Senator Richard Burr Got It Right ?

[kootenay joe]

I recently heard on CBC radio an audio clip of an invitation only speech at a private club given on Feb 27 by Senator Richard Burr (R.-N.C.) The invitees were wealthy people who had donated generously to his election campaign.
He was relaying information from 'U.S. Intelligence Services' (not exact name) that the Corona/Covid virus is highly contagious and very virulent and could only be compared with the influenza virus of 1918-19. He said there would be widespread closures across all sectors of U.S. society including many business. He said the U.S. economy is about to come to a halt and that the stock market would soon fall precipitously.
Basically re was returning a favor by letting them know that they should get out of the stock market asap. Dow Jones on Feb 27 closed around 26,500.
Senator Burr had already taken his own advice and sold all of his stock holdings on Feb 13 when Dow closed at 29,400.
I have searched online but cannot find a link to the speech audio. If anyone does find it please post a link. Senator Burr is a good speaker and you can hear the alarm in his voice.
It is too early to know but Senator Burr might prove to be correct on all counts. Maybe.
I can't be sure of dates but i think on Feb 27 i was still thinking 'why so much fuss over catching a cold'. Now that i have heard his speech i know that some senior U.S. Federal Government people have thought for some time that the situation is serious even though the official 'word' was 'don't worry, not that serious'.
kj

[Paladin]

Senator Burr and others may well be charged with criminal insider trading as a result of his, or their, actions.

Ray

[kootenay joe]

Senator Burr and others may well be charged with criminal insider trading as a result of his, or their, actions.

Ray

I thought Insider Trading applies to info about a specific stock rather than the market as a whole ?
My point in posting is that this seems to be the earliest statement by a U.S. Federal Government 'official' that Covid is a very serious threat to both life and the economy. The warning he gave is very dire. If I could find a link to it, this thread would be much more interesting.
Back on Feb 27th the official line was opposite to what Burr was predicting.
At this point in time we do not know which of these opposing view points will come to pass. Certainly very interesting times.
kj

[Beavertail]

https://www.washingtonexaminer.com/news ... s-pandemic

[kootenay joe]

Thanks bt. That article links to another one which has audio of Burr's talk at the bottom. https://www.washingtonexaminer.com/news ... nsequences

In Canada, elected government officials have to put their investments into a blind trust and have no communication with trust manager until their political term is over. This protects the politician from accusations of using their position for personal gain.
But even more important, will Burr's prediction of catastrophic times come true ?
Come back in 6 months and we will know.
kj

[wlf]

Stock market??? Wall Street??

Seems a for profit institution nowadays, where insider trading and algorithms change stock prices daily rather than following real corporate worth.

[kootenay joe]

What Burr did in sharing 'secret' predictions with investors i am sure has been going on for decades in both USA & Canada. I think the markets are rigged such that the wealthiest investors always come out ahead. Same as a gambling casino: in the big picture, the house always wins.
kj

[Paladin]

KJ,
If I recall correctly, Burr sold over a million dollars worth of stock based on info he had.
Now, I have won more than I have lost in the market and absolutely do not qualify as wealthy by any means.
Fact is, if Burr broke the law he needs to pay the consequences.

Ray

[kootenay joe]

Ray, i understand but it seems unfair as i am sure there have been insider tips from those in government to wealthy friends for much longer than we have been alive.
And Burr is described as not a wealthy person. The stocks he moved are said to be his total worth. I think he is a very small 'player' being sacrificed to make it seem as though there is effective oversight. The really wealthy always walk free.
kj

[Mumbleypeg]

The really wealthy always walk free.
kj

George Soros for example? Among others.

Or those like Harry Reed who came to Congress with barely two nickels to rub together and after decades of “public service” retired a multi-millionaire. Just one of too many. Term limits anyone?

Ken

[TwoFlowersLuggage]

There is a specific law that applies to members of Congress that says they are not allowed to make transactions based on information they have received in private briefings. https://www.investopedia.com/terms/s/st ... ge-act.asp