In his State of the Union address last night, President Obama became the latest politician to denounce the potential for legal insider trading by Congress. In a section of his speech explaining why Americans may be feeling cynical about their government, the president brought up an issue straight off the pages of this blog. The president asked Congress to "send me a bill that bans insider trading by Members of Congress, and I will sign it tomorrow."

Here is the president's appeal to Congress on that point, in context: 

 

Perhaps as surprising as Congressional insider trading making its way into the SOTU address was the reaction of MSNBC's Chris Matthews, who apparently does not read this blog, watch 60 Minutes or partake in any business news of any kind. Matthews said on his show last night that the president's reference to a bill banning Congressional insider trading 

came out of nowhere.... I have never heard any reference to it before in my life. Anything can go on as far as I know, but to make that kind of direct shot on national television with this huge audience, suggesting he knows where they live. As I said before tonight, he's got something on them, he's about to use against them.

...I mean, insider trading, that was tough stuff. And I wonder what he's up to, if he's got something that he's going to work on here.

l tell you, the members of Congress and their wives, their spouses must have heard that. And tonight, when they go home, they must be saying, "What's this, the president's talking about, insider trading on Capitol Hill. Do you know something about it, dear?" I think it was a wild statement, I want to know what's behind it.

Chris, here is what is behind it!