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Blast from the past! In ye olde days, The Wall Street Journal covered this scandal as it unfolded. Nugan Hand Bank was beyond shady; it was a classic Ponzi scheme and its board of directors was like a who's who of former high U.S. government officials. Its director of legal affairs was former CIA Director William Colby. Nugan Hand funneled drug money and illicit treasure for, inter alia, the Shah of Iran, Imelda Marcos, wealthy Saudis, gun-runners, et ilk. But it also bilked many Australians out of millions of dollars. Then poof! It was gone and so was co-founder Michael Hand. Turns out he's been living in Idaho under an assumed name, but using the same Social Security number he got as a teen-ager, which suggests that the FBI didn't look for him very hard when the Interpol and Australian arrest warrrants were received.  

this financial crisis has solidified Michael Lewis' position as America's money laureate. And it's not just because he happened-as some critics would construe it-to be in the right place at the right time. Nor is it because he's sold a ton of books-1.2 million copies since 2001, to be precise. It's because Michael Lewis is by far the best business journalist in the country. His assessment of the country's economic situation-and thus the country's economic mood-has provided some of the finest, most accessible prose available. Lewis serves as translator for the confused, financially illiterate masses. Which makes his secret to success all the more intriguing: His writing isn't actually about money.

"The smart money says the U.S. economy will splinter, with some states thriving, some states not, and all eyes are on California as the nightmare scenario. After a hair-raising visit with former governor Arnold Schwarzenegger, who explains why the Golden State has cratered, Michael Lewis goes where the buck literally stops-the local level, where the likes of San Jose mayor Chuck Reed and Vallejo fire chief Paige Meyer are trying to avert even worse catastrophes and rethink what it means to be a society. By"

The End by Michael Lewis Nov 11 2008 The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar's Poker, returns to his old haunt to figure out what went wrong.

How did hedge fund manager Steve Eisman win big off the market meltdown? What will Wall Street look like in five years? In this third and final part of our interview, I put those questions to Liar's Poker author Michael Lewis, editor of the new anthology Panic: The Story of Modern Financial Insanity.

Incredibly well written article.  Simply awesome and totally engaging piece of well researched writing and story telling.  But wow what a sad story.  Still, if you want to understand California, and perhaps America, this is the living truth.  Sadly. intro excerpt: The smart money says the U.S. economy will splinter, with some states thriving, some states not, and all eyes are on California as the nightmare scenario. After a hair-raising visit with former governor Arnold Schwarzenegger, who explains why the Golden State has cratered, Michael Lewis goes where the buck literally stops-the local level, where the likes of San Jose mayor Chuck Reed and Vallejo fire chief Paige Meyer are trying to avert even worse catastrophes and rethink what it means to be a society.

Short intro to the Michael Lewis article in Vanity Fair about the AIG implosion: http://www.vanityfair.com/politics/features/2009/08/aig200908?currentPage=1 excerpt: While nearly every other Wall Street firm had AIG's Financial Products group in Wilton, Connecticut on speed dial, Citigroup reportedly avoided doing business with them. Instead of off-loading risk onto the insurance giant by taking out credit default swap contracts, Citigroup prefered to keep one-hundred percent of the risk themselves, an AIG trader tells Michael Lewis in Vanity Fair. Lewis has a long article in this month's Vanity Fair that describes how AIG FP blew up. It's finally online and makes for an entertaining read. In case you are pressed for time, here's the short version: they sold lots of credit default swaps on subprime mortgage backed paper while no one internally had a clue what was going on.

Perhaps during the ongoing slaughter in Gaza wasn't the wisest time for Mayor Rahm Emanuel to keynote an "emergency" fundraiser in support of Israel's violence. Jewish Voice for Peace activists simply had too much fun at Emanuel's expense. Even worse for Emanuel, his most embarrassing moment got fairly wide coverage in the Chicago media. 

"Michael Hayden, the former CIA and NSA director, has revealed what most people already suspected -- to him, the Constitution is a document that he can rewrite based on his personal beliefs at any particular time, as noted by Conor Friedersdorf at the Atlantic. Specifically, he admits that after September 11th, 2001, he was able to totally reinterpret the 4th Amendment to mean something entirely different: In a speech at Washington and Lee University, Michael Hayden, a former head of both the CIA and NSA, opined on signals intelligence under the Constitution, arguing that what the 4th Amendment forbids changed after September 11, 2001. He noted that "unreasonable search and seizure," is prohibited under the Constitution, but cast it as a living document, with "reasonableness" determined by "the totality of circumstances in which we find ourselves in history." He explained that as the NSA's leader, tactics he found unreasonable on September 10, 2001 struck him as reasonable the next day, after roughly 3,000 were killed. "I actually started to do different things," he said. "And I didn't need to ask 'mother, may I' from the Congress or the president or anyone else. It was within my charter, but in terms of the mature judgment about what's reasonable and what's not reasonable, the death of 3,000 countrymen kind of took me in a direction over here, perfectly within my authority, but a different place than the one in which I was located before the attacks took place. So if we're going to draw this line I think we have to understand that it's kind of a movable feast here." While it's true that the 4th Amendment does ban "unreasonable search and seizure," it seems like quite an interpretation to argue that "reasonableness" depends on what some third party does to us. That seems morally dangerous -- and it seems like a direct admission to terrorists that if they want to eviscerate the rights of Americans, they just need to keep on attacking, because folks like Hayden will

If I recall correctly, Gen. Alexander is due to retire at the end of February. 

Glenn Greenwald socks it to what passes for mainstream media and their role in beguiling American citizens in regard to the NSA scandal. 

List of Michael Lewis articles that appeared in "The Big Money".

Two of the sharpest minds in the Wall Street analysis and commentary business--Michael Lewis and David Einhorn--team up in the NYT to provide a recap of our historic charge off the financial cliff.  The main message: Sure, greed played a role, as it always does, but the ridiculous conflicts, self-interest, and short-termism in our system made the current mess inevitable.

University of Chicago publication on the Web of all Federalist Papers.  The question i was researching had to do with Michael Hickens comparison of Hamilton to FDR (Franklin Delano Roosevelt).  I was looking for some are where there might be some measure of "agreement" between Hamilton and FDR. Hamilton of course is known as a great defender of personal liberty, LIMITED government, and the importance of ENUMERATED powers in the Constitution.  In this paper he argues that the call for a Bill of Rights added to the proposed Constitution is uneccessary exactly because the people did not grant to the government the powers to infringe or take away any freedoms/rights to begin with.  He further argues that enumerating these "rights" would suggest that somehow the federal government would have this power!  Even though it's enumerated in the Constitution.  So why write an enumerated Constitution if you have to further enumerate the rights of the people beyond the limits of government? FDR of course is the great statist/socialist who believed that the Constitution doesn't go far enough in it's obligations to CARE for the people's needs.  So FDR proposed a second Bill of Rights that expanded the governments responsibilities and POWER to provide for damn near every physical and material need a person might ever have.   Two interesting "value statements" to consider.  Guess which one would be supported by that great Federalist, Hamilton.  And which by that great statist/socialist, FDR? Karl Marx: "From each, according to his ability; to each, according to his need" The Declaration of Independence: "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. - That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, " And then there's t

Marcy Wheeler's specuiulation that various government databases simply move to another agency when they're brought to light is not without precedent. When Congress shut down DARPA's Total Information Awareness program, most of its software programs and databases were just moved to NSA. 

Good summary of a very important issue in this election - the role of the government in a "capitalist" free market economy (cough cough).  If you have trouble loading this locked WSJ article, the solution is simple.  Paste "Michael Boskin: The Anatomy of Government Failure" into a google search.  The article with link will show up as "online.wsj.com/...../  Just click the headline and read.  The google paste gives you a free pass to WSJ articles.  ........ Great cartoon image with this post :)  http://goo.gl/7QQZh excerpts: In a market economy, price signals automatically steer society's scarce resources to the uses people value most, and at minimum cost. This is Adam Smith's famous Invisible Hand. But sometimes markets aren't competitive, or they generate effects such as congestion or pollution that are not accounted for in the price system. These "market failures" potentially justify government intervention......... "More generally, the costs of government regulation may be higher than the benefits-the cure may be worse than the disease. Before undertaking a new government intervention or adopting a new rule, instituting a new program or expanding an old one, the problem of "government failure" has to be considered. Government failures include the cronyism and pork that arise from spending and subsidy programs. Helping people experiencing hard times to get back on their feet is proper, but if overdone it may induce dependency. Laws are administered by agencies, from the EPA to banking regulators, with their own bureaucratic incentives-and they are prone to capture by the very interests they are supposed to regulate. Government failures are as pervasive as market failures due to monopoly or externalities, such as pollution, that arise because of ill-defined property rights. The potential for such failures grows as government grows. More government spending or regulation doesn't necessarily lead to better outcomes. If that were true, Washingto

Mistake by Trump, bowing to opposition pressure. Now they'll be after him for more changes in appointees.