I remember well, the fiscal rectitude of the old Japan: In 1981, as the Reagan White House prepared its radical fiscal plan – famously called “riverboat gamble” – we were visited by high-ranking Japanese officials, in a state of shock.
Numerous common acts in Spain have been turned into illegal acts by the Orwellian-termed “Citizens’ Security” law, more popularly known as the “Gag Law.”
Taxpayers get milked. And California’s environmental laws, signed by Gov. Reagan, get shafted. Very ironic for a company that hypes its “green” credentials.
They’d piled into the new “risk sharing RMBS bonds” issued by Fannie and Freddie. Wall Street provided 80% leverage. Buying frenzy ensued. But it didn’t last long.
