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Mon Nov 26, 2012, 08:21 PM

Oh... NOW... I Get It...

HILL OF MEANS
Nearly half of Congress worth more than $1M, study reveals

By Mara Gay Sunday
November 20, 2011

<snip>

Forget Wall Street. With riches like these, “Occupy Congress” may make more sense.

That’s because 250 members of Congress — or 47 percent — have a net worth of more than $1 million, according to a new study by the nonpartisan Center for Responsive Politics.

The study, which analyzed data from legislators’ financial disclosure forms, found the average senator had a net worth of about $2.63 million last year. That’s up 11 percent from $2.38 million in 2009 and 16 percent from $2.27 million in 2008.

“The vast majority of members of Congress are quite comfortable financially, while many of their own constituents suffer from economic hardships,” Sheila Krumholz, executive director of the Center for Responsive Politics, said in a statement.

Some have suggested the dizzying financial success enjoyed by members of Congress is about more than luck, or even good business sense. Peter Schweizer, a fellow with the conservative Hoover Institution, has said lawmakers profit from a kind of “insider trading” that might get them in trouble outside the halls of Congress.

“There are all sorts of forms of honest grafts that congressmen engage in that allow them to become very, very wealthy. So it’s not illegal, but I think it’s highly unethical, I think it’s highly offensive, and wrong,” Schweizer, the author of “Throw Them All Out,” a book accusing congressmen of using their influence and connections to make smart investments, said in an interview with CBS’ “60 Minutes” this month.

“For example, insider trading on the stock market,” he said. “If you are a member of Congress, those laws are deemed not to apply.”

Krumholz appears to agree. “It’s no surprise that so many people grumble about lawmakers being out-of-touch,” she said. “Few Americans enjoy the same financial cushion maintained by most members of Congress — or the same access to market-altering information that could yield personal financial gains.”


That said...

<snip>

More: http://www.thedaily.com/page/2011/11/20/112011-news-congress-millionaires-1-4/

47 replies, 3775 views

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Arrow 47 replies Author Time Post
Reply Oh... NOW... I Get It... (Original post)
WillyT Nov 2012 OP
tyne Nov 2012 #1
nadinbrzezinski Nov 2012 #2
patrice Nov 2012 #12
patrice Nov 2012 #13
november3rd Nov 2012 #45
WillyT Nov 2012 #3
obxhead Nov 2012 #11
Illinoischick Nov 2012 #17
GeorgeGist Nov 2012 #6
MrSlayer Nov 2012 #8
spinbaby Nov 2012 #44
Illinoischick Nov 2012 #16
xxqqqzme Nov 2012 #26
Egalitarian Thug Nov 2012 #28
Jericoni Nov 2012 #33
Hydra Nov 2012 #40
KT2000 Nov 2012 #4
CrispyQ Nov 2012 #5
WillyT Nov 2012 #7
hrmjustin Nov 2012 #9
SomethingFishy Nov 2012 #10
tblue37 Nov 2012 #21
CrispyQ Nov 2012 #31
SomethingFishy Nov 2012 #46
Egalitarian Thug Nov 2012 #29
patrice Nov 2012 #14
Egalitarian Thug Nov 2012 #30
patrice Nov 2012 #36
Egalitarian Thug Nov 2012 #39
kentuck Nov 2012 #15
hfojvt Nov 2012 #20
2naSalit Nov 2012 #24
hfojvt Nov 2012 #25
kentuck Nov 2012 #37
Hydra Nov 2012 #41
hfojvt Nov 2012 #43
hfojvt Nov 2012 #18
patrice Nov 2012 #19
CrispyQ Nov 2012 #32
patrice Nov 2012 #34
wiggs Nov 2012 #22
AnotherMcIntosh Nov 2012 #27
Hydra Nov 2012 #42
chalky Nov 2012 #23
mstinamotorcity2 Nov 2012 #35
4_TN_TITANS Nov 2012 #38
WillyT Nov 2012 #47

Response to WillyT (Original post)

Mon Nov 26, 2012, 08:24 PM

1. Having a

net worth of over a million is not that much. And most of our net worths have risen since the crash.

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Response to tyne (Reply #1)

Mon Nov 26, 2012, 08:27 PM

2. What is the average yearly income?

What s the congressional pay?

There are days.

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Response to nadinbrzezinski (Reply #2)

Mon Nov 26, 2012, 10:47 PM

12. Mid 40s vs almost 200K -> Just got a cool graphic from FB about that ...

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Response to patrice (Reply #12)


Response to patrice (Reply #12)

Tue Nov 27, 2012, 05:07 PM

45. Nice Graphic

Raw size differences.

Sheila Krumholz is the bomb!

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Response to tyne (Reply #1)

Mon Nov 26, 2012, 08:29 PM

3. I'd LOVE To Have Your Problems...


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Response to WillyT (Reply #3)

Mon Nov 26, 2012, 10:42 PM

11. No shit

As I try to convince the county my car really isn't worth $2k.

(sigh)

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Response to obxhead (Reply #11)

Mon Nov 26, 2012, 10:59 PM

17. I am in the same boat

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Response to tyne (Reply #1)

Mon Nov 26, 2012, 08:33 PM

6. I think you're out of touch ...

with most of us.

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Response to tyne (Reply #1)

Mon Nov 26, 2012, 09:18 PM

8. Must be nice.

 

For a million dollars in worth to not seem like much.

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Response to MrSlayer (Reply #8)

Tue Nov 27, 2012, 04:08 PM

44. I keep reading articles about how much you need

All those retirement planning articles that tell us how much money we need to retire keep quoting larger amounts. I think they're up to about 3 million now, which is downright comical when you calculate how many years of wages that represents for an average family.


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Response to tyne (Reply #1)

Mon Nov 26, 2012, 10:58 PM

16. Well my net worth is about $4000.

If you have secrets to share please do!

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Response to tyne (Reply #1)

Tue Nov 27, 2012, 02:52 AM

26. No, that has not happened to

MOST of us. When I lost 40% of my portfolio in September, 2008, I knew I would never see that recovery. For a while I saved the August and September financial statements. Because I couldn't believe my eyes. Still haven't recovered from that loss.

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Response to xxqqqzme (Reply #26)

Tue Nov 27, 2012, 04:25 AM

28. And they don't even count the people who lost so much they had to zero out their meager

 

401 (k) and savings just trying to survive, so they have recovered nothing. But as long as you don't count them, they don't exist and fools like this can opine about how a 7 figure net worth isn't all that much.

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Response to tyne (Reply #1)

Tue Nov 27, 2012, 10:13 AM

33. Re

Over one million is not small

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Response to tyne (Reply #1)

Tue Nov 27, 2012, 02:36 PM

40. I have a continuing 0 net worth

So please pass me some of what you're getting!

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Response to WillyT (Original post)

Mon Nov 26, 2012, 08:29 PM

4. So while the rest of us

lost money out of our retirement, faced devalued home prices and found familiar businesses closed - they found a way to make a profit for themselves. They play the inside-insider game that is legal for them but would put the rest of us in jail. Democracy??

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Response to WillyT (Original post)

Mon Nov 26, 2012, 08:31 PM

5. ...




+1 & kick!


on edit: I see my graphic does not include the artist/cartoonist. My apologies!! I do not know who to attribute this excellent graphic to.

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Response to CrispyQ (Reply #5)

Mon Nov 26, 2012, 09:03 PM

7. THANK YOU !!!




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Response to CrispyQ (Reply #5)

Mon Nov 26, 2012, 10:37 PM

9. +1

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Response to WillyT (Original post)

Mon Nov 26, 2012, 10:41 PM

10. We need term limits and we need the revolving door between

Washington, Wall Street and Lobbyists slammed shut. I noticed on the "CEO's Fix The Deficit" crap there are 2 former reps 1 Rep and 1 Dem serving their Masters in the private sector. This needs to stop.

Our Government is corrupt to the bone.

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Response to SomethingFishy (Reply #10)

Mon Nov 26, 2012, 11:16 PM

21. How would that happen when the people who make the laws

are the very crooks such laws would try to constrain?

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Response to tblue37 (Reply #21)

Tue Nov 27, 2012, 09:37 AM

31. And that is the million dollar question.

The poster below was right - a Constitutional Convention or revolution. I'm not sure either will happen. The majority of Americans seem oblivious. As long as they can still afford the latest iWhatever they are happy. The largest block of voters in America are the non-voters. Why do they care if the system is corrupt, since they don't participate in it anyway?

It's depressing.

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Response to tblue37 (Reply #21)

Tue Nov 27, 2012, 05:10 PM

46. Got me man...

We are in a real bind here... and I have no idea how to fix it. I can see what is needed but I can't find the way there. Not with the way the system is.

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Response to SomethingFishy (Reply #10)

Tue Nov 27, 2012, 04:29 AM

29. We need a fundamental change in how our government is constituted and under what rules

 

it will operate. What we have now is essentially the 18th century alpha release with a couple dozen patches and it just doesn't work, period. So, we're looking at a state's constitutional convention, something like it, or a revolution.

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Response to WillyT (Original post)

Mon Nov 26, 2012, 10:54 PM

14. Regarding the House: Here's a petition to recognize the Tea Party as a treasonous hate group:

http://petitions.whitehouse.gov/petition/legally-recognize-tea-party-hate-group-and-remove-them-office-treason-against-united-states/9jJv4sT0

.......................................

If you'd like a little research supporting the claim that the TP is a hate group, here's a professional researcher who has dedicated his life to documenting the genealogy and activities of hate groups, including the Tea Party:

http://www.irehr.org/

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Response to patrice (Reply #14)

Tue Nov 27, 2012, 04:36 AM

30. The tea party is a distraction, nothing more. We have a fundamentally dysfunctional government

 

run by two gangs that work for one cartel. Democrat and republican alike, the outright thieves and charlatans outnumber the honest servants by at least 2 or 3 to 1.

Even with salaries almost four times the national average, the odds of a Congressional representative coming in middle class and leaving (or not ever leaving) a multimillionaire are astronomical, yet it is a near certainty today.

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Response to Egalitarian Thug (Reply #30)

Tue Nov 27, 2012, 12:26 PM

36. I agree that the 2 parties are similar - BUT not! the same & just as differences between you and

any other person ARE significant, so the fundamental differences between those things that manifest themselves as the the two parties are also significant. We are talking about CONCRETE differences between different kinds of human beings here, which differences have, because of our social and cultural history, acquired some labels.

I honestly do not understand HOW anyone can think anything else could have evolved out of what has gone before, especially given the general level of ignorance on ALL issues and abdication of responsibility for PERSONAL commitment to ACTION that characterizes so completely MOST Americans throughout ALL of our history. I know, "people are just trying to get by" and that's the way it IS, but it also has consequences.

We have the system that ****WE**** let happen. Anyone who tries to turn that into parties/labels is repeating the same OLD error and obfuscating the people's own INHERENT issues.

And the Tea Party is far deeper than a distraction, if you look at the research source that I have posted around this board several times, you can see that that is a concrete fact. It's a real entity; it has come from the same roots, including fear and hate, as other such entities and anyone who wants to discount that FACT is ALL about the status quo power distribution and not authentically challenging the realities: the foundational phenomenology that has no labels and is, therefore, more real than anything that we pretend that we comprehend with our various politically POWER motivated labels and that includes ALL labels. I'm willing to admit that fact; are you?

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Response to patrice (Reply #36)

Tue Nov 27, 2012, 01:34 PM

39. That's what I said. What I didn't say is that the two parties are the same, they aren't.

 

But I did write that they both work for the same people and share the same objectives. That is also the point of the teaparty distraction. By creating this corporate financed tool from the real anger and disappointment of a minority, they effectively distract people from the goals that the powerful, regardless of party distinction, are working toward. Don't be fooled into believing that it will ever be allowed any real power to change anything from what their puppet masters want.

To use a current issue here as an example... looking at the replies and number of recommendations of an overwhelming majority of members on this site, it is clear that we know that the "fiscal cliff" is BS, that more cuts to beneficial programs are not necessary, that what problems do exist can be addressed with significant cuts to the trough of graft that the powerful feed at, and that we will not stand for stealing yet more from the least of us. But here we are, hearing administration and party spokespeople repeating the same lies over and over as justification for doing just that.

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Response to WillyT (Original post)

Mon Nov 26, 2012, 10:57 PM

15. They go up there without a pot to piss in...

and in 2 to 4 years, they are millionaires. Public service to them means that the public bends over and they service you....

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Response to kentuck (Reply #15)

Mon Nov 26, 2012, 11:14 PM

20. I don't think they go up there poor

in fact, given the amount that it costs, you almost have to be rich to run for Congress.

Plus, it does not hurt to be paid $170,000 a year.

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Response to hfojvt (Reply #20)

Tue Nov 27, 2012, 12:59 AM

24. No "almost" about it.

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Response to 2naSalit (Reply #24)

Tue Nov 27, 2012, 02:44 AM

25. well, you do not have to be rich to RUN for Congress

I proved that by running myself. In 2010, when my adjusted gross income was $13,335.11.

But like Alan Grayson, John Kerry, Mark Dayton, Claire McCaskill, and Herb Kohl, you need to be rich to WIN.

Tammy Baldwin is not rich, though and she just won a Senate seat. Still, she has been in the House since 1998. So, over the last 14 years, she has been paid about $2,200,000. Which is about $2 million more than I made in the last 14 years.

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Response to hfojvt (Reply #25)

Tue Nov 27, 2012, 12:50 PM

37. Very true.

Several years ago, I ran for Congress against Joel Hefley of Colorado Springs. I spent about $5000 of my own money. I did not win but I ended up with as many or more votes than Democrats that have run and spent a lot more money.

I remember the Clintons moving into the White House. They did not have a home of their own. Bill made about $35,000 per year as Governor of Arkansas. Hillary had a decent paying job. Now, what are they worth? Hundreds of millions?

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Response to kentuck (Reply #37)

Tue Nov 27, 2012, 02:46 PM

41. The part about the Clintons is related yet unrelated

Because one or both of them signed on the dotted line and now are part of the "big club." Big Dog and Poppy together in public is not a coincidence.

How many people go into the upper halls of Gov't to change things and come out beholden to the moneyed powers? How many get kicked to the curb for not being sellouts?

Systemic Breakdown, IMO.

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Response to kentuck (Reply #37)

Tue Nov 27, 2012, 03:35 PM

43. the Clintons were hardly poor

They didn't have their own house, because the taxpayers were paying for them to live in a mansion, and paying for staff to take care of that mansion.

That's not a middle class lifestyle. In 1992, 40% of US households made less than $32,832, and most of them were spending probably 70% of their income on housing and utilities and transportation - expenses that Bill Clinton did not have.

Hillary had more than a decent job. Her job likely put her in the top 5% even without Bill's income. In 1992, income over $139,209 put a household in the top 5%. Webb Hubbell, who worked at the same law firm, wrote "I billed more than $750,000 for the firm, which netter me $150,000 ..." (Friends in High Places, p. 149) and "...my $124,000 salary at Justice wasn't as much as I'd made at Rose ..."

I still consider being in the top 5% to be rich. Not super-rich, but rich. As for Bill, well if he gives a speech a week at $50,000 per speech, he makes $2,600,000, and people do pay hundreds of dollars to hear him speak. Heck, even the Presidential salary, was $200,000 and is now $400,000 is more money than 99% of us make, and that with no living expenses. No house payments, no auto or home insurance, no utilities, no grocery bills, if the water heater or the lawmower breaks, a new one is purchased at no cost to you, no laundry expenses, no medical expenses, etc., etc., etc. I'm lucky to make $200,000 in 7 years, or $400,000 in twelve.

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Response to WillyT (Original post)

Mon Nov 26, 2012, 11:08 PM

18. to reverse Lincoln

a government of the rich, by the rich, and for the rich.

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Response to WillyT (Original post)

Mon Nov 26, 2012, 11:11 PM

19. Another look at this issue:

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Response to patrice (Reply #19)

Tue Nov 27, 2012, 10:11 AM

32. And we have the gall to call it a representative democracy.

Unfuckingbelievable.

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Response to CrispyQ (Reply #32)

Tue Nov 27, 2012, 11:03 AM

34. I've been meaning to look at that source to see what I think of it, but it's an INTERESTING graphic

nonetheless.

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Response to WillyT (Original post)

Mon Nov 26, 2012, 11:36 PM

22. I suspect this is BS. A million is a lot to most of us, but not to the

535 elected congressmen....

I'd guess that if you really look at the numbers and measure net worth the way most of us think is common sense, you'd find that the vast majority of congressmen have wealth or access to wealth WAY over 1 million. What about spouse's net worth? What about money in living trusts that they are beneficiaries or trustees for?

These guys live in circles where wealth is defended, hidden, preserved. It is common practice. Trusts do this...and could be excluded from net worth calculations. I would guess that trusts would be essentially required for those running for office so that their wealth would be untouched by campaign debt.

While I think the Center's conclusion is right -- that the 'vast majority' of Congress is quite well off -- I think a much, much higher percentage of congressmen would be considered millionaires and the background basic info/math The Daily offers needs more detail and a closer look. Too much info is missing.

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Response to wiggs (Reply #22)

Tue Nov 27, 2012, 04:16 AM

27. Absolutely right. How can anyone seriously think that only 250 of them have more than $1 million?

 

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Response to wiggs (Reply #22)

Tue Nov 27, 2012, 02:51 PM

42. I think this too

I roughly calculated at one point that the minimum buy-in to be a 1%er is $100 million in assets. I'm sure many of them have that- Romney was touted as having $250 mill, but I'm guessing that's a lowball too since his income per year seems to be around $40 million.

The money amounts these people have are staggering, yet I hear people on DU casually say they know these people and hang out with them...yet they won't give me numbers. Everything I've seen says you NEVER see these people outside of their jobs- they're busy setting up deals and bribes with their other fellow 1%ers in an unbroken incestuous circle.

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Response to WillyT (Original post)

Tue Nov 27, 2012, 12:49 AM

23. Huh. There's that pesky "47%" number again.

Coincidence?

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Response to WillyT (Original post)

Tue Nov 27, 2012, 11:10 AM

35. We have been tooting this HORN for Years!!!

Check out Senator Shelby (ala),Senator McConnell (ky) and his foundation, Congressman Issa. These are rich bitches who have no business making policies for average Americans. They have nothig in common. Oh yea, Senator McConnell why were you discharged from the Military before time?????

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Response to WillyT (Original post)

Tue Nov 27, 2012, 12:59 PM

38. I've always said that

many people go into politics with good intentions, and then they see how much money there is to make from it.

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Response to WillyT (Original post)

Tue Nov 27, 2012, 10:04 PM

47. Kick !!!


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