What a powerful tool. Thanks.

JP Morgan should forgive everything to the school district. How could they cause so much financial stress?

JP participated in CDS’s and other “false” deals that sent pension funds into a spiral. Then they came up from behind and acted like they were friends to municipalities offering terrible loan transactions? Now municipalities are being hit with double interest rates while our tax dollars bailed out JP Morgan? And the only way out is to pay fines or pay a long term percent that would make usury blush?

How many times in this scenario did JP raid mainstreet? Four times? Five times? This is sick.

Unlike many other municipalities that got screwed by Wall Street, Bennet *was* in a position to understand the DPS deal based on his experience in structured finance for Anschutz. What happened?

Bottom line is it’s better to have a potential progressive in the Senate than a proven not-progressive like Bennet. Vote for Romanoff.

I dislike Bennet for his little dance in the Insurance Company Bailout Fiasco, but there’s a bit more to this I think.

“A buddy of mine (former investment banker turned financial writer, no soft touch, and not a Colorado resident) contends the Morgenson account is off base and forwarded a message from another member of the school board from the time of the financing who lists numerous errors in the Morgenson account. I’m in no position to verify them independently, but the list is long and specific enough to be troubling. The most serious charge is that first, Morgenson got the fundamental impact of the transaction wrong, that even after allowing for its tsuris (and the extra fees involved), the deal still saved the school district money, $20 million to date. In addition, Morgenson claims the school board foolishly entered into a variable rate + swap transaction instead of a “plain vanilla bond,” thus exposing itself to more risk and unnecessary fees. The board member contends that no such “plain vanilla bond” existed for their situation, and the available fixed rate option, after allowing for fees, was more costly than the floater swapped into fixed that the board chose.

The text that follows is from Denver public school board member Jill Conrad:”

http://www.nakedcapitalism.com/2010/08/did-gretchen-morgenson-get-spun-on-denver-public-school-financing-story.html

Bennet has been accused of a great many things, some by over-zealous Romanoff supporters… But this has real, industrial-grade stink.

Love the tool.

Sorry newtonusr. I get modded, so my posts sometimes pop up like that.

And like Blanche Lincoln, the DC establishment “Democrats” are supporting the much less electable and highly corrupt choice in the primary. No doubt there will be much more badmouthing of and lamenting about the awful progressives “throwing money away” if Bennett wins the primary. Despite the fact that the DSCC is now going to cut Lincoln’s funding off to focus on more electable candidates. One definition of insanity is not learning from past mistakes.

Nah. Working my way through your NC link right now. Very good.

I thought that was the definition of stupidity?

Bottom line is it’s better to have a potential progressive in the Senate than a proven not-progressive like Bennet. Vote for Romanoff.

Bennett is being challenged in Tuesday’s Democratic Senate primary by former Colorado House Speaker Andrew Romanoff.
The most recent state polls suggest the race is very competitive. In campaign commercials, Romanoff has been criticizing Bennet
for his Wall Street connections.

http://www.dlc.org/ndol_ci.cfm?kaid=110&subid=136&contentid=254556
January 29, 2008
DLC New Dem of the Week: Andrew Romanoff

M’eh….Does it matter? Either way it shows how very screwed we really are.

Fiscal “responsibility” so often means governments borrowing money somehow. There are good uses for bonds – funding long term projects, for instance, but what you have to ask is “who profits?” I’d noticed during discussions about how Europe was dealing with its problems that some of the most austere countries were offering the best percentages on bonds.

Who profits from austerity is a question we should ask much more often than we do, I think.

Pretty good breakdown from Mr Denninger.

“Again, there are three sorts of borrowing:

Productive borrowing. That is, borrowing for the purpose of purchasing the means of production, where the reasonably-expected outcome is that the productive means purchased will return more than the amortized principal and interest on the loan. An example of this sort of borrowing is taking out a line of credit to buy a CNC machine which, along with raw materials, electricity, tools and labor turns out precision aircraft parts. This sort of borrowing is of net benefit to society as a whole, as it generates employment and net increases in GDP after the fully-amortized cost of the loan.

Consumptive borrowing. This serves only to pull forward demand. That is, it is borrowing to buy today what one cannot afford until tomorrow. This produces a temporary distortion in the supply:demand curve. Since the signal it sends to the economy is false, in that the demand proffered cannot be maintained indefinitely without an ever-increasing amount of debt being taken on (by definition a Ponzi Scheme) it is thus of negative value to society and as a matter of policy should be discouraged.

Speculative borrowing. This is borrowing to place a bet that whatever is purchased will sell for a higher price tomorrow than it does today – not for utility value or consumption itself. This is the most-destructive form of borrowing of all, since it is both inherently a Ponzi scheme and provides for no positive consumption boost whatsoever, as the item(s) purchased are not bought for the purpose of consumption in the first place. That is, this is not “pulled forward” demand (that would otherwise exist tomorrow) it is entirely false demand that but for speculative borrowing would not exist at all, at any price. Policy should thus always discourage such borrowing.”

http://market-ticker.org/archives/2560-Reducing-Krugman-And-All-Like-Him-To-Size.html

Time for a Debt Jubilee from these onerous and criminal handcuffs on our schoolchildren put there by banksters and vulture capitalists. In the meantime, though, let’s support Andrew Romanoff, a true progressive you provides a choice not an echo of the GOP candidates.

Bennet is a Wall Street tool who should have known better. He’s the very definition of failing upward, leaving the Denver school system in the lurch as he floated up to the US Senate. Time for him to go home and count his money.

mikeyhemlok is up @ Attackerman!
The Curious Case of the Warlord and the Supermodel

So true Teddy. And we can wonder what undercurrents of money and influence directed Bennet’s float to the top. So tired of the non-thinking party line “starry eyed ” Obama cult. {Sterling compared to McCain of course}. Romanoff too will be more concilatory than I would prefer but HIS OWN MAN.