Democrat Senator and Biden ally makes bold bet against US economy.
Tom Carper’s Wife Makes Bold Financial Move with Nearly $100k in Shares
One of President Joe Biden’s closest friends in the Senate recently made a surprising financial bet against the U.S. economy, according to records.
Senator Tom Carper (D., Del.), a member of the Senate Finance Committee, revealed this week that his wife purchased up to $95,000 in shares of Ranger Equity Bear ETF and ProShares Short QQQ on July 13. These funds are known for shorting stocks as a hedge against economic downturns. Interestingly, the Carpers made a similar bearish bet on the economy last year by investing up to $110,000 in Ranger Equity Bear ETC, as reported by the Washington Free Beacon.
These trades suggest that Carper, who has a history of domestic violence, holds a much more negative view of the economy than he publicly admits. Despite publicly praising the economy’s resilience and growth, Carper’s recent financial moves indicate otherwise. It is worth noting that Carper and President Biden have a long-standing friendship, having served together as Delaware’s Senate delegation from 2001 to 2009. Biden has referred to Carper as a “dear friend” and a ”trusted colleague.”
While job numbers have remained high, there are warning signs of potential economic trouble on the horizon. Credit rating agency Fitch recently downgraded the U.S. government’s credit rating, citing concerns about fiscal deterioration and eroded confidence in fiscal management. This downgrade, the first since 1994, caused a significant drop in stock prices.
Carper’s office has previously downplayed his stock transactions, claiming that they are handled independently by a financial advisor. However, the senator’s recent financial moves raise questions about his true economic outlook. Carper’s office has not yet responded to requests for comment regarding these latest transactions.
This is not the first time Carper has faced scrutiny over his stock portfolio. He previously held up to $685,000 in shares of energy companies while serving on the Environment and Public Works Committee, as reported by the Free Beacon.
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