First and foremost, it must be realized by now that Jon Corzine has no respect whatsoever for the body in which he used to serve. It will soon be confirmed that he lied to former colleagues during the first Senate hearings on MF Global. Not only does he have no respect for the Senate, but he has no respect for the House of Representatives either (where he was similarly less than honest under oath). Which means he cares for no one but himself. Values nothing about our system of government or any principles on which our nation is based. How a person without honor could rise to such a position of preeminence is telling about our present state of circumstances.
There are many parallels between Sandusky and Corzine. Both crumpled the institutions with which they were associated. Sandusky brought down the venerable Joe Paterno, along with the president and some administrators of the university. Due to him, the number one recruit of the flagship football program has already de-committed, along with some others and further signees soon to follow. He has drastically lowered the perception of the institution and what it claimed to stand for in the eyes of the public. It would be hard to envision more destruction traced to the acts of one man. But he still maintains his innocence. And this scenario will soon be repeated at Syracuse with Bernie Fine, Jim Boeheim and probably others.
Corzine is a similar creature. He maintains his innocence and lack of knowledge about any of the violations by MF Global. Corzine, however. not only brought down MF, but has wrought severe damage to the entire commodities trading industry - if not the entire securities industry. When one's "secure, segregated accounts" are insecure and not segregated - trust properly vanishes. And this just intensifies the pre-existing lack of trust at the forefront of the financial industry.
...............................................................................................
I'm constantly amazed at the big picture corruption and morality issues that Americans consistently believe can't exist until they are shown over and over again that they are real and as described. How many confirmations does it take before we finally conclude that something is, in fact, very wrong in this world? The OWS movement knows it - but I've been reading articles that bemoan the costs associated in controlling & arresting these patriots and cleaning up after them - while ignoring the pillaging of trillions from the system by the true financial villains they are trying to identify and expose.
I grew up in the time of the Kennedy assassinations, the Vietnam deceit and Watergate. As time went by, I hoped that we had progressed beyond these types of things. But we never did - it was all an illusion. Perhaps now is the time when one's first reaction should be to mistrust everything they are told. To question the motives behind the main street media. If we develop a healthy questioning of authority, maybe these parties will think twice about what they try to force feed us. Maybe we can take back what has been taken away - or perhaps given up through lethargy. I fear it won't happen in this election cycle. Hopefully, the populace can derive a clear picture of our "supposed" democracy and come up with and agree to a strategy to bring about the true "hope and change"phrase that Mr. Obama utilized only for the purpose of getting elected.
Thursday, December 15, 2011
Wednesday, December 14, 2011
A Few More Things About MF Global & Corzine
Corzine and his lackeys, while claiming utter lack of knowledge and denying any culpability whatsoever in the transfer of segregated client accounts, suggested the company's treasury operations would be the place to look. They repeatedly said that they couldn't answer questions without access to records. So lower level "treasury ops" personnel now get to join in on the subpoena/testimony congressional hearings show.
Any affected employee most definitely would not be overwhelmed with joy about this. Under Corzine's perverted leadership style (including determining what to invest in and ensuring his desires are carried out), it would seem treasury operations functions were largely limited to managing cash flows and balancing incoming payments with outflows. That they simply recorded and tried to reconcile what was done by others. It would be unlikely for them to question anything if they wanted to keep their jobs. Recall Corzine's ludicrous testimony about encouraging discussion and input. A former key executive did just that and was summarily fired and replaced. An autocratic work environment does not promote other than doing as told. Now that Corzine has left the company, these staffers might well have much to say about the real goings-on. Because a lot of stuff (responsibility) was deflected upon company treasury staff
..............................................................................
The testimony of Corzine and his top executives brought up a number of credibility issues. One was their flabbergasting decision not to check where the money came from for liquidity to pay off the margin calls. Which actual client accounts were impacted. Instead, they focused all their attention on resolving and reconciling the figures. As was mentioned, these money flows can later be identified and tracked backwards. Hopefully, this will expose who authorized and handled the actual transfers. Somebody or some persons actually transacted these transfers, you know.
.......................................................................................
Another under-reported item was testified to by the CFTC representative on the panel. She said that she only became involved in the audit/investigation later. That CFTC chairman Gensler was heading it until 10/26/11. That everything "was safe" through that date. Gensler worked at Goldman Sachs under Corzine as CEO. I suspect the continuing investigation will show that this "things were fine" was definitely not the case. Whether completely incompetent or covering up for his former boss, I don't think Gensler will be looking too good in the near future. A top regulator clueless or serving someone in this manner a mere 5 days before before the company blew up and filed for bankruptcy with $1.2 billion in segregated customer accounts confirmed as missing certainly isn't done with this matter yet.
............................................................................................
So far, we are left with the position of senior management contending that they knew nothing of "non Rule 1.25" usage of segregated client accounts when it undoubtedly happened. And apparently we are expected to believe that these unauthorized transactions were done by underlings without the knowledge or direction of senior management and against company policy and procures. Either this was one of the worst managed public companies in history with completely ineffective controls or a real juicy expose of a multilevel financial conspiracy will shortly hit the market. Just what we need with the world financial sector one "shock" from collapse.
And it all revolves around an individual whose resume somehow includes being elected as both a US Senator and New Jersey governor. And of course, his experience with The Squid went a long way towards making him what he is today. Finally, don't forget that this "person's" influence and standing resulted in the Federal Reserve's decision to add this outstanding corporation to its august list of Primary Dealers earlier in the year following thorough examination of all company practices.
Any affected employee most definitely would not be overwhelmed with joy about this. Under Corzine's perverted leadership style (including determining what to invest in and ensuring his desires are carried out), it would seem treasury operations functions were largely limited to managing cash flows and balancing incoming payments with outflows. That they simply recorded and tried to reconcile what was done by others. It would be unlikely for them to question anything if they wanted to keep their jobs. Recall Corzine's ludicrous testimony about encouraging discussion and input. A former key executive did just that and was summarily fired and replaced. An autocratic work environment does not promote other than doing as told. Now that Corzine has left the company, these staffers might well have much to say about the real goings-on. Because a lot of stuff (responsibility) was deflected upon company treasury staff
..............................................................................
The testimony of Corzine and his top executives brought up a number of credibility issues. One was their flabbergasting decision not to check where the money came from for liquidity to pay off the margin calls. Which actual client accounts were impacted. Instead, they focused all their attention on resolving and reconciling the figures. As was mentioned, these money flows can later be identified and tracked backwards. Hopefully, this will expose who authorized and handled the actual transfers. Somebody or some persons actually transacted these transfers, you know.
.......................................................................................
Another under-reported item was testified to by the CFTC representative on the panel. She said that she only became involved in the audit/investigation later. That CFTC chairman Gensler was heading it until 10/26/11. That everything "was safe" through that date. Gensler worked at Goldman Sachs under Corzine as CEO. I suspect the continuing investigation will show that this "things were fine" was definitely not the case. Whether completely incompetent or covering up for his former boss, I don't think Gensler will be looking too good in the near future. A top regulator clueless or serving someone in this manner a mere 5 days before before the company blew up and filed for bankruptcy with $1.2 billion in segregated customer accounts confirmed as missing certainly isn't done with this matter yet.
............................................................................................
So far, we are left with the position of senior management contending that they knew nothing of "non Rule 1.25" usage of segregated client accounts when it undoubtedly happened. And apparently we are expected to believe that these unauthorized transactions were done by underlings without the knowledge or direction of senior management and against company policy and procures. Either this was one of the worst managed public companies in history with completely ineffective controls or a real juicy expose of a multilevel financial conspiracy will shortly hit the market. Just what we need with the world financial sector one "shock" from collapse.
And it all revolves around an individual whose resume somehow includes being elected as both a US Senator and New Jersey governor. And of course, his experience with The Squid went a long way towards making him what he is today. Finally, don't forget that this "person's" influence and standing resulted in the Federal Reserve's decision to add this outstanding corporation to its august list of Primary Dealers earlier in the year following thorough examination of all company practices.
Tuesday, December 13, 2011
Duffy Says "Good Night", Mr. Corzine
It wasn't until towards the end of a long day when the Senate Agricultural Committee finally heard some truly meaningful testimony.
CME executive director Terrence Duffy had something to say and said it. And in so doing - he might well have opened up Corzine and perhaps his President/COO to charges of perjury. The Senators were simply unable to get the most basic of answers from Corzine and his chief officers about the simplest of matters. How and where did $1.2 billion in segregated customer account monies go? And how could it have happened? Assuredly Senators, viewers and listeners were appalled, if not angered, by these supposedly accomplished fiduciary experts hemming and hawing (and lying?) about having no knowledge whatsoever until 10/30/11 or so when they were so shocked to learn about it. They either were unwilling to or could not even identify who within the organization even had the ability to authorize or carry out such transfers. I mean, monies can't be transferred out of segregated customer accounts unless somebody can actually do it, right? And somebody has to say it's OK to do it, right? And somebody somewhere has to know it was done. Corzine spent much of his time addressing Rule 1.25 about ways a broker/dealer can actually legally use client funds for its own purposes when this wasn't even really the issue.
But Mr. Duffy laid out a neat time line including information his staffers received from an MF Global employee which contradicted Corzine's (testimony). And Mr. Duffy's statements made a whole lot more sense. His auditors received daily segregated account reconciliation records during the last few tumultuous days. On Thursday and Friday they were told by MF that the "seg accounts" had $200 million in excess funds and things were fine. Then they were told that this was in error and it actually had a $200 million shortfall. ( Corzine contends that everyone at MF was so shocked that they didn't even attempt to figure out what happened, but rather spent the next couple of days furiously trying to reconcile figures). Duffy testified that his staff was finally told on 10/29 that there was a $900 million shortfall. Later, on 10/31, his auditors were told that MF had transferred $950 million from segregated customer accounts to its the broker/dealer arm so they might as well stop looking for any error. This on top of learning that MF had asked a London affiliate to send back $175 million it had loaned to them from co-mingled accounts.. But worst for Corzine,a senior MF employee told his staff that Corzine knew of the transfers and they were directed by management. Mr. Duffy described these activities as illegal, violation of rules and, just as important, efforts to disguise what was going on. No wonder Mr. Duffy was so forthright - his staff had been intentionally misled. And one could easily figure what Mr. Duffy thinks of the (honorable) Mr. Corzine's performance which he witnessed earlier.
So the day was spent hearing from farmers, ranchers and other legitimate parties simply trying to use commodity hedges the way they were intended. They described what happened to their ability to conduct business by addressing agricultural risk factors when Corzine betrayed their trust. Then you had the "maybe lying perjurers" three top MF executives insulting everyone's intelligence. Then you had the CME executive chairman describe a thoroughly plausible scenario of what actually happened. In my mind, Corzine and his henchmen were exposed for what they are. Hopefully, this vitally important matter will continue through the system post-haste before everyone forgets about it or legislators let an ex-Senator and ex-Governor get a free pass. More hearings - quick! And for God's sake - will somebody put some heat on the Department of Justice to actually do something for once.
CME executive director Terrence Duffy had something to say and said it. And in so doing - he might well have opened up Corzine and perhaps his President/COO to charges of perjury. The Senators were simply unable to get the most basic of answers from Corzine and his chief officers about the simplest of matters. How and where did $1.2 billion in segregated customer account monies go? And how could it have happened? Assuredly Senators, viewers and listeners were appalled, if not angered, by these supposedly accomplished fiduciary experts hemming and hawing (and lying?) about having no knowledge whatsoever until 10/30/11 or so when they were so shocked to learn about it. They either were unwilling to or could not even identify who within the organization even had the ability to authorize or carry out such transfers. I mean, monies can't be transferred out of segregated customer accounts unless somebody can actually do it, right? And somebody has to say it's OK to do it, right? And somebody somewhere has to know it was done. Corzine spent much of his time addressing Rule 1.25 about ways a broker/dealer can actually legally use client funds for its own purposes when this wasn't even really the issue.
But Mr. Duffy laid out a neat time line including information his staffers received from an MF Global employee which contradicted Corzine's (testimony). And Mr. Duffy's statements made a whole lot more sense. His auditors received daily segregated account reconciliation records during the last few tumultuous days. On Thursday and Friday they were told by MF that the "seg accounts" had $200 million in excess funds and things were fine. Then they were told that this was in error and it actually had a $200 million shortfall. ( Corzine contends that everyone at MF was so shocked that they didn't even attempt to figure out what happened, but rather spent the next couple of days furiously trying to reconcile figures). Duffy testified that his staff was finally told on 10/29 that there was a $900 million shortfall. Later, on 10/31, his auditors were told that MF had transferred $950 million from segregated customer accounts to its the broker/dealer arm so they might as well stop looking for any error. This on top of learning that MF had asked a London affiliate to send back $175 million it had loaned to them from co-mingled accounts.. But worst for Corzine,a senior MF employee told his staff that Corzine knew of the transfers and they were directed by management. Mr. Duffy described these activities as illegal, violation of rules and, just as important, efforts to disguise what was going on. No wonder Mr. Duffy was so forthright - his staff had been intentionally misled. And one could easily figure what Mr. Duffy thinks of the (honorable) Mr. Corzine's performance which he witnessed earlier.
So the day was spent hearing from farmers, ranchers and other legitimate parties simply trying to use commodity hedges the way they were intended. They described what happened to their ability to conduct business by addressing agricultural risk factors when Corzine betrayed their trust. Then you had the "maybe lying perjurers" three top MF executives insulting everyone's intelligence. Then you had the CME executive chairman describe a thoroughly plausible scenario of what actually happened. In my mind, Corzine and his henchmen were exposed for what they are. Hopefully, this vitally important matter will continue through the system post-haste before everyone forgets about it or legislators let an ex-Senator and ex-Governor get a free pass. More hearings - quick! And for God's sake - will somebody put some heat on the Department of Justice to actually do something for once.
Thursday, December 8, 2011
Quick Thoughts on Corzine Testimony
- This man was CEO of Goldman Sachs before Hank Paulson "back-doored" him out. Corzine never forgot that in trying to return to his former glory.
- This man was on Obama's short list to be the new Treasury Secretary (despite furious denials).
- This man did not have the required current licenses to trade securities. They had expired while he
was a senator and governor of New Jersey. He was bounced from his governorship of NJ in favor of Chris Christie at the first opportunity NJ voters had to rectify their mistake. He was allowed by regulators to activate his security trading licenses without required examination. To take this a step
further, he acknowledged in his testimony that MF was hindered by old style phone transactions
versus competitor's high speed transactions (HFT). What better example of why an expired license
should not be re-granted through cronyism?
- As many representatives stated at the hearing, farmers and growers relying on commodity price
hedging were the primary victims of Corzine's CEO tenure. The only reason they established accounts with MF Global was to hedge future crops and prices. Protection and service to such
accounts and customers was MF Global's stated primary mission.
- Mr. Corzine altered the business model of MF Global from what he felt was a low growth business to a high return mindset. Of course, he acknowledged that company performance in a" high risk- high reward" scenario would increase the potential value of his stock options.
- Basically Mr. Corzine retroactively changed the company with which the farmers and growers were
doing business. I suspect they didn't realize that the focus changed to speculating in the foreign debt of every weak European stepchild other than Greece. Did he inform them in a manner which could be readily understood? Assuredly not.
- Instead, he fired the head risk officer and expanded accumulation of European sovereign risk instruments, He even acknowledged having to defend these bets to his own board of directors.
.....................................................................................................................
More on this later. But any thinking person should realize that THIS is the type of person and
thought process that permeates firms like Goldman Sachs. That THIS is the type of Goldman Sachs
former CEOs that two times out of three had been appointed Treasury Secretary. This man's performance in front of the committee was absolutely pathetic. No wonder our economy and the performance of those who oversee it is similarly pathetic.
- This man was on Obama's short list to be the new Treasury Secretary (despite furious denials).
- This man did not have the required current licenses to trade securities. They had expired while he
was a senator and governor of New Jersey. He was bounced from his governorship of NJ in favor of Chris Christie at the first opportunity NJ voters had to rectify their mistake. He was allowed by regulators to activate his security trading licenses without required examination. To take this a step
further, he acknowledged in his testimony that MF was hindered by old style phone transactions
versus competitor's high speed transactions (HFT). What better example of why an expired license
should not be re-granted through cronyism?
- As many representatives stated at the hearing, farmers and growers relying on commodity price
hedging were the primary victims of Corzine's CEO tenure. The only reason they established accounts with MF Global was to hedge future crops and prices. Protection and service to such
accounts and customers was MF Global's stated primary mission.
- Mr. Corzine altered the business model of MF Global from what he felt was a low growth business to a high return mindset. Of course, he acknowledged that company performance in a" high risk- high reward" scenario would increase the potential value of his stock options.
- Basically Mr. Corzine retroactively changed the company with which the farmers and growers were
doing business. I suspect they didn't realize that the focus changed to speculating in the foreign debt of every weak European stepchild other than Greece. Did he inform them in a manner which could be readily understood? Assuredly not.
- Instead, he fired the head risk officer and expanded accumulation of European sovereign risk instruments, He even acknowledged having to defend these bets to his own board of directors.
.....................................................................................................................
More on this later. But any thinking person should realize that THIS is the type of person and
thought process that permeates firms like Goldman Sachs. That THIS is the type of Goldman Sachs
former CEOs that two times out of three had been appointed Treasury Secretary. This man's performance in front of the committee was absolutely pathetic. No wonder our economy and the performance of those who oversee it is similarly pathetic.
Hank Paulson = Benedict Arnold
Most Americans would think that something unpleasant should happen to a person who commits treason. Within one month in 2008 Treasury Secretary Hank Paulson (former Goldman Sachs CEO) committed two acts of treason One involving a meeting in Russia in late June with the Goldman Sachs board of directors. Another when he willfully lied to reporters by saying that Fannie Mae and Freddie Mac must remain shareholder owned. He repeated this days later by stating a soon to be concluded examination of their books will instill investor confidence. Other parties personally received quite different information - the accurate information on what would be happening with the GSEs.
The position of Secretary of the Treasury obviously calls for a person with high moral principles. This individual is behind only the Federal Reserve Chairman as far as impact on the economy. In a correctly functioning society, a Treasury Secretary would never - under any circumstances - meet with a group of private bankers to give inside information. If the Secretary is too dishonorable to realize it himself, it must be mandated through legislation. But Paulson (who does not even meet the foremost criteria for the office as described above) did it not just once, but at least twice. And there's no reason to suspect it didn't happen on other occasions. I don't know how he defined his job, but these actions were certainly incompatible with any reasonable expectations. The Treasury Secretary position does not exist to alert demonic bankers of market moving measures in advance of the general investing public. To the detriment of the public. If this stuff is not the acts of a traitor, I don't know what is.
As a little background, Paulson - while CEO at Goldman - successfully used his authority and influence to strongly promote the easing of capital requirements so Wall Street banks could use more leverage. Right then, it might have been a good idea not to appoint a serial gambler to the job since this opened up the doors to a profound problem which still has not been reigned in. Paulson, Robert Rubin and Larry Summers pushed the concept of deregulation and convinced stupid people that the financial sector is self governing. That it acts in its own best interests, therefore will self correct any imbalances, and can ultimately be trusted to do the right thing automatically without unnecessary oversight. So George W. Bush instead nominated him and he was overwhelmingly confirmed in 2006. I would love to have seen him take his oath of office.
........................................................................................................................
By the end of June of 2008 Paulson was in office for about two years doing who-knows-what when he decided it would be a good idea to meet with the board of directors of his former company over in Moscow. He gave them the heads up on a major speech he was about to deliver. He also expressed his concerns about Lehman Brothers probably blowing up. What kind of non-traitor would come up with such an idea? This is telling his old company how to prepare. How to maneuver to the winning side. This is beyond poor judgment - this is flat out treason. Undeniably so.
Goldman Sachs was made privy to nonpublic information. And not for any purpose whatsoever other than to allow them to profit from it. A Treasury Secretary cannot do such things. Purposely violating one's oath of office is just cause for immediate termination proceedings - with further charges to follow. Why did this not happen?
But tipping Goldman Sachs off was not enough. On 7/13/08 Paulson told reporters that Fannie Mae and Freddie Mac must remain shareholder owned. As a result, the normal investing public starting bidding up the shares. On 7/21/08 he conned normal investors again by assuring reporters that an upcoming announcement on the GSEs would reassure everyone. Again the shares were bid up. Before he actually did this on the morning of 7/21, he had already scheduled an afternoon meeting the same day with a group of hedge fund managers. A bunch of these were Goldman Sachs-types. Paulson thought it would be a good idea to actually tell this particular group the truth. He described to them a scenario under which the GSEs would enter into receivership and their stock would become worthless. As has since been covered, at least one hedge fund manger contacted legal counsel who told him not to act as the information was in violation of any number of standards. Again, Paulson misled the public, who soon would get creamed on their GSE stock, while hedge fund managers potentially could reap millions shorting it. Again, why has Paulson not been charged with treason? Beyond that, if Eric Holder's Department of Justice and other regulators were not so corrupted, why on earth would it be so difficult to thoroughly examine trading records from 7/21 through the conservatorship announcement? It's only a period of about two months. Hey, maybe it's because Congressmen and other in-the-know federal employees also traded on the hidden news. Who knows? But it's basic stuff.
..................................................................................
Henry J. Paulson engaged in other questionable behavior outside of the above. Really questionable.
- He became phone buddies with NY Fed chief Timothy Geithner, Goldman's Lloyd Blankfein and Morgan Stanley's John Mack. As it turned out, this behavior happened to correspond with the instantaneous approval on 9/21/08 for Goldman and Morgan Stanley to join all the other TBTFs as a bank holding company to gain access to Fed emergency funds and favorable terms on any money desired.
- He bullied and coerced Congress to pass TARP, then turned around and used a substantial portion of the funds in a manner not described. On 10/13/08 he committed funds (cut checks) to nine banks totaling $125 billion. This was the infamous weekend when he called them all to the NY Fed and (supposedly) compelled them all to accept the money so that no one would know which banks really needed it. But the amounts varied. J.P. Morgan, Wells Fargo and Citigroup led the parade with $25 billion each. Then came Bank Of America with $15 billion - followed by Merrill Lynch, Goldman Sachs and Morgan Stanley at $10 billion. Bank of NY Mellon got a puny $3 billion, while State Street brought up the rear with a mere $2 billion. Contemplating the relative amounts certainly tells a tale. And what about all the smaller banks out there? The ones that fund Main Street small business expansion? I guess they're not considered part of the crucial Financial Sector.
- He had his hands all over the AIG counterparty bailout. Under his plan Goldman Sachs (shock!) benefited the most. He misled everybody by saying that AIG's liabilities must be covered to the tune of 100 cents on the dollar to protect the public. $182 billion worth. This was followed by Goldman executives probably perjuring themselves in front of Congress when testifying that monies were received solely to make their customer accounts whole. It was later found that Goldman Sachs profited by $2.9 billion on their own proprietary trades. Can one seriously believe ex-Goldman CEO Paulson had no idea about the firm's personal exposure?
.....................................................................................
Hank Paulson was no public servant. He was planted as the second Goldman Sachs'er out of three to serve Wall Street as Treasury Secretary. Revelations about his phone log history show an alarming amount of calls with the Wall Street titans. When you combine this with the series of steps taken in behalf of the parties who had created the crisis, you do have to wonder who serves whom. And keep in mind that the TBTFs rather quickly got back on firm footing to keep the bonuses flowing.
Look up the definitions of treason and traitor. They both involve violation or betrayal of trust and allegiance to one's country. An appointed official betrayed his trust by serving parties who have proven dangerous to the nation at the expense of the general population - this is one of the purest examples of treasonous activity by a traitor I can think of.
The position of Secretary of the Treasury obviously calls for a person with high moral principles. This individual is behind only the Federal Reserve Chairman as far as impact on the economy. In a correctly functioning society, a Treasury Secretary would never - under any circumstances - meet with a group of private bankers to give inside information. If the Secretary is too dishonorable to realize it himself, it must be mandated through legislation. But Paulson (who does not even meet the foremost criteria for the office as described above) did it not just once, but at least twice. And there's no reason to suspect it didn't happen on other occasions. I don't know how he defined his job, but these actions were certainly incompatible with any reasonable expectations. The Treasury Secretary position does not exist to alert demonic bankers of market moving measures in advance of the general investing public. To the detriment of the public. If this stuff is not the acts of a traitor, I don't know what is.
As a little background, Paulson - while CEO at Goldman - successfully used his authority and influence to strongly promote the easing of capital requirements so Wall Street banks could use more leverage. Right then, it might have been a good idea not to appoint a serial gambler to the job since this opened up the doors to a profound problem which still has not been reigned in. Paulson, Robert Rubin and Larry Summers pushed the concept of deregulation and convinced stupid people that the financial sector is self governing. That it acts in its own best interests, therefore will self correct any imbalances, and can ultimately be trusted to do the right thing automatically without unnecessary oversight. So George W. Bush instead nominated him and he was overwhelmingly confirmed in 2006. I would love to have seen him take his oath of office.
........................................................................................................................
By the end of June of 2008 Paulson was in office for about two years doing who-knows-what when he decided it would be a good idea to meet with the board of directors of his former company over in Moscow. He gave them the heads up on a major speech he was about to deliver. He also expressed his concerns about Lehman Brothers probably blowing up. What kind of non-traitor would come up with such an idea? This is telling his old company how to prepare. How to maneuver to the winning side. This is beyond poor judgment - this is flat out treason. Undeniably so.
Goldman Sachs was made privy to nonpublic information. And not for any purpose whatsoever other than to allow them to profit from it. A Treasury Secretary cannot do such things. Purposely violating one's oath of office is just cause for immediate termination proceedings - with further charges to follow. Why did this not happen?
But tipping Goldman Sachs off was not enough. On 7/13/08 Paulson told reporters that Fannie Mae and Freddie Mac must remain shareholder owned. As a result, the normal investing public starting bidding up the shares. On 7/21/08 he conned normal investors again by assuring reporters that an upcoming announcement on the GSEs would reassure everyone. Again the shares were bid up. Before he actually did this on the morning of 7/21, he had already scheduled an afternoon meeting the same day with a group of hedge fund managers. A bunch of these were Goldman Sachs-types. Paulson thought it would be a good idea to actually tell this particular group the truth. He described to them a scenario under which the GSEs would enter into receivership and their stock would become worthless. As has since been covered, at least one hedge fund manger contacted legal counsel who told him not to act as the information was in violation of any number of standards. Again, Paulson misled the public, who soon would get creamed on their GSE stock, while hedge fund managers potentially could reap millions shorting it. Again, why has Paulson not been charged with treason? Beyond that, if Eric Holder's Department of Justice and other regulators were not so corrupted, why on earth would it be so difficult to thoroughly examine trading records from 7/21 through the conservatorship announcement? It's only a period of about two months. Hey, maybe it's because Congressmen and other in-the-know federal employees also traded on the hidden news. Who knows? But it's basic stuff.
..................................................................................
Henry J. Paulson engaged in other questionable behavior outside of the above. Really questionable.
- He became phone buddies with NY Fed chief Timothy Geithner, Goldman's Lloyd Blankfein and Morgan Stanley's John Mack. As it turned out, this behavior happened to correspond with the instantaneous approval on 9/21/08 for Goldman and Morgan Stanley to join all the other TBTFs as a bank holding company to gain access to Fed emergency funds and favorable terms on any money desired.
- He bullied and coerced Congress to pass TARP, then turned around and used a substantial portion of the funds in a manner not described. On 10/13/08 he committed funds (cut checks) to nine banks totaling $125 billion. This was the infamous weekend when he called them all to the NY Fed and (supposedly) compelled them all to accept the money so that no one would know which banks really needed it. But the amounts varied. J.P. Morgan, Wells Fargo and Citigroup led the parade with $25 billion each. Then came Bank Of America with $15 billion - followed by Merrill Lynch, Goldman Sachs and Morgan Stanley at $10 billion. Bank of NY Mellon got a puny $3 billion, while State Street brought up the rear with a mere $2 billion. Contemplating the relative amounts certainly tells a tale. And what about all the smaller banks out there? The ones that fund Main Street small business expansion? I guess they're not considered part of the crucial Financial Sector.
- He had his hands all over the AIG counterparty bailout. Under his plan Goldman Sachs (shock!) benefited the most. He misled everybody by saying that AIG's liabilities must be covered to the tune of 100 cents on the dollar to protect the public. $182 billion worth. This was followed by Goldman executives probably perjuring themselves in front of Congress when testifying that monies were received solely to make their customer accounts whole. It was later found that Goldman Sachs profited by $2.9 billion on their own proprietary trades. Can one seriously believe ex-Goldman CEO Paulson had no idea about the firm's personal exposure?
.....................................................................................
Hank Paulson was no public servant. He was planted as the second Goldman Sachs'er out of three to serve Wall Street as Treasury Secretary. Revelations about his phone log history show an alarming amount of calls with the Wall Street titans. When you combine this with the series of steps taken in behalf of the parties who had created the crisis, you do have to wonder who serves whom. And keep in mind that the TBTFs rather quickly got back on firm footing to keep the bonuses flowing.
Look up the definitions of treason and traitor. They both involve violation or betrayal of trust and allegiance to one's country. An appointed official betrayed his trust by serving parties who have proven dangerous to the nation at the expense of the general population - this is one of the purest examples of treasonous activity by a traitor I can think of.
Tuesday, December 6, 2011
The Industrial Revolution, The Age Of Information, The Age of Globalization and The Age Of The Financial Sector
Very generally speaking, these four secular cycles neatly trace the rise and fall of middle class America. The greatest emphasis on our current state results from the fallout of the three most recent "ages", whose impact has been devastating and accelerating.
The Industrial Revolution brought prosperity to many and arguably established the middle class. Its origin is best symbolized by Henry Ford, who not only pioneered the assembly line, but raised the wages of the workers so they could actually afford the product being assembled (Ford automobiles). THIS is how an economy should function with foresight. With time, the Industrial Revolution brought the creation of unions to ensure the newly created wealth was more evenly distributed. Yes, the unions might have gone a tad too far - but consider the ramifications without them. The resolution of World War II with all the destruction elsewhere certainly helped America's economic might, but basically it was a good time to be a member of the American middle class. And this population were prudent savers assuredly influenced by memories and scars from the Depression. They actually had a proper sense of values along with their relative comfort.
.............................................................................................................
The Age Of Information progressed from newspapers to radio to television to color television to home computers to the internet. With each progression came the dreaded advertisements. The seeds were planted for the establishment of consumerism. One could not escape constant advertisements for everything under the sun when merely trying to read the news, listen to music or watch a tv show. It simply wore the population down over time until we capitulated. Americans couldn't avoid being swayed in their spending habits by the constant and unforgiving bombardment. This was the genesis of "name brands". A pair of functional jeans or sneakers was no longer enough - they had to be the right brands. If a youngster wore Keds instead of Chuck Taylor Converse All-Stars, he was uncool. The seeds were sown and there was no turning back. The competitive behavior of purchases took root with all the social pressures. And the overpriced "correct" items were determined primarily by advertising budgets - not quality. The first step into the indebtedness trap augmented by the rise of the credit card industry (probably one of the very first societal bastardizations of the financial sector). Credit cards fed the ability to buy the proper things when households basically could not afford them - the old "save to buy" morality was dead. Heck, people even bought the televisions subjecting them to the constant advertisements on credit.
Then the rise of the home computer and the internet brought to our attention other things we needed that were not even mentioned by tv and radio. People gasped: "I didn't even realize this or that even existed, but now that I do, I have to have it". It multiplied temptation a thousand-fold and Americans acted on it. The combination of access to new products and the rapid obsolescence of these products through technological advances brought about the term "disposable item". People purposefully acquired stuff fully knowing that its lifespan was temporary and it would soon be replaced by an advanced replacement. Other than perhaps automobiles or trendy fashions, I can think of no other item that an American in the 1950s or 1960s would view in that manner. They bought things to last.
The internet also greatly contributed to changes in investment behavior. Online research and the ability to trade stocks and other vehicles without broker interference and at greatly reduced rates raised awareness and trading activity. Whether or not this was actually a good thing is debatable. It also contributed to shorter term horizons since instant quotes were readily available. Undoubtedly, many Americans succumbed to buying stocks in questionable companies with the abundance of information out there and further succumbed to trading out of them if they didn't meet their expectations right away. This probably also led to chasing mutual fund performance after the gains had already been made. Also to buying stocks just when the "big boys" had decided to bring them back down so they could reload on the backs of bagholders.
So basically the Age Of Information brought the concepts of consumerism and its attendant indebtedness, followed by the advent of investment patsies. In other words, the age of victim identification.
..................................................................................................................
The Age Of Globalization is somewhat tied to disposable products. If they had it to do over again, trade agreements such as NAFTA and others would have been implemented quite differently. Free trade with countries paying slave wages with horrific working conditions would have been perceived as the competitive roadblocks they are. They crushed whatever was left of American unionization and demolished entire worker industries. Esteemed American corporations fueled their growth by moving manufacturing and even service operations overseas. The combination of automation and overseas labor devastated a substantial portion of our workforce. When you go from a relatively highly paid manufacturing base, to a service economy - only to lose even much of the service economy to foreign replacements, you are in trouble.
All one has to do is look at the back of any piece of electronics. You will see "Made in China", "Made In Mexico" or "Made in Taiwan". (Yes, some will say "Designed in America" or "Designed in Britain" - but the "Assembled in" or "Made in China" is always there). Look at just about anything bought at a discount store and it's the same. Other than food, it would be fascinating if Target, Walmart or even Best Buy were compelled to admit the exact percentage of their products that are made elsewhere.
The Age Of Globalization also neatly dovetails with the disposability of products. You make 'em cheap to last a short period and you replace 'em. Not only because the inexpensive ones are not well made, but because even the more expensive ones that are well manufactured have a short shelf life. The buyer realizes that technology will shortly pass them by. HDTVs are probably the best example of this. Purchasers know that they'll be replacing even the best ones within a few years. I defy anyone to claim they bought a first generation plasma HDTV and have not since upgraded. (Unless they're homeless or unemployed and on food stamps - but that's a different story).
America lost big time in the Age Of Globalization. We were good at R&D, only to nailed by a combination of low wage countries co-opting our technology, aggravated by our own corporations relocating their workforces overseas in search of greater profits. If only these corporations had even a modicum of a sense of patriotism things would be very different. Patriotism has always been the missing ingredient with corporations. They are quick to take advantage of tax breaks, but have no conception of their responsibility to the nation that allows the same breaks. This will never change - they are takers, not givers. They would lay off every American employee without a second thought if it would increase their profit margin.
................................................................................................................
The three "ages" above pale in importance to the middle class relative to the impact of the Age Of The Financial Sector. The Industrial Revolution was pretty much all good. The other "ages" at least had an initial good aspect. But the Financial Industry has become an uncompromisingly destructive force. It rides a pale horse and has brought hell with it. Its present condition has nothing to do with the betterment of mankind. It has spawned an army of psychopaths. These degenerates view their customers solely as beings from whom they can extort money. Parties on whom they can prey.
( Now this applies to the Wall Street-type TBTF banks - not the small banks and credit unions who have retained the old tried and true business model. You know, the ones that must rely on their performance rather than government handouts ).
If the "foul" financial system were to be viewed as a zero-sum game, their goal would be to extract each penny from the losing side. That is their religion and whole meaning of life. They would drive up to a blind street beggar in their BMW and empty his money can if it had any bills in it. But they actually have to do the equivalent with more respected gentlemen. By creating wacked financial products and then going through the hassle of getting them AAA rated and then pawning them off on the unsuspecting. This deviousness in their everyday "transactions" is not considered when they bemoan their long work hours. (Their justification for exorbitant compensation). I'm not entirely sure that spending long hours trying to figure out to to screw the other guy can accurately be defined as work. But the cumulative creations of these psychotics have introduced citizens to the trendy new term "austerity measures". And to think the previous latest jargon "moral hazard", somehow passed from view even though it's still out there in force. There's something about austerity following moral hazard that just doesn't seem quite right. As though it's not fair or something like that. A second grader might question whether this is right or not. Odd that a recent toddler still learning how to read and count would realize the situation that confounds adults.
Probably the biggest problem is that Big Banks now derive the bulk of their income through dark pool, off balance sheet, unregulated products. These derivatives barely contribute to economic growth. Of late, they definitely have actually detracted from it. Why such innovations continue to evolve and prosper is beyond comprehension. It's as though a pension fund manager or other trustee of funds needs to say they are involved in the latest, most supposedly sophisticated products. The fact that they really don't understand them is irrelevant. After all, Lloyd Blankfein and others have testified that they only make a market in this toxic trash as a service because "sophisticated investors" knowingly make their investing decisions and want to get positioned.
In America and worldwide, public involvement with the parties pushing these exotic creations has resulted in public indebtedness well beyond private debt. The brutal combination of entire nations feeling compelled to honor what's owed to the same financial institutions who led them to slaughter, while at the same time using taxpayer money to bail them out of their own obligations, is incomprehensible. It simply doesn't make sense unless one applies the meaning of the latest market buzzword, "crony capitalism". And supplements this by the recently coined phrase "Big Bank gains are privatized, losses are socialized". Then it all becomes clear.
These institutions must be broken up and their political power broken. If not, the Age Of The Financial Sector will be the last "age" of the world as we now know it. The middle class will move backwards in time to their serfdom status that existed before the Industrial Revolution. Backwards evolution is assuredly not what people expected in the 21st century, but it's taking place right in front of our eyes.
The Industrial Revolution brought prosperity to many and arguably established the middle class. Its origin is best symbolized by Henry Ford, who not only pioneered the assembly line, but raised the wages of the workers so they could actually afford the product being assembled (Ford automobiles). THIS is how an economy should function with foresight. With time, the Industrial Revolution brought the creation of unions to ensure the newly created wealth was more evenly distributed. Yes, the unions might have gone a tad too far - but consider the ramifications without them. The resolution of World War II with all the destruction elsewhere certainly helped America's economic might, but basically it was a good time to be a member of the American middle class. And this population were prudent savers assuredly influenced by memories and scars from the Depression. They actually had a proper sense of values along with their relative comfort.
.............................................................................................................
The Age Of Information progressed from newspapers to radio to television to color television to home computers to the internet. With each progression came the dreaded advertisements. The seeds were planted for the establishment of consumerism. One could not escape constant advertisements for everything under the sun when merely trying to read the news, listen to music or watch a tv show. It simply wore the population down over time until we capitulated. Americans couldn't avoid being swayed in their spending habits by the constant and unforgiving bombardment. This was the genesis of "name brands". A pair of functional jeans or sneakers was no longer enough - they had to be the right brands. If a youngster wore Keds instead of Chuck Taylor Converse All-Stars, he was uncool. The seeds were sown and there was no turning back. The competitive behavior of purchases took root with all the social pressures. And the overpriced "correct" items were determined primarily by advertising budgets - not quality. The first step into the indebtedness trap augmented by the rise of the credit card industry (probably one of the very first societal bastardizations of the financial sector). Credit cards fed the ability to buy the proper things when households basically could not afford them - the old "save to buy" morality was dead. Heck, people even bought the televisions subjecting them to the constant advertisements on credit.
Then the rise of the home computer and the internet brought to our attention other things we needed that were not even mentioned by tv and radio. People gasped: "I didn't even realize this or that even existed, but now that I do, I have to have it". It multiplied temptation a thousand-fold and Americans acted on it. The combination of access to new products and the rapid obsolescence of these products through technological advances brought about the term "disposable item". People purposefully acquired stuff fully knowing that its lifespan was temporary and it would soon be replaced by an advanced replacement. Other than perhaps automobiles or trendy fashions, I can think of no other item that an American in the 1950s or 1960s would view in that manner. They bought things to last.
The internet also greatly contributed to changes in investment behavior. Online research and the ability to trade stocks and other vehicles without broker interference and at greatly reduced rates raised awareness and trading activity. Whether or not this was actually a good thing is debatable. It also contributed to shorter term horizons since instant quotes were readily available. Undoubtedly, many Americans succumbed to buying stocks in questionable companies with the abundance of information out there and further succumbed to trading out of them if they didn't meet their expectations right away. This probably also led to chasing mutual fund performance after the gains had already been made. Also to buying stocks just when the "big boys" had decided to bring them back down so they could reload on the backs of bagholders.
So basically the Age Of Information brought the concepts of consumerism and its attendant indebtedness, followed by the advent of investment patsies. In other words, the age of victim identification.
..................................................................................................................
The Age Of Globalization is somewhat tied to disposable products. If they had it to do over again, trade agreements such as NAFTA and others would have been implemented quite differently. Free trade with countries paying slave wages with horrific working conditions would have been perceived as the competitive roadblocks they are. They crushed whatever was left of American unionization and demolished entire worker industries. Esteemed American corporations fueled their growth by moving manufacturing and even service operations overseas. The combination of automation and overseas labor devastated a substantial portion of our workforce. When you go from a relatively highly paid manufacturing base, to a service economy - only to lose even much of the service economy to foreign replacements, you are in trouble.
All one has to do is look at the back of any piece of electronics. You will see "Made in China", "Made In Mexico" or "Made in Taiwan". (Yes, some will say "Designed in America" or "Designed in Britain" - but the "Assembled in" or "Made in China" is always there). Look at just about anything bought at a discount store and it's the same. Other than food, it would be fascinating if Target, Walmart or even Best Buy were compelled to admit the exact percentage of their products that are made elsewhere.
The Age Of Globalization also neatly dovetails with the disposability of products. You make 'em cheap to last a short period and you replace 'em. Not only because the inexpensive ones are not well made, but because even the more expensive ones that are well manufactured have a short shelf life. The buyer realizes that technology will shortly pass them by. HDTVs are probably the best example of this. Purchasers know that they'll be replacing even the best ones within a few years. I defy anyone to claim they bought a first generation plasma HDTV and have not since upgraded. (Unless they're homeless or unemployed and on food stamps - but that's a different story).
America lost big time in the Age Of Globalization. We were good at R&D, only to nailed by a combination of low wage countries co-opting our technology, aggravated by our own corporations relocating their workforces overseas in search of greater profits. If only these corporations had even a modicum of a sense of patriotism things would be very different. Patriotism has always been the missing ingredient with corporations. They are quick to take advantage of tax breaks, but have no conception of their responsibility to the nation that allows the same breaks. This will never change - they are takers, not givers. They would lay off every American employee without a second thought if it would increase their profit margin.
................................................................................................................
The three "ages" above pale in importance to the middle class relative to the impact of the Age Of The Financial Sector. The Industrial Revolution was pretty much all good. The other "ages" at least had an initial good aspect. But the Financial Industry has become an uncompromisingly destructive force. It rides a pale horse and has brought hell with it. Its present condition has nothing to do with the betterment of mankind. It has spawned an army of psychopaths. These degenerates view their customers solely as beings from whom they can extort money. Parties on whom they can prey.
( Now this applies to the Wall Street-type TBTF banks - not the small banks and credit unions who have retained the old tried and true business model. You know, the ones that must rely on their performance rather than government handouts ).
If the "foul" financial system were to be viewed as a zero-sum game, their goal would be to extract each penny from the losing side. That is their religion and whole meaning of life. They would drive up to a blind street beggar in their BMW and empty his money can if it had any bills in it. But they actually have to do the equivalent with more respected gentlemen. By creating wacked financial products and then going through the hassle of getting them AAA rated and then pawning them off on the unsuspecting. This deviousness in their everyday "transactions" is not considered when they bemoan their long work hours. (Their justification for exorbitant compensation). I'm not entirely sure that spending long hours trying to figure out to to screw the other guy can accurately be defined as work. But the cumulative creations of these psychotics have introduced citizens to the trendy new term "austerity measures". And to think the previous latest jargon "moral hazard", somehow passed from view even though it's still out there in force. There's something about austerity following moral hazard that just doesn't seem quite right. As though it's not fair or something like that. A second grader might question whether this is right or not. Odd that a recent toddler still learning how to read and count would realize the situation that confounds adults.
Probably the biggest problem is that Big Banks now derive the bulk of their income through dark pool, off balance sheet, unregulated products. These derivatives barely contribute to economic growth. Of late, they definitely have actually detracted from it. Why such innovations continue to evolve and prosper is beyond comprehension. It's as though a pension fund manager or other trustee of funds needs to say they are involved in the latest, most supposedly sophisticated products. The fact that they really don't understand them is irrelevant. After all, Lloyd Blankfein and others have testified that they only make a market in this toxic trash as a service because "sophisticated investors" knowingly make their investing decisions and want to get positioned.
In America and worldwide, public involvement with the parties pushing these exotic creations has resulted in public indebtedness well beyond private debt. The brutal combination of entire nations feeling compelled to honor what's owed to the same financial institutions who led them to slaughter, while at the same time using taxpayer money to bail them out of their own obligations, is incomprehensible. It simply doesn't make sense unless one applies the meaning of the latest market buzzword, "crony capitalism". And supplements this by the recently coined phrase "Big Bank gains are privatized, losses are socialized". Then it all becomes clear.
These institutions must be broken up and their political power broken. If not, the Age Of The Financial Sector will be the last "age" of the world as we now know it. The middle class will move backwards in time to their serfdom status that existed before the Industrial Revolution. Backwards evolution is assuredly not what people expected in the 21st century, but it's taking place right in front of our eyes.
Friday, December 2, 2011
Payroll Tax Cut Legislation - Have They Lost Their Minds?
The media coverage of the haggling back and forth over the continuation of the payroll tax cut is astonishing. It focuses entirely on the impact to the present economy without even considering the fact that it will destroy the Social Security system. As it is, the system has been running a deficit since 2008. The deficit greatly increased in 2011 with the cut from 6.2% to 4.2%. Now an extension appears to be a lock - and the tax might even be decreased to 3.1% if Obama and the democratic senate have their way. Exacerbated by an additional lowering of contributions on the employer side. You simply cannot cut SS revenues in half when the system is already in serious imbalance with the deficit increasing. This is complete lunacy. Any C-minus accounting student could see this portends bankruptcy. And even more crazed is Congress having the audacity to contend that the costs will be covered by funds from the general Treasury. Are they kidding? Maybe no one told them we are running a national deficit in the trillions and growing. Such a statement is disingenuous at best, if not flat out deceitful. It is stupefying that our economy is so poor that a few additional dollars per paycheck is universally considered mandatory. Trading the future solvency of SS for current consumerism strikes me as approaching treason. What could politicians possibly be thinking?
...........................................................................................................................
Back in the good old days most normal workers believed their Social Security deductions went into a Trust Fund from which future benefits would be paid out. Many figured this dedicated fund would earn some form of return on the contributions to keep it self sustaining. No problem - easy stuff, right?
Well, no. The Trust Fund has been continually tapped in attempts to balance the budget (or at least lower deficit spending with the Treasury effectively issuing IOUs). Since the Great Recession it has been absolutely hammered in terms of inflowing monies relative to outflows. I mean, you can't contribute without a job and those receiving it due to their age can't simply become younger and drop off the rolls. We all know that population demographics are working against its feasibility in the longer term as it stands. This is undisputed.
I believe the Congressional Budget Office's forecasts about the viability of the system are somewhere around 50% off - just like all their forecasts. They were already wrong by about eight years on their prediction about when the running surplus would turn negative. If you want a laugh, peruse their assumptions. They are comical beyond belief - as though they haven't considered reality for one instant. Social Security old age benefits as we know it will be insolvent before those graduating from high school into the workforce get even a dime - if not well before.
The Social Security system was one of the most vital of social programs enacted under FDR. It meant the difference between literally starving or dying of cold or being homeless and actually living. Millions upon millions of people are testament to this. It allowed them a sense of stability in the face of abject poverty. Without it they would have been morgue statistics.
..........................................................................................................................
But nowadays our nation is governed by myopic stop-gap, short sighted, immediate-fix-without-considering-the-consequences, kick the can down the road measures that can't look three years ahead - much less a decade or generation. We are in the process of destroying one of the most valuable safety nets ever created. Utterly dismantling it from without. All in the name of an absurd attempt to prop up an economy which needs to be re-evaluated from top to bottom. Our country simply cannot allow such a sacrifice. Any ideas as to how to stop it from happening?
...........................................................................................................................
Back in the good old days most normal workers believed their Social Security deductions went into a Trust Fund from which future benefits would be paid out. Many figured this dedicated fund would earn some form of return on the contributions to keep it self sustaining. No problem - easy stuff, right?
Well, no. The Trust Fund has been continually tapped in attempts to balance the budget (or at least lower deficit spending with the Treasury effectively issuing IOUs). Since the Great Recession it has been absolutely hammered in terms of inflowing monies relative to outflows. I mean, you can't contribute without a job and those receiving it due to their age can't simply become younger and drop off the rolls. We all know that population demographics are working against its feasibility in the longer term as it stands. This is undisputed.
I believe the Congressional Budget Office's forecasts about the viability of the system are somewhere around 50% off - just like all their forecasts. They were already wrong by about eight years on their prediction about when the running surplus would turn negative. If you want a laugh, peruse their assumptions. They are comical beyond belief - as though they haven't considered reality for one instant. Social Security old age benefits as we know it will be insolvent before those graduating from high school into the workforce get even a dime - if not well before.
The Social Security system was one of the most vital of social programs enacted under FDR. It meant the difference between literally starving or dying of cold or being homeless and actually living. Millions upon millions of people are testament to this. It allowed them a sense of stability in the face of abject poverty. Without it they would have been morgue statistics.
..........................................................................................................................
But nowadays our nation is governed by myopic stop-gap, short sighted, immediate-fix-without-considering-the-consequences, kick the can down the road measures that can't look three years ahead - much less a decade or generation. We are in the process of destroying one of the most valuable safety nets ever created. Utterly dismantling it from without. All in the name of an absurd attempt to prop up an economy which needs to be re-evaluated from top to bottom. Our country simply cannot allow such a sacrifice. Any ideas as to how to stop it from happening?
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