12

03/10

More Reality about Real Estate

22:00 by Administrator. Filed under: Whatever

by John Galt

March 12, 2010

The news today is more of the same from the mainstream media, then again, I’m not a representative of nor party to the nonsense they spread. The true depths of where the real estate crash is heading is not then happy-happy joy-joy news about modifications increasing, since 70% of those fail within 12 months. It is not the stories from the Florida Association of Realtors proclaiming that some stabilization appears to have finally begun in our state since I’m involved in it at the grunt or ground level and know that the shadow inventory of literally block after block of empty homes tells a much more factual tale.

This story from DSNews.com:

REOs and Short Sales Account for 50% of California Home Sales

is a tell tale sign as to where reality and the truth in the hardest hit states probably does and shall continue to exist.

If 50% is the number in California, then you can be assured that is the same story for Nevada (probably worse), Florida and of course, Arizona.  The pattern will repeat  through many other states, especially those hardest hit by the unemployment problems sweeping the nation.

12

03/10

V music

03:14 by Administrator. Filed under: Whatever

12

03/10

FREE PORN: Okay, it’s FINANCIAL Porn over at Zero Hedge..how Lehman Collapsed and the 105 Play

02:29 by Administrator. Filed under: Whatever

By John Galt

March 12, 2010

Gang, I’m not going to preach. It’s all there. Read the raw report. It is financial porn and indicative of how only a FOOL would invest in our financial markets.

I’ll quote my old friend, Steve Quayle:

If you don’t hold it, you don’t own it.

Links:

The “Repo 105″ Scam: How Lehman Fooled Everyone (Including Allegedly Dick Fuld) And How Other Banks Are Likely Doing This Right Now

Presenting The Lehman Bankruptcy Examiner Report

12

03/10

Yellen from SF Fed is Choice to become Vice-Chair

01:30 by Administrator. Filed under: Whatever

WOOHOO!

Gold up $2.80 just on the rumor….

I’m just sayin’…..

Obama to tap Yellen for Fed vice chair-source

12

03/10

3/11 Bank Failure#1: WHOOPS, it is not FRIDAY: LiberyPointe Bank, NY, NY

01:00 by Administrator. Filed under: Whatever

By John Galt

March 11, 2010

Failed Bank Information Information for LibertyPointe Bank, New York, NY

Uh…..

Gang….

This has not happened since:

Washington Mutual

From ABC NEWS:

Regulators Shut LibertyPointe Bank in NYC

11

03/10

Jim Rawles On Coast 2 Coast Tonight

23:03 by Administrator. Filed under: Whatever

by John Galt

March 11, 2010

I’m going to have to catch the archives except for some of the last minute stuff due to my weird hours but gang, if you CAN listen to this man. Jim Rawles is a damned good man and one of the few members of the “Survivalist” community that GETS IT without reproach. The show starts at 0100 ET.

To find a station where you can hear it:

Coast To Coast AM

10

03/10

Some Other Unemployment Data Perspectives

22:00 by Administrator. Filed under: Whatever

by John Galt

March 10, 2010

One of the obscure corners of the data universe I enjoy exploring just happens to be located on the Bureau of Labor Statistics are known as the Business Employment Dynamics whose purpose is defined as:

Business Employment Dynamics data are quarterly series of gross job gains and gross job losses statistics for the entire economy. These data track changes in employment at the establishment level, and thus provide a picture of the dynamics underlying aggregate net employment growth statistics.

The information here has approximately a two to three quarter lag but when it is updated, it provides a clearer more accurate picture of just what has happened and the trending of the employment picture as the quarterly data is received. In this particular case I have decided to highlight the severity of the problems our economy endured during the teeth of the economic downturn via the available information on their home page through the second quarter of 2009. This will capture the entire recession as defined by many of the political and Federal Reserve economists who reflect a beginning in December 2007 and finishing in June of 2009. Granted, the National Bureau of Economic Research (NBER) has yet to define this economic downturn as over as per their home page:

Last Four Recessions and their Durations

12/07 - ?
3/01 - 11/01 8 months
7/90 - 3/91 8
7/81 - 10/82 16

yet for the purposes of this entry, we shall use the Federal Reserve/BLS term. I have attempted to demonstrate via the graphs with data provided by the BLS to illustrate the impact on the typical small to mid-sized businesses along with a comparison for large employers with 1000 plus employees and the grand total to highlight the devastation to the private sector and how far a true recovery in employment really is.

A quick note and reminder about this graph from the BLS; the NBER has not defined the end of the recession, only the Federal Reserve and BLS thus far along with the politicians of course. The graph above demonstrates that as the recession peaked, just like the 2001 recession, private sector job losses peaked and began to roll over as the recession ended.  What is unique about this recession is that the severity of the drop in private sector gross jobs gains is so severe that any one issue or action economically or by the government imposing more burdens could restrict further private sector job expansion, thus leaving the quarterly gross losses at historically high levels and the millions of people on unemployment trapped by a system dependent on government largess.

This graph is the most disturbing one. While everyone seems to think that America will recover as a “service” economy the reality is that not one economic recovery, be it the Panic of 1907, the Depression of 1893, the Depression of 1920, the Great Depression, or recessions since World War II had sustained economic growth without the goods producing sector out pacing job creation within the private sector. There is this theory that the American economy will expand on census workers and burger flippers but without the construction industry and the associated sectors of the economy that supply this industry, then we will see a very short lived inventory replenishment bounce and the GDP will turn south rapidly at the end of this year.

The numbers do not lie, and as you can see we have regressed in the number of construction jobs some FIFTEEN YEARS back to the mid-1990’s level and there is zero indication that this will improve between now and next year. If not until 2030 as per the Moody’s report referenced in a post yesterday. Without construction any recovery will be short lived as Americans will not earn enough to maintain any semblance of the standard of living of the past twenty years much less service the civilian debt levels of the last ten.

The financial services industry has also experienced a lost decade already:

Thus the theory that the financial and service industries will lead this recovery is total fluffernuttery and based on a flawed logic. The earnings power within the American workforce has been greatly depleted and lessened by this recession (Actually a depression but that’s for history to determine) and probably will not recover for at least a decade if at all thanks to the total debt load and future obligations piled on top of the economy.  Why the alarm? To maintain profitability and in many cases just to survive, companies in the private sector began cutting employees down to bare bones levels and demanding more productivity from the employees and management to sustain the operations at the reduced levels of economic activity. This quote from the March 4, 2009 Report on Productivity and Costs:

Unit labor costs in nonfarm businesses fell 5.9 percent in the fourth
quarter of 2009, the result of productivity increasing faster than hourly
compensation. Unit labor costs decreased 4.7 percent from the same quarter
a year ago, the largest four-quarter decline since the series began in
1948 (table A).  The annual average index of unit labor costs declined 1.7
percent from 2008 to 2009, the largest decline in that series (table D).

sent up a red flag to me that we will see neither an increase in wages to surpass the annualized inflation rate and worse, further taxation and burdens for other necessities such as medical insurance and other benefits shifted from the previously shared relationship between the employer and employee over to the worker.  The graph from the same report illustrates the dramatic nature of this decline.

This will create further declines in the cost of labor which will be good for profitability and survival but at what cost for the unemployment picture? Let’s review the small business side of this equation and see what was happening at the “tail end” of the recession in Q2 of 2009, the latest data available from the BDM.

The average small sized business was still laying off people through the second quarter of 2009 and when the data later this year emerges about the third quarter, it will be interesting to see if the decline accelerated.

The same comment as above applies and this is the average sized business which generally will lead the economy out of a recession and into sustainable growth. Let’s take a look at the 1000+ employee data and totals to get some idea as to the drastic contraction we have witnessed in this recession:

There are where the major layoffs and bankruptcies happened with over 2.6 million private sector  jobs being eliminated. Thus why the total looks so horrid and the depths of the decline are almost Great Depression era like:

Until we see sustainable growth in the private sector, with the ability to absorb those workers lost in the manufacturing, construction, financial services and information technology arenas with a comparable level of compensation, this recovery will be short lived and somewhat shallow with 8% plus unemployment being the norm with only minor or temporary dips below the “official” U3 9.5% level as government activity ramps up to absorb the excess workers. At this point in time there is no incentive for employers to increase compensation thus the deleveraging process will be somewhat slowed for the consumer and the acceleration of defaults on unsecured and secured loans to consumers will continue.

09

03/10

A Small Story with an Important Sentence

23:12 by Administrator. Filed under: Whatever

by John Galt

March 9, 2010

While there are literally hundreds of news stories that I scan each day, every now and then the most innocent appearing of stories where you say “huh, that’s logical” or “wow, that’s important” which causes me to take pause. As I was reading this story from Bloomberg:

Eaton Vance Dumps Dirt Bonds as Florida Land Districts Default

a very important sentence jumped off of the page and made me reflect on to the depths of the economic crisis we are in. The fact that Eaton Vance was intelligent enough to liquidate a loser was important and their admission of an error in judgment says it all. It was this key sentence though which was extracted from the article:

Dumping the so-called dirt bonds at a discount was a better bet, the Boston-based Metzold said, than taking over 218 empty acres (88 hectares) from the project’s builder and waiting for a real-estate rebound that may not come until the early 2030s, according to a Moody’s Economy.com forecast.

This is the key sentence. If the “dirt” bonds are pretty much that, then what does that make the underlying municipal bonds in these communities where housing is still in decline and the future of economic development is totally dependent on an impossible demographic situation:

An aging, non-technically oriented baby-boomer group with poorly educated lower class citizens and lackluster educational and industrial development.

Municide was something I wrote about two years ago, where the declining revenues due to the housing and commercial real estate collapse finally forces cities and counties to either downsize or seek out bankruptcy. I fear that these communities will do so in return for guarantees and management by Federal overseers rather than make the hard choices themselves. It would appear that this issue, if not resolved by a rapid collapse of our currency and economic system, will be a festering wound that we will be forced to endure for decades to come if the Moody’s forecasters are correct with one city after another collapsing into less than viable ghost towns, dependent completely on a Federally based system of support and recovery.

08

03/10

Here Come the Squadrists

22:01 by Administrator. Filed under: 2009, ARCHIVES OLD BLOG
In view of the situation with Congressman Massa, I felt the need to bump this oldie but goodie back to the top of the heap. This was originally published in the old blog and thus the backup without comments was restored last year. This is a very pertinent piece considering the strong arm, almost brown shirt tactics we are about to bear witness to.-John

By John Galt

January 19, 2009

Salve, o poplod’Eori,
Salve, o Patria Immorale!
Son rinati I figli tuoi
Con la fe’ dell’ideale.
Il valor de’tuoi guerrieri,
La virtu dei pionieri,
la vision de l’Alighieri,
oggi brilla in tt’i cuor

Dell’Italia nei confini,
son rifatti gli Italiani,
li ha rifatti Mussolini
per la guerra di domani
per la gioia del lavoro
per la pce e per l’alloro,
per la gogna di coloro
che la Patria rinnegar

I poeti e gli artigiani,
i signori e i containi
con orgoglio d’Italiani
giuran fede a Mussolini
non v’e povero quartiere
che non manda le sue schiere
che non spieghi la bandiere
del fascismo redentor.

Chorus:

Giovvinezza, viovinezza
primavera di bellezza!
Della vita Nell’saprezza
il tuo canto squilla e va!

Giovienezza’ – The anthem of Mussolini’s Fascist Party (translation at the end of this article).

The thunderous ovation which we shall be exposed to over the next twenty-four hours will only be diminished by the cloud of dust raised by the modern day version of the ‘squadrists’ and their ability to distort truth or force you to accept from the particular point of view of the ruling party. The mainstream media is pleading for everyone to please work together in a new era of cooperation where the smiles of the Republican hypocrites shaking hands with the same people who called them “baby killers” not too many years ago indicates that the nation has come full circle and the air of crisis shall supersede principled reason and logic; which of course means bypassing that damned piece of paper that our Founding Fathers fought so hard to create.

The opinion piece you about to read is not a particularly joyous one to pen tonight. In fact much of it was concocted over the last two weeks in bits and pieces as I listened to and witnessed the desire of our nation to find some sort of universal saviour for the errors of the citizens, neglecting their duties to be self-sufficient for their lives and instead leaving the responsibility for their lives in the hands of the elected help who had an alternative motive, the same that all elected bodies eventually have deteriorated to for the past two thousand plus years of civilization. The debate of when, where and how the average American surrendered control is an issue up for debate for a new generation of historians that may yet to have even been born. The ideals of freedom and debate though, will soon be extinguished like a wooden match struck in a hurricane. This entry is an attempt to provide a perspective I have not heard nor witnessed in the discussion of the upcoming Obamanation.

The “Hope” Squadrism Religion

The definition of the word “hope” is subjective when used in the English language properly and perverted into a political philosophy when used to provide a perceived benefit to the masses to advance the cause of the ruling party. What you have witnessed with the song ‘Giovienezza’ and its historical importance was the desire to change a political philosophy into a political religious movement, thus obscuring the desired political activities by blinding the masses with a false religion. If you watch this video about “Yes We Can” and how that anthem has been changed in the same manner, you realize that we not only on the same path. The children have no clue what they are being used for. But th programming of a generation to achieve change without a defined goal in a fervor of religious blindness is what created the nightmares of the 1920’s and 1930’s and will repeat itself once again; this time though in our nation.

By using the English language as a scalpel instead of a blunt instrument the intent of words and their meanings help create a philosophy where none exists to mask actual beliefs of the new ruling party. This is what the Democrats and Obama have learned in the past twenty years from their hiatus in power. Instead of insisting that Republicans or Conservatives favor “murdering children” by blocking absurd food subsidy and government sponsored health care, they will use the religion of “hope” to point out that anyone opposed to their agenda is blocking America’s new future, thus depriving the elderly, the children, the handicapped and the sick of much needed care which could giver them the hope they need to survive and change their lives for this brave new world.

This religious fervor will expand beyond the political rhetoric and be merged into the Christian churches of this nation willing to adopt a philosophy the creates a national ideal of socialist piety despite the Amendments and rulings of the courts in the past. This fervor will mask the philosophical ideals of Marx under the guise of Jesus, allowing the wolf into the temple to create a fog of war between various religious sects, which could take decades to reverse. Legitimate philosophical debate will become a stifled art as the squadrists will shout down and forcefully eliminate opposition to their ideals, as nebulous as they might be. If you do not believe that this is possible, the model has been tested, used and implemented with great success over the last century in Italy, Germany, Chile, Argentina, Soviet Russia, Communist China (heck the entire Communist Bloc for that matter) and inside many other authoritarian and semi-democratic regimes. This might sound like a drastic declaration for an administration that has not even been sworn in at this time, but trust me, as the economy deteriorates the religious fervor will grow.

The Media Squadrists

Does this really need any explanation?

On MSDNC (formerly ‘MSNBC’ but why not call it what it is?), the entire staff has fawned like love sick schoolgirls at a Beatles concert in the early 1960’s. The network news has declined to a point where Goebbels would have been proud to have power like this under his thumb and the Republican enabled NPR sounds like a twenty-four seven version of the old Radio Moscow World Service singing the praises of their elderly communist chairmen. I did not make a mistake by the way my fellow readers; the Republicans had the past eight years to put a stake in the heart of public broadcasting yet failed to do so due to political cowardice. The evolution of the Algore internet has allowed free speech to find alternative broadcast mediums, along with the expansion and success of A.M. talk radio.

Those days are numbered and the methodology used to kill free speech will be in defense of free speech itself.

The alternative media, of which yours truly as a blogger and part time broadcaster is proudly a part of, has a weakness and that is the inability to accept the religion of hope and the correct way to address the changes that are forthcoming. By reporting facts and reality you now become an obstacle to the greater good and the freedom of the masses to succeed with government help, thus creating a material threat to the very existence of this nation in the eyes of the new political order. The new media squadrists will concoct stories, create libelous exaggerations, and using the power of the government gun eventually collapse the alternative media to a point of irrelevancy in the debate on our future. That is how a successful socialist revolution is executed and that is the path we are on.

So to my fellow bloggers, internet and shortwave broadcasters, talk radio mavens and mega-stars, I offer this advice:

Watch your six.

The Economic Squadrist Movement

I can just hear the squeals now: “Gee Galt, you’ve lost your ever loving freaking mind. You’re just one of those radical right wing nutcases that thinks everyone is out to get you and will say anything to obscure the truth from being spoken.” Why do I anticipate this hew and cry from the detractors? That answer is simple.

The headline screamed out:

Butffett says the U.S. is in the Midst of an “Economic Pearl Harbor”

The key phrase from the article is this statement from Mr. Buffett:

“Barack Obama is “the absolute right commander in chief” to guide the country through the financial crisis.”

Sound familiar? It should if you watch financial media or mainstream media programming at any point during the past year or so. His minions have been out there proclaiming this party line for well over a year with the help of some very powerful U.S. CEO’s. Wall Street hedged their bets by donating heavily to the Obama campaign and Democratic candidates in the hopes of creating a huge shared oligopoly where government mandated industry by industry consolidations financed on the backs of the taxpayer will protect weakened financial companies and specific sectors that are deemed “in the national interest” to prevent an outright collapse, whether real or not. This power grab is astonishing not because of the blatancy, but the absolute drubbing that opponents to the ideas of shared risk and government ownership are taking from the economic powerful in this country.

By creating a series of oligopolies with government having a seat at the board, it insures that the party in power will always have some degree of control for political payback to the workers, or employees who vote for them and in that same breath the corporation is guaranteed a safety net no matter how mediocre or pathetic the products or services offered may be. This game will work infinitely as long as man other nations in the world continue to accept the U.S. Dollar as the world’s reserve currency but the Federal Reserve is preparing the American people and those parties who will not play along a rude awakening. The most powerful squadrist entity, the Federal Reserve, is making its play to become the fourth branch of government and in the new administration it has a willing ally to succeed. This means that those people and entities will no longer just have a fight on Main Street for competitive viability or pure capitalism; it means to succeed they will have to join the party and contribute heartily or be ‘absorbed’ to prevent a national disaster as the squadrist religious and media factions would call it. The economic future America faces is bleak and saddening for the inability to engage in normal business transactions based on a level playing field is being whittled away first by the Bush administration and now by the squadrists who have a new plan, one which promotes stability but no competition or equality.

The Constitutional Squadrists

The Founding Fathers, as wise as they were, could never have foreseen Ipods, personal computers, the internet and cell phones. So based on their inability to accommodate the Constitution for modern evolution the courts used societal input when modifying the original intent and creating a ‘living’ document for the times we live in.

It’s total horse crap but you know that is what the socialist left believes and in fact they are teaching younger generations at this time. Why then should we fear the Constitutional squadrists? They will be using their legalistic authority to crush all opposition to their initiatives. Gun Control? If you oppose it, you are against the intent of the Founding Fathers and the belief that Americans should own no more than a hunting rifle and that amendment was for militia only. Habeas Corpus? That ideal shall be for those only engaged in physical crimes or crimes of necessity to feed their families, not those crimes against the state or the Republic. The interpretation of the law is just as important as the judges selected but when you create an intricate web of Executive Orders and massive new legislative initiatives the ability of the courts to create findings that defend the original Constitutional intent will be diminished as the courts may not address the cases for years if not decades.

Thus to protect our freedoms those freedoms must be redefined and as the living document gets older and older the “changing world” will require a massive revision to the Constitution and the last two states will vote for a new convention as the economic situation worsens. The Pandora’s Box will thus be opened and the new vision the new elite have for America can finally be implemented. If you oppose it, their legal squadrists and their fleet of subpoenas and lawsuits will be paying you a visit.

The “National Service” Squadrists

During my annual prediction show on the radio, I postulated the idea that due to sagging unemployment numbers and an over-extended military repetatedly deployed overseas, that the new administration would propose the creation of a new division for NORTHCOM to serve only inside of the United States or North America with the same benefits and no overseas deployments to the Middle East, South Korea, etc. The idea seemed absurd when I first thought about it, then the Army Times reports came out about moving brigades from Iraq to the U.S. for “domestic” service as needed. Now this idea of an expanded military, something the Republicans would endorse, being created and enlarged for domestic “national service” seems more like an eventuality rather than a talk radio fantasy.

The “National Service” rhetoric has been ratatched up in recent days and with tomorrow’s inauguration calls for an “Era of Responsibility” and the proclamation Obama made today that “”Everybody’s got to be involved. Everybody’s going to have to pitch in, and I think the American people are ready for that,” you can see that we are no longer in for the standard Peace Corps type of volunteerism. This has all of the earmarks of the “you will volunteer or we’ll send people to volunteer you” type of bullying that the new party in power has used their leftist thugs to menace the unbelievers with. You might think that your children may be going to the zoo to learn or picking up trash as a public service; in many cases they might. But if they are all taught to march in uniforms in a straight line and sing “Yes We Can” over and over again, how much of a reach is it for them to begin reporting on your having a beer or cigarette, both legal substances, to the authorities to get you forced into a “health re-education” program or worse accused of child abuse.

Squadrists can come in any size. In the United Kingdom there are already programs underway for children to turn their parents in for “not acting green or in the best interests of Mother Earth” as the envirocommies movement has gone off the deep end. What is to prevent such programs from coming to our shores as the opposition to Kyoto style accords is swamped by the new National Service to the Earth and Environment fervor sweeps the nation at every age level. See how this can deteriorate quickly as out national leadership determines what causes ‘volunteers’ are needed for and the political actions desired by those in power? The idea of national service is normally a laudable course of action for the citizens of a nation, but not when it is mandatory and not when it is used for political purposes. Be prepared for little kids marching up your lawn with grinning parents looking on to advance the cause of their superiors.

Why the Term Squadrist?

Now that I have beaten that term into your head, a brief education on its origin and the relevance to the new political leadership assuming power in just about thirteen hours from now. In the book Mussolini’s Italy the author so eloquently pointed out how Mussolini rejected his Socialist Party origins during World War I and evolved into a populist leader by assuming control of a new political party of that time. When the use of brute force was necessary to achieve political goals or eliminate the competition, squadrism was employed where a group of paramilitary thugs were used to intimidate, injure or even eliminate the opponent(s).

Insane as that might sound in the application of the current administration, that is the fear I have and the implementation of his goals. The use of brute force would be hopefully extremely rare yet the blunt trauma of the power of the state will make for a nice substitute of paramilitary gangs. This is a time to be cautious for what is ahead, prepared for a very unstable future, and measured in our words. The time for freedom is now and nobody within our nation’s borders can guarantee that will apply to the non-believers in the future. Thus the terminology and my concerns that we will see nothing less than the evolution of a modern day Italy, with similar goals of a massive corporatocracy ruled by the central party and a group of technocrats creating and manipulating policy to serve the daily needs.

I pray I am wrong.

English Translation of Giovenezza; this should make you think:

Hail, O people of heroes, hail O immortal patria, you sons are reborn with faith in the idea. The courage of your warriors, the strength of your pioneers, the vision of Dante Alighieri, today shine in every heart. In the Italy with its natural borders, Italians are remade. They are remade by Mussolini for the war to come tomorrow, for the joy of hard work, for peace and the laurel, for those who are renegades of the patria to be placed beneath the yoke. The poets and the artisans, the gentlemen and the peasants, proud of being Italian, swear faith to Mussolini. There is no poor part of town which does not send its formations, which does not spread the flags of Fascism, bringing us redemption.

The Chorus:

Youth, youth, springtime of loveliness. Your song rings out everywhere in the bitterness of life.

Giovenezza translation and lyrics from p. 198-199 of Mussolini’s Italy by R.J.B. Bosworth, 2005

08

03/10

The FDIC’s Latest Project: Operation Roll the Drunks and Dead

21:39 by Administrator. Filed under: Whatever

by John Galt

March 8, 2010

From Bloomberg at 12:57 ET today….

Failed Banks May Get Pension-Fund Backing as FDIC Seeks Cash

Alarmed yet? Read on from the article:

March 8 (Bloomberg) — The Federal Deposit Insurance Corp. is trying to encourage public retirement funds that control more than $2 trillion to buy all or part of failed lenders, taking a more direct role in propping up the banking system, said people briefed on the matter.

Uh, I thought we were in a “recovery” and that the process of forcing the banksters to pay their insurance forward would be sufficient for their needs at the FDIC? Has Sheila lost her ever loving freaking mind? It was real estate investing and speculation that have most of these state pension funds in the crapper to begin with because the fund managers listened to the idiots on Wall Street and NAR who proclaimed proudly “Real estate never goes down and always goes up” (Even if it will take 50 years this time for it to go up) and my favorite “..don’t worry! We have sophisticated insurance instruments which will protect your pension funds from any major losses,” or words to that effect. Now we have the government acting as a dishonest broker to seek out funds with state manage pensions to speculate in banks that may not even survive and who’s viability is determined by the very agency which did nothing to predict this disaster in the first place, much less PREVENT IT.

Good luck with this project Sheila and Co. I have a name for your new project already:

“Operation Roll the Drunks and Dead”

Because what you are discussing here is akin to stealing a man’s wallet involved in a severe car accident or rolling a drunk passed out on the sidewalk outside of a bar. When will the American people rise up and tell these idiots that FAILURE IS AN OPTION and a necessary one at that. Obviously America has about 4000 banks too many otherwise there wouldn’t be the panic moves that Barney Frank and the FDIC seem to float about twice per week now.

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