"Frankly, These People Are Economically Illiterate"
Here's a tasty tidbit from a Roll Call story about the many members of Congress–especially those who will be making decisions about congressional action in response to the banking crisis and coming recession–who have been taking a beating in the market:
Cleta Mitchell, a lawyer who works with many GOP Members on their financial disclosure statements, suggested…that it's not surprising that nearly 10 percent of lawmakers may be out millions of dollars because of the current credit collapse.
"Frankly … these people are economically illiterate," she said.
Sen. John Kerry (D-Mass.), for example, may face as much as $2.9 million in banking stock losses, according to the story. None of the affected senators have announced any intention to recuse themselves from decisions about bailouts and regulatory changes, either on the grounds of conflict of interest or on the ground of economic illiteracy.
