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The Greatest Short Sale in History

by: The Society September 23, 2008 | about stocks: AIG / FNM / FRE    

The Sovereign Society

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By Eric Roseman

The federal government is now on course to engineer the greatest expansion of credit in history. The long-term consequences will ultimately be disastrous for American financial assets, particularly the dollar and Treasury debt.

Thus far in September the Fed has expanded its balance-sheet by some US$425 billion dollars. In just the past three weeks, the Fed has rescued Fannie (FNM), Freddie (FRE), and AIG (AIG), spent tens of billions of dollars in efforts with other central banks and has extended a US$75 billion dollar lifeline guarantee to money-market fund investors.

But these figures pale in comparison to the estimated cost of Paulson's new plan.

Clearly, the credit crisis requires desperate measures and only governments can help to alleviate or even quash systemic failure through unprecedented credit expansion. Like I've said all along, it's Inflate or Die for Western capitalism.

The strains of deflation, however, will take time to extinguish. Markets are wrong to think we can all enjoy a sustained v-shaped recovery. This just won't happen. Corporate profits will decline for at least the next two quarters.

But over the next 18-36 months, inflation is going to make a formidable comeback as the chickens come home to roost in the United States and Europe.

The cost to resuscitate the financial system is primarily an American problem and will result in a massive expansion of credit. So inflation is all but inevitable.

The best long-term short-sale in my book is Treasury debt. The dollar will eventually return to the basement but that might be delayed as the outlook in Europe grows more and more dim. Though I can't make a long-term case for the dollar, the odds are high that it can continue to rally over the next several months or more, especially if RTC II is passed.

Next on the chopping block for the bears is the Treasury market. The United States will have to pay its creditors higher interest rates in the future. U.S. funding costs will eventually rise significantly unless the United States cuts its bloated spending. And the odds of that happening are pretty much nil.

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This article has 36 comments:

  •  
    Sep 23 07:36 AM
    All consiquences of the short sighted plans of Hank and Ben over the last 6 months. Backstop plan did nothing for market confidence and only set our course for where we are today.

    The takeover of the GSE's will also cost the taxpayers Trillions as we move forward. The two lost 36 Billion in shareholder value alone for Hanks efforts. That's 11 Billion more than he told congress it would cost to fix them and they haven't even started.

    Letting LEH fail and backstopping AIG really did a number on market confidence. Putting an 80% warrant on AIG's shareholders as well as payday loan rates on the short term loan also did nothing to calm investors.

    Now Hank and Ben are proposing the ultimate plan, mortgages and credit swaps at a reverse auction garage sale. Guess which part of the portfolio will be offered up by the banks? What they can't buy they will stuff into Fannie, Freddie and FHA for full face value, just so they can clear the books of their banking buddies before they return to Wall St in February.

    To add insult to injury, they want absolute power to do whatever they want without possibility of intervention or question from the American people. Something like Ceasar, Napoleon and Hitler did. This is what should be referred to as Moral Hazard and without question considered constitutionally illegal.
    Reply
  •  
    Sep 23 10:57 AM
    Who is the Sovereign Society? I like writers whom disclose themselves. That said, I do not agree we're a 'couple of quarters' to a recovery. More like 5 years. And in between there will be opportunities to buy companies cheap, get cost effective labor and whatnot. But the going will be tough and require extra layers of research the market did not have to conduct much of this last decade.
    Reply
  •  
    Sep 23 12:36 PM
    America is a consumer society where advertisement plays a huge role and people are persuaded to buy goods they don't need.

    Americans are fat, both in reality and metaphorically, while the rest of the world starves in fact and metaphorically.

    It isn't inconceivable that America could go through a "depressed" period and enter a downward spiral of reduced consumption (especially in energy) which could bring price deflation.

    When deflation begins, it brings the opposite tendency NOT to buy now because prices are expected to be lower in the future.

    To avoid this problem governments have to consciously encourage inflation by diluting the money supply which brings more of the same:

    Inflation discourages savings and encourages more spending now when costs are lower, even when it isn't prudent (buy a house when you have no savings and no stable job) by new clothes and luxury, gas guzzling automobiles with your credit card even though you are already thousands of dollars in debt because you can pay the loan off in the future with cheaper dollars.

    This spiral can become a house of cards that falls into an opposite spiral called deflation. Once deflation starts it is like a giant hangover where people don't want to do anything except wallow in regret over the night before and dream of the glorious past.

    Can corporate advertisers (the "left wing" press) push the fat lady out onto the stage for another song? We'll see.
    Reply
  •  
    Sep 23 02:40 PM
    Good comments and dead on Jim Carey. I am in consumer advertising. It is a very flat business right now. Most of the people I know are up to there eyeballs in debt and now have marks on there credit. With banks hesitant to lend, I would say that deflation has begun and inflation will be shortly behind. Consumer staples are certain to rise as are metals but this statement won't be much of a shock to anyone here I am sure.
    Reply
  •  
    Sep 23 02:43 PM
    The train of events you call for seem logical, but the Treasury may turn out to be a fair to middling debt over the next five years. The rate at which things are deteriorating is hidden right now, but it will start to show in the Q4 period, both here and in the EU. My offices in Germany are reporting that things are very tight and getting worse; Germany is the best of the sick men of Europe (including Russia). Z
    Reply
  •  
    Sep 23 03:13 PM
    Regardless what Congress authorizes it will be a bumpy ride.

    If they don't pass "the bailout" the financial house of cards will topple, led by the big banks.

    If they do pass the bailout, in nearly any form, the market will rally near term, the dollar will continue to fall, long interest rates increase, inflation grow, profits fall, and market soften long term.

    The second option will take much longer to unfold, but the bumpy ride will still occur, just more slowly.

    The economic patient has a sucking chest wound and Paulson is suggesting a very expensive band-aid will cure everything.

    Long term prognosis isn't very pretty for the next few years, possibly longer. The only difference will be the severity and duration of the resulting symptoms.

    Prepare accordingly.
    Reply
  •  
    Sep 23 03:30 PM
    Aside from the short term noise, I'm afraid inflation is in our future. The political incentives for the deficit spending / low taxes combination will remain unchanged, even as the national debt approaches 70% of GDP. American voters have for years shown a preference for paying their taxes in the form of inevitable future inflation, but this won't work forever.

    This model worked well for decades in the past because there were no viable or stable wealth building alternative to the US dollar nor were there other big markets for natural resources or manufactured goods. Foreigners were forced to buy the low-yielding debt of their biggest customer, which was then devalued through currency dilution. Tough luck, we said.

    The rise of China and India, plus the hawkish-on-inflation EU, might mean that foreign exporters will soon demand more of those depreciating dollars for their products when their alternative buyers have a stable Euro or a rising Chinese currency to trade. Similarly, owners of treasuries will eventually demand positive real rates of return even as inflationary expectations build.

    When this happened in the 70's and early 80's, the US was able to beat back inflationary expectations through higher interest rates. Because we have competitive currencies this time around, the core problem will be resolved only when the US produces more value than it consumes. That would require a cutback in government spending (especially on wars, Vietnam in the 1970's : Iraq in the 2010's), balanced budgets, a return of manufacturing for export, reduced dependence on oil, and a lack of inflationary shocks such as bailouts. In other words, a lot of changes that are unlikely.
    Reply
  •  
    Sep 23 04:15 PM
    How exactly does RTC II help the dollar?? I'm seeing currency rolling off the press here. Dollar going down...I'm getting long gold.

    @madasiwannabe: You said: "Putting an 80% warrant on AIG's shareholders as well as payday loan rates on the short term loan also did nothing to calm investors." The government only gets an 80% stake if AIG doesn't pay back the loan. It has two years to do so, and likely will, via asset sales. I'm more concerned about the implications of this new socialized bailout plan than the AIG *loan*. The new New Deal will likely have provisions for writing down mortgage principles - and via reverse auction, propping up the value of the bad paper being sold to the government by the financials...basically a freebie for those who bought more house than they could afford. I think the whole thing stinks. Just revoke "mark to market" and we're done with the whole mess. It's that easy.
    Reply
  •  
    Sep 23 04:28 PM
    The govt is hardly spending any money to rescue the system. Most of it is just investments. They'll get the money back from AIG and the $700B proposal. The govt is hardly bailing out anybody so I don't get the dollar weakness/inflation story.
    Reply
  •  
    Sep 23 04:39 PM
    Eric Roseman,

    What is your solution ? Should we all give up ? I am sick and tired of hearing "it won't work.. it won't work." with no solution. Stop writing these stupid articles where you say no to everything and have no other option> What should we do then? Give up? Wait for a Great Depression ?

    Eric thinks we should shut down the country and all lie down and die.
    Reply
  •  
    Sep 23 04:50 PM
    I would really enjoy running TARP should the job be offered to me. A $700 billion checkbook and mad as hell.

    My plan would be:

    1. Realization that some support is required to obtain economic stability. This would be allowed grudgingly and at a heavy discount level and with associated punitive terms devised by the most devious legal minds available to insure the taxpayer eventually profits at expense of the corporations. Teach 'em a lesson is what I say. Think AIG is getting the shaft at 850 basis points over LIBOR? You ain't seen nuthin'. These guys will beg for the AIG deal by the time I'm done.

    2. Realization that the senior executives and boards of all companies that I would help would have to be cashiered and lose all options, pensions, severance and other such benefits through invocation of malfeasance clauses and contractual requirements.

    3. A deep anal probe of the finances of replaced boards and executives to insure complete lack of any ethical improprieties. Discovery of such will result in persecution in both the courts and press. At the end of the public pillorying only modern news media can provide they can rot in jail next to Lay and Skilling. It is anticipated that few executives, if any will be able to withstand the microscopic level of study that will be undertaken.
    Reply
  •  
    Sep 23 04:53 PM
    Re: Doomsday

    Solution: Let the capital markets do what they must. The weak get taken out and the strong survive. Those with capital will take advantage of repricing of bloated assets. And if the system crashes so be it. Free Markets not socialism is the American way.

    The Paulson plan SUCKS. You ( Wall Street ) will never learn anything if the poor taxpayer keeps bailing them out.
    Reply
  •  
    Sep 23 05:07 PM
    TARP is really TURD! All the intervention the FED is doing will just cause the economy to linger in negative economic growth for years instead of months. It is akin to pulling off a band aid one small millimeter at a time. We would be better off to let these things fall in one fell swoop and start the recover in 6 months. As it is, we will have this huge inventory of real estate at inflated levels that the government will sell off a little at a time. This will provide downward pressure for years and investors will avoid a market like this for quite a while. Instead of a V recovery, we get the infamous double dip recession courtesy of a FED that is too worried about the stock market crashing. Market contractions are a normal way of life and the FED trying to prevent them is like the Corp of Engineers trying to keep New Orleans dry!
    Reply
  •  
    Sep 23 05:14 PM
    Bloomberg has a news slug with the title: "Bernanke Tells Congress U.S. Economy Will Shrink If Rescue Plan Not Passed"

    I hate to be the one to tell Bernanke this, but the economy has shrank by $trillions in the last 18 months. The problem now is that the market and government don't want to admit it. That is why we are in the fix we are in. Let the contraction occur and the markets bottom, then let the sunshine in!
    Reply
  •  
    Sep 23 05:18 PM
    Stone Fox Capital, if true, then why is Congress/Fed?Treasury involved at all? I mean, private entities would sop these "investments"... that are such a great deal up in short order. Right?
    Reply
  •  
    Sep 23 07:10 PM
    Guys, I made this short video at the NYC financial district last night. It's crude but I think it gets the point across. Please pass it on to politicians and friends if you agree.

    www.youtube.com/watch?...
    Reply
  •  
    Sep 23 09:00 PM
    Two scenarios for Wall Street-Paulson-Fed-Bus...
    1. Incompetent: They created the problems in the first place without knowning the consequence.
    2. More competent: cynical towards life. As long as getting the big year end bonus, who cares about bring America down in 3 years.

    I believe Scenario 2. Greenspan wanted to create an age of turbulence, so that he would be an eventful figure the rest of his life. They already killed us and now they come back demanding bullet cost within 7 days. No remedy is better than wrong remedy!
    Reply
  •  
    Sep 23 09:22 PM
    This is a desperate move by the Fed.

    What should happen is that the US government should issue debt free currency, let's say $700B or so to start with.

    Then they use some of this this money to buy assets from the banks.

    There are 2 pricing models:

    1) Mark-to-market, you get cash

    2) Full price, you get cash but hand over equity (not warrants) to cover the difference from the mark-to-market value.

    The extra money and any income (if there is any) from this program would then be used build a real alternative energy infrastructure.
    Reply
  •  
    Sep 23 10:28 PM
    The U.S government is about to launch the most comprehensive stability program which will lead to a mega economic and the stock market rebound.
    For all of the disseminated fairly tales,the 700 billion dollars"loan"... may be fully repaid.All of the "non performing debt " which under the plan ,would be bought by the government ,is likely to appreciate in value as the economy and the markets stabilize on the way to a major rally. Let's remember these non peforming assets are collateralized,althoug... they have questionable value at this time.
    As the injected liquidity strenghtens the system ,dollar will proceed with the next leg of the major rally.
    Congress should pass this "stability program " without the waste of time and the Europe should study details as they are about to face similar issues.
    For now both Mr.Bernanke and Mr.Paulsen should take a bow for creating extremely effective program in an incredibly short time .
    Finally , the FED in coordinated effort with the other Central Banks
    should lower the rates-just to give the shorts another reason to cover.
    Reply
  •  
    Sep 23 10:31 PM
    Stone Fox, I agree with you about the AIG deal. That should in theory, make a quick and easy profit for the government.

    However, this RTC II or whatever its going to be called is EXTREMELY inflationary. From listening to the session with the House committee this afternoon, the plan is to put an artificial floor in housing by having the gov't (us) buy these asset-backed securities for more than they're worth. You know its stupid, because if it weren't then private capital would have already done it. For Hank and Ben to imply that the gov't is being shrewd here is blatantly dishonest.

    This plan is both stupid and immoral. The plan will allow huge numbers of financial companies to escape from their mistakes, and keep huge numbers of idiots that bought more house than they could afford from foreclosure.

    Neither of these is a good thing and will necessarily lead to much higher inflation.

    This "solution" is emblematic of our society writ large. It is the ultimate continuance of an absolute aversion to pain that we have developed. This policy is the equivalent to Little League's that don't keep score, or giving out trophies to kids that finish 6th place. Everyone "wins," there are no "losers" anymore.

    Wrong. There will always be winners and losers. Failing to acknowledge that makes all of us lose.
    Reply
  •  
    Sep 24 12:07 AM
    If you want to bet that interest rates are going to rise, try this:

    ProShares UltraShort Lehman 20+ Year Treasury ETF (AMEX: TBT)

    It moves at 2x speed in the opposite direction of long bond prices. A 1% decrease in the price of bonds will be a 2% gain for you.
    Reply
  •  
    Sep 24 12:30 AM
    The best thing Paulson could do for his country is issue that $700b in debt and then repudiate every last one of the 11T+ dollars of outstanding debt. Refuse to pay anything on it and dare the world to come get their money if they want it.

    Why is this good for America? Because no one would ever lend to it again. It would have no credit anywhere, ever. It would have to start over - with rich forests, productive farmland, mines, oil, gas, and 8000 tonnes of gold to use as money. Let's rebuild a state without debt, without bankers, and without politicians.
    Reply
  •  
    Sep 24 01:43 AM
    bearfund,

    Yes, and lets have a big circle-jerk and sing songs of love, too.
    Reply
  •  
    Sep 24 01:47 AM
    John Pseudoynm,

    Does LEH's BK pose any problems for that ETF? I don't know how that works.

    Thanks.
    Reply
  •  
    Sep 24 03:46 AM
    I have discovered a potential source of liquidity for our poor beleaguered financials. Why not let all of the idiots who are praising this bailout join in any auction for these craptastic chunks of debt? Apparently there is a ready and willing market made up of individual morons who think the purchase of these non-performing assets is a wonderful idea. There are many comments pointing out how the government will make the money back, and perhaps even profit! So why not join in the purchasing of these extremely underrated debt vehicles! After all, it's absolutely necessary that we take them off the poor corporations' hands.
    And it must be the only viable solution out there, as it is the only option being considered right now.
    I would prefer my tax dollars and any new pretend monies go towards roads, education, maybe a new WPA. We may be needing it soon.
    Reply
  •  
    Sep 24 08:45 AM
    A powerful probe into this mess will satify tv ratings but it is after the fact and have you heard of any real criminal activity?

    I have heard about poor decision making perfectly within our laws- Congress has promised 80 trillion for the next 30 years as obligations - what's the difference - perfectly within the laws. What has happened in the majority of cases as the wrote mortages willy nilly was govern social policy with the threat of legislative action if they failed to "reach out" to everyone - combine this deflationary housing market and bubble breaks. That is where the 4 trillion got transferred to the gov - it dwarfs the 700 billion bailout. Now what should we do with the 4 trillion portfolio of homes if someone defaults. They are now part of government votes and dependants.
    Reply
  •  
    Sep 24 09:22 AM
    Eric, I think your title is VERY fitting for the FED’s ingenious planning. I’m not sure If I’d call it “rescuing” or a “massive de-privatization”. My question is where are they getting all the funds from? We can only print money for so long, until we start experiencing hyperinflation. A lot of people have been comparing the NOW, to the great depression. I can tell you a lot of investors are being depressed from reviewing their 401ks and investment portfolios. What about the people without homes? Due to the mortgage crisis, or the recent hurricanes. The fed claim the have enough money. But I agree with you that “inflation is going to make a formidable comeback…” Who know maybe the US might start borrowing from the third world countries for a “change”. I was recently on www.stockresearchporta.../ and they were pointing out that “desperate people to desperate things”, and I can’t find a better description for the FED at this point in time.
    Reply
  •  
    Sep 24 03:14 PM
    Best of luck to you Whidbey. Always loved your comments. Stay in touch with me at jrines at the website URL on my screename.


    On Sep 23 02:43 PM whidbey wrote:

    > The train of events you call for seem logical, but the Treasury may
    > turn out to be a fair to middling debt over the next five years.
    > The rate at which things are deteriorating is hidden right now, but
    > it will start to show in the Q4 period, both here and in the EU.
    > My offices in Germany are reporting that things are very tight and
    > getting worse; Germany is the best of the sick men of Europe (including
    > Russia). Z
    Reply
  •  
    Sep 24 03:23 PM
    Chris B, you hit the nail on the head. These things that must be done will be done out of necessity but not until some of this leadership in Washington has gone and I am not talking about this election either. Tremendous financial pain will get the voter off the couch in the form of voter revolution. Historically, this is about four years (1877, 1911, 1933 are examples.). Meanwhile most of this lame House of Representatives will stay in office this election and stubbornly will refuse changes. They are protecting there own personal power and money. Right now, 1/2 the country expects something for nothing or those in power will steal through legislation or lack of. That is the state of America, with the citizenship just waking up to a couple of the biggest swindle's in global history.


    On Sep 23 03:30 PM Chris B wrote:

    > Aside from the short term noise, I'm afraid inflation is in our future.
    > The political incentives for the deficit spending / low taxes combination
    > will remain unchanged, even as the national debt approaches 70% of
    > GDP. American voters have for years shown a preference for paying
    > their taxes in the form of inevitable future inflation, but this
    > won't work forever.
    >
    > This model worked well for decades in the past because there were
    > no viable or stable wealth building alternative to the US dollar
    > nor were there other big markets for natural resources or manufactured
    > goods. Foreigners were forced to buy the low-yielding debt of their
    > biggest customer, which was then devalued through currency dilution.
    > Tough luck, we said.
    >
    > The rise of China and India, plus the hawkish-on-inflation EU, might
    > mean that foreign exporters will soon demand more of those depreciating
    > dollars for their products when their alternative buyers have a stable
    > Euro or a rising Chinese currency to trade. Similarly, owners of
    > treasuries will eventually demand positive real rates of return even
    > as inflationary expectations build.
    >
    > When this happened in the 70's and early 80's, the US was able to
    > beat back inflationary expectations through higher interest rates.
    > Because we have competitive currencies this time around, the core
    > problem will be resolved only when the US produces more value than
    > it consumes. That would require a cutback in government spending
    > (especially on wars, Vietnam in the 1970's : Iraq in the 2010's),
    > balanced budgets, a return of manufacturing for export, reduced dependence
    > on oil, and a lack of inflationary shocks such as bailouts. In other
    > words, a lot of changes that are unlikely.
    Reply
  •  
    Sep 24 03:37 PM
    I agree. Pride is at stake for those in Washington, those that valiently told the world we rule and then sold them piles of junk while ignoring the negative effects of globalization. Now the American government really only has one of two choices:

    1) Fully invest in it's citizenship - Long term outcome great, short term pain unavoidable.
    2) Include sovereign nations on all losses (should I shed tears for China have a trillion of our dollars, or Russia or the GCC? They have plenty to reinvest into there economies). Geopolitical consequences unavoidable.

    Washington politicians must decide if we are still a country now. From the way things have run these few years the priorites have been to make 2,000 large power brokers very rich while ignoring the citizenship (those pesky 300 M people, sarcasm intended). The 300 M will do more then just protest if they are ignored any longer. Hence the 2 choices I outlined as a net out thinking. I do not expect the power brokers to do the right things, so I also make investments into ammunition and back up places to go.


    On Sep 23 05:07 PM Carl Spackler wrote:

    > TARP is really TURD! All the intervention the FED is doing will just
    > cause the economy to linger in negative economic growth for years
    > instead of months. It is akin to pulling off a band aid one small
    > millimeter at a time. We would be better off to let these things
    > fall in one fell swoop and start the recover in 6 months. As it is,
    > we will have this huge inventory of real estate at inflated levels
    > that the government will sell off a little at a time. This will provide
    > downward pressure for years and investors will avoid a market like
    > this for quite a while. Instead of a V recovery, we get the infamous
    > double dip recession courtesy of a FED that is too worried about
    > the stock market crashing. Market contractions are a normal way of
    > life and the FED trying to prevent them is like the Corp of Engineers
    > trying to keep New Orleans dry!
    Reply
  •  
    Sep 25 02:47 AM
    I bet a lot of people thought the same about Japanese govt bonds back in 1990, 1991, 1992....
    ultimately, the treasury bonds will be the greatest short sale ever. But not just yet. and being early on this one by a couple of years means being wrong and getting killed.
    Reply
  •  
    Sep 25 09:06 AM
    Most commentators seem to be locked inside the country. Outside the country there is one major move that could be financially helpful. Immediately cut back military spending in Iraq and pull out significant numbers of troops over the next nine months. In addition, there needs to be better political oversight of lobbying by the Defense Industry - or the Offense Industry as I call it - to limit future war promotions by this politically connected industry.
    Reply
  •  
    Sep 25 09:29 AM
    Instead of funding the losses of incompetent or corrupt bankers why not let them go bankrupt. Creditor financial firms of a bankrupt bank would get repaid of what would be left after non-financial creditors have been repaid. Financial firms (banks etc...) should know better than others where to put their funds. In the event non-financial creditors are not repaid for their full deposits after using all available guaranties, a federal fund would finance the difference through a long term loan. Surviving financial firms would also get help from this fund. The obese US financial system would be at long last trimmed to service, not itself, but the producers and the consumers
    Reply
  •  
    Sep 25 05:16 PM
    Hey Foxie, I'm not buying it. If the government is going to make money selling these distressed assets why not just let the private holders keep them and make money? The solution is not upsizing government. It's changing/killing the mark-to-market rule, and on the other end of the equation - the core of the problem, mind you - giving the American worker back more of their own money...so they can use it towards their mortgage or whatever *they* choose to use it on. When 40%+ of income disappears off the top for taxes, that's way too much and unsustainable. Given that kind of overhead, $700B is a band-aid. Mark my words.


    On Sep 23 04:28 PM Stone Fox Capital wrote:

    > The govt is hardly spending any money to rescue the system. Most
    > of it is just investments. They'll get the money back from AIG and
    > the $700B proposal. The govt is hardly bailing out anybody so I don't
    > get the dollar weakness/inflation story.
    Reply
  •  
    Sep 25 05:24 PM
    Heh. Iraq and Afghanistan combined have cost about $600B since 9/11. Less than this bailout. At least we got something for the 600B...riddance of some tyrants, girls can now receive education in those countries, *private* biz is starting up in Iraq and infra is being built. Not to mention we outted the Food For Oil scandal in the process. Nothing like irony against those crying "no blood for oil" huh?

    Sorry bud, sometimes military action is needed. This financial package is not - it is a massive de-privatization at taxpayer expense. And it is only a short-term bandaid as long as Americans continue to struggle under the hegemonious tax burden they are under. But that too shall pass...as did the dictatorship in Iraq. Thanks for bringing it up.


    On Sep 25 09:06 AM User 229486 wrote:

    > Most commentators seem to be locked inside the country. Outside the
    > country there is one major move that could be financially helpful.
    > Immediately cut back military spending in Iraq and pull out significant
    > numbers of troops over the next nine months. In addition, there needs
    > to be better political oversight of lobbying by the Defense Industry
    > - or the Offense Industry as I call it - to limit future war promotions
    > by this politically connected industry.
    Reply
  •  
    Oct 13 05:59 PM
    Can some please let me know how to short-sale long-term government bonds (i.e. etf, etc.)?!!!!!!!!!!!!!!!!...
    Reply
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