wrongologist – Page 175 – The Wrongologist

Saturday Soother – February 4, 2017

“True terror is to wake up one morning and discover that your high school class is running the country.” – Kurt Vonnegut

Welcome to the weekend, we should be at least concerned, if not terrified. After all, look at who is in charge. Its those jerks you knew back in the day.

We have just driven into a long, dark tunnel in the back seat of the Trump Express. Will we ever see light at the other end? When a president is out of his party’s mainstream by this much, he just provides cover for the rest of them to act out accordingly.

A few things that happened this week that you should consider, none of which will be the worst thing that Trump puts in motion over the next four years:

The House and Senate approved a measure that scuttles a new regulation aimed at preventing coal mining debris from being dumped into nearby streams. The Senate’s 54-45 vote on Friday sends the measure to President Trump. What’s more, the law prevents the executive branch from imposing substantially similar regulations in the future.
On Thursday, the House repealed a Social Security Administration regulation to keep people with severe mental illnesses from buying guns. Rep. Kevin Brady, R-Texas, and Chair of the House Ways and Means Committee said:

The agency should be focused on serving all of its beneficiaries, not picking and choosing whose Second Amendment rights to deny…

On the gun issue, the GOP is taking away Obamacare, so you won’t be able to afford treatment for your mental illness, but hey – go buy a gun!

To paraphrase Mitt Romney, coal companies are people too. They need the profits from dumping industrial waste in the water supply just as much as a human needs clean water. Why should we prioritize humans over corporate folks? Maybe you’re just prejudiced against legal persons.

Republicans seem to know intuitively that the faster and more boldly they move, the harder it will be for Democrats to change the rules later. As long as Republicans control both the House and the Senate, Trump will leave big, black heel marks all over our democracy.

So, calm down. It’s gonna get worse. Take a break with a hot cuppa DECAF coffee and settle back for half an hour to listen to music. Here is Mendelssohn’s Violin Concerto E Minor OP 64 first performed in 1845. It took Mendelssohn six years to write. Today we hear it performed by three-time Grammy Award-winning violinist Hilary Hahn playing in June 2012 with the Frankfurt Radio Symphony Orchestra at the Korean Art Centre Concert Hall, Seoul Korea:

https://www.youtube.com/watch?v=o1dBg__wsuo

Those who read the Wrongologist in email can view the video here.

Ready For The Coming Constitutional Convention?

According to Article V of the US Constitution, the states can convene a Constitutional convention without any action by the federal government if two-thirds (34) of them pass a resolution in favor of the convention. Right-wing organizations have been working for decades to convince enough state legislatures to call for such a convention, with the aim of limiting the powers of the federal government.

Now, Republicans are close to that goal.

Resolutions for a Constitutional convention have already passed in 28 states. And after November’s elections, Republicans control both legislative chambers in 32 states, while also dominating Nebraska’s uni-cameral legislature, giving them 33. This means that they are just one state shy of the 34 needed to propose an Article V convention. And Republicans now hold 34 governorships.

OTOH, Nevada’s House and Senate flipped to the Democrats, offering progressives an opportunity to rescind the convention resolution they passed previously.

Well done Democrats! Not only will the GOP control the Supreme Court for the next generation, they are on the cusp of rewriting the Constitution to make the Federal government a weak shadow of what it was under FDR and LBJ.

Say goodbye to the liberal democracy you say you cherish. Neither the President nor the Supreme Court have any say in this if 34 states agree to hold a Constitutional convention.

Last September, Convention of States a group dedicated to creating a Constitutional convention, convened a simulated Constitutional convention. At this meeting 137 state legislators representing all 50 states attended a “dry run,” in Williamsburg, Va. It produced drafts of six different proposed amendments:

A balanced budget amendment that mandates a Congressional supermajority in order to increase the national debt
Congressional term limits
Abolishing the federal income tax; while requiring a supermajority for other federal taxes
Curtail federal legislative and executive jurisdiction by reining in the commerce clause
Allow three-fifths of the states to nullify a federal law
Allow congressional override of regulations

The balanced budget amendment has been a priority of the American Legislative Exchange Council (ALEC) for decades. ALEC, whose funders include many very large US companies, has poured huge sums of money into state legislative races, and provides sample legislation to its members.

According to In These Times, at ALEC’s July 2016 annual meeting, the Constitutional convention was made a top priority. ALEC has adopted model rules for an Article V convention and offers its members model language for a resolution to call for a convention. After focusing on state legislatures for decades, they now have tight relationships with many states across the country.

Since 2000, ALEC did a brilliant job of using the Congressional mid-term elections and state elections as a referendum on the Obama administration. And since Obama came to office, Democrats have lost control of 958 state legislative seats.

If a convention gets triggered, state legislators from across the country will convene to propose amendments, which then need to be ratified by three-fourths (38) of the states to become part of the Constitution. There are concerns however, even within the right-wing that a Constitutional convention could become a runaway train, attempting to go way beyond its stated goals, or by creating more division in an already divided country.

The best argument against a Constitutional convention is that any benefit gained by fixing glitches in our system could easily be outweighed by the risk of letting the crazies have a shot at wrecking the whole thing.

But no need to worry about that particular risk. The crazies are already here.

Republicans love the Constitution so much that they just nominated as a Supreme Court Justice a strict constructionist who will decide cases in accordance with the Constitution’s original intent. The GOP says they cannot abide tampering with that.

And yet, they are working to change it.

If you think we should only want a Constitutional convention when the country reaches a crisis point, welcome to our new world:

There are two possible outcomes at this point. Either the crazies succeed and consolidate power on top of the wreckage of our current system, or they will falter and fail.

Sorry Democrats, you just can’t sit back and count on the latter.

GOP Plans to Gerrymander the Electoral College

Donald Trump was the fifth candidate in our history to win sufficient votes in the Electoral College (EC) to become president after losing the popular vote. Now, Republicans are making an effort at the state level to change how electoral votes are apportioned to presidential candidates, from winner take all, to being allocated to the winner of each congressional district.

Republicans call this a modest tweak to the EC process. But it will make gerrymandering of congressional districts even more important to electing the president than it is to electing Members of Congress today.

How today’s system works:

In 48 states, (all except Maine and Nebraska) the presidential candidate who wins the popular vote in their state receives all of that state’s electoral votes. A state’s number of electors equals its number of US Representatives and Senators.

Although ballots list the names of the presidential candidates, when voters within the 50 states and Washington, DC vote for President and Vice President, they’re actually choosing electors proposed by the Parties in their state. These presidential electors then cast electoral votes for those two offices, so the EC elects the President or Vice President, not the popular vote.

Despite what you might think, the Constitution reserves the power to appoint electors to the states. Here is Article 2, Section 1; Clause 2:

Each state shall appoint, in such manner as the Legislature thereof may direct, a number of electors, equal to the whole number of Senators and Representatives to which the State may be entitled in the Congress: but no Senator or Representative, or person holding an office of trust or profit under the United States, shall be appointed an elector.

So it is clear that each state has the exclusive right to determine how their state electors are selected.

The proposed Republican “tweak”:

The Republican tweak apportions electoral votes to the presidential candidate who wins the vote in each congressional district. The two remaining electors would go to whomever wins the statewide vote. States considering moving to allocating electoral votes to the candidate winning in each congressional district include Minnesota, Ohio, Pennsylvania and Virginia – all have legislatures controlled by Republicans. Two, Virginia and Minnesota, currently have Democratic governors, so at this point, they could veto the proposed legislation.

After the 2010 census, 55% of all congressional districts were redrawn to favor Republicans, while just 10% were redrawn to benefit Democrats. In 2016, Trump carried 230 districts to just 205 for Hillary Clinton, even though Clinton won nearly 3 million more votes nationally. So if every state awarded electoral votes by congressional district, Trump would have still prevailed. And guess what? Mitt Romney would also have won in 2012, and George W. Bush would have won in 2000.

The tweak takes voting power away from cities and puts more in suburban and rural areas, making it more likely that a candidate with fewer votes over all could routinely win a larger share of electoral votes. And thanks in part to recent poor performance by Democrats, 32 States now have Republican-controlled legislatures.

Should we be talking about this at all? Debating whether to pass bills to reduce the value of an urban vote to a fraction of the value of other voters?

Sounds like a Republican paradise.

An advantage of the EC is that it tends to improve the winner’s margin of victory and thus the presidential mandate at the beginning of his/her term in office. Also, it ensures that candidates actually campaign in more states, rather than in fewer. Would anyone campaign in NH when they could garner many times more popular votes in a couple of counties in California? They do it today because NH’s four electoral votes can make a difference.

The president doesn’t represent congressional districts. The president represents all the people, which is why the ONLY reasonable reform to the EC is a nationwide popular vote.

The fact remains that Republicans have the ability to make this happen. Allowing statehouses to decide presidential elections will have undemocratic consequences. Keeping politicians from making the Electoral College subject to gerrymander is crucial.

To help us pause and reflect on this threat, here is Leonard Cohen with “Democracy” from his 1992 album, “The Future”, here performed in 2008 live in London:

Cohen said this about the song:

It’s a song of deep intimacy and affirmation of the experiment of democracy in this country. That this is really where the experiment is unfolding. This is really where the races confront one another, where the classes, where the genders, where even the sexual orientations confront one another. This is the real laboratory of democracy.

Let’s hope the experiment doesn’t fail.

Those who read the Wrongologist in email can view the video here.

Sample lyrics:
I’m sentimental, if you know what I mean
I love the country but I can’t stand the scene.
And I’m neither left or right
I’m just staying home tonight,
getting lost in that hopeless little screen.
But I’m stubborn as those garbage bags
that Time cannot decay,
I’m junk but I’m still holding up
this little wild bouquet:
Democracy is coming to the U.S.A.

Is Climate Change Real?

Wrongo has never written about climate change, but will make an exception today. NASA recently released a series of then and now photos called “Images of Change” which reveal how our world has changed (not for the better) over the past 30+ years. The series provides a comparison of satellite images that depict everything from Arctic ice retreat to island building, to urbanization.

The series shows how rapidly our planet has changed in recent decades, due largely to urbanization and climate change. Perhaps, with the Trump administration firmly in control of a climate denial narrative, these photos will soon disappear from the internet, so please go and see all of them while it is still possible.

Here is one photo that shows the Arctic’s sea ice. It is clear that the ice has been shrinking for decades. The picture below compares September 1984 (on the left) with September 2016:

The total area of persistent (4 years or older) ice has declined from 718,000 square miles to 42,000 square miles in the 32 year time period. In the images, blue/grey ice is younger whereas white ice is older. But please calm down, you can’t stop the Trump express to climate Armageddon unless:

We take control of the Senate from the Republicans, and
Win the White House in 2020.

And at a time when we won’t let most Muslims into our country, and absolutely zero Syrians, maybe it’s time we chill out with a beautiful song by a Syrian national currently based in Paris, Lena Chamamyan. Here she is singing “Love in Damascus”. The accompanying video has many photos of Damascus; probably most taken before the rebellion. Wrongo could not find a reliable translation from Arabic for you, but the singing is beautiful:

Those who read the Wrongologist in email can view the video here.

Monday Wake Up Call – Immigration Edition

Everyone knows by now that Trump signed an Executive Order (EO) on Friday barring people from seven majority-Muslim countries from entering the US. But many people traveling to the US from those countries, including some who are legally permanent US residents, were in the air at the time of the ban, and couldn’t turn around.

By early Saturday evening, several federal judges in NY, MA, and including Leonie Brinkema of the Eastern District of Virginia, made rulings that would at least stall the implementation of portions of Trump’s anti-refugee executive order. The Daily Beast reported:

As a result, airports across the country turned into Lawfare zones, with cadres of volunteer lawyers squaring off against bureaucrats in the Customs and Border Protection agency. Late-night rulings from federal judges made a legally unprecedented situation even more dramatic, with all three branches of the federal government—congressional, executive, and judicial—warring with each other.

There are three things to consider in this fast-developing story. First, how unprepared the Trump administration was to actually carry out their own EO. From CNN: (emphasis by the Wrongologist)

Homeland Security Secretary John Kelly and Department of Homeland Security (DHS) leadership saw the final details shortly before the order was finalized, government officials said. Friday night, DHS arrived at the legal interpretation that the executive order restrictions applying to seven countries — Iran, Iraq, Libya, Somalia, Syria, Sudan and Yemen — did not apply to people who with lawful permanent residence, generally referred to as green card holders.

CNN further reports that the White House overruled that guidance, with the order coming from Stephen Miller and Steve Bannon. They decided that, on a case by case basis, DHS could allow green card holders to enter the US. It was decided by DHS that green card holders could fly to the US and would be considered for re-entry on a case-by-case basis after passing a secondary screening. But CNN reports that the guidance sent to airlines on Friday night said:

Lawful permanent residents are not included and may continue to travel to the USA.

It gets worse for Trump: Before he issued the EO, the White House did not seek the legal guidance of the Office of Legal Counsel, the Justice Department office that interprets the law for the executive branch.

CNN indicates that the EO did not follow the standard agency review process overseen by the National Security Council. That inter-agency process would have asked the Justice Department and homeland security agencies to provide operational guidance, but it didn’t happen.

The second issue was that the Customs and Border Protection (CBP) agents, at least at Washington DC’s Dulles Airport apparently disregarded the stay orders from Judge Leonie Brinkema of the Eastern District of Virginia. More from the Daily Beast:

Brinkema…ruled that the travelers detained by Customs and Border Protection had a right to see lawyers.

After the judge’s ruling, lawyers standing by at Dulles expected they would be able to see the detainees and try to help them get into the US. But, the CBP would not let them see their would-be clients. The Daily Beast reports that it’s unheard of for government agencies like CBP to prevent people who have the legal right to live in the US from seeing their lawyers.

But, that’s what happened. In fact as the evening wore on, it became clear that CBP was defying, or at best slow-rolling Brinkema’s ruling. The lawyers at the airport believe that meant someone must be in contempt of court. The judge could theoretically have sent in federal officers to force CBP to let the lawyers meet with the detainees, but, that would have been unprecedented, and it didn’t happen.

The third issue is that Saudi Arabia was not on the banned country list. That’s right, the country most responsible for supporting and sustaining both ISIS and Al Qaeda skated. Our past few presidents found it convenient to cozy up to the Saudis, but should Trump be continuing that coziness?

If Trump’s intention was to punish sponsors of terrorism, the ban should have hit Saudi Arabia and Egypt, which is where the money and most of the actual 9/11 terrorists came from.

This is what the next 4 years are going to be like. But the question is, are the Trumpets going to become more competent as they go along, or is this what we should expect going forward?

Today’s wake up is for Donald Trump and his administration.They need to govern, not play pretend president.

To help them wake up, here is Xenia Rubinos performing “Mexican Chef“, from her album “Black Terry Cat”. It’s her ruthless critique of the undervalued labor that immigrants perform every day in America:

Sample Lyrics:

French bistro

Dominican chef

Italian restaurant

Boricua chef

Chinese takeout

Mexican chef

Nouveau America

Bachata in the back

Brown walks your baby

Brown walks your dog

Brown raised America in place of its mom

Brown cleans your house

Brown takes the trash

Brown even wipes your granddaddy’s ass

Sunday Cartoon Blogging – January 29, 2017

“All of the true things that I am about to tell you are shameless lies.” –Kurt Vonnegut.

Quoting from Vonnegut’s “Cat’s Cradle” seems to catch the Trump zeitgeist. It was hard to focus on what the GOP and Trump were doing between the tweetstorms. So you could be forgiven for not noticing that Trump’s ban on immigration includes Green Card holders from seven Muslim-majority countries from entering the US. And Homeland Security says that’s really the policy. Legal residents holding the wrong passport who happened to be outside the US are now stranded. This includes students, business executives, and even a few US business owners. You can leave, but you cannot come back is the message of the day. Christians will be allowed in though, so here’s the best idea yet:

Trump builds a wall to keep Speedy out:

This is from Italy’s Matteo Bertelli. You can bet that in his next panel, Speedy jumps up on Trump’s head, and The Donald grabs a hammer…

Voter fraud is a yuuge problem only in the Orange Ahab’s mind:

Voter fraud? Or, voted for a fraud?

Trump wants at least one Chinese import:

Trump keeps his focus on the real enemies:

Saturday Soother – January 28, 2017

We’ve made it to Saturday, all the while trying to sort through the blizzard of executive orders issued by our Orange Overlord. As we cruise into the weekend, we need to reflect on Sen. Jeff Sessions, Trump’s nominee for Attorney General. The Senate Judiciary Committee will probably vote on the nomination on Tuesday, after which it will go to the full Senate for a confirmation vote.

Wrongo agrees with Charlie Pierce:

At a moment like this one, it simply will not do to have someone in the attorney general’s office who was deemed too racist to be a federal judge 30 years ago. It will not do to have someone in the attorney general’s office who launched a dirty-tricks prosecution of voting-rights activists when he was a U.S. Attorney in Alabama. It will not do to have someone in the attorney general’s office who greeted the gutting of the Voting Rights Act in 2013 by noting that it was “good for the South.”

Pierce says that no (zero) Democrats should vote for Sessions:

There is no room for compromise or horse-trading. The Democratic Party should stand for the expansion of the franchise and for a greater ease in exercising it.

Voting rights will be at risk if Sessions is confirmed. The AG will follow Trump’s lead and focus on a “voter fraud” investigation in the big liberal states and urban areas that do not vote Republican. This is something the right wing has been doing for years. From what Trump said this week to David Muir on ABC, he believes that the problem exists only in places he didn’t win. He told Muir that every one of the alleged 2 million to 3 million illegal votes went to Hillary Clinton.

If it isn’t clear by now, this is a powerful new national campaign of voter suppression coming down the road to a polling place near you. We don’t know at this point who will be heading Trump’s “investigation,” or what form it’s likely to take, but Jeff Sessions is just the man for the job.

We could also tell our Senators that they should not vote to confirm Betsy DeVos and Tom Price, but both will probably get a few Dem votes. Wrongo isn’t arguing for complete resistance as the only response to Trump, but we can’t appoint Sessions.

Will even a single Republican Senator have the backbone to vote against the president’s hand-picked bigot? The prospects are not heartening.

Glad that’s off of Wrongo’s chest. Time to grab a cup of Bengal Spice Chai tea, and mellow out with the Saturday Soother. Today we are going acapella with the University of North Carolina Clef Hangers. They have been around for 35 years, and have released 17 studio-produced albums. Here are the Clef Hangers doing “You Never Need Nobody”, a song by the Brooklyn NY-based The Lone Bellow:

Those who read the Wrongologist in email can view the video here.

Are Donald Trump and Andrew Jackson Soul Mates?

President Trump has hung a portrait of Andrew Jackson in the oval office. Several of Trump’s spokespeople have heaped praise on Jackson, so Trump has picked Old Hickory as his populist role model.

Really? Did anyone on Trump’s staff even read the Cliffs Notes about Andrew Jackson? Here is the surface view:

A presidential candidate who strikes a wide range of observers, including leaders of his own party, as dangerously abrasive, arrogant, and racist. Partly because of those qualities, the candidate appeals stylistically to common-man voters who feel threatened by change, despite his being one of the super-rich himself. While this is Donald Trump in 2016, it also describes Andrew Jackson in the 1820s.

According to Benjamin Studebaker, when Jackson was elected, the accepted view was America needed strong economic growth to compete with Europe. Most thought the country needed to be industrialized quickly to turn us into an independent power. Tariffs should protect infant American industries from their established British competitors. Infrastructure investments should be directed towards transportation.

Jackson was uninterested in industrialization. He won the election because of slaveholding, agricultural states. The southern states had not industrialized, and they hated tariffs. Tariffs made British manufactured goods expensive, and made the price of Southern cotton uncompetitive. South Carolina attempted to nullify the tariffs, which led to tough talk and threats by Jackson to invade. But, ultimately, he signed legislation to reduce the South’s tariffs.

At the time, Jackson was praised for averting a violent confrontation, but his compromise left the issue of nullification unresolved. This eventually led to our Civil War.

The Second Bank of the United States (created by John Q. Adams, Jackson’s predecessor), was designed to stabilize prices and facilitate commerce. Jackson refused to renew the charter of the Second Bank of the US. Public monies were then directed to state banks, called “pet banks” since they were located in states that were Jackson’s core base of support. This deprived the industrial northeast of the investment funds it needed to grow.

The favored state banks began lending the new money feverishly, inflating land prices, and exposing the banks to undue risk.

Jackson blamed the resulting inflation on paper money, so he issued the “Specie Circular”, an executive order requiring all land purchases from the federal government to be made in gold and silver. This destroyed the value of the country’s paper currency, causing land prices to crash.

Executive orders can come back to bite you, Donald.

There is supreme irony that Jackson waged war on the Second Bank of United States, but he is on our $20 bill. Jackson found support for his economy policies among white men who felt threatened by changing from an agrarian to an industrial economy. But his war on the Bank, and the Democrats’ commitment to limited federal government helped propel the country into a four-year depression after the Panic of 1837.

Jackson created the spoils system. Thereafter, newly elected presidents would purge the civil service and hand out government jobs to friends, supporters, and even relatives. Jackson fired 10% of the federal workforce, replacing experienced hands with his buddies and lackeys. This practice continued for decades, ensuring that the federal government was consistently full of incompetents.

Jackson drained the swamp, and then recharged it with camp followers. Just like Trump!

Many on the right revere Jackson for the same reason they admire Donald Trump – he acts like a badass. Jackson killed people in duels. He spoke his mind. He may have rolled over on tariffs, but he used the word “treason” to describe South Carolina before he compromised. That made him seem tough.

The Right lets Jackson’s tough manner obscure the reality, that often he had little notion of the consequences of his actions. He sank the country’s economy for a decade, and handed its civil service over to generations of mismanagement.

A reappraisal of Jackson’s presidency forces us to look at the now-infamous policy of Indian Removal, whereby Jackson approved the confiscation of Native lands and then forcibly evicted them to the far West. He ignored John Marshall’s Supreme Court ruling that his Removal policy was unconstitutional.

He thought those in the abolitionist movement were traitors. His Postmaster General suppressed their mailings, and his party passed the Gag Rule in 1836 suppressing all antislavery petitions and discussion in Congress.

Trump’s new Gag Rule on Abortion limits the funding of global family planning providers if in any aspect of their work, they recommend, discuss, or even mention abortions to clients.

In most ways, it’s a fool’s errand to compare Trump to Andrew Jackson. Although there are gross similarities, Trump isn’t Jackson. Jackson was a military hero, but a failure at national policy. Trump has no heroic resume, and the jury is out on the success of his national policy.

For one thing, Trump confuses military school with military service.

All Aboard The Bailout Train

In February 2014, Wrongo alerted that hedge funds and other Wall Street firms had been buying up single family homes, many of which had been foreclosed on during the housing crisis between 2007 and 2010:

Most rental houses in the US are owned by individuals…but a new breed has emerged: Wall Street-backed investment companies with billions of dollars at their disposal. In just the last two years, large investors have bought as many as 200,000 single-family houses and are now renting them out.

Tim G, a Wrongologist reader who is an expert in mortgage finance, commented at the time that he hoped that:

Fitch/Moody’s and any other rating agencies learned their lesson from 2007, and won’t (as you suggested) just slap AAA ratings on these. By definition these rental properties carry much more risk, since if they are vacant for any period, the incentive to keep paying drops quickly.

Well, slap they did. You know the drill from 2008; the new game was just like the old game: The new bundled securities were AAA rated by the same rating agencies. The bonds were sold to those seeking high yield without commensurately high risk.

Now we have a new wrinkle. Wolf Richter is reporting that Invitation Homes (owned by private equity giant, Blackstone) today owns 48,431 single-family homes. This makes Invitation Homes the largest landlord of single-family homes in the US. They just obtained government guarantees for $1 billion in rental-home mortgage backed securities. From Richter:

The disclosure came in an amended S-11 filing with the SEC on Monday in preparation for Invitation Homes’ IPO. Invitation Homes bought these properties out of foreclosure and turned them into rental properties, concentrated in 12 urban areas. The IPO filing lists $9.7 billion in single-family properties and $7.7 billion in debt.

The plan is to have a successful IPO, and then refinance some of the debt with the sale of $1 billion of government-guaranteed rental-home mortgage-backed securities.

Fannie Mae, a government-sponsored entity (GSE) that was bailed out, and then taken over by the US government during the 2008 financial crisis, is providing the guarantee of bond principal and interest, and the offering documents call them “Guaranteed Certificates”. More from Wolf: (emphasis by the Wrongologist)

This is the first time ever that a government-sponsored enterprise has guaranteed single-family rental-home mortgage-backed securities, issued by a huge corporate landlord. It’s an essential step forward in financializing rents: taxpayer backing for funding the biggest landlords.

These government guarantees allow Invitation Homes to pay lower interest rates. The bottom line is that Invitation will have cheap financing for future home purchases, and thus lower costs and greater profits.

It’s a sweet deal: low-cost funding made possible by government guarantees, is a special gift that was agreed to by the Obama administration. Other corporate landlords will want to follow in Blackstone’s footsteps, and it is difficult to see how Fannie Mae will choose not to guarantee the other firms.

Bloomberg reported on a Dodd-Frank mandated stress test conducted by the Federal Housing Finance Agency. It showed that during the next severe economic downturn, Fannie Mae and its sister Freddie Mac would need between $49 billion and $126 billion in taxpayer bailout money.

Socialize the losses, Part Infinity.

The Blackstone deal looks like new policy: The government subsidizes the largest landlords, helping increase their profits from renting out the same single-family homes that individual homeowners lost to the same financial thugs during the housing foreclosure crisis. The mission of Fannie Mae is to promote home ownership, not to give real estate entrepreneurs a way to limit their losses.

This guarantee was worked out under Obama’s watch, but Blackstone did not make it public until it updated its filing with the SEC this week. The timing is curious. The public disclosure comes after the Trump team is in charge, meaning Obama wouldn’t face criticism, and the Trump Administration will certainly let the deal stand.

This is worse than the government’s gift of TARP to Wall Street. That at least had optics that said it protected Main Street. But, this securitized mortgage market doesn’t involve Main Street, and the market isn’t even in big trouble.

This isn’t a bailout. It’s a grift. The Kleptocracy is now more entrenched than in 2008.

How ironic. Big business gets a sweetheart government deal, while the GOP moves to cut social programs.

Will this add new jobs to the Trump economy?

First Person Report From the Women’s March

(Below is a guest post from Nicole Dodd, a recent graduate from UC Santa Barbara. She has moved to Washington DC to begin a career in government service. The photos below are ©Nicole Dodd)

“Women’s rights are human rights.” – Hillary Rodham Clinton, 1995

This past Saturday, I was one of almost 500,000 women and men participating in the Women’s March on Washington. From 8 am until well after 8 pm, the streets were crowded with women wearing pink ‘pussy hats,’ carrying indignant signs, and chanting out against our newest president.

The movement was powerful, and greatly exceeded expectations: the Washington March itself had almost 2.5x the amount of people it was projected to have, and the sister marches across the States and the world had incredible turnout. After having seen so many red “Make America Great Again” caps and rioters in the streets just twenty-four hours earlier, I was encouraged to see an influx of pink hats participating in a protest that remained peaceful and could spark a global movement.

From an outside perspective, it may seem that the Women’s March had no direction and no goal. Millions of people took to the streets to protest, but for what? On the Women’s March website, it lists the ‘unifying principles’ of the march: ending violence, reproductive rights, LGBTQIA rights, worker’s rights, civil rights, disability rights, immigrant rights, and even environmental justice. From what I saw, participants in the March held signs that advocated for each of the unifying principles of the March. However, the heart of the matter is this: President Trump was elected without a majority popular vote, and while he has promised to be ‘a president for all Americans,’ his words and actions have proven that he will not.

While January 21^st was an important first step in the fight against the Orange Overlord’s administration, the fight in no way stops here. As a pragmatist, I realize that many women and men will walk away after this weekend thinking that they’ve completed their democratic duty by simply showing up and chanting angrily for a few hours.

Despite this, I am extremely hopeful. Many speakers at the Washington March implored the participants to get politically active. We were told to write our representatives every single day, join and become active in the organizations that we were working to support, and finally, to run for public office. Protesters held signs echoing those same sentiments, urging us to vote and to get involved. To top it off, the Women’s March website published an article outlining what exactly we can do during Trump’s first 100 days to make sure our voices are heard in the Capitol.

In the same way that it is our democratic responsibility to vote in local, state and national elections, it is also our democratic responsibility to peacefully protest and make sure that our representatives are accurately representing our interests. It’s hard to evaluate if the Women’s March will lead to concrete actions – the commitment of the crowd could easily be attributed to mob mentality, and people lose resolve over time. Still, the Women’s March was the largest protest to ever occur over the inauguration of a US President, and that fact cannot go unnoticed. My hope is that, with clear guidance and resources from the Women’s March administrators, the majority of participants in Saturday’s movement will abandon their excuses and take it upon themselves to exercise their democratic rights and responsibilities.

I can promise you that this protester will refuse to sit by idly, and will take action.

My favorite chant from Saturday sums up the movement perfectly: “This is what democracy looks like”. Here are a few photos from the DC March. This one shows size of the crowd: