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Congress Needs to Stop Day Trading, Says Sen. Mark Warner

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Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner

#41

Post by Tenoke »

ISL wrote: post #28

Members of Congress make ~$174k/yr. [1] It will be an unpopular opinion, but I believe that we should pay better (and demand better) for a job with that much responsibility. Otherwise, a congressperson will be forever tempted to align their incentives with service to causes other than their electorate. I'm fairly certain we should be paying our elected officials at least as much as our football coaches. [1] https://w…

For what is worth, if they get even less compensation and more limitations it might become even less lucrative for capable individuals which I'm honestly not sure if it won't make things even worse as it leads to both less misaligned incentives but also worse quality talent.

You can't get anywhere near a top-notch CEO for their salaries, why would you expect to get a top-notch Congressman?

Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner

#42

Post by abakker »

ISL wrote: post #28

Members of Congress make ~$174k/yr. [1] It will be an unpopular opinion, but I believe that we should pay better (and demand better) for a job with that much responsibility. Otherwise, a congressperson will be forever tempted to align their incentives with service to causes other than their electorate. I'm fairly certain we should be paying our elected officials at least as much as our football coaches. [1] https://w…

it would also probably reduce the opportunity costs for other good candidates to be members of congress for shorter periods. Career politicians are a blight.

Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner

#43

Post by peteradio »

ISL wrote: post #28

Members of Congress make ~$174k/yr. [1] It will be an unpopular opinion, but I believe that we should pay better (and demand better) for a job with that much responsibility. Otherwise, a congressperson will be forever tempted to align their incentives with service to causes other than their electorate. I'm fairly certain we should be paying our elected officials at least as much as our football coaches. [1] https://w…

I think there should be more of them so that we might actually know the guy. It's too big a job for its original intent I somewhat think.

Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner

#44

Post by redanddead »

ISL wrote: post #28

Members of Congress make ~$174k/yr. [1] It will be an unpopular opinion, but I believe that we should pay better (and demand better) for a job with that much responsibility. Otherwise, a congressperson will be forever tempted to align their incentives with service to causes other than their electorate. I'm fairly certain we should be paying our elected officials at least as much as our football coaches. [1] https://w…

Or our doctors! Imagine if most kids would answer "congressperson" instead of doctor or lawyer. More competition might help that sector.

Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner

#45

Post by jmann99999 »

ISL wrote: post #28

Members of Congress make ~$174k/yr. [1] It will be an unpopular opinion, but I believe that we should pay better (and demand better) for a job with that much responsibility. Otherwise, a congressperson will be forever tempted to align their incentives with service to causes other than their electorate. I'm fairly certain we should be paying our elected officials at least as much as our football coaches. [1] https://w…

The problem with this assessment is that it will never be enough. There is always more to make. For you. For your partner. For your kids.

Many of us here are in software development and make more than $174K a year. That's great. However, even if we were paid $225K, but found an easy way to make $3 million a year, many of us would be tempted to go for the millions.

Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner

#46

Post by filoleg »

TheDong wrote: post #18
filoleg wrote: post #9

Earlier quoted context omitted.

Imo real time is not enough, but it is a solid bare minimum requirement. If private executives have to schedule and declare their company equity trades months and months ahead of time, why do we let the government officials off the hook with just real time? I am not proposing the same “months and months ahead” rules for politicians, because for private executives that restriction applies only to the equity of their o…

> because I am concerned that knowing their trades ahead of time publicly might introduce unwanted side effects. Unwanted side effects like them not buying small volatile stocks that are perfect for insider trading, and instead buying large index funds that are difficult to manipulate? Frankly, anyone who's buying small named stocks that the market can move is either 1) a gambling addict, 2) a professional daytrader,…

Maybe I am misreading, but I am genuinely confused how small cap stocks are related to the conversation at all. My concern wasn’t regarding small cap ticker traders, but something more like attempting to manipulate the market movements by doing certain bogus trades, as well as tons of others that someone else could have come up with.

Basically, I am sensing there might be unwanted side effects from this, but I am not sure. I don’t think it makes sense to worry about much, given that a “report a day ahead” system would be good enough and wouldn’t have as much potential for unwanted side-effects.

Keep in mind, it wont only be the retail traders looking at the live feed of Pelosi’s trades, it will be all big institutional investors as well.

Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner

#47

Post by hourislate »

ISL wrote: post #28

Members of Congress make ~$174k/yr. [1] It will be an unpopular opinion, but I believe that we should pay better (and demand better) for a job with that much responsibility. Otherwise, a congressperson will be forever tempted to align their incentives with service to causes other than their electorate. I'm fairly certain we should be paying our elected officials at least as much as our football coaches. [1] https://w…

I don't know if you realize this but most of the folks who get elected to Congress are already very wealthy and those that are not become wealthy very quickly. And this might come as a surprise to you but the Democrats in Gov are far more wealthier than the Republicans...Go figure the party that says they represent the small guy...lol...

Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner

#48

Post by ShamelessC »

ISL wrote: post #28

Members of Congress make ~$174k/yr. [1] It will be an unpopular opinion, but I believe that we should pay better (and demand better) for a job with that much responsibility. Otherwise, a congressperson will be forever tempted to align their incentives with service to causes other than their electorate. I'm fairly certain we should be paying our elected officials at least as much as our football coaches. [1] https://w…

> I'm fairly certain we should be paying our elected officials at least as much as our football coaches.

Or! Pay our football coaches significantly less/tax them more and redistribute that wealth towards a safety net for all Americans.

But sure, give members of congress a cool million while the poor go hungry.

To be clear, I agree with the sentiment. Elected officials should probably get a bit more money. But, I think you vastly underestimate the greed of the ultra-wealthy in the US. Ultimately government jobs need to be motivated by a desire to change the system for the better. If you just give them all millions of dollars you're inducting them into the class of the wealthy on day one.

Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner

#49

Post by TimTheTinker »

ISL wrote: post #28

Members of Congress make ~$174k/yr. [1] It will be an unpopular opinion, but I believe that we should pay better (and demand better) for a job with that much responsibility. Otherwise, a congressperson will be forever tempted to align their incentives with service to causes other than their electorate. I'm fairly certain we should be paying our elected officials at least as much as our football coaches. [1] https://w…

Regardless of their pay, a congressperson will be tempted to align their incentives with service to causes other than their electorate. Plus, people who just want to make a lot of money (instead of serve their country) would be tempted to run for congress to receive "football coach level pay".

It makes sense to pay them a high enough wage so (lack of) money doesn't become a worry in their life, but incentives get borked beyond that.

What worries me more is the fact that they are guaranteed that same wage for the rest of their life after serving in Congress.

Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner

#50

Post by jonnycomputer »

jmann99999 wrote: post #45
ISL wrote: post #28

Members of Congress make ~$174k/yr. [1] It will be an unpopular opinion, but I believe that we should pay better (and demand better) for a job with that much responsibility. Otherwise, a congressperson will be forever tempted to align their incentives with service to causes other than their electorate. I'm fairly certain we should be paying our elected officials at least as much as our football coaches. [1] https://w…

The problem with this assessment is that it will never be enough. There is always more to make. For you. For your partner. For your kids. Many of us here are in software development and make more than $174K a year. That's great. However, even if we were paid $225K, but found an easy way to make $3 million a year, many of us would be tempted to go for the millions.

Many state governments don't pay much or anything at all to their state legislators. Which is a great way to make sure that only rich well connected people can afford to serve.
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