I don't think it's mindboggling at all. It makes perfect sense that lawmakers would not make laws that negatively affect lawmakers.
I also think that the amount of nonpublic information that congresscritters have access to is substantially overblown. The fact that they can pass laws affecting the industries is a bigger lever, in my view.
I guess what surprises me is how nakedly unethical it is. I'm not shocked that people in positions of significant power would use that power to enrich themselves unfairly. I am shocked at how little effort they make to hide it.
Because we’ve seen so many times that there are no consequences for this. Some people might get a bit mad, but it’s not like there are huge protests demanding change or cohorts voting out politicians who partake. If all politicians across the political spectrum also support it, what choice do people have at the polls?
... but it's a pretty big lever. And they don't even have to pass the laws; a person in position of authority can shock a market with a credible threat to take an action.
One feeds the other. Their position of power is the reason people tell them so much. Given their returns, either members of The Congress are more brilliant than any Wall Street fund manager, or they're cheating.
