David Stockman: Yellen’s ‘Bathtub Economics’ Is Producing a Cold Bath for the US

Federal Reserve Chair Janet Yellen and her cronies are resorting to parlor tricks to prop up the U. S. economy, but the curtain will fall soon enough on their harmful efforts, according to David Stockman, White House budget chief during the Reagan administration.
One problem is that household debt is still off the charts even while Yellen et al are practicing ‘bathtub economics’ in the face of a glaring gap between income and jobs on the one hand, and aggregate demand for goods and services on the other, Stockman maintains.
‘This purported ‘output gap’ is conveniently self-serving. It has been interpreted to mean that the Fed has a plenary mission to fill up the nation’s economic bathtub by generating sufficient incremental aggregate demand to offset the shortfall.’
Writing on his Contra Corner blog, Stockman said Washington has empowered the Fed ‘to manipulate, massage, twist, bend and pump any financial variable that in its wisdom is deemed to influence the transmission of its monetary policy (i.e., ‘aggregate demand’ stimulus) into the real economy.’
However, the problem is that what drives the real main street economy, in his view, is nothing more than total spending by households and businesses. And spending can only be accomplished with income or debt.

This post was published at David Stockmans Contra Corner on December 5, 2014.

THIS MUST-SEE DOCUMENTARY COULD CHANGE THE WHOLE WAY YOU SEE THE WORLD

The worldwide awakening is picking up steam and having an effect on major parts of our overall culture, including the dictionary. No longer is it a mystery to individuals how the world is run: government and business team up to plunder wealth (taxation) and pay off friends. This system is called crony capitalism, and it is now in the Oxford dictionary.
According to oxforddictionaries.com, ‘crony capitalism’ is defined as an economic system of close, mutually advantageous relationships between business leaders and government officials. Reflecting the influence of popular culture, Oxford dictionary has included abbreviations like ‘IDC’ (I don’t care) and others.
New entries, other than crony capitalism, include ‘algorithmic trading’ (automated stock exchange trades made by computers …in order to manipulate global markets) ‘challenger bank’ (a small retail bank competing with big lenders); ‘misery index’ (a measure of economy adding together inflation and unemployment…both of which are fabricated numbers).

This post was published at Dollar Vigilante on December 4th, 2014.

Five Facts About Who Is Really Behind the Food Stamp Program

More than one in seven people.
That’s how many people are on food stamps in America these days. More than one in seven people.
In fact, the number of recipients of federal food assistance rose a whopping 171% between 2000 and 2011 alone, to an all-time record of more than 47 million Americans across the country now on the food stamp dole.
That means more U. S. citizens are receiving food stamp benefits now than in the entire history of the food stamp program ever.
One-sixth of the country is now receiving food stamps and the number just continues to climb.
Most argue this increase simply has to do with the terrible recession and resultant unemployment; but the food stamp program, now known as the Supplemental Nutrition Assistance Program or SNAP, is yet another crony capitalist scheme (surprise, surprise).
Many blame the people who need help instead of pointing the finger at a system designed to get as many people on the dole as possible. The government and the corporations it represents literally advertise to get as many people on food stamps as they can and then keep them there as a captured market for Wall St. banks, mega food corporations that churn out a bunch of crap food, and mega box and grocery stores that sell all that crap.
Here are a few more crony facts most people might not realize about our nation’s food stamp program.


This post was published at The Daily Sheeple on December 4th, 2014.

Obama Bribes US Companies to Break the Law – Offers $3,000 to Hire Illegals instead of Americans

Wow. President Obama and his Democrat cronies have done it again. They are once again showing the nation the incredible amount of disdain they have for the American people. This time, it’s the perfect storm of Obamacare, Amnesty and Unemployment…
The Democrats under Obama have created a perverse system of incentives that give companies 3,000 reasons to hire illegal aliens who have been amnestied instead ofunemployed American citizens…
Under the president’s new amnesty, businesses will have a $3,000-per-employee incentive to hire illegal immigrants over native-born workers because of a quirk of Obamacare.
President Obama’s temporary amnesty, which lasts three years, declares up to 5 million illegal immigrants to be lawfully in the country and eligible for work permits, but it still deems them ineligible for public benefits such as buying insurance on Obamacare’s health exchanges.
Under the Affordable Care Act, that means businesses who hire them won’t have to pay a penalty for not providing them health coverage – making them $3,000 more attractive than a similar native-born worker, whom the business by law would have to cover.

This post was published at The Common Sense Show on Dec 3, 2014.

$178 Billion In Government Kickbacks: Meet The World’s Biggest Organized Crime Syndicate

Once upon a time it was the Sicilian, or Russian, or Japanese, or Chinese mob that were some of the biggest sources of funding for corrupt government officials (incidentally, most of them). After all, the government is smart enough to realize that it is more lucrative to “cooperate” with the world’s biggest criminal syndicates than to wipe them out and cut off a major source of funding (of course, when it comes to populist optics and reelection, there is always an easy low-level perp walk every week or so to keep the peasants in place… and Diebold). So while the underlying symbiotic principle between the government and the world’s biggest criminal enterprise remains the same, the counterparty has changed.
So who, in simple numeric terms, is the world’s biggest organized crime syndicate?
The answer, courtesy of a new report by the Boston Consulting Group, which shows the transfer of some $178 billion in litigation costs into the pockets of government appartchiks in the past 6 years, is clear…

This post was published at Zero Hedge on 12/03/2014.

The Birth of a Monster

The Federal Reserve’s doors have been open for ‘business’ for one hundred years. In explaining the creation of this money-making machine (pun intended – the Fed remits nearly $100 bn. in profits each year to Congress) most people fall into one of two camps.
Those inclined to view the Fed as a helpful institution, fostering financial stability in a world of error-prone capitalists, explain the creation of the Fed as a natural and healthy outgrowth of the troubled National Banking System. How helpful the Fed has been is questionable at best, and in a recent book edited by Joe Salerno and me – The Fed at One Hundred – various contributors outline many (though by no means all) of the Fed’s shortcomings over the past century.
Others, mostly those with a skeptical view of the Fed, treat its creation as an exercise in secretive government meddling (as in G. Edward Griffin’s The Creature from Jekyll Island) or crony capitalism run amok (as in Murray Rothbard’s The Case Against the Fed).
In my own chapter in The Fed at One Hundred I find sympathies with both groups (you can download the chapter pdf here). The actual creation of the Fed is a tragically beautiful case study in closed-door Congressional deals and big banking’s ultimate victory over the American public. Neither of these facts emerged from nowhere, however. The fateful events that transpired in 1910 on Jekyll Island were the evolutionary outcome of over fifty years of government meddling in money. As such, the Fed is a natural (though terribly unfortunate) outgrowth of an ever more flawed and repressive monetary system.

This post was published at Ludwig von Mises Institute on DECEMBER 1, 2014.

Why Crony Capitalism Will Be Hard To Uproot: Interview Of David Stockman

David Stockman was elected to Congress at age 29 back in 1976; he was an avid student of Austrian economics and supported a gold-backed money system and a balanced budget. He later joined the Reagan administration as Budget Chief, where he watched in awe as the Reagan administration quickly became the most profligate spenders in the history of the United States.
After leaving the Reagan Cabinet, he worked at the well-known investment house Salomon Brothers, and later co-founded the Blackstone Group alongside legendary hedge-fund manager Steve Schwarzmann.
In his most recent book, The Great Deformation: The Corruption of Capitalism in America, Stockman systematically repudiates and dismantles the myths surrounding the Fed’s supposed past successes at helping the US economy avoid major breakdowns, going all the way back to the crash of ’29. Instead, as he explains, ‘Programs born out of desperation or idealism 75 years ago have ended up as fiscal time bombs like Social Security or as captive fiefdoms of one crony capitalist syndicate or another… Policies undertaken in the name of public good inexorably become captured by special interests and crony capitalists.’
The most important lesson I took from the book and the interview? Remember that there has never been a time of such profound debt saturation, coupled with intense crony capitalism, as today. No one has ever been here to tell how it turns out. We truly are in an unprecedented era…
David, can you explain how the ‘Fed put’ works on the stock markets and bond markets? How exactly does it translate into artificially higher stock prices and lower interest rates?
The Fed injects massive amounts of liquidity into Wall Street through the dealer system – that is, the 21 authorized treasury-bond dealers. The liquidity comes in the form of new credits to their bank accounts supplied by the Fed in return for the governments bonds, notes and bills, and even the GSE (Government-sponsored entity) obligations that it buys from them. The credit that the Fed supplies to the dealers is manufactured out of thin air; therefore it expands total credits and liquidity in the system. The dealers use it to buy other types of securities – stocks, bonds, derivatives positions and so forth.
Historically, the purpose of the Fed’s open-market intervention in this form was to encourage the banking system to extend credit to the business and household sectors, thereby stimulating economic growth, as predicated by the Keynesian model. That was always a one-time parlor trick, however, because with each cycle of easing leverage ratios in the business and household sectors were ratcheted steadily higher. Household debt ratios, for example, went from 80 percent of wage and salary income prior to 1975 to 220 percent by 2007.
The problem today is that we have reached ‘peak debt.’ The household sector has $13.3 trillion of debts1, even after the modest post- crisis deleveraging; the ratio is still sky-high at 180 percent of wage and salary income.

This post was published at David Stockmans Contra Corner on November 24, 2014.

U.S. Senate Tries Public Shaming of New York Fed President Dudley

Last Friday, the Senate Subcommittee on Financial Institutions and Consumer Protection, chaired by Sherrod Brown, effectively put William Dudley, President of the Federal Reserve Bank of New York, in stocks in the village square and engaged in a rather brilliant style of public shaming. With each well-formed question posed by the panel, Dudley’s jaded leadership of a hubristic regulator came into ever sharper focus.
There were a number of elephants in the room during the lengthy session that were only briefly touched upon but deserve greater scrutiny by the press. First, Congress knew that the New York Fed was a failed, crony regulator during the lead up to the financial collapse in 2008, but it granted it an even greater supervisory role under the Dodd-Frank financial reform legislation in 2010. This Congress has also failed to engage in public shaming of President Obama for brazenly ignoring the Dodd-Frank’s statutory mandate that calls for him to appoint, subject to Senate confirmation, a Vice Chairman for Supervision at the Federal Reserve Board of Governors, who could have shaped and monitored a more credible policing role for the New York Fed.
Section 1108 of Dodd-Frank requires: ‘The Vice Chairman for Supervision shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board, and shall oversee the supervision and regulation of such firms.’ President Obama was required to nominate this individual once the Dodd-Frank Wall Street Reform and Consumer Protection Act became effective; that was July 21, 2010 – more than four years ago. The President has simply ignored this provision of the law – no doubt to the extreme satisfaction of Wall Street.
The final elephant is that as a result of giving a failed regulator enhanced power and failing to appoint a person to a leadership role in supervision, the U. S. Senate has effectively become Wall Street’s cop on the beat, doing the job the New York Fed’s cronyism prevents it from doing.
The last point was buttressed by the fact that simultaneous with this hearing, Senator Carl Levin’s Permanent Subcommittee on Investigations was holding its second day of hearings on how Wall Street, under the nose of the New York Fed, has massively and secretly gobbled up a huge swath of the nation’s physical commodities, like oil and aluminum, creating cost spikes for the consumer and industrial users while also placing huge trading bets on commodity prices.

This post was published at Wall Street On Parade By Pam Martens and Russ Marte.

Hey, Monsanto! Were Anniston and Nitro just conspiracy theories too?

Hey there, Monsanto Man! You like to paint those who are against you, your toxic sludge and what it is doing to our health and the planet as conspiracy theorists without a leg to stand on, while you paint your products as safe and beneficial to the environment.
Isn’t that exactly what you did in Anniston, Alabama, which is now a superfund site due to PCB contamination caused by you that you said was perfectly safe, and in Nitro, West Virginia, where people were poisoned with your Dioxin? You were ordered to pay on both of those catastrophes, weren’t you?
Yet, you still insist, even with numerous lawsuits in your checkered past, to flagrantly declare that your products are safe, once again. You have never once admitted blame nor accepted responsibility for your actions unless forced to by a court with a judge that for some insane reason, you have not managed to ‘influence.’
Let’s just take a little trip in the Wayback machine…
Anniston, Alabama and PCBs
On the west side of Anniston, the poor side of Anniston, the people ate dirt. They called it ‘Alabama clay’ and cooked it for extra flavor. They also grew berries in their gardens, raised hogs in their back yards, caught bass in the murky streams where their children swam and played and were baptized. They didn’t know their dirt and yards and bass and kids – along with the acrid air they breathed – were all contaminated with chemicals. They didn’t know they lived in one of the most polluted patches of America.

This post was published at FarmWars on Nov. 19, 2014.

The Falcon Can No Longer Hear the Falconer

We in the center that cannot hold can only watch as things fall apart.
In so many ways, the falcon can no longer hear the falconer. The phrase is drawn from William Butler Yeats’ poem, The Second Coming:
Turning and turning in the widening gyre The falcon cannot hear the falconer; Things fall apart; the centre cannot hold; Mere anarchy is loosed upon the world, The blood-dimmed tide is loosed, and everywhere The ceremony of innocence is drowned; The best lack all conviction, while the worst Are full of passionate intensity.
The falcon can no longer hear the falconer describes our disintegrating era well.
The politicos can no longer hear the people they supposedly serve.
Concentrated wealth no longer heeds any falconer; it is free to exploit its power in the market and the halls of government.
Unconstrained by an inner falconer of integrity, many seek to game the system to maximize their private gain by any means available.
Market manipulators, equally unconstrained, ceaselessly rig markets for their private gain and the benefit of their cronies.

This post was published at Charles Hugh Smith on WEDNESDAY, NOVEMBER 19, 2014.

Stockman And Stiglitz On Crony Capitalism: Agreements And Disagreements.

The role of government in the economy has been a major public policy issue for more than two centuries. Critics of capitalism, at least since Karl Marx, have argued that the system is skewed to benefit the political and economic elite at the expense of the masses: the proletariat over the bourgeoisie, as Marx put it, or the 1 percent over the 99 percent, as the Occupy Movement that began in 2011 put it.
Two recent books have looked at these issues, one from the vantage point of the political left and the other from the political right. Joseph Stiglitz, a Nobel laureate economist and frequent commentator on the political left, discusses the way the system is skewed to support the 1 percent over the 99 percent in his book The Price of Inequality (2012), while conservative writer and former Michigan congressman and budget director in the Reagan administration David Stockman addresses these same issues from the political right in The Great Deformsation (2013). Considering their political leanings, it is worth emphasizing how much their books have in common when describing the causes of the major economic and political problems they perceive in the United States.
Both Stiglitz and Stockman argue that corruption of the U. S. political system is damaging both the economic system and democracy. This article documents the commonality of ideas in their two books while recognizing the significant differences in their policy recommendations.

This post was published at David Stockmans Contra Corner on November 17, 2014.

The How and Why Behind Obama’s Mysterious Rise to the Presidency

How does a man get elected President after serving less than one full term as a U. S. Senator? Does being a community activist/antagonist qualify one for the highest office in the land? Were the Soviet defectors correct in that Obama is the manifestation of a multi-generational plot to bring America to her knees? It is easy to comprehend how and why Putin would want to destroy America. But is Obama is his accomplice in this mission which could imperil all of us?
Former FBI Weatherman Task Force supervisor, Max Noel, noted that the FBI utilized a CARL test when it conducted background checks on various suspects. The acronym CARL stands for Character, Associates, Reputation, and Loyalty is used to assess candidates fitness to hold the highest office in the country. On each of these four points of power, Obama fails and fails miserably. Like many FBI law enforcementagents and officials, Noel was alarmed by the fact that someone like Barack Obama could capture the presidency. For some unexplained reason, Obama was never vetted before he became a candidate for the presidency by the FBI. This is an unacceptable result of our national security system and is wholly suggestive of internal plot to allow the installation of a blatantly communist advocate into the highest political position in America.
Soviet Defectors Warn of Deception and the Emergence of a Manchurian Candidate Did you really think Alger Hiss would be the last communist traitor to serve in a high level US governmental position?
Through the testimony of high-ranking Soviet defectors, it can clearly be established that the Russians have been engaged in a multi-generational plot to destroy the United States from within and from without. Domestically, the Russian communists are in the midst of completing a coup d’tat, with the help their communist stooge, Barack Obama. In the following paragraphs, the verbatim statements of high ranking Soviet defectors are offered as proof of these claims. The first three defectors tell how the Soviets are setting the table for America’s demise. Stunningly, the fourth defector warns our country of a Manchurian candidate type of leadership whose job it will be to hand over a weakened America to the Russians (see Part Two).
Today, many people have been in a position to now vet the President after Obama’s first six years in office and observed his ‘fundamental transformation of America’. This particular series will continue to connect the dots of the secretive and nefarious communist background of Barack Hussein Obama.

This post was published at The Common Sense Show on November 12, 2014.

SP 500 and NDX Futures Daily Price – Audit or End the Fed

“Politics is the loom that weaves and spins the fabric of our democratic social cohesion. The politics of democracy is the social blanket that we all willingly come together under, huddled awkwardly, for our national identity. The interwoven threads of multi-media, technology, financial, and shared social myths bind this political blanket into our national identity as a democratic republic.
When the democratic political process has been stealthy co-opted over many years by financialization, which seamlessly connects the financial industry and the government, we become members of a fascist form of state (inverted totalitarianism), without collectively knowing it yet.”
Joe, the Angry Hawaiian
The financial system in its existing form is excessively arbitrary and non-transparent.
An external standard provides a flywheel, which prevents the expansion of the money supply at the discretion of a central authority that also has the power to monetize debt and set interest rates, within some longer term limitations.
In its worst form, short of an overt tyranny, the central banking power has the ability to create money at will, and distribute as they see fit, to their cronies, for whom they are also a powerful friend and regulator governed by a self-defined class that moves freely between government and the financial industry.
This is the precise reason why President Andrew Jackson vetoed the Second Bank of the United States. The Banks speculated in the goods of the nation, keeping the profits, but using the power of their Central Bank to shift the losses to the public.

This post was published at Jesses Crossroads Cafe on 10 November 2014.

Obama Has No Friends

Obama has no friends in Washington, other than perhaps a few of his imported Chicago cronies. He has no close relationships with any elected officials. He is a loner, a man out for himself.
In my book Flimflam Man it was predicted that the Democrats who tolerated him would turn against him once they realized the damage he had inflicted on their cohorts and the Democrat Party. In the wake of the obvious recent election debacle, it appears as though Democrats have turned, if not yet openly at least off the record. Alex Griswold reports that elected Democrats are no longer keeping their dislike for the President to themselves and feel just as negatively about Obama as Republicans:
Legendary Washington Post reporter and editor Bob Woodward said on a ‘Face the Nation’ panel that when he speaks to Senate Democrats about Obama they are ‘on fire,’ and just as loud in the criticism of the president as Republicans are publicly.

This post was published at Economic Noise on NOVEMBER 9, 2014.

Crony Capitalism Tribute: Mafia Dons vs. Politicians; Who Really Won the Election?

Who Really Won the Election?
If you think Republicans won the recent mid-term election you are mistaken. PolicyMic has One Chart that Shows Who Won.
Most Expensive Senate Races

Money Won the Election!
The Center for Responsive Politics projects the 2014 mid-term election will cost roughly $3.67 billion.
When all is said and done, Team Red (all Republican candidates, parties, committees and conservative outside groups) will spend $1.75 billion on this election. Team Blue (all Democratic candidates, parties, committees and liberal outside groups) will spend a total of $1.64 billion. [Outside groups account for the rest.] Election Cost Estimate…

This post was published at Global Economic Analysis on November 07, 2014.

US Struggles to Keep Asia in Dark Age

US-funded newspapers promote US-funded NGOs in their efforts to halt infrastructure projects that would reduce flooding, produce clean, renewable energy, and provide jobs and development for millions.
‘The Irrawaddy,’ which claims to be ‘a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region,’ has doggedly covered efforts by so-called ‘activists’ to prevent the construction of dams all across Southeast Asia – from Myanmar (still called by its British imperial nomenclature ‘Burma’ by the Western media), across Thailand, and in Laos.
Its most recent article, ‘Thai Power Firm’s Business Tactics ‘Use Burma’s Weak Laws’,’ is a typical representation of these efforts. It reports that:
One of the chief financiers of hydroelectric dams planned on Burma’s Salween River is accused of investing in countries where there is ‘oppression and limited transparency’ in order to achieve its objectives.
Having been restricted in its activities at home, the Electricity Generating Authority of Thailand (EGAT) wants to use Burma and Laos as proxy suppliers of electricity via environmentally damaging river dams, the US-based NGO International Rivers told The Irrawaddy.
Dams are undoubtedly disruptive to the surrounding, existing environment and surely governments and special interests regularly sidestep their responsibility to ensure dam construction results in equitable outcomes for surrounding human populations as well as wildlife. However, to oppose their construction entirely is a regressive, politically motivated agenda peddled by some of the most sociopolitically and environmentally destructive special interests on Earth.
To understand this, one must understand what both The Irrawaddy and International Rivers have in common, and specifically why their agenda has become entwined in the battle against real development across all of Southeast Asia.

This post was published at The Daily Sheeple on New Eastern Outlook / November 5th, 2014.

More Executive Orders on the Way: Republicans Take Control of the Senate

The American people showed their discontent at the polls yesterday by voting for the Republicans to take control of the Senate. The GOP also strengthened their hold on the House of Representatives and will be in control of both chambers of Congress for the first time since 2006.
Obama now has two choices during the final two years of his leadership:
Issue Executive orders that require no approval from Congress. Seek bipartisan support for his plans. Many people have no doubt of which choice he will make.
What you have to ask yourself is will it make a difference? The vast majority of those that seek to rule us are from white collar backgrounds and most of them worked in for-profit organizations prior to going into politics. Over half of these people are millionaires. (source)
We are deluded if we think that these men and women will not vote with their/their cronies business interests in mind and therein lies the problem. The gap between rich and poor, the haves and have-nots widens year on year. The rich get richer and the rest of us get squeezed more and more.

This post was published at The Daily Sheeple on November 5th, 2014.

1000s Of Veterans Busted For Massive Benefits Fraud

When work is punished and grift is not, is it any surprise that, as The Washington Times reports, nearly60,000 triple dipping Veterans picked up $3.5 billion in benefits (collecting their military retirement pay; and disability benefits from both the Veterans Administration and Social Security too). The arrangement is legal, but since everyone else is abusing the system, from crony banks to deadbeat dads to squatting slummers, it was only a matter of time before even veterans decided to dip, then dip again and dip some more. Sen. Tom Coburn, noted it was “hard to understand,” but perhaps the hardest thing to understand is why it took veterans so long to realize we live in a world without consequences.
As The Washington Times reports, tens of thousands of veterans collect their military retirement pay and disability benefits from the Veterans Administration and disability checks from Social Security too, according to a new report from the Government Accountability Office. All told, nearly 60,000 triple dippers collected $3.5 billion in benefits.
The arrangement is legal, but it raises questions about the generosity of the American safety net system at a time when disability programs are already under severe financial stress. “This report shows that, like other government programs, there is little coordination between these overlapping benefits, which increase cost[s] to taxpayers,” said Sen. Tom Coburn, the Oklahoma Republican who requested the GAO report. “We should fulfill our promises to the men and women who serve, but we need to streamline these duplicative programs.”

This post was published at Zero Hedge on 11/01/2014.

Unchained: You Need To Watch This Video: ‘Who Are The Real Oppressors In Our Community?’

A new video from the Rebel Pundit shows several black Americans standing up against the Democrat machine that has for so long stolen their wealth, made them dependent on a corrupt system, and indentured them to a life of servitude.
It’s an amazing video that should be watched and shared by every American, but not because it shows African Americans attacking President Obama or their state and city legislators. Rather, it speaks volumes about the plight of all Americans, be they White, Hispanic, Asian, Native American or Black.
Our system of governance is corrupt, and despite calls from both parties for equal justice under the law, the only people who ever seem to benefit are the politicians and their cronies in business.
Some issues cross political parties and racial divides.


This post was published at shtfplan on October 28th, 2014.

Pensions and Private Equity – A Letter to the New York Times Editor

The ongoing racket between private equity firms and public pension funds in which they work together to earn billions of dollars in excessive fees at the expense of retirees across the country has been a key theme at Liberty Blitzkrieg this year. My most recent piece on the topic was published last week and titled, Another Pension Scandal – The Crony Love Affair Between North Carolina, Credit Suisse and Erskine Bowles.
Here’s an excerpt:
When it comes to how the U. S. economy of fraud functions in 2014, the following article has it all. A government official, a global investment bank and a businessman/politician, all working together to enrich themselves at the public’s expense. It demonstrates how big bucks are really earned by insiders in the new American Dream, characterized by extreme cronyism and corruption.

This post was published at Liberty Blitzkrieg on Oct 26, 2014.