BETTING AGAINST AMERICA

This is another example of how the morals of the marketplace works against society.  It should not be surprising that a Republican did this.

EXCLUSIVE: GOP Senate Nominee Shorting U.S. Treasury Bonds, Would Profit From Government Default
By Scott Keyes on Jul 27, 2012 at 12:00 pm
THINKPROGRESS

The Republican nominee in Ohio’s Senate race stands to reap a significant financial windfall if the government defaults by not raising the debt ceiling, a move he opposed last year and has indicated he would vote against if elected to the Senate.

According to personal financial disclosure documents examined by ThinkProgress, Josh Mandel’s wife owns an undisclosed amount of ProShares UltraShort 20+ Year Treasury exchange-traded fund (ETF). This ETF aggressively “shorts” U.S. Treasury bills, meaning that it bets against U.S. debt and spikes when Treasury bill values drop. If a default were to occur, the desirability of Treasury bills would plummet and Mandel’s ETF would skyrocket in value.