View Single Post
Old 03-14-2019, 02:39 AM
Danny B Danny B is offline
Platinum Member
Join Date: Oct 2012
Location: L.A. Ca.
Posts: 4,442
The blob state by any other name

"like the CDOs, have virtually non-existent investor protection, “with over 70 percent lacking any covenants that would allow monitoring of financial condition and early intervention to manage problem borrowers."
So, the bankers borrow money from the investors in a "covenant light" loan. The banker defaults and the investor gets the shaft.
Nixon and the deep state.
"Marini begins by examining the role of the federal government in helping to topple the Nixon administration, a topic that he’s treated before. He argues compellingly that by “the time of Nixon’s reelection in 1972, he posed the greatest danger to the authority of the bureaucracy and the administrative state.”

"Nixon went after them with undisguised loathing. He stressed in his second inaugural address his intention to “diffuse” political power among various levels of government. His downfall, at least partly caused by his impetuous behavior, signaled to office-holders the danger of messing with powerful foes. Now Trump has broken with that unwritten rule and incurred the wrath of our unelected government and its far-ranging allies in the media, public education, and Hollywood. Anyone who threatens what Marini calls the “new despotism” posed by centralized administration runs the risk of being destroyed by it. "

Marini is dead on in his analysis of “legislative bureaucratic supremacy.” He is correct when he argues that our main problem at the federal level is not the abandonment of power by Congress. The real problem is that we are being technically “administered” by congressional agencies that run roughshod over our historic liberties. Even more alarming is that there may be no way out of this situation.
Reply With Quote