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Wow. I know I shouldn't be after all this time, but I still am amazed whenever I come across these wet-blanket basher types, and look at their posting history and discover that it's ALL they do, and ALL they have....they take some creepy delight at raining their misery (which obviously DOES love company) all over someone else's parade.
Now if a company is an obvious scam, i'll be the first to warn people about it. But this serial bashing...man, there has to be some specific psychological disorder just waiting to be named and diagnosed, "bashophrenia" maybe, the sad outcome usually, of being too lazy to do your homework and learn how the market works, and not spending the years carefully trading and putting in your time as a rookie until you become good enough to trade in earnest...no, these guys are so stereotypical, they get a chunk of money, dump it all into the first "hot tip" they get, lose EVERYTHING screaming at the screen the whole time, and then blame the company, or the message board, or the MM's, or the Internet, or the universe, lol, blame everybody but the one who is really to blame, the man in the mirror.
Sad. Very sad. Back to work they go, but still hang out on financial message boards, desperately trying to act like they are still in the game, wishing for a windfall so they can get back in (and make the same mistake again, lol), and bashing all the "evil" companies like the one that took their money.
Again, wow. Those of you who fit this description, you have my pity, please seek help before you begin to abuse the people in your life.
Good luck to all true traders!
Dragynn
"N/A - Non-Stock Board"??
What does that even mean? How is anything off-topic on this board? I would PM you, but I don't even know who deleted the post or why.
The Global Plan for Local Fascism - The Rise of the Fascist View of Private Property
by John Perna © 2009 Permission to republish once is granted
http://targetfreedom.typepad.com/targetfreedom/2009/09/local-fascism.html
"Fascism" is a term that is frequently misused. It is often used simply as a insult for those of any opposing political camp. Yet there is a correct usage for this term. Fascism is a governmental system which permits a certain degree of "private" property or business ownership, but the management of the property is under governmental oversight.
Republican and Fascist Germany: Themes and Variations in the History of Weimar and the Third Reich, 1918-1945 (Paperback) by John Hiden
http://www.amazon.com/gp/product/B001KFYCK8?ie=UTF8&seller=A1AVPSERX4QF0E&sn=jperna12
Republican and Fascist Germany: Themes and Variations in the History of Weimar and the Third Reich, 1918-1945
Fascism is a form of socialism. Fascism is not a "right wing" opposite of
Communism. Fascism is a step in the direction of Communism.
Owners are generally allowed to retain title to property, but are prohibited from using property in any way which does not follow some governmental law or regulation. Governmental law or regulation might be ambiguous or self-contradictory.
After being denied any control as to what can be done with property these victimized owners are granted the privilege of paying taxes on the property. This type of symbolic ownership makes property ownership into a burden rather than a benefit. Property "owners" are also given the duty of maintaining the property, and the standards for this maintenance are dictated by government. The government might set unreasonable requirements as to the maintenance of the property, which is always at the expense of the "owner".
Fascism is actually the government ownership of all property except in name or "title". Fascism allows citizens to believe that they own property, but they must use it in accordance with the mandates of government. Since the only benefit of ownership is the ability to control and use the property, the real ownership is actually in the hands of the government.
The most disgusting part of the scenario is the attempt to justify the taking of property rights of the individual on the grounds that it will benefit the community as a whole. In reality the whole of the community is equally devastated by the destruction of property rights.
Totalitarians, who have been unable to achieve their desired degree of control over our society, through other arguments, have shifted their plan of attack to an appeal that is based on the false objective of protection of a "community" value.
The International Property Maintenance Code is a massive accumulation of "standards" to be imposed upon property owners. Searching for the origin of this "International Code" will only lead to the ambiguous "International Code Council". Great diligence will locate a web page at:
http://www.iccsafe.org/
The International Property Maintenance Code is found at:
http://www.talgov.com/dncs/neighborhood/pdf/intpropmaint.pdf
The International Code Council describes itself as:
"a membership association dedicated to building safety and fire prevention, develops the codes used to construct residential and commercial buildings, including homes and schools."
The International Code Council further states that:
"Most U.S. cities, counties and states that adopt codes choose the International Codes developed by the International Code Council."
The term "adopt codes" is a euphemism for the creation of laws. According to our constitution, laws are supposed to voted upon, and passed, by elected legislators, and then only enforced if these laws are constitutional.
The International Code Council describes its origin as follows:
"The International Code Council (ICC) was established in 1994 as a nonprofit organization dedicated to developing a single set of comprehensive and coordinated national model construction codes. The founders of the ICC are Building Officials and Code Administrators International, Inc. (BOCA), International Conference of Building Officials..."
Even though the International Code Council describes itself as an American private organization, it uses the term "International" in its name.
If you think that some American businessman wrote all of this read up on Agenda 21 treaty at the United Nations website:
http://www.un.org/esa/sustdev/documents/agenda21/english/agenda21toc.htm
and then do your own research.
Inside the United Nations (Paperback) by Steve Bonta
http://americanistbookstore.com/books/inside-the-united-nations/
<http://americanistbookstore.com/books/inside-the-united-nations/>
Inside the United Nations
http://www.amazon.com/gp/product/1881919080?ie=UTF8&seller=A1AVPSERX4QF0E&sn=jperna12
<http://www.amazon.com/gp/product/1881919080?ie=UTF8&seller=A1AVPSERX4QF0E&sn=jperna12>
The International Code Council describes itself as a private organization, yet it provides detailed instructions as to how municipalities can "adopt" these "codes", and give them the FORCE OF LAW.
With this FORCE OF LAW municipalities will cite The International Property Maintenance Code as the authority to order property owners do follow a myriad of mandates that will boggle the minds of average citizens. No part of the property is ignored. This even includes yard work, parking of vehicles, and painting.
This coat of paint on the face of tyranny does nothing to alter the essence of fascism. The struggle against totalitarianism is now including the new playing field of MUNICIPAL governments. And as do most totalitarians, the fascists always say they want to take power "for our own good."
Louis D. Brandeis (1856-1941) - American judge wrote:
"Experience should teach us to be most on our guard to protect liberty when the government's purposes are beneficent. Men born to freedom are naturally alert to repel invasion of their liberty by evil-minded rulers. The greatest dangers to liberty lurk in insidious encroachment by men of zeal, well-meaning but without understanding."
Nineteen Eighty-four (Paperback) by George Orwell
http://americanistbookstore.com/books/nineteen-eighty-four/
<http://americanistbookstore.com/books/nineteen-eighty-four/>
Nineteen Eighty-four
http://www.amazon.com/gp/product/B001E57SA0?ie=UTF8&seller=A1AVPSERX4QF0E&sn=jperna12
<http://www.amazon.com/gp/product/B001E57SA0?ie=UTF8&seller=A1AVPSERX4QF0E&sn=jperna12>
John T. Flynn, wrote (In As We Go Marching):
"The most terrifying aspect of the whole fascist episode is the dark fact that most of its poisons are generated not by evil men or evil peoples, but by quite ordinary men in search of an answer to the baffling problems that beset every society. Nothing could have been further from the minds of most of them than the final brutish and obscene result. The gangster comes upon the stage only when the scene has been made ready for him by his blundering precursors."
Mussolini defined fascism: in The Political and Social Doctrine of Fascism:
"Anti-individualistic, the fascist conception of life stresses the importance of the State and accepts the individual only in so far as his interests coincide with those of the State, which stands for the conscience and the universal will of man as a historic entity.... The fascist conception of the State is all-embracing; outside of it no human or spiritual values can exist, much less have value.... Fascism is therefore opposed to that form of democracy which equates a nation to the majority, lowering it to the level of the largest number.... We are free to believe that this is the century of authority, a century tending to the 'right', a Fascist century. If the 19th century was the century of the individual (liberalism implies individualism) we are free to believe that this is the 'collective' century, and therefore the century of the State."
Columbia University Professor Robert O. Paxton has written that:
"Fascism may be defined as a form of political behavior marked by obsessive preoccupation with community decline (emphasis added), humiliation, or victim-hood and by compensatory cults of unity, energy, and purity, in which a mass-based party of committed nationalist militants, working in uneasy but effective collaboration with traditional elites, abandons democratic liberties and pursues with redemptive violence and without ethical or legal restraints goals of internal cleansing and external expansion."
Of course this is an open door for corruption. The coercion placed upon one person is often the creation of income for some other insider cohort of the bureaucrats, or even for the bureaucrats themselves. The government that "robs Peter to pay Paul" will always have the support of Paul.
The Path to Dictatorship 1918-1933: Ten Essays By German Scholars (Paperback) by editor Jon Conway
The Path to Dictatorship 1918-1933: Ten Essays By German Scholars
The most important thing to understand about Fascism is that it progresses through stages. It begins with government "regulating" business. Then it progresses into government actually managing the business. When government manages an entire industry there are no longer any competing enterprises, but there is just one government monopoly. No longer is there any regulation of that monopoly, because the "regulator" is actually the senior partner in the enterprise. Great care is taken to create the appearance that everything is for the benefit of the people. In reality the people are exploited by insiders both in and out of government. In the final analysis it all comes down to money and power for the few.
Hitler's Secret Bankers: The Myth of Swiss Neutrality During the Holocaust (Hardcover) ~ Adam Lebor
http://www.amazon.com/gp/product/1559724218?ie=UTF8&seller=A1AVPSERX4QF0E&sn=jperna12
<http://www.amazon.com/gp/product/1559724218?ie=UTF8&seller=A1AVPSERX4QF0E&sn=jperna12>
Wall Street and the Rise of Hitler (Hardcover)~ Antony C. Sutton
http://www.amazon.com/gp/product/0892450045?ie=UTF8&seller=A1AVPSERX4QF0E&sn=jperna12
<http://www.amazon.com/gp/product/0892450045?ie=UTF8&seller=A1AVPSERX4QF0E&sn=jperna12>
Of course, the ultimate stage of fascism is national centralization of power at the highest level. At this stage the central government controls every industry, and every municipality. Like a pack of wolves, each part of this monster contributes to the strength of the whole. The control over goods and services will be used to control, and monitor, the people. Control of health care is the power of life and death. Control of communications is the ability to stifle dissent. Control of food, water, shelter, and electricity is control of the ability to survive. The ramifications go on and on.
Private property rights are essential to liberty. The more secure private property rights are, the more individuals can protect themselves against the attacks of politicians and bureaucrats. Limitations on private property rights results in coercion, plunder and tyranny.
William L. Shirer wrote, in The Rise and Fall of the Third Reich:
"Amidst this labyrinthine organization and all the multitude of offices and agencies of the Ministry of Economics and the Four-Year Plan and the niagara of thousands of special decrees and laws even the most astute businessman was often lost, and special lawyers had to be employed to enable a firm to function. The graft involved in finding one’s way to key officials who could make decisions on which orders depended or in circumventing the endless rules and regulations of the government and the trade associations became in the late Thirties astronomical."
(The Rise and Fall of the Third Reich: A History of Nazi Germany
By William L. Shirer (Simon and Schuster) 1990 :262)
As in all forms of tyranny the "endless rules and regulations of the government" creates a mechanism for a subtle form of terrorism that can be used against those who might try to defend their rights. Government now has the ability to impose the selective enforcement of law against any subject who might resist oppression. Any protest of the destruction of liberty will be met with a myriad of new citations for other contrived "violations". The tactic will usually terrorize the victim, or simply wear him down, until he just decides to go along.
Usually the victim will be told that these citations do not need to be put before a real judge and a jury of peers, as our constitution requires. Instead, the victim will be required to "exhaust his administrative remedies" before seeing anything that appears similar to the justice system that is defined in our constitution. This process is more accurately called being exhausted BY administrative remedies. This is the time consuming frustration of being tried by a so called "administrative judge" who is an employee of the accuser. The accuser's agent generally rules that the accuser was right.
A murderer would be tried before a real judge and a jury of peers. A property owner, who is accused of not cutting his lawn often enough has no such rights.
If the property owner fails to do as he is told quickly enough, then the government will appear on his property with bulldozers and a wrecking crew and simply demolish and level his property. The property owner will receive a bill for the cost of destroying his property. If he fails to pay that bill, then the land that is left after his destroying property will be sold at public auction to satisfy this lien.
The Declaration of Independence includes the following:
"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain inalienable Rights, that among these are Life, Liberty, and the pursuit of Happiness."
Private property rights are an essential part of the pursuit of happiness.
A progression occurs in the deterioration from liberty into totalitarianism. There are a number of measurable parameters that can be readily used as a measure, and to define, the loss of freedom. The central measurement is the tabulation of what the people actually control. Of course that which the people control is diminished every time that any function is given over to government. Whatever the government is allowed to control becomes an increase in the power of government and a loss of liberty to the people.
Every time that the government increases its power we are told that there is some benefit for the people in that increase in the power of government. The increase in the power of government is camouflaged by the assertion that the people are receiving more "services" from government. When government provides a service we should never forget the fact that the government has the ability to use force against it customers, and against its competitors.
Often the first step in this progression is that we move from services being provided by several competing private entities, to services being provided by a government regulated monopoly. Often the next step is that we move to services being provided by a monopoly that is operated by the government itself.
When services are provided by several competing private entities the customer has the ability to choose between those competing private entities. The customer might be influenced by price, or by the quality of the service, or by any other factor that is important to that customer.
When services are provided by a government regulated monopoly the customer has no ability to choose between competing entities, but the assertion will be made that the customer will be protected from the abuse of the monopoly by virtue of the regulation from the government. Of course this assertion is based on the theory that the government has no goals of its own in the regulation of the monopoly, and that the government has no bias of any sort.
When services are provided by a government monopoly the customer has no ability to choose between competing entities. More importantly, there is no longer any way to make the assertion that the customer will be protected from the abuse of the monopoly by the regulation from the government. Of course there will be a claim that the government will regulate itself. At best, this scenario is the fox protecting the hen house.
Of course the jump from services that are provided by several competing private entities, to services that are provided by a government monopoly can be made without going through the stage of services that are provided by a government regulated monopoly.
We re-iterate that when government provides a service we should never forget the fact that the government has the ability to use force against it customers, and against its competitors. Let us consider a few typical examples:
The Town of Benito Junction decides to go into the business of collecting the trash. Soon there is a law that requires everyone to use the service that is being provided by the Town of Benito Junction. Next the charge for that service is added to the property owner's tax bill. Now if the property owner fails to pay this charge it becomes a lien on the property. If the property owner does not satisfy this lien then the property will be sold at public auction. The consumer should compare this scenario to the worst problem that he could have ever had with Joe's Garbage Service.
Adolph Village is providing water and sewer. Soon there will be a law that requires everyone to use the water and sewer service that is being provided by Adolph Village. Next there will be a law that requires everyone to get a "permit" from Adolph Village before they are allowed to install a well or a septic tank. Then it becomes difficult or impossible to obtain a "permit" from Adolph Village to install a well or a septic tank.
Meanwhile Adolph Village employees will be going outside of Adolph Village, and offering to let property owner's connect to their sewer lines, and to build new sewer lines outside of Adolph Village. In order to connect to the sewer lines provided by Adolph Village, property owners must sign a contract with Adolph Village. In addition to giving over the easements to construct the sewer line across their property, there are a few other provisions in this contract. The property owners also agree that, if their property ever becomes contiguous to the boundaries of Adolph Village, then their property will be annexed into Adolph Village with no need for a vote on annexation. The property owners might think that the possibility of their property becoming contiguous to the boundaries of Adolph Village is remote. What they do not understand is that one part of the sewer line is already inside of Adolph Village. Combine this fact with the reality that ever property owner on the sewer line has signed the same contract. Now annexation proceeds, like dominos falling, all the way to the end of the sewer line.
The charge for water and sewer, at any given time in the future, will be whatever Adolph Village says it is. How much did your well and septic tank cost?
Now that your property has been annexed into Adolph Village you have had a visit from the "code enforcement inspectors". The "code enforcement inspectors" notify you of several violations, which must be corrected within a specified period of time. You will need to cut down several trees, trim your hedges, rake up all parts of the yard, and re-paint your house. You will also be required to dispose of the Mercedes Benz that you have parked in the back yard. But you are in luck. Co-incidentally, the "code enforcement inspector's" father is in the auto salvage business. The code enforcement inspector's father will give you $50.00 for that Mercedes Benz, and he will tow it away before the deadline. Will you thank him for his help?
You also have a rental house that gets water and sewer from Adolph Village. The first time that this rental house becomes vacant you are told that there is a $45.00 "processing fee" to change the name on the water account from the renter's name to your own name. There will be another $45.00 "processing fee" to change the name on the water account from your own name to the next renter's name. This $45.00 "processing fee" will occur every time that the name on the water account changes. To get water or sewer service you must sign a contract. Remember that you are required by law to get water or sewer service, and you are prohibited from installing a well or a septic tank. Then, in effect, you are required by law to sign this contract. No one seems to remember that a contract that is signed under duress is invalid. In order to sign this contract you must furnish your social security number. You must agree to pay the default bills of your renters, and you must agree that if the property ever becomes contiguous to the boundaries of Adolph Village, then their property will be annexed into Adolph Village with no need for a vote on annexation.
Some municipalities are even asserting that a property owner must obtain a "business license" to rent property. Black's Law Dictionary defines "license" as: "The permission by competent authority to do an act which, without such permission, would be illegal, a trespass, or otherwise not allowable." In short, a license is permission to do something that would be illegal without that license. In a free country, is it illegal to own property, or to rent, buy, or sell property? Of course these municipalities will even assert the right to charge a fee to the property owner for violating his property rights.
A free citizen does not require permission from the government to enjoy the inalienable rights of life, liberty, and the pursuit of happiness. Property rights are a part of the pursuit of happiness. Here is one of the essential differences between freedom and tyranny. In fact, the licensing of "rights" is a hallmark of the onset of tyranny.
When they tell you that you are required to replace the siding one your house, they will also tell you that you are not allowed to do it yourself. You must hire a licensed contractor to do it. The "licensed contractor" paid the city for his license. The "licensed contractor" will also pay the city for a "building permit". The "licensed contractor" will include these costs in his bill to you.
"Government is not reason; it is not eloquence; it is force. Like fire, it is a
dangerous servant and a fearful master." -
-- George Washington
If you want to know who is the servant, and who is the master, just determine this: Who is asking for permission, and who is granting (or denying) permission? Does government accept the fact that they operate with the consent of the governed, or does government tell the governed that they need a permit to peacefully interact with their fellow citizens?
The free citizen does not need permission from government to enjoy the peaceable use of his property. The government needs permission, from the people, for every use of force that they seek. Permission, from the people is only possible where people would have the right to use force on their on behalf.
The proper function of government is the protection of life, liberty, and property. Government is an agency of force. The use of force is only morally justifiable if it is in self defense, or in the defense of someone else, who has authorized us to act in their behalf. Government is the agency which we have collectively authorized to act on behalf of the entire population. A law is a statement of a responsibility which is required by government through the use or the threat of the use of force. Everything that government does involves the use of force. Government uses force to compel the compliance with each of it laws, by providing penalties for violation of laws. Laws may require a specific action from the citizen or they may prohibit a specific action of a citizen. At the very least, in all cases, the actions of government are funded by tax revenues that are taken from citizens through the use, or threat of the use of force. This means that a moral government may only do those things, for which the use of force, would be morally justifiable.
When government uses force beyond the specific consent of the governed, or beyond the only moral justification for the use of force, then government is in violation of ITS PERMIT.
Beyond the lack of a moral justification for the agency of force to become a vender of goods and services there is a more fundamental problem. The hard reality is that the fascist mixture of government and business can never exist for very long without the habitual use of governmental force becoming the central factor in the government's standard operating procedures.
In the private sector the customer is king. When we negotiate with government we understand that government has the power to coerce what no private company would ever even request.
It is a common error to assume that government should promote or provide everything that the people see as good, and prevent everything that the people see as bad. To remain free people must find other ways to solve all but a few of their problems.
The individual rights for every human being, and government coercion, are opposites.
Yet, at the same time, we recognize the fact that the weaker need to be protected from the stronger. Protection is the only reason that we allow government to exist, and is the only legitimate function of government. When government is not limited to its only legitimate functions, then the people need to be protected from their protectors.
All that needs to be done, to protect individual rights, is to limit government to protecting life, liberty, and property. The limitation of government, historically, has been a difficult task; in that criminals will seek to control government, and to use it as an instrument of plunder.
Our founding fathers wrote, in the Declaration of Independence, that governments are instituted among men to protect our rights, and that they derive their just powers from the consent of the governed. The governed citizens have no authority to give consent to the government for any action, that they; as individuals have no right. We have no authority to authorize government to use force, when it is not justified by the need for defense. Each time that government acts, we should be able to ask for the moral justification for this use of force.
In any discussion of expanding the function of government beyond its legitimate function of protecting life liberty and property there is a common sense question that should be asked: Is government doing such a good job of protecting life liberty and property that it seems wise to divide their efforts into other areas? Is there no more crime in your area? If the government cannot perform its primary function, why would we think it wise to give them other duties?
Government must be limited to protecting us from aggressors. There is no human agency; which can morally use force to require or prohibit anything, unless one citizen would have a moral right to use force in the same situation. If there is not a citizen whose life, liberty or property is being put at risk, then there is no government function.
The ends do not justify the means. As soon as you begin to plead the benefits of allowing government to cross this line, there is no where else to close the gate. If we take the first step onto the slippery slope, then we slide all the way to the chasm.
One of the grievances against the king that was stated in The Declaration of Independence was the following:
"He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people, and eat out their substance."
It does not seem prudent to let this happen again.
ASK YOUR GOVERNOR, YOUR STATE LEGISLATURE,
AND YOUR STATE ATTORNEY GENERAL
TO PUT A STOP TO THIS.
Bailout cop: TARP's not working
http://money.cnn.com/2010/01/31/news/companies/tarp_report/
NEW YORK (CNNMoney.com) -- The watchdog charged with monitoring the government's $700 billion bailout unleashed one of his harshest criticisms of the program to date, questioning its overall effectiveness.
In his latest quarterly report to Congress, special inspector general Neil Barofsky said that the Troubled Asset Relief Program, or TARP, has failed to boost bank lending as well as halt the spread of foreclosures -- two key aims of the sprawling program.
-------------------------------------------------------------------------------------
<rant>
Yeah, no s**t it's not working, the whole concept is BEYOND moronic, when will government finally realize, that 'trickle-down" economics, has NEVER worked, and never will? What possible good would giving bankers more money do? OF COURSE lending is down, who are they going to lend to? The unemployed? Give loans to those with no job/inadequate income?
The bankers, took the TARP money, paid just enough debt/bad loans off to stay afloat, and GAVE THEMSELVES THE REST.
This has either been an exercise demonstrating the complete and utter stupidity of people who are SUPPOSED to be "experts" in economics, or simply another conspiracy between government and big business, to steal more money from the American worker/taxpayer.
To contrast (and here is where the "experts" would claim I have no idea of the "complexities" of the economic sytem, the mantra of those who are made wealthy by the continuance of the status quo), "Trickle-up" economics, would actually WORK, to wit:
750 BILLION dollars in "bail-out" money, could have been used more productively. Giving a very modest salary of 25,000.00 a year, that much TARP money, would have paid a YEAR'S SALARY, to 30 MILLION PEOPLE. Read that again and let it sink in, 30 MILLION PEOPLE.
Many of them could have been employed in public works projects, repairing and replacing aging infrastructure in the U.S.
Much of it could have been used to pay the salaries of employess at small businesses, so that those companies could have delayed or even eliminated layoffs, perhaps it would have been just enough to get them over the hump of bad times.
Many of the foreclosures and abandonments, could have been staved off, and re-negotiated with perhaps better terms, had there been at least SOME income coming in for those homeowners.
And in short order, ALL that money would have gone back IN to the economy, as the people SPENT that money, on supporting themselves and their families, spurring even further solidity in the GDP, as opposed to simply adding to the hoard of DEAD money being piled up in off-shore accounts, by Dimon, Blankfein and all their ilk. That money, may NEVER "trickle-down", if it does, it will take DECADES, many dozens of them possibly, to do so. The collective wealth of the Rothschild family, estimated to be in the TRILLIONS of dollars, has been amassing for over 200 years, these guys make Smaug, look like a spendthrift. The world will never see the majority of that money back in circulation again, ever.
Obama bashing the bankers, is a bulls**t smokescreen, he and his crew made the decision to give it to them.
Bottom line: Offering "booty" to pirates, with the stated expectation of them using it to further the public good, is the act of an idiot, a madman, or what's MOST likely, another pirate.
</rant>
http://wallstreetpit.com/15844-john-cochrane-on-the-credit-crisis
John Cochrane on the Credit Crisis
By James D. Hamilton|Jan 31, 2010, 12:56 PM|Author's Website
University of Chicago Professor John Cochrane has an interesting analysis of the causes of the financial problems of the last few years.
Cochrane writes:
The signature event of this financial crisis was the “run,” “panic,” “flight to quality,” or whatever you choose to call it, that started in late September of 2008 and receded over the winter. Short-term credit dried up, including the normally straightforward repurchase agreement, inter-bank lending, and commercial paper markets. If that panic had not occurred, it is likely that any economic contraction following the housing bust would have been no worse than the mild 2001 recession that followed the dot-com bust….
Why was there a financial panic? There were two obvious precipitating events: the failure of Lehman Brothers investment bank in the context of the Bear Stearns, Fannie Mae, Freddie Mac and AIG bailouts; and the chaotic days in Washington surrounding the passage of legislation establishing the Troubled Asset Relief Program (TARP).
-------------------------------------------------------------------------------------
This opinion, shared by many, is correct, however, yet again, no mention is made of the singular event that occurred in late September, that started the panic. Sources closer and more knowledgeable of the events of that time, have pointed out that it was the seizure of Wamu, that precipitated the true beginning of the meltdown, even the normally clueless Tim Geithner, was said to be furious at Sheila Bair's actions on that day in September.
As the Professor pointed out, short-term credit, and interbank lending, ceased almost overnight, as a shocked banking community realized, that nothing was impossible, and the FDIC had turned from protector, to predator.
Sheila Bair in the months to come, would make multiple PSA's, lauding her agency's "protection of depositors", an outrage in of itself. Sheila Bair, almost single-handedly, destroyed 10's if not 100's of thousands of investors and shareholders. The result of her actions, also DIRECTLY caused the failure of many dozens of the banks that followed for the reasons stated above, SHE was the self-fulfilling prophecy that wiped out trillions in wealth in this country. The Dow lost more than a couple of THOUSAND extra points, that wouldn't have been lost, had she not began the the single most destructive "regulatory" act in American history.
Sheila Bair is the modern day equivalent, of the Mrs. O'Leary's Cow of legend, the only difference is, THAT cow, was not WILLFULLY ignorant and destructive.
It is high time this one was put out to pasture, and never allowed near a lantern again.
WaMu Shareholders Appointed an Equity Committee, Gain Representation in Bankruptcy Proceedings
An updated post of links to DD and Wamu info, have added links from recent events, EC info, links to audio from hearing of 1-28-10.
Feel free to use as you see fit, mods may add anywhere appropriate.
And any other board in any place, send to your representatives, to media, to the Congressional committee investigating the financial meltdown, wherever.
The truth shall set you free.
Dragynn
http://www.kccllc.net/wamu
Kurtzman Carson Link to Court Filings
http://www.my.calendars.net/wmi
Wamu calendar of court dates (*note: may need to refresh a couple of times, this link sometimes gives an error message)
http://twitter.com/WaMuUpdates
http://twitter.com/Was_Mutual
Twitter updates during court proceedings when possible
http://twitter.com/WaMuAudio
Links to audio dial-in during court proceedings, and archived audio from previous hearings
http://chap11.epiqsystems.com/clientdefault.aspx?pk=7e177733-2db7-46cf-92cb-30b1fea50bc5&l=1
Wamu Creditors' Committee site, some pertinent info and FAQ
http://investorshub.advfn.com/boards/board.aspx?board_id=11133
I-hub Wamu board, I-box has some useful info and links
http://en.wikipedia.org/wiki/Washington_Mutual Wikipedia Wamu page, info and 50 links to outside news
http://en.wikipedia.org/wiki/JPMorgan_Chase#Controversy Wamu on Wikipedia JPM page
http://www.nwprogressive.org/vault/legal/MAR09WaMuLawsuit.pdf
PDF of Wamu's lawsuit action against the FDIC
http://files.ots.treas.gov/730021.pdf
Office of Thrift Supervision (OTS) fact sheet on Wamu dated Sept. 25th 2008
http://www.fdic.gov/bank/individual/failed/wamu.html
FDIC's Wamu page
http://www.fdic.gov/news/news/press/2008/pr08085.html
FDIC press release
about Wamu seizure
http://www.fdic.gov/about/freedom/Washington_Mutual_P_and_A.pdf
Link to FDIC P & A of the Wamu sale
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Judges In ongoing Wamu court actions
http://www.deb.uscourts.gov/Opinions/opinions_walrath.htm
Decisions of The Honorable Mary J. Walrath, Judge in Delaware bankruptcy court
http://law.widener.edu/Academics/Faculty/ProfilesDeAdj/SleetGregoryM.aspx
Profile of Judge Sleet
http://www.dcd.uscourts.gov/collyer-bio.html
Profile of Judge Collyer (D.C. suit vs. FDIC)
https://ecf.dcd.uscourts.gov/cgi-bin/Opinions.pl?2009
https://ecf.dcd.uscourts.gov/cgi-bin/Opinions.pl?2010
2009 and 2010 opinions/decisions page for the D.C. court, type "Collyer" in the search box to narrow results to just her court
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Equity Committee (U.S. Trustee, see other links for the committee sites)
http://www.justice.gov/ust/r03/de/org_meetings.htm
Calendar showing date of Wamu meeting
http://www.justice.gov/ust/r03/docs/Washington_Mutual_Inc.pdf
Information sheet.
http://www.ghostofwamu.com/Audio/EC_Overview_and_Questions.mp3 {Overview / Q&A, etc...}
http://www.ghostofwamu.com/Audio/EC_Formation.mp3
Audio of EC formation meeting Jan. 11, 2009
http://www.ghostofwamu.com/documents/08-12229/08-12229-2130.pdf
U.S. Trustees order appointing the EC with members listed.
http://www.beneschlaw.com/
http://www.venable.com/
Counsel for the Equity Committee
http://www.venable.com/gregory-a-cross/
Profile of Gregory Cross, partner at Venable
http://www.beneschlaw.com/professionals/xprProfessionalDetailBFCA.aspx?xpST=ProfessionalDetail&professional=829
Profile of Bradford Sandler, partner at Benesch
http://www.viewip.net/WMI/Hearing/2010-01-28/
Complete audio archive of Delaware court hearing of 1-28-2010, Wamu EC approved!
Yep, the junior mining stocks were quite hot in the summer, beat down a little now, I haven't checked MDMN, but i'll look into it, and thanks! Still holding some SRSR, URST, and a little ALLRF, that I re-entered on the cheap, hoping for a boost in the spring, URST and ALLRF are a little iffy due to political climates in their respective countries IMO, but if Madagascar gets it's s**t together, URST will be hot, as they have what may be the world's largest vanadium field. They have some pretty heavy hitters on the board, a fairly low OS, and have applied, and have conditional approval, to uplist to the TSX. Check 'em out.
I'm deep into the battle over WAMUQ right now, it's a gamble for sure, but might just be paying off big soon, we'll see...
Good health and fortune to you too!
Merry Christmas DRAG I wish you Health and good fortune 2010. CTKH is not the one where you'll find it but there are plenty of places that will. I have a pinkie that just might 2010 MDMN has been trying to land a Major miner to JV with, seems we are close but the rumor mill always says that HA
Merry Christmas Geoly!
guys enough the stock cant take it!
'Starting a dialogue' ..LOL
Actually its simply answering a direct question..'Where & When?"
Perhaps your phraseology leaves something to be desired.
jo
It's called "starting a dialogue" Jo, doesn't necessarily mean agreeing to everything on your terms.
But I do like the fact that this last message had at least a slightly less hostile tone!
Why ask "when and where"..
..if yer simply gonna object?
More B/S I guess.
jo
San Diego? ick. How about Austin?
Glad to hear I make you laugh, good karma for me, good medicine for you!
Happy holidays BTW!
LOL.."massive ego""....!!
Spoken by the uber moderator 'deletaholic' control freak..
.....with his own "lair" no less!!!
Gawd you make me laugh....
Where ...San Diego.
When...your choice.
jo
When and where? Are we gonna verbally spar the whole time we drink that beer? Or can you drop that massive ego long enough to actually connect with someone?
BIYC!
LOL...
""C'mon, let it go Jo. This is absolutely the last post if you don't.""
UMMM...apparently NOT !
And frankly , given your track record...
.... relying on banal personal taunts is so apropos !
Cant wait to have a beer with you..
OA,BFN !
jo