House Minority Whip Eric Cantor (R-VA) compared President Obama’s actions in the auto bailouts to Vladimir Putin. “They said, ‘Set aside the rule of law, let’s strip secured creditors, bondholders, of their rights. Take them away outside of the bankruptcy process and give them to the political cronies and the auto workers’ unions,'” said Cantor. “It’s almost like looking at Putin’s Russia,” he added. “You want to reward your political friends at the expense of the certainty of law?”
It must be rough being one of the richest people in Congress.
Cantor’s net worth comes largely from dozens of investments in mutual funds and individual stocks. Cantor’s wife draws salaries from a New York bank and the Virginia College Savings Plan, as well as director fees from Media General Inc. and Domino’s Pizza.
But Cantor’s net worth has suffered along with other members who invest in the stock market. For example, Cantor invested between $1,000 and $15,000 in General Motors on June 4, 2008, when the stock was trading at $17.01. On Wednesday, General Motors stock closed at $1.45.
This is Republican logic for you: “we ruined the economy, and even though we’re still rich we’re not as rich as we used to be, therefore Obama is a socialist.”
Up is down, etc.