Why Term Limits Are All About the Money

[Inside Wall Street with Nomi Prins]( Welcome to Inside Wall Street with Nomi Prins! It’s the only daily newsletter featuring the insights of renowned author and former Wall Street insider, Nomi Prins. Every day, Nomi shines a light on a massive wealth transfer she calls The Great Distortion. That’s the true cause of the permanent disconnect she sees between the markets and the real economy. And she shares ways you can come out ahead, if you know where the money is flowing. You’ll find all Nomi’s Inside Wall Street issues [here](. If you have questions or comments, send Nomi a note anytime [here]( or at feedback@rogueeconomics.com. Why Term Limits Are All About the Money By Nomi Prins, Editor, Inside Wall Street with Nomi Prins A number of you have written in about the topic of congressional term limits recently. And I think it’s an important issue because it gets at the heart of power distortion on Capitol Hill. Some of you even brought up ideas on how to limit power longevity in Washington, D.C. For example, one reader – Jerry Kraemer from Kentucky – wrote to two of his congressmen (one at the state level and one in the House of Representatives) about it. But he was given the political power anthem response from both. Now, I’m paraphrasing the response he shared – but the summary goes something like “because we’re in power, we know more about how power works, so we should stay in power.” [Featured: Bear Market Expert Reveals His #1 Stock for 2023]( Another argument against term limits is that they restrict democracy itself. If voters choose to vote for a candidate who keeps running for office, then they’ve voted their choice. And that’s democracy. But here’s the thing: term limits are not just about experience. Term limits reduce backing from corporate interests and high net worth people – especially where they put their money, and what they want in return. This can be anything from access to legislative favoritism. And as corrupt as that dynamic sounds – and as much as politicians never admit they are indebted to their largest financial supporters – if you follow where this money goes, you can benefit as an investor… So, let’s get into it. Recommended Link [When was the last time things felt ‘right’ in America?]( [image]( In the past year or two alone... We’ve seen wild and unpredictable shortages of everything from toilet paper to automobiles. Along with lumber, eggs, even the copper penny has been distorted... It’s now worth three cents thanks to the soaring price of copper. But one key driver of our economy has become more plentiful than ever... [Click here to find out.]( -- How Term Limits Don’t Match Up With Voters’ Preferences When it comes to term limits, partisanship doesn’t play much of a role. An incredible 84% of the American population, according to one survey, supports restricting the amount of time a politician can hold office for the House. That figure is 83% for the Senate. Although there’s been some forward movement on adopting term limits for Congress, we’re a far cry away from having these implemented. Why? Well, it’s complicated. Mostly because the process requires an amendment to the Constitution. And that in itself is a complex endeavor. It requires a grueling process of proposal and ratification. The most important part is to undergo a Term Limits Amendment Proposal Convention. This means using “the procedures set forth in Article V” of the Constitution to institute a change. The convention would trigger automatically if: - Thirty-four state legislatures (or two-thirds of the states) endorsed it. And states don’t need the permission of Congress to propose a constitutional amendment. Or: - Two-thirds of both houses of Congress (the House and the Senate) proposed an amendment to the Constitution. The state legislatures would then have to apply for a Convention of States in order to finalize the amendment language. After that, the proposed amendment would need to be ratified by the legislatures of three-fourths of the states (38 states) – or by three-fourths of state ratifying conventions – which would need to be set up. So as you can see, there are many steps to this process, which makes setting term limits a tough thing to accomplish. But how come there are limits to the Presidential office – and none for Congress? Recommended Link [Find financial freedom in 2023, starting with as little as $100]( [image]( Master Trader Jeff Clark achieved financial freedom at the young age of 42. He profited through the massive stock market crashes in 2000, 2008, and 2020 and helped thousands of people, from teachers to doctors, achieve financial freedom… some starting with as little as $100. [Watch his video here and get the name and ticker of the One Stock too.]( -- Why Should Congresspeople Outstay the President? The Twenty-Second Amendment was ratified in 1951. It limited the term for elected presidents to two after Franklin D. Roosevelt, a Democrat, was elected to four terms in office. (Ironically, it was a Democratic House and Senate that decided two terms were enough.) But it’s a different story for the Senate and the House. To date, there’s no limit on how many six-year terms a senator can have. There’s no limit on how many two-year terms a House representative can have, either. Finally, there’s no limit on how long someone in Congress can hold a seat of power (an idea one reader suggested). The longest-serving Speaker of the House was Sam Rayburn of Texas, serving nearly 17 years. In fact, one of the buildings that contains offices for the House is named after Rayburn. I’ve been there dozens of times speaking with congresspeople on both sides of the aisle. [image]Nomi during her visit to the Rayburn House Office Building in March 2022 What’s more, the House member with the longest number of consecutive years of service, at 59 years, was John Dingell, Jr., (D-MA). Since the President can only serve two terms, it seems logical for members of Congress to have a similar limitation. [Featured: Nomi Prins: “What I said on Fox Business…”]( Again, it’s not that simple. Setting term limits is complicated. It requires a constitutional amendment. Even so, you may be wondering, “why isn’t this already a law?” And that’s because the Founding Fathers rejected the idea. Most members of the Constitutional Convention of 1787 believed that longer terms would make congresspeople more effective by virtue of their experience and public commitment. James Madison, father of the Constitution, noted in his Federalist Papers that longer-term congresspeople would be “thoroughly masters of the public business,” opposed to “falling into the snares that may be laid before them” – a mishap new members might face. But our Founding Fathers could not have predicted what came next. Fast forward to today, and the landscape looks much different. Most incumbents currently stay in power due to the money and corporations backing them. Recommended Link [Market Wizard who made $95 million for his clients in 2008 – and predicted the 2022 collapse – reveals his strategy:]( [image]( The One-Ticker Retirement Plan How to make all the money you need – in any market – using a single stock. [Click here for the name of the ticker…]( -- Tomorrow, in the second part of this essay, I will delve into why this is the case, recent efforts to impose term limits, and how you, too, can profit from the power incumbents hold… Stay tuned for more. Regards, [signature] Nomi Prins Editor, Inside Wall Street with Nomi Prins --------------------------------------------------------------- Like what you’re reading? Send your thoughts to [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=Inside Wall Street Feedback). --------------------------------------------------------------- MAILBAG Last week, we shared a [guest essay]( from crypto legend, Teeka Tiwari. Teeka talks about guiding readers through crypto bear markets… and where he thinks crypto is headed. But this reader thinks that crypto has lost credibility… I cannot imagine crypto regaining credibility until the dust has settled and Congress and regulators have done something. This may take all of 2023. – Richard S. Are you with Richard and think crypto has lost credibility? Do you agree with the Founding Fathers that longer-term serving congresspeople know better? Write us at feedback@rogueeconomics.com. IN CASE YOU MISSED IT… [Bear Market Expert Reveals His #1 Stock for 2023]( “I went from the brink of bankruptcy to wealthy – thanks to one type of stock” [Get his top pick here.]( [image]( Get Instant Access Click to read these free reports and automatically sign up for daily research. [An Insider’s Guide to Making a Fortune from Small Tech Stocks]( [The Trader’s Guide to Technical Analysis]( [The Ultimate Guide to Taking Back Your Privacy]( [Rogue Economincs]( Rogue Economics 55 NE 5th Avenue, Delray Beach, FL 33483 [www.rogueeconomics.com]( [Tweet]( [TWITTER]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Rogue Economics welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-800-681-1765, Mon–Fri, 9am–7pm ET, or email us [here](mailto:memberservices@rogueeconomics.com). © 2023 Rogue Economics. All rights reserved. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Rogue Economics. [Privacy Policy]( | [Terms of Use](