According to a September 5 NOTUS article, Moore has quietly spent up to $245,000 purchasing shares in the Direxion Daily Small Cap Bear 3X Shares fund. That fund essentially shorts the Russell 2000 stock index, meaning its value increases when that index falls and loses value when it rises.
You don’t need to be an expert in business or finance to know that Donald Trump’s policies are tanking the economy. But Republican members of Congress are too feckless to tell the truth to their constituents. You couldn’t have a better example of cowardly hypocrisy than Rep. Tim Moore.
More from NOTUS:
The congressman has, for example, supported Trump’s tariff declarations and said last month that Trump’s tax-cut policies are “going to spur the economy, which, by the way, we are already seeing happen already” — a signal that “America is back.”
But Moore’s bearish stock plays represent an apparent shift in his personal investment strategy: From early this year until mid-July, Moore was betting on a strong economy, moving hundreds of thousands of dollars into the Direxion Daily Small Cap Bull 3X Shares fund — the inverse of the bear-market fund — which made him money when the Russell 2000 index performed well. Moore has not invested in the bull-market fund since, according to congressional disclosure records.
Predictably, Moore doesn’t want to own his behavior. “Moore’s congressional office did not respond to NOTUS’ requests for comment this week by phone and email,” reporter Dave Levinthal noted. We wouldn’t expect anything else from a Republican in Congress. By the way, Moore also voted to increase your bank fees.
Once again, the personal responsibility the Republicans claim to stand for is always for others (i.e. people of color and the poor) and not for their own selves. Ditto for family values.
