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Apr. 8 2010 - 10:32 am | 3,197 views | 5 recommendations | 55 comments

Jefferson County: Keiser Report

An interview I did with Max Keiser on Jefferson County.  I’m at about 11:00 in on the tape.

I normally don’t spend so much time pimping my own stories like this,  but this Jefferson County thing is just so atrocious that I want to get  it in front of as many eyes as possible. I have to believe the only  reason more people aren’t flipping out about this sort of thing is  because they just don’t know about it. So please excuse the shameless  self-promotion. And please do not write me letters taunting me about the  Yankees-Red Sox series, I’m already considering Seppuku.


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  1. collapse expand

    Great to see you’re getting out there and repping this story. I happen to know a “young professional” who works at JP Morgan in their municipalities working group, and the way she casts her work is in enabling public works projects, but my subsequent attempting to back her into a corner about the technicalities and the vulnerabilities municipalities have, she inundated me with a flurry of financial terminology that I couldn’t understand. And I’m not stupid. So its a titan’s-feat that you’ve managed to cut through the bullshit with these folks.

    Most interestingly, she seemed to take the “God’s Work” tone when I pseudo-accused her of preying on folks. Maybe there is some kind of neurological disease that everyone in the financial industry gets that a) disables the moral nodes in their mind (Seriously, they just found the moral node, check it out) and b) gives them deific decrees. Funny, because deific decrees are typically criminal defenses for people like Andrea Yates who drown their children. Not a 1-1 comparison, but hey.

    Also, not to be the dick-about-spelling, but I’m pretty sure its seppuku, and no one’s done it since like, 1971.

    • collapse expand

      >”Most interestingly, she seemed to take the “God’s Work” tone when I pseudo-accused her of preying on folks.”

      Change the spelling to “praying” on folks and you might see how they can twist things into “god’s work.”

      There’s group think at best and purposely nefarious work at worst being carried out in the financial industry.

      In response to another comment. See in context »
  2. collapse expand

    Great interview as always Matt, but I can’t wait till you “translate” the latest David Brooks delusion.

    • collapse expand

      You mean the David Brooks whose column one week may be distilled by the hoary phrase “money can’t buy happiness” (and therefore the government should not attempt to alleviate inequality) and then the next week says everything is a-OK in the US because we have lots of cool new gadgets. That David Brooks?
      Personally, if Matt wasn’t taking on this story, I would hope that he would take down Tom Friedman’s latest in which he writes he “know something about holes”. (hint– “when you’re in one, stop digging.”) yup, he actually had the nerve to write that. Is he totally unfamiliar with Matt’s classic works? Keep pimping this story. It is pretty amazing.

      In response to another comment. See in context »
  3. collapse expand

    Going to read the JC story right now. One thing, though, it’s spelled Seppuku.

  4. collapse expand

    Matt, maybe you could get more traction elsewhere if you helped us see who was next on the bubble?

    Do stay with us in Jefferson County, because your documentation of how we climb out of this mess (and the pains involved in the ascent) may get the attention of these other communities on the brink.

    And maybe they can start taking some of the bolder action you’ve pondered, like sticking the bastards with their intentionally-misleading instruments.

  5. collapse expand

    Ummm…you are so much ‘pimping’ your story as revealing to most of us that RT even exists. (Sorry).

    I hope you get interviewed by shows with a lot more viewers; as you say, this issue needs some publicity.

    The brevity that TV demands can be useful; your very short explanation on RT will stick with me a lot better than the column and give me a template for explaining it in a minute flat to barely-interested friends and family.

    I was gratified that Mr. Keiser zoomed right in on the comparison I also made in my ‘called out’ comment to the original column: this so closely resembles the scams that have been run on many small, developing countries by the big international banks and construction companies like Bechtel.

    It’s now been spotted as a profit opportunity world-wide: “Oh, look! A polity with taxation or utility-bill powers that has weak, corruptible governance! Yay! Move in!”

    And they swoop in and sell your crooked government on magic beans that will surely grow a giant beanstalk; you get hooked with high tax an utility bills for a generation.

    The Economic Hit Men have come home to roost.

  6. collapse expand

    Thanks for posting this. You and Keiser together are far more entertaining than an Yankees’ game. Well, maybe that is just because I hate the Yankees (and Duke, the Yankees of college basketball).

    Anyway, I just find this amazing. Though your writing is as engaging as ever, there is no hyperbole even involved with this investigation and interview. Nothing but facts to support your hypothesis…

    “In a complete subversion of free-market principles, they take no risk, score deals based on political influence rather than competition, keep consumers in the dark — and walk away with big money.”

    Well it seems the only risk they take is that they will be fined and may lose some of the winnings when caught, but apparently going to jail is not a risk.

    You blatantly accused them of real crimes. Did you ever identify the individuals from JP Morgan and Goldman Sachs that paid the middlemen to bribe county commissioners? If so, did you provide this information to prosecutors? Why do the banksters get immunity?

    I just don’t get it, now that I understand it better, why hasn’t this story gotten more traction?

  7. collapse expand

    It’d be nice if everyone collectively (or at least a sizeable chunk of us) would just stop paying our debts back to the big banks. Fuck ‘em. I wonder what would happen. Seriously, what could they possibly do if a mass movement of borrowers rose up and defied them?

  8. collapse expand

    If you meant ritual suicide the word is Seppuku.

  9. collapse expand

    Max Keiser has a lot of fun. Could probably have done without the ‘unsophisticated Southern politicians’ description, though.

  10. collapse expand

    I just read your article on Jefferson County and I have followed the story myself for months now, albeit from a different perspective then yours. I am surprised you didn’t bring up the AIG angle a a lot more, they played a pretty big role in all of these deals. As for CDR Financial products, they have spread more money around the Democratic party then can be believed. personally I always felt Richardson and his top advisers all dodged a bullet on this one and it shouldn’t be forgotten that the Governor and his buddies were big wigs at the Democratic Governors association, a perfect location to make connections with state and local government. By the way CDR itself happens to be located in Henry Waxmen’s district and for some odd reason he never managed to call them up to to government oversight and reform when he ran that committee. By the way much of this was broken by the award winning Bloomberg story Broken Promises which detailed this in 2006, so Waxmen cannot plead ignorance. Additionally New Jersey got burnt by these deals as well as a host of other places. If you dig enough you will find W Bush on the record endorsing Lease To Own in Arkansas, a similar deal that went bust down there, of course the bulk of the local politicians involved were Democrats, from Jim McGreevy in Jersey to the now serving jail time Larry Langford and even Rod Blago was connected. Final thought, I suggest you look into Gulf Breeze Florida and what happened there, those deals happened AFTER the Jefferson County deals.
    All of my posts on the subject:

    The Bloomberg story Broken Promises:

    For the record, one of Obama’s earliest actions was to modify the tax code to encourage the growth of muni-bonds and the ensuing fees banks could earn off their use.

  11. collapse expand

    What happened in Alabama is the stunning result of three decades of Republican-sponsored, Milton-Friedman inspired, Free-Market economic theory.

    This is a movement embracing not only rabid deregulation and the virtual dismantling of any accountability apparatus, but also, apparently, the government-sponsored creation of criminal enterprises.

    When people look at Jefferson County and wonder where the regulators were, we can say with reasonable certainty that they were out to lunch — with their former colleagues at industries they were charged with overseeing.

    When people ask where our nation’s lawmakers were, we can say with reasonable certainty that they were out to lunch — with the lobbyists whose interests they protect and whose campaign money they chase.

    When people ask where the prosecutors were, we can say with reasonable certainty that they were out to lunch — with Karl Rove or any number of shameless G.O.P. hacks determined to stack the deck by politicizing the Department of Justice.

    So, Matt, when you aptly describe the scene in Birmingham & environs as crime elevated to an “art form,” you’re really just describing Beltway politics after 30 years of Republican influence.

    But rather than battling the pervasive, pernicious, poisonous culture of corporate corruption and cronyism, the Democrats appear determined to perpetuate it.

    We no longer have a two-party system but one: The Corporatists.

    Are there enough Matt Taibbis and Elizabeth Warrens to expose the rot and slow down the decay? There’s a question we can’t answer with any reasonable certainty.

    But that our electorate seems permanently out to lunch doesn’t bode well.

    • collapse expand

      You could be more wrong, but I am not sure yet how.

      In response to another comment. See in context »
    • collapse expand

      You do realize the vast majority of politicians connected to this are Democrats?

      In response to another comment. See in context »
    • collapse expand

      “We no longer have a two-party system but one: The Corporatists.”

      You say this, but the rest of your message shows favoritism to Democrats over Republicans. Other commenters, who favor Republicans, took offense, and we wound up with a typical Democrat/Republican (Crossfire) split — just like the oligarchy likes.

      Question: What is the best way to pair the following:

      (1) Economically and politically powerful Democratic elites.
      (2) Economically and politically powerful Republican elites.
      (3) Average Democratic voters.
      (4) Average Republican voters.

      As long as #3 and #4 are convinced they are on opposing teams, things are not going to change much.

      There is an unhealthy focus on “your party is worse than mine.” If — as you state and I believe — the parties are one and the same, why do people feel the need to identify with one or the other of them? Take NAFTA for instance. It was written during Bush I’s administration, but Clinton signed it (when a veto would have killed the bill). The House vote was bipartisan, but Republicans outnumbered Democrats 132-102. The Senate vote was 34 Republicans, 27 Democrats. Gore and Clinton fought tooth-and-nail to pass the bill. (Remember the Gore vs. Perot debate?)

      Yet, whenever Democrats or Republicans discuss this unpopular legislation, they cherry-pick facts to try to blame the other party. Dammit, people, stop defining everything as Democrats vs. Republicans. Think in terms of Regular People (I refer to these people honest, but even if they aren’t, they still would benefit from honest laws) vs. the Power Elite, Oligarchy, Plutocracy (call it what you will).

      In response to another comment. See in context »
      • collapse expand

        Just because it’s growing more and more difficult to tell one corrupt party from the other doesn’t mean it has always been so. The “Corporate Party” is a relatively new phenomenon arising from the very G.O.P. economic model I described in my first post.

        If I favor Democrats, it’s because Republicans have proved significantly worse in the past half century (my lifetime) at running the government and representing “the people.”

        The G.O.P. seeks power for two reasons and two reasons only: To protect the interests of themselves, their rich friends, and rich corporations; to prevent the “rabble” that the rest of us represent from sharing in the wealth.

        Republican policies for the last four decades have sought primarily to lower taxes for the wealthy, ease regulation and restrictions on corporations, and prop up the military-industrial complex.

        Along the way they’ve decimated the labor movement, raped the environment, put industry shills in charge of regulatory agencies, and gutted the Constitution. They’ve opposed gay rights and women’s rights, created record deficits, and shamelessly exploited 9/11.

        By tapping into people’s fears, prejudices, and greed, they’ve been able to win the votes of those whose interests they most undermine.

        Now, you say my partisanship is unhealthy. I say it’s honest.

        While it’s true that most politicians suck, Democrat or Republican, and that nowadays serving in government almost surely means working for corporate interests, it’s much easier to trace the roots of this corruption to Republican politics.

        Do I still think one party’s worse than the other? Damned right.

        In response to another comment. See in context »
        • collapse expand

          In the time frame I looked at (your original post said three decades), only Clinton was a Democratic president (other than the one year of Obama). And the Democrats owned Congress most of those thirty years.

          If Clinton wasn’t a corporatist, what was he? Apart from policy (deregulation, NAFTA, the list is long), Hillary served on the Wal-Mart board of directors earlier in her life, and then there was her mysterious cattle futures trading career — as rigged as Bush II’s National Guard duty. And is there anyone any more corporatist than 2000 Democratic VP candidate Joe Lieberman? (Like Bush II, his party now wants to disown him, but Lieberman’s expulsion was over the war, not his ties to corporate America.) Also, the two senators from California have a remarkably solid record of siding with business.

          (It’s funny, but in these partisan times, I almost feel the need to rehash Bush and Cheney’s actions, or else my criticism of the Democrats will be twisted into a love of Bush and Cheney. But I think everyone is quite aware of the GOP ties to big business: it’s not like they try very hard to hide it.)

          Anyway, I agree with your comments 90% of the time and didn’t mean to single you out. I more or less randomly chose your comment from among the many in the thread that, in my opinion, fell into the default position where Democrats and Republicans are the only allowable contestants in a battle of Us vs. Them.

          In response to another comment. See in context »
          • collapse expand

            You’re right: Clinton was a corporatist too, as is Obama.

            Now contrast them with the two immediately previous Democratic presidents: Carter and Johnson.

            I contend there is no comparison.

            Notwithstanding their individual flaws, Carter and Johnson more closely resembled the Democrats’ actual party platform. Clinton and Obama merely paid lip service to it, while manifesting themselves as Republican-lite.

            What happened between Johnson and Clinton? The corrupt administration of Richard Nixon, the crony-driven administration of Ronald Reagan, the feckless administration of Bush I.

            Of these, Reagan’s tenure was the most destructive. Not only did he serve two full terms, unlike either Nixon or Papa Bush, but also he wielded tremendous personal popularity. Thus did he exert significant, long-term influence on the nation which extends to today.

            That Reagan built his political fortunes on the pernicious “Southern Strategy” of Nixon, extolling the race-baiting code known as “State’s Rights,” and launching his presidential run from the Mississippi city in which three civil rights workers were slain says all you need to know about the smiling huckster.

            Among the worst outcomes of his presidency was the wholesale embrace not only by Republicans but also by some Democrats of the Milton Friedman/University of Chicago School of Economics theory of free markets and deregulation.

            This stinking system, which Naomi Klein calls “Crony Capitalism,” is at the heart of our current economic woes, whether it be in Jefferson County, Alabama or anywhere else. Unfettered free markets have resulted in one thing: Corruption, corruption, corruption.

            Will a third party make a difference? Who knows. But I doubt it. The system is rotten to the core. If a third-party candidate emerges as potentially strong, wouldn’t it just be a matter of time before Wall Street bought him or her off?

            When we change our economic model and get the money out of politics, we can fix things — and not one minute sooner.

            And after we do that, we need to investigate the rot and prosecute the offenders. We also need to tax the shit out of the handful of people who robbed our economy blind.

            One of the worst precedents in American politics was Gerald Ford’s pardon of Richard Nixon, and Ford’s declaration, “Our long national nightmare is over.”

            He had it exactly wrong: The nightmare was just beginning.


            In response to another comment. See in context »
          • collapse expand

            Well, I just want to clarify one thing. I’m not really pushing for a third or fourth or fifth party here. (I agree with George Washington that political parties are a bad idea.) I’m pushing for an awareness that the political divides are artificial and and serve mainly to prevent people from banding together in opposition to bad situations.

            Party identification also feeds the mindset that meaningful societal change can only come via political elections — an idea I don’t agree with at all.

            In response to another comment. See in context »
          • collapse expand

            I suspect there is no way to separate money from politics, so long as some measure of wealth turns on every political decision; if you think differently, you live in a fool’s paradise. The question is how can we induce a healthy fear of justice in these white collar crooks. Perhaps if we had a device with which to remove their heads, and continue to remove them until we achieve the desired result? Nah, probably too messy a solution, the French tried it already.

            In response to another comment. See in context »
  12. collapse expand

    Thank you for the post. It isn’t self promotion ( more like a public service) – and certainly not shameless! I think it is great that as a writer you have that kind of influence to be able to use that other medium.

    I admit I had to look up what Seppuku was. Any one with enough time to take out of their day to stop and correct the spelling of that word should just take it to the next level and go ahead and commit it. Seriously.

  13. collapse expand

    Thanks for mentioning that your piece was the 11:00 mark because I don’t think I could watch that guy and his contrived banter for a full 10 minutes without wanting to punch him in the face.

    • collapse expand

      Max is awesome, you my friend are clueless…..or you work for the Squid.

      Great job as always Matt, thanks. Unfortunately this stuff reminds me of how fucked we all are. The vast majority of Americans have no idea who Matt Taibbi or Max Keiser are. But they sure as hell know that Ocho Cinco is on Dancing With The Stars and that Tiger banged his 22 year old neighbor.

      The Sheeple are totally subdued by Newspeak, the NFL, Reality shit, drugs, video games you name it. The looting will continue at a more frantic pace. The masses are asleep and John Gatti like figures run this place, and there aint nothin we can do about it. So my advice to the folks who care is to sit back, enjoy the show, and get the most out of your lives. This ship will founder eventually. Our current trends are unsustainable

      And don’t forget to support any 3rd party or non establishment politician that occasionally surface…..there still is a little bit of hope

      In response to another comment. See in context »
      • collapse expand

        You’re basing your assertion that I’m clueless on the fact that I said Keiser’s banter was contrived?

        Excuse me for not being impressed by the camera presence a former stock broker whose claim to fame was the software program used to run virtual stock exchanges.

        Pardon me, Gossamer, for expecting something other than moral outrage from a journalist – say information, or a workable solution to the problem he’s railing against.

        Don’t let me stand in the way of your fatalism or apathy. I’m sure coming up with insults for Goldman Sachs is a much more productive use of your time, than say becoming a savvy consumer of financial products.

        In response to another comment. See in context »
  14. collapse expand

    The most striking aspect of Matt’s story is the lack of any criminal penaltites against JP Morgan and Goldman Sachs. I wrote a blog on called “Are you now or have have you ever been a Wall Street Banker” which is experted below.

    Quite frankly, there is no explanation for the lack of anyone using exisiting laws to go after the Wall Street crowd.

    I have a good friend who is a very famous former prosectuor and he privately he tells me he is completely perplexed by the lack of prosecutions.

    “Unfortunately, the Financial Fraud Enforcement Task Force (FFETF) is no different. Adding FBI Agents and Prosecutors from the same cast of characters who couldn’t even discover the Madoff fraud (when told about it in 2003) will not change anything. We need to approach financial crimes in a whole new way if we want to effectuate change. Simply put, would you put the same security guard in charge of your new store if the old store he was guarding just got cleaned out? But that’s exactly what Eric Holder is doing here instead of investigating and prosecuting those that were responsible for the greatest generational theft in the history of the world. I mean seriously, if you cannot catch a crook now, when can you? Just follow any single mortgage that is under water through the system and it will be like following a drug mule with balloons of cocaine – eventually, you will go right to the top: Wall Street.

    If the 2008 Financial Crisis taught us anything, it is that Wall Street bankers are nothing special, far removed from the Gods that they pretended to be. The truth is that the curtain has come crashing down just like on the Wizard of Oz; the only difference is that our wizards are pathetic bald men, hyped up on Viagra and lattes. They are not smarter than any of us; rather they’re just more cutthroat and more willing to do anything necessary to keep their luxury lifestyle afloat. Personally, I could not take the life savings from a blue-haired Grandma and plow it into a Porsche or an African Safari without even giving it a second thought. But that’s the thing about criminals – they just don’t think like you and I. These Wall Street bankers are really just common street thugs and it’s about time that we treat them as such.”

  15. collapse expand

    Please expose the politicians who ARE trying to correct this madness, who may be strange bedfellows in the long run…Ron Paul, Alan Grayson.
    Those 2 in an article together should make for some colorful writing opportunities as they try to push the bill, H.R. 1207, Ron Paul’s bill to audit the Federal Reserve.

    Rock on…

  16. collapse expand

    where is the news media on this?


  17. collapse expand

    Another prime example of why RICO apllies to Dems & Reps, with the exception of Ron Paul.

    Voting in Independent/third party is our only hope. This is the primary goal of the Tea Parties so often ridiculed and now that Sarah Palin and the Repuklicans have highjacked the growing momentum my hopes are dashed.

    Voting all the bums out is the only way we can attempt to weed out the curruption. Let’s pray it doesn’t end up in a Ross Perot scene.

  18. collapse expand

    I don’t think they can jail any of these county officials…..as the can claim they were only in training for federal government positions….all these crooks are now qualified to go on to the federal government….where they can continue their dealings with their goldman sachs buddies….

  19. collapse expand

    I can’t post here…usually.

  20. collapse expand

    would you prefer the corrupt politicians you trust to write the regulations run the banks?

  21. collapse expand

    This “Jefferson County thing” is just one of the atrocities that we can be “flipping out about”, so go easy on us, we have our limits.

    Each day brings something new to be aghast at: a private corporation (Talx) that helps other private corporations deny and delay claims for jobless benefits (front page of last Sunday’s NY Times), the hedge fund Magnetar, facetiously named for a rare supernova which does not collapse into a black hole, which took the subprime mortgage CDO/CDS fun to a new level (today on This American Life).

    You’ve raked the Wall Street muck as well as is possible; it is in the most beautifully-groomed piles imaginable. Now it is time for someone to clean out the Augean stables.

  22. collapse expand

    I just checked a few current stories and found that “a record 34 candidates are running for a seat on the embattled Jefferson County Commission.” I also learned that “three of the county’s four commissioners retire in November. A fifth stepped down in January. That could make them more likely to seal a deal in office before new, possibly more hard-line, commissioners enter.”

    I presume the bankers want a deal inked before hard-liners potentially get seated.

  23. collapse expand

    Have you been following the journalism done on This American Life? They have done a number of stories on the Wall Street debacle and housing crisis over the past 2 or more years. Today’s story on Magnetar (http://www.thisamericanlife.org/radio-archives/episode/405/inside-job) falls under the “I (we/they) didn’t see it coming” idiocy. Since you’re writing a book on all of this, you might find the information they’ve put out there useful, or at least something that will back up the research you’ve done.

    And all I can say to those who “didn’t see it coming” is that you best know the source of the corn-pone you drank from the still operation you just shut down, cause it’s causing some nasty kind of blindness.

    P.S. I have to agree with jackreynolds on the “unsophisticated southern politicians,” as apparently a lot of people up north “didn’t see this coming.”

    • collapse expand

      By the way, Larry Summers managed to lose 1 billion for Harvard on these deals.


      In response to another comment. See in context »
      • collapse expand

        This is yet another cautionary tail in the ongoing saga. Some choice quotations:

        >Leon Botstein, president of Bard College: “We shouldn’t be in the banking business, we should be in the education business,”

        The constant references to *Harvard Corp.* bother me as well. I understand it’s a real entity, and that may be part of the problem. If there is a corporation running the show, it needs to do a much much better job.

        >Summers, along with Rubin and Greenspan opposed the U.S. Commodity Futures Trading Commission’s attempt in 1998 to regulate so-called over-the-counter derivatives, which included agreements like interest rate swaps. At the time, Summers was Rubin’s deputy secretary.

        >Now Summers is leading the Obama administration’s effort to write stricter rules for the derivatives market “to protect the American people,” he said in October at a conference in New York sponsored by The Economist magazine.

        >Universities would have been better served if they had stayed away from the more complicated financial instruments being sold by Wall Street, said David Kaiser, a Harvard class of 1969 alumnus who has been critical of the high salaries paid to managers of the school’s endowment.

        >“They used many of the investment strategies of the big banks and hedge funds, and when things went badly they could not get a bailout,” said Kaiser, a history professor at the U.S. Naval War College in Newport, Rhode Island. “It would clearly be better for any nonprofit on whom many people depend to pursue safer, more stable strategies.”

        JP Morgan and Goldman Sachs made out pretty well by comparison.

        I also agree wholeheartedly with PA’s Wagner that this practice = gambling. Not only should educational institutions not participate in the Wall Street Game, other non-profits and social security funding needs to stay far far away as well.

        In response to another comment. See in context »
  24. collapse expand

    Hey Matt,
    I think it’s kind of unfair for you to call those Jefferson County politicians, I don’t remember the exact words, but I understood it as uneducated southerns. But I see the other side as well. Most didn’t understand what they were getting in to. But I think based upon what transpired, they were probably bribed in some way not to question the deal. Or maybe some law clerk for Jefferson County said to himself “gee, i could question this $650 million penalty clause or I could ignore it and maybe land myself a comfortable job with JP Morgan”.
    Also, I think you beat around the bush on this but I think there is so much corruption up and down the “food chain” that this is why no one is making a stir about what happened. Maybe in Jefferson County, someone got busted/exposed for this bad idea. But maybe in Mason, Michigan no one was willing to stab another person in the back over their new water treatment facility and everyone shared in the graft that funded the project.
    I also think in many ways this is similiar to the housing mess. Everyone was taking a cut of the run up in housing prices. Banks were making big fees; buyers were selling high; builders were raising their costs artificially; suppliers were adding extra premiums here and there. Everyone has their hands in the cookie jar to protect the status quo.

  25. collapse expand

    Well now shit Matt, hang on a sec – I gotta spit out this 1.2 lb wad o” redman chew b4 I can talk. Ok, Now, as I wuz sayin, that there is a really good article that I read in RS mag.

    Seriously , JP Morgan is only one of many carpet baggers c. 2000, to raid the South. The description of blount in the piece floored me, 2 funny dude!

    Hopw do you spell “core-RUPP-shun, as they say in locales like Birmingham? wall street.

    Nuff said, now back to sum mo chew, and sleeping with my sister.

  26. collapse expand

    loved watching you discuss “Looting Main Street” with amy and juan yesterday, dear. thanks

  27. collapse expand

    When they passed the Commodities Modernization Act the rationale was we can’t let Germany modernize and lose our financial business to them(see NYTimes) . Once again how fear convinced legislators to spend trillions.”The Russians are coming” lead to a bloated war budget along with war without end.The evil doers and the War on Terrorism, lead to what Stiglitz called the $3 trillion dollar war and the “Germans are coming (financially)” led to many trillions more.

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