Aaron Layman's Katy Texas Real Estate Forum

Why Do Americans Pay So Much For Brand Name Drugs? - The Corporate Kleptocracy

Drugs are more expensive in the United States than anywhere else in the world.  A recent trip to my local pharmacy for a simple antibiotic known as Suprax drove the point home.  Our son had an ear infection and the pediatrician prescribed the Suprax which is apparently $85 even with a co-pay.  A quick check shows you can by the same drug at a Canadian pharmacy online for $25.

As it turns out, Suprax is manufactured by Lupin Pharmaceuticals in India.  Why am I not surprised!

So Much For The Rule Of Law

Ann Barnhardt recently described how the rule of law apparenlty doesn't apply at the top of the food chain.  If Jon Corzine can steal a $billion of customer's money with impunity, who's to say your IRA wouldn't be fair game as well? 

Fudged numbers from the NAR, manipulation of employment numbers by the BLS, and outright theft from those with the means and connections to pull it off.  What we are currently experiencing in the United States is outright manipulation of the economy and the real world for the benefit of a few.  Ben wants you to keep the tab running; don't let him fool you.  A properly functioning economy requires a little more than fairy dust.  The adults have left the building in Washington, and there is no one manning the ship.

Capitalism without failure is not capitalism, and there will be dire consequences for the manipulation of the economy at the expense of the general public.  When Nassim Taleb comments on Black Swan events, he's referring to the abomination of interfering with the natural order of markets and the corrections which make them viable, feedback-driven systems.  When you take the feedback out of the system (bailouts, cover-ups, manipulation of the data), something interesting happens; the system collapses.  We can either address the manipulation and the fraud or suffer the consequences.  Nature has a way of correcting imbalances, and it appears we are headed to one mother of a correction.  No one is above the law.

"The government is the potent omnipresent teacher. For good or ill it teaches the whole people by its example. Crime is contagious. If the government becomes a lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy. To declare that the end justifies the means -- to declare that the government may commit crimes -- would bring terrible retribution."  Louis D. Bandeis, Supreme Court Justice (1916-1939)

Link to interview (mp3) (Great Interview with Professor William Black and Jim Puplava)

Guess Where $200 Million Of MF Global Customer Money Turned Up

It appears MF Global transfered $200 million in customer money to their JP Morgan clearing bank in the City of London just prior to bankruptcy.  Not surprisingly, the parties that received it (bonus time!) won't admit it and are refusing to give it back.

The transfer has drawn interest from investigators partly because J.P. Morgan asked MF Global in a letter the following day to attest that the Oct. 28 shift of funds didn't violate regulations designed to protect customer money.

The letter suggests that officials at J.P. Morgan, which cleared some trades for MF Global, had become concerned that the securities firm might have gotten the money by dipping into customer funds. Commodity Futures Trading Commission rules prohibit futures brokers from using customer money for their own trading purposes.

The scandal of MF Global will have far-reaching repercussions in the financial markets.  We are already witnessing the unraveling of the system, as the fraud at the highest levels of our government and financial institutions eats away at the fabric of what is upheld to the world as a representative democracy.

Quelle Surprise! Rick Perry Collecting Retirement Pension And Full Governor's Salary

The Houston Chronicle and Bloomberg Newsare both reporting what is an obvious case of hypocrisy on the part of cranially compromised governor.  It appears Governor Perry retired in January to begin collecting his state pension.  I certainly wouldn't fault him for that.  The problem; however, is that he's also collecting a full salary as governor, even why he's in full campaign mode.  For those not familiar with Texas, there are rules against this type of double dipping pension behavior for other state employees.

This is simply another example of the double standard which exists for our "representatives".  When it comes to their own well being they seem to have no problem with insider trading, double dipping in the retirement system and receiving top notch health care courtesy of taxpayers.  Meanwhile, the general population is supposed to eat cake.

Welcome to the Assholacracy!  Perry has indeed proven himself to be the best little whore in Texas.

Bradley Manning Headed To Trial But Apache Gunmen Apparently Just Following Orders - Documentary Shows Civilians Were Murdered

Whatever your opinions may be about Wikileaks, Bradly Manning or the military, I would urge you to watch the video footage for yourself.  It's pretty gruesome, but it highlights just why the military was so keen on shutting Bradley Manning up and keeping this information from the public.  Sometimes the truth is ugly.  In this case it's very ugly.  Watch as Apache gunship pilots cut down a small group of civilians, including two Reuters reporters.  When a couple of people come to the aid of one of the downed men (with a couple of small children in the van) they are taken out as well.

The Emperor Has No Clothes And The President Apparently Doesn't Think Securities Fraud Is Illegal - Welcome To The Banana Republic

Obama has gone into full-blown campaign mode now with an effort to differentiate himself from his GOP alternatives.  If you look under the surface; however, it's painfully obvious that he's serving the same kleptocratic interests of unregulated wealth extraction touted on the other side of the isle.

It became painfully obvious to me that Obama had no real interest in reforming the economy when he surrounded himself with a cabinet of advisors who helped to blow the system up.  For all of his fair-minded rhetoric, he's done little to actually reform the system.  I was blown away by his comment on Sunday's 60 Minutes where he stated that what Wall Street has done wasn't illegal.  He seems to admit that the system is rigged, but yet he's not going to prosecute the criminals because we don't have adequate laws on the books.  That is complete and utter bullshit.  Former regulator Bill Black says as much in the Capital Account interview below.

 

Not surprisingly, the government has been able to arrest peaceful protesters by the thousands. Apparently they're easy targets. If, however, you happen to be a large donor or well-connected Wall Street lobbyist, then you magically become above the law.  Patrick Meighan sums up the situation with his account of the Occupy LA arrests last week.

It doesn't bode well for our prospects for a meaningful recovery when we have a leader that's willing to turn a blind eye to some of the biggest financial crimes in history.  The situation is even worse when you look at how the Federal Reserve seems to have no problem trashing the Constitution either, as they actively destroy capitalism from within.

As it turns out, those currency swaps with Europe have some historical precedent.  Todd Walker notes that the currency swaps allow the ECB to make claims against the Fed.  Problem is, the Constitution clearly prohibits a congressional delegation of the power to create monetary claims against the United States.  That would mean the Fed's currency swap lines with Europe are illegal under the Constitution since neither the ECB or other central banks are subject to congressional appropriations or review.

 

 

JP Auclair Street Skiing Segment

This is a new twist on the moring commute!  Crazy ski segment is something to behold.

 

JP Auclair Street Segment (from All.I.Can.) from Sherpas Cinema on Vimeo.

MF Global Explained - The Best Way To Rob A Bank Is To Own One

Things which were once considered unthinkable are now within the realm of possibility.  There is no honor among thieves, particularly when those thieves are protected by the same government which is supposed to regulate them.  What happened at MF Global is only a sample of things yet to come.  It exemplifies William Black's point that the best way to rob a bank is to own one!

 

ContagionEx - Available At A Central Bank Near You

Don't let a little infected sovereign debt ruin your weekend. "Just because it's your fault, doesn't mean others can't suffer for you."

Judge Rakoff Slams SEC's Citigroup Fraud Settlement

Judge Jed Rakoff apparently wasn't too fond of the SEC's latest settlement with Citigroup relating to securities fraud allegations with some of their shoddy CDO's.  Judge Rakoff smacked the proposed $285 million dollar settlement as a blatant hand-out to Citi by the SEC.  Citi was caught stuffing a fund with crappy CDO tranches and then betting against them, after they sold the fund to investors.  Sound familiar?

Rakoff had a few notable quotes in his 15 page ruling on matter...

Here, the S.E.C.’s long-standing policy – hallowed by history, but not by reason – of allowing defendants to enter into Consent Judgments without admitting or denying the underlying allegations, deprives the Court of even the most minimal assurance that the substantial injunctive relief it is being asked to impose has any basis in fact.

A large part of what the S.E.C. requests, in this and most other such consent judgments, is injunctive relief... The Supreme Court has repeatedly made clear, however, that a court cannot grant the extraordinary remedy of injunctive relief without considering the public interest.

As for common experience, a consent judgment that does not involve any admissions and that results in only very modest penalties is just as frequently viewed, particularly in the business community, as a cost of doing business imposed by having to maintain a working relationship with a regulatory agency, rather than as any indication of where the real truth lies. This, indeed, is Citigroup's position in this very case.

Finally, in any case like this that touches on the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interest in knowing the truth. In much of the world, propaganda reigns, and truth is confined to secretive, fearful whispers. Even in our nation, apologists for suppressing or obscuring the truth may always be found. But the S.E.C., of all agencies, has a duty, inherent in its statutory mission, to see that the truth emerges; and if it fails to do so, this Court must not, in the name of deference or convenience, grant judicial enforcement to the agency's contrivances.

Covering up crimes with no admission of wrongdoing appears to be standard policy for the SEC, as noted by the New York Times.  They found 51 instances involving 19 different companies, where the agency claimed the company broke the laws they previously agreed never to violate.  Who would have thought these fair-minded corporations would continue to break the law when they never have to do jail time for previous crimes.  When it comes to the public interest, the SEC apparently has no interest at all.