployment in the future. Got it? I might need the bear to give me more cocaine. Bonus Central-Banking Reading: Central bankers [shouldn’t be forced to carry economies]( all by themselves. — Conor Sen Telltale Chart While we’re on the good news, Andrea Felsted points out protests in China [shouldn’t hit supply chains too hard](, partly because retailers already have way too much supply. The [wild history of the Iraqi dinar]( could give us a hint about crypto’s future, writes Lionel Laurent. Further Reading [Anti-woke Republicans]( will continue to be frustrated by corporate America’s climate efforts. — Liam Denning Two fast books about Boris Johnson and Liz Truss make clear [how broken the UK’s political system is](. — Adrian Wooldridge [Iran’s soccer team needs protection]( from Iran’s regime. — Bobby Ghosh The [blockbuster new Alzheimer’s drug]( is really just a promising start. — Lisa Jarvis ICYMI The IRS [gave Donald Trump’s tax returns]( to Congress. Banks are cooking up ways to [identify mass shooters](. Reed Hastings called Elon Musk the “[bravest and most creative person](” alive. RIP, [Christine McVie](. Kickers Mariah Carey is alleged to have [used a teleprompter]( to sing her biggest hit. (h/t Ellen Kominers) “Empty” toner cartridges [may really be half-full](. Area biotech firm uses [tiny worms to test for cancer](. Viral [snow leopard photos]( are fake. Notes:  Please send toner cartridges and complaints to Mark Gongloff at mgongloff1@bloomberg.net. [Sign up here]( and follow us on [Instagram](, [TikTok](, [Twitter]( and [Facebook](. Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022

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