Drudge Retort: Red Meat for Yellow Dogs
Wednesday, October 19, 2011

Bank of America is shifting $75 Trillion in derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC, Daily Bail reports. "This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. ... JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve. ... This is a recipe for Armageddon."

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China should know how much we're worth since they own or will foreclose on the U.S. at some point.

FDIC should be entering BofA headquarters any minute now.
OWS is proven to be on the right side of history, the only real question is why are the rest of us not out in the stree with them?

"China should know how much we're worth since they own or will foreclose on the U.S. at some point."

"As of May 2011 the largest single holder of U.S. government debt was China, with 36 percent of all foreign-held U.S. Treasury securities (16% of total US public debt)."

"OWS is proven to be on the right side of history, the only real question is why are the rest of us not out in the stree with them?" - danni

Danni, your "call" is falling on deaf ears, because you were so cynical about the TeaParty. There is much more in common than not, but you chose not to listen, and only cry racism. I view your attitude as part of the problem.

It is time to put down your walls, and let TeaPartiers and OWS join hands!

It is time for a general assembly of the people!

An OWS Working Group Committed to Elect a Non-Partisan National General Assembly

I don't agree with many of the "free stuff' points. But I do agree with a lot of the changing how Washington does business. Its not the solution but it is a start..... you can bet I will be involved with this, just like I was involved in the TeaParties.

Its time for the PEOPLE of the United States to stand up and say NO more....

#2 | Posted by danni at 2011-10-19 09:57 AM | Reply | Flag:

So why aren't you in the street with them?

"So why aren't you in the street with them?"

I was on Saturday and I will be again.

"Its time for the PEOPLE of the United States to stand up and say NO more...."

I agree but the Tea Party folks will never agree to most of the ideas put forth by OWS. They will try to prevent such changes ever being made.

Because their solutions are worse than the problem.

This is insane. If Obama just lets this happen, I will lose my last gnat's butthair worth of respect for him. And a gnat's butthair worth is all I have left.

Tea Party folks will never agree to most of the ideas put forth by OWS.
#6 | Posted by danni

It's because the tea party are filled with responsible people that don't believe in having shit handed to them, loans forgiven, jew hate, public defecation, facial piercings, rape, and theft.

"It's because the tea party are filled with responsible people that don't believe in having shit handed to them"

Oh yeah we know...."Keep your government hands off my Medicare!"

#10 Danni: Oh yeah we know...

And here we have another classic Danni deflection! Did you address any of the negatives 101 brought out about the OWS folks? And if not, why not because even the media has covered some of the shameful stuff going on under the umbrella of the protests. I seem to remember you slinging accusations at the TP rallies but oddly enough you just can't seem to mention any of the OWS folks. All the numerous links lately must have slipped past you. LOL!

#2 Danni: ...why are the rest of us not out in the stree with them?

Working people don't generally have weeks of free time they can spend hanging out in parks, protesting, stealing other people's stuff, exposing themselves to kids, shouting mindless slogans for the media, leaving trash in their wake, etc. Unless they want to lose their paycheck, that is.

"And if not, why not because even the media has covered some of the shameful stuff going on under the umbrella of the protests."

Same was true in the sixties with anti-Vietnam War protests and they got far worse than anything these protesters have done but that didn't change anything about the basic fact that the protesters were correct about the purpose of the protest. YOung people living in a park like this will do some things society doesn't like but that doesn't in any way change the fact that the banks have bought our government.

Chairpuddle and his ilk think that shilling for billionaires makes the teabaggers 'responsible people'. Most rational people regard them as the fucking syphilitic whores they really are. The sooner the 'Tea Party' wilts and dies on the vine, the better.

OWS is directly supporting the interests of the working men and women of this country. All the teabaggers care about is getting more tax breaks for the Koch brothers and Paris Hilton and ENDING SOCIAL SECURITY AND MEDICARE.

I agree but the Tea Party folks will never agree to most of the ideas put forth by OWS.

Hilarious, isn't it? They bitch about getting ass-raped by big banks and wall Street, then they bitch about people bitching about getting ass-raped by big banks and wall Street.

I was on Saturday and I will be again.

#5 | Posted by danni at 2011-10-19 12:59 PM | Reply | Flag:

Saturday... that is it... that is all you can muster? One day? Why don't you take some time off work... or do you follow the scruples of Obama that even if you take a stand on a subject... if it costs you something... you can go against it for your benefit?

The banks are putting your ass on the line for $154 TRILLION and you guys are bickering over OWS? Way to keep your eye on the ball.

"Saturday... that is it... that is all you can muster?"

Still more than you. I can't compete with the brave kids willing to be arrested, I confess, I have a job and a mortgage.

"Saturday... that is it... that is all you can muster?"

Still more than you. I can't compete with the brave kids willing to be arrested, I confess, I have a job and a mortgage.

Saturday
In the park
I wanna say that I was there
What a day
In the park
Meaningless protest in the air

People chanting
Drinking and playing
A man saying nothing
And singing protest songs
(singing protest songs)

My problem with OWS right now is that they bitch about government bailouts and crony capitalism but then fawn over Obama in the next breath. When I first saw OWS I thought they were for smaller gov't and against corporate bailouts and thought they were a younger, scrungier version of the Tea Party....and then I realized they were really just anti-capitalists. The fact that they love Obama should demonstrate that they believe he is anti-capitalist, too.

"and then I realized they were really just anti-capitalists."

Who are these so called "capitalists?"

The bankers we bailed out???? Too funny!

"and then I realized they were really just anti-capitalists."

Who are these so called "capitalists?"

The bankers we bailed out???? Too funny!

"and then I realized they were really just anti-capitalists."

Who are these so called "capitalists?"

The bankers we bailed out???? Too funny!

Yeah, the problem with y'alls Tea Party joining with the OWS is that the Tea Party is funded by the very entities the OWS is protesting...

The Tea Party is the wittless mouth piece for the entities that are the problem... therefore, through the Tea Party's own ignorance, the Tea Party is a large part of the very problem the OWS is protesting...

#21 Mustang: The fact that they love Obama should demonstrate that they believe he is anti-capitalist, too.

More clear evidence, as if we needed it, that they don't have a clue who is responsible for the mess we're in now. Apparently Obama is still the one to put on a pedestal! I wonder how many of the OWS folks are planning to vote for O in 2012?

#21 | Posted by MUSTANG

They are just doing the jobs Americans will not do.....

"More clear evidence, as if we needed it, that they don't have a clue who is responsible for the mess we're in now."

You ought to go on down them and inform them that the economic catastrophe happened on Obama's watch, they have some crazy idea that it happened while Bush was President. You should go straighten them out.

The article posted is bogus. Those numbers should say billions, not trillions.

If true, this could be a huge problem. However, the article linked above appears to be deliberately misinterpreting its Bloomberg source.

The Bloomberg source only says that BofA "has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits," and then later says that "Bank of America's holding company...held almost $75 trillion of derivatives at the end of June." This is not equivalent to saying that ALL of their $75T in derivatives have been moved, as the linked article claims.

#28 Danni: You ought to go on down them and inform them that the economic catastrophe happened on Obama's watch...

Putting words in my mouth again? I've never given G.W. a pass on all the idiotic fiscal stuff he did, and if your memory worked you might recall a few of the many posts where I said just that. And I sure don't give Obama a pass on doing much of the same stuff, but supersizing the expenditures. But then you're one of the best O apologists on the DR, so what would you know about that?

"But then you're one of the best O apologists on the DR"

I hardly apologize for the guy who is trying to put Humpty Dumpty back together again. Sorry he is taking longer than you like, I think he is going as fast as he can though.

The GDP of the entire world is only about 70 trillion. The article is bogus.
en.wikipedia.org(nominal)

"This is not equivalent to saying that ALL of their $75T in derivatives have been moved, as the linked article claims."

But none of their derivatives should be in an FDIC protected bank.

I hardly apologize for the guy who is trying to put Humpty Dumpty back together again.

Yes, you do. You did in the very next sentence actually.

Sorry he is taking longer than you like, I think he is going as fast as he can though.

See that? Sorry he is taking longer than you like? That you apologizing for him.

And your Humpty Dumpty was dead on actually. All the king's horses and all the king's men couldn't put Humpty Dumpty back together again.

"All the king's horses and all the king's men couldn't put Humpty Dumpty back together again."

May well be true but the President still thinks it is his job to try.

But none of their derivatives should be in an FDIC protected bank.

That's up for debate; I tend to agree with you. Just pointing out that the article makes an incredible leap for the sake of fearmongering.

The GDP of the entire world is only about 70 trillion. The article is bogus.

Well, the OCC says that "The notional amount of derivatives held by insured U.S. commercial banks increased $5.3 trillion, or 2.2%, from the first quarter of 2011 to $249 trillion." www.occ.gov

Someone who knows more about derivatives might be able to clarify, but it probably has something to do with the way derivatives are folded into one another.

I have not seen a single coherent idea come out of the OWS group.

Can someone enlighten me as to what it is they are suggesting.

Maybe if they can clearly state what it is they want, then the TeaParty can decide if they agree or not. I could decide if I agree or not.

If they want smaller government, then I can agree with them on that point. I have yet to see any point in their gathering. All I can see is the lack of respect they show for the environment, the US flag and the rule of law. WTF do they want?

If it is just to forgive their student loans, then that should come with some regulations or information for new students to go into fields of study that produce a job.

Still more than you. I can't compete with the brave kids willing to be arrested, I confess, I have a job and a mortgage.

#18 | Posted by danni at 2011-10-19 02:00 PM | Reply | Flag:

So you only fight for things when they don't cost you anything?

Interesting.

'All the choices we've made have been the right ones'...
- Obama

Oh... so bailing out the banks was the right decision.... then how can he support OWS while they protest that very action?

Interesting.

"That's up for debate; I tend to agree with you. Just pointing out that the article makes an incredible leap for the sake of fearmongering."

Apparently so, I tried to find something about this at bloomberg News but couldn't find anything.

"That's up for debate; I tend to agree with you. Just pointing out that the article makes an incredible leap for the sake of fearmongering."

Apparently so, I tried to find something about this at bloomberg News but couldn't find anything.

"That's up for debate; I tend to agree with you. Just pointing out that the article makes an incredible leap for the sake of fearmongering."

Apparently so, I tried to find something about this at bloomberg News but couldn't find anything.

"But then you're one of the best O apologists on the DR"

I hardly apologize for the guy who is trying to put Humpty Dumpty back together again. Sorry he is taking longer than you like, I think he is going as fast as he can though.

#32 | Posted by danni at 2011-10-19 02:20 PM | Reply | Flag: Flag: (Choose)
FunnyNewsworthyOffensiveAbusiv
e

You thinking is an oxymoron, don't kid yourself.

#41 Exp...

You still haven't explained how a vote for McSame/Failin 2008 would have been a better use of one's vote...

So, given the options available (Mcain or Obama) how would you have wanted us Obama voters to have voted to satisfy you???

Not to mention that you voted against McSame as-well... so, how did you vote again???

;~}

From what I can gather, the tea party wants less government including, but not limited to, healthcare, welfare and bailouts. The main aim of this is lower government expenditures and less control from the Feds. With that, the tea party realises that the government is corrupt and inefficient at allocating resources so, they want to keep taxes lower and let the people decided.

They would like to starve the government, so it can't be as corrupt as it has become.

The OWS movement wants one main thing similarily. It realises government is corrupt and can be bought and sold, (apparently only by bankers and not unions, due to their misguided hate and envy), but instead want to give it more power and money. They want more handouts from the government (student loans paid off, higher wages for gov. employees etc., medicare paid for), which, as some people know, has to come from somewhere. (hmmm who can we attack? Yea, those nasty corporations who actually turn a profit, fuck 'em)

So, they are also now proponents for higher taxation on "the rich" in order to pay for their "demands", which they have failed to mention to the general public. This, obviously, just leads to more corruption as the government will use this extra "income" as a way of redistributing wealth to their favorite supporters.

Basically, the tea party knows that you need to cut expenditures in order to reduce corruption, while the OWS people think the way to reduce corruption is give the corrupt more of others peoples money to make things more "equal".

Too funny.

#45 CuriousSmell...

Apologizing for Obama, and expressing why one feels that they are still justified in supporting him are two very different things...

I still think that Obama was the best choice in 2008, and I still do; thus I support him...

And, I have asked this question many times here and still have yet to get any kind of reasonable response: please tell us how voting McSame/Failin 2008 would have been a better use of us Obama voters' ballots???

And, given the walking bags of feces the GOTP has spewed forth this cycle thus far, please tell us how voting against Obama would be better for the nation???

I still think that Obama was the best choice in 2008

So do I, but that doesn't mean Obama was a good choice so much as all our options were crap.

#47 CuriousSmell...

Their premise is the same as the GOTPers, in that Wall Street owns DC...

Therefore they are protesting the very entities which have perverted our political system for their own advantage...

The Tea Party is the mouth piece of these same entities...

#41 Exp...

You still haven't explained how a vote for McSame/Failin 2008 would have been a better use of one's vote...

So, given the options available (Mcain or Obama) how would you have wanted us Obama voters to have voted to satisfy you???

Not to mention that you voted against McSame as-well... so, how did you vote again???

;~}

#46 | Posted by CaptOfUranus at 2011-10-19 03:32 PM | Reply | Flag:

If you didn't agree with McCain or Obama... you should have had enough courage to vote for someone else... that is of course if you have any integrity or principles.

#49 Kan...

Yeah, I have to concede that, however given the bowl of shit he was...

Okay, NOW I'm apologizing...

;~}

OWS is protesting the very people they want the money to come from. If they get their wish, they want all the profit companies make to go to the people. Then why would any one then make a profit?

Liberals are idiots..

#48 | Posted by CaptOfUranus at 2011-10-19 03:47 PM | Reply | Flag: Flag: (Choose)
FunnyNewsworthyOffensiveAbusiv
e

Danni doesn't just "support". She's a unhinged, political hack. O could spit in hear face and she'd lap it up. People like her a major reason why the political system is fucked.

Ron Paul would be the better alternative, but, a wasted vote nonetheless, as he has too much common sense for people to grasp on to.

You're right, if what you're trying to say is the vote doesn't matter, D or R. They're all the same. I would still vote R as I know that more D's support a socialist ideology than R's, which I'm strongly against. They'll all corrupt.

In theory, republicans are supposed to be for smaller government, which I'm for.

#51 Exp...

I admire your effort, I really do...

I, however believed that 2008 was going to be a close race, therefore the thought of Mcain/Pailin in the WH, and their promise of further damage to our country (not to mention the real and present possibility of Pailin becoming president); thus simple logic forced me to vote against said ensured "further damage"...

I still believe it was the only rational choice...

#54 Curious...

I agree about Paul...

And, if GOP was still "conservative" I could agree there as-well...

However, given the recent GOP track record; they are at least as much "Fascists" as Dems are " Socialists" (I hope you understand my use of the terms) and given the direct effect of those two options on the average person, I would grudgingly choose "Socialism" every time...

And, as far as Danni is concerned; one clinging to hope is a tough thing to criticize... (at least it is for me)...

#53 Boaz...

Link please...

I think you have purposefully misinterpreted their advocation...

#51 Exp...

I admire your effort, I really do...

I, however believed that 2008 was going to be a close race, therefore the thought of Mcain/Pailin in the WH, and their promise of further damage to our country (not to mention the real and present possibility of Pailin becoming president); thus simple logic forced me to vote against said ensured "further damage"...

I still believe it was the only rational choice...

#55 | Posted by CaptOfUranus at 2011-10-19 04:03 PM | Reply | Flag:

Well that there is the problem... it wasn't the only rational choice. If you don't believe that either of the candidates are good for president... the rational thing to do is not to vote for either.

OWS according to the Right,wait a minute, have I heard the words,
"Socialists,Communists", not yet, but it's coming!
Signed.
The Marxist Left!

#58 Exp...

Then I suppose you're a "baby out with the bath water type"...

I voted AGAINST "assured mutual destruction", by voting FOR an unknown (who promised change) and ACTUALLY HAD A CHANCE OF WINNING and you call it "irrational"...

You voted AGAINST assured mutual destruction by voting FOR an unknown (who promised change) and HAD ZERO CHANCE OF WINNING and that is somehow rational???

I think we need to mutually define "rational", because I am betting our definitions differ by the sound of it...

I still applaud your gesture of voting third party, I just grow tired of hearing you deride those who in all actuality probably saved the country from said "assured mutual destruction" from the high horse of your noble, yet ineffectual gesture...

#59 GeeHowdyHomo...

I can't tell if you're advocating the OWS, or admonishing them...

Which makes a retort rather difficult...

Please be more clear...

Most people are completely clueless, blaming Government for white collar cime which was covered up by Government regulators. Now finally, thanks to a bunch of hippies, the heart of the matter is becoming exposed. The elephant in the room is not Fannie and Freddie, as apologist Rethuglicans continue to claim. It is Derivatives trading in excess of the GDP of the planet. Brookley Born warned Greenspan, Geithner, Rubin and Summers about these risks, being dumped on the innocent, so they lied to Congress and ran her out of town.

The "ideas put forth by OWS".Hahaha that's priceless. They ahve no ideas, they each spout off on their own. 1 good idea by 1 person, and danni deems the geniuses.

1 bad idea by 1 tea party person(Which DOES have an easy to understand POV) and danni deems them all loonies.

Hey danni dribble, why don't YOU articulate them for us!!!

#60 | Posted by CaptOfUranus at 2011-10-19 05:04 PM | Reply | Flag:

When did I call you irrational in regard to this situation? Are you constructing a strawman? Or is it that you did not think that either McCain or Obama were fitting to be president?

You can be rational if you thought Obama was fit for president and voting for him.

I can be rational by not thinking either were fit for president and voting for someone else.

It would be irrational to say that McCain and Obama are the only rational choice if you did not think that they were fit to be president.

If you did not feel that way... then you can still be rational.

You are the only one attacking someone else here.

I stand by principles. Neither McCain nor Obama were fit for the office in my opinion. Due to that, I used my vote in the only rational way... toward the person that I thought most fit for president.

Back to the topic which danni can't ever stick to, BAC and MER. Merrill Lynch contributed 80% of BAC's most recent profits. Maybe BHO and Warren Buffet are responsible!!!! The Buffett rule, has been the darling of the left. What was that rule? Fuck everybody else, I've got mine??

No one knows how much has been moved, and the article says so. Next time read.

The article posted is bogus. Those numbers should say billions, not trillions

It's not. Do you know what derivatives are? Google "derivatives" and the word "quadrillion" and prepare to crap your pants.

It's very interesting about the folks who are occupying Wall Street.

That group is quite diverse.

There are people in there who think the government should give them more just because they are alive.

There are people who are opposing government spending.

That group is not homogeneous.

What you do have is anxiety and fear that is endemic in the United States of America... due to the government.

I am watching my employees standard of living due to deficits.

The public is making the connection between deficits and their standard of living.

They're seeing their wages go to 80 cent dollars to 70 cent dollars.

I have not been able to keep up with the effect of deficits.

You're seeing that on Occupy Wall Street.

You're seeing it taken to the next level in Greece.

People are trying to break into a parliament primarily controlled by the Unions.

There comes a moment when the population realizes that it has to stop.

Rich people are now being defined by the administration as people who make $1 million dollars

Well, most of the businesses in America other than giant corporations are paying taxes under partnerships or S corporations.

We have an administration that is fanning the fires that this is somehow undeserved profligate millionaires. It is worse than hypocrisy.

It's one thing if it's kids.

Americans are waking up; It's taking the form of anger and dissatisfaction with the government. And I think that's probably right.

IT IS GOING TO GET WORSE.

One side is right, and one side is wrong.

You can not sustain these levels of deficits.

The Democrats are bankrupting this country.

More shenanigans by the big investment companies and the Fed. Crony capitalism. The firms keep the money if they win. The taxpayer (or the loan guarantors)pay the money if they lose. Nice work if you can get it and you can get it if you are in with the ins.

If you didn't agree with McCain or Obama... you should have had enough courage to vote for someone else... that is of course if you have any integrity or principles

So you'll be staying home next year?

As a canuck are you still pretending you're voice matters ng3?

If you didn't agree with McCain or Obama... you should have had enough courage to vote for someone else... that is of course if you have any integrity or principles

So you'll be staying home next year?

#69 | Posted by northguy3 at 2011-10-19 10:10 PM | Reply | Flag:

That would be incorrect. I am going to vote for the candidate that was best suited... even if they were not on the ballot.

You still vote... you just vote for the best candidate rather than the two bad candidates given to you.

"You're seeing it taken to the next level in Greece."

How many banks in Greece are sitting on trillions of dollars in cash?
Comparing the US to Greece is ridiculous. The government isn't bankrupting the nation it's the banks that we just bailed out. The government should be taxing the living day lights out of those banks and taking back the money they are divvying up in bonuses. Thirty years of right wing propaganda has turned the American working class into a bunch of stupid sheep.

How many banks in Greece are sitting on trillions of dollars in cash?
Comparing the US to Greece is ridiculous. The government isn't bankrupting the nation it's the banks that we just bailed out. The government should be taxing the living day lights out of those banks and taking back the money they are divvying up in bonuses. Thirty years of right wing propaganda has turned the American working class into a bunch of stupid sheep.

#72 | Posted by danni at 2011-10-20 08:40 AM | Reply | Flag:

Umm.... Obama supported the bailouts... and more recently stated that every decision that his administration has made thus far has been the right decision...

Then he tried to come out in support of OWS and stated that he does not believe in supporting bad behavior... yet he approved of and signed off on the bailouts.

Too funny.

This transfer is a superb "natural experiment" that tests one of the most important questions central to the health of our financial system. Does the Fed represent and vigorously protect the interests of the people or the systemically dangerous institutions (SDIs), the largest 20 banks? We have run a real world test. The sad fact is that very few Americans will be surprised that the Fed represented the interests of the SDIs even though they were directly contrary to the interests of the nation. The Fed's constant demands for (and celebration of) "independence" from democratic government, combined with slavish dependence on and service to the CEOs of the SDIs has gone beyond scandal to the point of farce. I suggest organized "laugh in" whenever Fed spokespersons prate about their "independence".

I would bet large amounts of money that I do not have that neither B of A's CEO nor the Fed even thought about whether the transfer was consistent with the CEO's fiduciary duties to B of A. We took depositions during the S&L debacle in which senior officials of Lincoln Savings and its affiliates were shocked when we asked "whose interests were you representing the S&L or the affiliate"? They had obviously never even considered their fiduciary duties or identified their actual client.

Wrap your mind around the size of Merrill Lynch's derivatives positions. Next, consider that Merrill is only one, shrinking player in derivatives. Finally, reread Yve's' column in Naked Capitalism where she explains correctly that many derivatives cannot be used safely. Add to that my point about how they can be used to create a "sure thing" of record fictional profits, record compensation, and catastrophic losses. This is particularly true about credit default swaps (CDS) because of the grotesque accounting treatment that typically involves no allowances for future losses. It is insane that we did not pass a one sentence law repealing the Commodities Futures Modernization Act of 2000. Between the SDIs, the massive, sometimes inherently unsafe and largely opaque financial derivatives, the appointment, retention, and promotion of failed anti-regulators, and the continuing ability of elite control frauds to loot with impunity we are inviting recurrent, intensifying crises.

I'll close with a request to reporters. Please find out who within the Fed approved this deal and the exact composition of the assets and liabilities that were transferred.

excerpted from William K. Black

They have done this because they know the derivatives market will crash soon... hedging their bets...

Two companies playing ten times the gross national product of the United States of America. Farce or act of war?

Two companies playing ten times the gross national product of the United States of America. Farce or act of war?

****************

[ Comrades! ]

As USA citizens you better get on your knees and pray to your gods that all those trillions don't go into debt.

It's capitalism at its finest again.

****************

Can you spare even $1 trillion?

No!

In fact the gang of 12 is due soon to cut about $1.5 trillion from the budget.

The USA is broke!

Valis - Thanks for posting this.

from Black (thanks nut :)...

Now here's the really bad news. First, this transfer is a superb natural experiment that tests one of the most important questions central to the health of our financial system. Does the Fed represent and vigorously protect the interests of the people or the systemically dangerous institutions (SDIs) - the largest 20 banks? We have run a real world test. The sad fact is that very few Americans will be surprised that the Fed represented the interests of the SDIs even though they were directly contrary to the interests of the nation. The Fed's constant demands for (and celebration of) independence from democratic government, combined with slavish dependence on and service to the CEOs of the SDIs has gone beyond scandal to the point of farce. I suggest organized laugh-in's whenever Fed spokespersons prate about their independence.

dailybail.com

www.bloomberg.com

en.wikipedia.org

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