‘Betting on America’

betting against america….

Think Progress: House Minority Whip Eric Cantor has often expressed concern for how Obama administration policies are supposedly a “grave danger to America’s prosperity.” Now, the Wall Street Journal finds that Cantor actually invests in an exchange-traded fund that “takes a short position in long-dated government bonds” – effectively betting against the U.S. Treasury bonds that the government uses to fund its operations:

[Cantor] bought up to $15,000 in shares of ProShares Trust Ultrashort 20+ Year Treasury ETF last December, according to his 2009 financial disclosure statement. The exchange-traded fund takes a short position in long-dated government bonds. In effect, it is a bet against U.S. government bonds – and perhaps on inflation in the future.

If Cantor truly cares about “America’s prosperity,” one would have to wonder why he is literally betting against its financial future. The Washington Independent’s Annie Lowrey adds that “Cantor is not a very canny investor. The fund is down 31 percent this year.”

Thank you bjw2