March 20, 2008---Vernal Equinox Day
Elaine Meinel Supkis
In the middle of a big, nasty storm that has drowned a number of Americans as it has swept across the country,has been flooding my mountain outback. A great time to crack a molar into small pieces. So I had to visit the dentist. They are scary, aren't they? But instead of giving me candy, he takes out drills and huge syringes and then begins to grind, pound and hammer on my molar until it was repaired. And now my jaw hurts like crazy, thus this late story instead of my usual morning story. This reminds us: fixing things often means pain and suffering but if we take pain killers and eat candy, all our teeth rot out. And this is why the Bernanke rescue is a total disaster: it not only didn't fix our broken, rotted teeth, it is going to make them rot even more and perhaps, fall out! Like, we go bankrupt!
Buy Banks as U.S. Financial Crisis Is Over, Bove Says
The U.S. financial crisis is over and the decline in bank stocks offers a ``once in a generation opportunity'' for investors, according to Richard Bove, analyst at Punk Ziegel & Co.``The last time an opportunity of this nature existed to buy bank stocks this cheap was in 1990,'' Bove wrote in a note to investors. ``This is a once in a generation opportunity.''
The Lutz, Florida-based analyst said the Federal Reserve's rescue of Bear Stearns Cos. and actions to increase banks' access to capital have been ``innovative, dramatic'' and ``brilliant.''
Nothing has been fixed. Nothing has changed. A whole host of financial investment houses and banks in the G7 nations have dropped their losses overboard but ONLY because the central banks have bankrolled them so they don't roll over, dead. This process protected all the players in this game. Not one of them has been forced to cough up any of their ill-gotten gains they gave themselves for deals they brokered. Deals that proved to be very toxic for businesses and investors. These people lost money.
As the lawsuits begin to proliferate as angry investors try to recapture their money which was intercepted by the men and women running the biggest trading/banking houses on earth, we must step back and examine what has happened. Since last August when the dynamo that pushed all those reckless deals broke, the central banks have been making one rescue after another. They have been dropping interest rates to well below anyone's concept of the rate of inflation. They have injected tremendous sums of money into the system to make up for rising losses. The sums must be well over $1.5 trillion, probably reaching to $2 trillion at this point.
Instead of honestly telling us where this cash is coming from, the central bankers are lying. Our own Fed pretends this is non-money in the sense, it is replacing lost funds, not making new ones. But the idea that the funds the vanished were inflationary in the first place and are causing global inflation, is not discussed. As global inflation continues to wreck world economic systems, the central banks are propping up speculative stock markets in the hopes that the flood of money, which I think is around $2 trillion, doesn't all flood into rare metals and oil.
Thus, the focus on boosting global stock markets. The price of gold and oil are dropping at this time. Gold, by the greatest amount. As I keep pointing out, the weapons of the bulls can savage all bears at various times. Bears have to be very patient and retreat whenever a bull is cornered and calls upon all the powers of the government and international trade to boost bull markets. This is why markets don't follow a bell curve. All down markets have huge upsurges that usually are faster and higher than any rise during a bull market.
The downside of all these rescues don't show up for at least 6 months to a year after desperate measures. During the Nixon years, for example, every possible tool to keep markets roaring were used. Including outright wage/price controls. We are entering a nasty part of all inflationary cycles: the government doesn't give money to either the consumer or small businesses. The money is funneled to the big banks and corporations. They then renew the buy-out schemes in order to grow faster than inflation. Money flows like crazy and the effects are felt at the bottom rungs of the economy as raging inflation in food and fuel.
As the interest rates fall to 1% or less for the corporations and the big investment houses, it rises for the ordinary person who has to use Visa cards. As inflation gets a second wind and returns even more ferociously, we have stagflation. Since we know that giving all the biggest money spenders on earth who all use their loans to make more loans, the fundamental inflationary system set in motion by these very investment houses will cause inflation since they will use this money to get loans so they can buy influence, stocks, commodities and corporate control.
The issue of offshore banking and offshore accounts that suck in money and don't pay any taxes is still there. Instead of negotiating with all these pirates who run places like Goldman Sachs of JP Morgan and forcing them to cease and desist in offshore accounting and tax evasion, the Fed and the Treasury are giving them even more money to bleed from our own, more normal, banking system. So the imbalances, the wrong directional flow of money, the disparities and difficulties in the present system are not only not gone but have been given a new lease on life.
The fury and fear of these global financial players was totally fake. I know this because they didn't surrender a thing to be saved. They didn't have to retreat and struggle some more. They played a Mohammed Ali 'Rope-a-dope' boxing scheme. They pretended to be weak, collapsed backwards and then the governments all rushed in to prop them up for free! No one was arrested. No one is being investigated. Nothing was done. Scot free.
Bloomberg notices the elation of these guys and where the money is going:
The money flowing into commodities is ``absolutely enormous,'' James Proudlock, commodity product head for Europe, Middle East and Asia at JPMorgan Securities Ltd., said at a sugar conference yesterday in Geneva.There are 361 commodity funds that had $98 billion in assets as of Feb. 28, compared with 345 funds with $80 billion at the end of 2007, he said.
The rally, according to Paul Touradji of the $3.5 billion hedge fund Touradji Capital Management LP, was a ``buying orgy'' that had inflated prices and increased the risks of a collapse.
Commodities ``have all gone parabolically higher on frenzied money flow,'' New York-based Touradji wrote to clients March 10. ``Unless that money flow continues ad infinitum, in which case prices would go to infinity, then the fundamentals had better be improving as quickly as prices have been, otherwise there is nothing else to keep the markets at these levels.''
Up until yesterday, the money was flowing away from world stock markets and towards the grinding, desperate commodities markets. Far from being without funds, the big investment houses had plenty of money, they just had plenty of debts they couldn't roll over. Since the G7 central bankers rolled over, there is no worry about these debts. They are again, 'off the books'. So the government has soaked up all the negative junk. And now the carry trade can resume as long as the dollar is propped back up again.
The carry trade is all-important here. This is the 'free money' source that can be tapped for infinite loans so long as the secondary loans made with this money can be soaked up by the central banks. So far, the amount is vast. Since the financial houses can run up trillions in dollars in bets and deals, this process can go to infinity if they feel they now have the central bankers' 'number'. Push the panic button and the money floods into their accounts while all the bad deals flow rapidly into taxpayer-supported accounts.
I am not the only person alarmed by all this. Here is an analysis from Kathleen Pender:
There are side effects to financial medicine
But make no mistake: If the feds succeed in preventing a financial collapse, there will be a price to pay
.
"It's hard to say what the unintended consequences will be," says Joshua Rosner, managing director of research firm Graham Fisher.Economists say they are likely to include some combination of higher taxes, higher interest rates, higher inflation, slower economic growth and a weaker dollar.
Let's remember for a moment what got us into this predicament.
After the stock market crash in 2000 and the terrorist attacks in 2001, the Federal Reserve kept interest rates too low for too long. The federal funds rate stayed at 1 percent throughout 2003, long after the 2001 recession had ended.
Low rates fueled speculation in housing and the creation of new mortgages and mortgage-backed securities that were sloppily underwritten, poorly rated and widely misunderstood. Hedge funds and other investors used these securities to borrow money to buy other assets, creating a mountain of debt atop a small slice of fragile collateral.
Banking regulators, Congress or the Bush administration could have stepped in to restore some sanity to the markets but declined to do so in the name of homeownership and free enterprise.
These rescue operations are occurring more and more frequently. The rates are being hauled downwards with greater energy as the central banks enforce depression-level interest rates on top of a wedding cake of generalized inflation. My dentist, for example, was grousing about how he is being forced to drop prices by using Chinese labor to make crowns and bridges. But the customers are vanishing due to lack of funds for dental work! If no one can afford a dentist due to spending most of their income on other necessities. So teeth decay and the people become more and more ill and eventually need to have all the teeth pulled! Inflation can go subterranean for a long time this way. But commerce suffers. All the offices around my dentist's office were now empty. Just one year ago, all were full. The drop in commerce, the collapse of many businesses, can't be fixed by giving the biggest investment houses trillions in super-cheap loans!
This money will filter into the system it toxic ways. All the big players are laying off people right now. They know the economy itself is in decline. They don't mind playing stock market games while the actual economy collapses. This is just like Japan. Cheap loans for the top people. The money stagnates up there and never reaches the bottom ranks. This could be the final stage of the 'give all the breaks to the tops'.
Pender:
Rep. Barney Frank, D-Mass., has a proposal that would give the Federal Housing Administration (a government agency) up to $300 billion to guarantee refinanced mortgages after their balances have been significantly reduced by the mortgage holder or lender. The plan would also provide $10 billion in government financing to buy and rehabilitate vacant, foreclosed homes."We are going to nationalize the mortgage market," says Ken Rosen, chairman of the Fisher Center for Real Estate at UC Berkeley, consultant and hedge fund manager. "It's the outcome of not regulating at the right time."
As much as he dislikes it, Rosen says, it's the right thing to do in the short run. "If they did not stop the credit crisis, we would have something much worse - a meltdown like we had in the '30s," he says. But "it's not a good thing in the long run."
Rosen predicts that when all is said and done, there could be as much as $1 trillion worth of losses in the financial system. He predicts that investors will bear 60 percent of the losses and the government could shoulder the rest.
All the losses are being shifted sideways to the government. This is without the slightest attempt at afixing blame and punishing the ultimate actors who created this mess. The 1930's was not caused just by over-enthusiastic stock brokers or buyers of properties in Florida. The collapse of both the British and German empires and the bankruptcy of Germany were the real causes of the Great Depression. So it is here: the US is going bankrupt. I don't see any way around this: stocks may soar but the bankruptcy moves ever closer. The US is NOT leaving Iraq or Afghanistan. Billions are bleeding every month overseas. The US is egging on a war with Iran that will destroy our economy. And we are edging towards the inevitable Olympic boycott. Any time Russia or China gets to host the Games, the West finds all sorts of reasons to boycott. The US can invade countries and cause tremendous destruction and still host the Olympics.
But not Russia or China. Both are held to a different standard. Because of this, China will probably move to cause us a little problem: they will redirect global monetary flows even more.
Fed Bypasses Emergency-Loan Policy on Rate for Securities Firms
The Federal Reserve bypassed its own emergency-lending policies to let securities firms borrow at the same interest rate as commercial banks as the central bank sought last weekend to stave off a financial-market meltdown.Guidelines revised in 2002 say the Fed should charge non- banks more than the highest rate that commercial banks pay. Instead, Chairman Ben S. Bernanke and his colleagues, in emergency votes on March 16, invoked broader authority in the Federal Reserve Act to give Wall Street dealers the same rate as banks, a Fed staff official said on condition of anonymity.
Backstopping securities firms, coupled with last week's action to keep Bear Stearns Cos. afloat before its sale to JPMorgan Chase & Co., represent the central bank's first lifelines to institutions other than banks since the Great Depression.
Not only were the 'rescues' unprecedented. They are unusual in every possible way. And this is because the entire system is unglued. And what has actually unglued?
Our trade deficit yawns ever wider. Oil is very expensive, they trumpet the price falling from $111 to $103 a barrel. Whoopee. Gold has collapsed, as I predicted several weeks ago, to the $900 an ounce level. But the future of both is obvious: inflation is going to reassert itself or the collapse will continue downwards. The stock markets will form their third bubble in 10 years but only from a totally fake, totally artificially created by the central banks and utterly inflationary.
What a manouver. *clap,clap* Liquidity is King, no liquidity no derivative and leverage fun; and now they have hooked up an Eternal Liquidity Machine straight into their veins. That was worth a 'Carlyle' front company pawn surely.
Maybe the FED needs a new acronym, ELM doesn't really work. How about LSD - Liquidity Siphoning Device, or something.
Posted by: Chris | March 20, 2008 at 09:32 PM
Good one, Chris.
Posted by: Elaine Meinel Supkis | March 20, 2008 at 10:16 PM
I'm on my way to NY State to care for my dying mother. She has only a few months to live and will die at home under the care of her neighbor/Dr., her friends, and her children.
Whatever money she has we will spend to make her comfortable, to assist her. This is the function of money now in my family. It belongs to all of us to assist our mother. Money needs a higher cause than itself.
The Chinese described a three generation curse,where the 1st generation is poor and makes a fortune, the 2nd, tries to sustain it and the third, squanders it.
Money is meaningless to me except that it makes those I love more free so that they can live and die w/creativity and w/out undue suffering.
Human creativity is real capital. Money is meaningless unless it facilitates that creative capital.
Sorry for the melodrama. I love this site!
Posted by: meadows | March 20, 2008 at 10:36 PM
Oh yeah! I'm boycotting the Chinese Olympics alright! In fact, I'm boycotting the nifty town seven miles away, because my dog can't be left alone for more that 20 minutes or she starts tearing down the doors. Plus, I just had all my remaining teeth yanked — They've been hurting like hell for two years now, so I decided to get dentures while my insurance still covered them. So far, so good. I admit I was scared.
This "Tibetan" rebellion in China has got to be the most futile endeavor since the Colbert For President campaign. A few over-accessorized American zealots will cancel their visit. I really have this quasi-paranoid notion that the whole "pro-monk" franchise is nothing but another little excuse for the US to welsh on it's $1+ TRILLION debt to China. I hate it when the mass media organs try to bullshit me. No wonder so many are getting their news from Alex Jones these days. The day after my teeth were pulled, I woke up with a hellacious flu, freezing in a warm room, and shuddering. So I've not been posting much.
But what are the presidential choices we've been dealt? (Never mind the dippy Congressional ones!) We need some kind of political overhaul, for sure. Screw the "autonomous federal reserve", and "supreme court." Those rabbits are in way too deep to find their way out of the hole they've dug! We could use a few good new ideas about now.
Well, the crocuses are just starting to open in the Connecticut River Valley. I should get to work on my linguistics stuff. That is really interesting stuff! It sure beats the hell out of the lame presidential "race."
Posted by: blues | March 20, 2008 at 11:00 PM
Meadow,
I am sorry to hear of your mother's ill health. but I have much respect for your caring for her, and wanting only to make her final days happy. We were the same way with my mother, it's terrible to hear some people putting money first. May God care for her and you.
Posted by: Al | March 20, 2008 at 11:03 PM
Indeed Meadows well said.
Wars typify needless destruction. I just read that for a sixth of what the war in Iraq will eventually cost, the US could fix Social Security for 50 to 75 years... Essentially this means Bush, by his decisions, will be responsible for the premature death of a lot of Americans; but, 'it was worth it' to him.
Posted by: Chris | March 20, 2008 at 11:06 PM
Chris posits LSD acronym. I like LPG ... liguid petroleum gas. First there is the leak in a container. Gas rushes out leak faster and faster, as liquid heats up and boils, until finally ignition temp and boom: fuel air explosion. Everywhere gas is -- go boom.
Posted by: Phil Lovering | March 20, 2008 at 11:16 PM
Despite today's rally, the risk of loss of cash as well as investment capital continues to unabated and unparalleled in history.
Banks and investment bankers were reliquified somewhat today, and were invigorated by market action; yet today's robust action is totally illusionary as much of their capital is is in illiquid and overvalued mortgage backed bonds.
The truth is that these organizations are highly leveraged and JPM, C, and BAC are loaded with ticking timebombs.
A "financial emergency is coming" as a lightning strike out of the blue; it will most likely come in April 2008.
The financial emergency can be the only outcome of banking insolvency that was established by this week's volatility in the capital providers sector.
The Leaders' Joint Statement that came forth from the March 31, 2006, Cancun Summit provides a framework agreement for North American emergency management to handle a disaster, whether natural or man-made; and most definitely an economic disaster is coming.
Given this week's failure of capitalism, the SPP, will ease the transition from capitalism to state corporate rule of the resources and people of the North American continent: the coming enforcement of the SPP places one's capital at great financial risk.
The current run on the dollar will continue: corporations and individuals should not be invested in stocks of any kind, even precious metal or natural resource stocks, as well as not having any money in any U.S. dollar cash position such as a savings account, a checking account, a money market account, a short term bond fund, a TIP bond ETF or TIP bond fund, US Treasury Bills, an ETF, a mutual fund variant thereof, or a $1 money fund; and even a dollar denominated short selling account.
Soon the US Treasury Bond Market will declare a defacto interest rate hike independent of Federal Reserve action, and government bond prices, especially the 30 Year US Treasury will fall like a rock: this will catapult gold to well over $1,000.
In as much as gold has fallen below its 50 day moving average, I recommend that one be long the Gold ETF, GLD and use margin credit to go short a number of things from the list below:
Companies Worthy Of Short Selling Because Of Their Huge Derivatives Positions
JPM,C,BAC,
Companies Worthy Of Short Selling Because Of Their Mortgage Exposure
FRE,FNM,
Insurance Companies Worthy of Short Selling Because Of The Credit Default Swap, CDS Positions
AIG,SEAB
Investment Bankers
GS,MER,LEH,MS,FCSX,JMP,LAB,KBW
Mortgage Companies
FRE,FNM,CMO,NLY,CBF,CFC,CBF,ANH,MFA,DRL
Banks
WB,CS,HBC,C,FBTX,BK,WFC,WM,WB,UBS,HDB,CM.TO,BK,BAC
Surety
ABK,MBI,RDN,PRS
Closed End Municipal Bond Funds
BTA, VGM and CXE
Basic Materials
AA
Homebuilders
XHB,HOV,SPF,LEN,PHM,RYL,BZH,CTX
Railroads
UNP,GWR,CSX,BNI,NSC
Trucking
ABFS
Mortgag REITS
REM,NLY,ANH,CT,MFA,NCT
Real Estate and REITS
ELS,NCT,ACC,PSA,AVP,AVB,CPT,VTR,SPG,RSO,BXP,SSS
Real Estate Developers
JOE,STRS
Steel
SLX,X,STLD,CLF,NUE,HSVLY,SID
Lumber and Building Materials
AMN,KOP,DEL,GWW
Chemicals
PX
MEOH
Industrial
WHR,IBM,KEX,AIRM,TYC,HON,SSD
Consumer Discretionary
HD,LOW,NKE,PNRA,YUM,PERY,GIL,ANF,GPS,CMG,NILE,GYMB
Healthcare
ISRG,EXAC
Semiconductor
AMAT
Credit Services
CIT,AGM,MA,COF,ADS,ADVNB,WRLD
Eggs
CALM
Communications
TCL
Water
CWCO,AWR,CWT
Services
ASGN
Entertainment
CEC,CCL
Emerging Markets
EEM,EWZ
Posted by: Richard | March 20, 2008 at 11:21 PM
Elaine, do you ever visit the following site:
http://market-ticker.denninger.net/
I'm guessing maybe not, but it sure seems like you and Karl Denninger are usually on the same wavelength (even if there may be political differences). :-)
Posted by: antone | March 21, 2008 at 01:56 AM
Richard -- I enjoyed your detailed list of all the places NOT to put money, including the dollar. I am assuming foreign currencies would work just fine?
My favorite and most accurate European think tank just published their latest prediction about what is going to happen in the US and to the world economy over the next few months. Here's an excerpt:
The sentiment among foreign bankers is that there a greater that 70 percent probablilty that the US will start another war within months -- and 2008 Elections in the US will be "postponed." (Via a special "national emergency" provisions in the Patriot Act.)
How many times in the past two weeks have you heard Bush, Cheney, Dana Perino, and even that nitwit McCain mention the word "Iran" -- completely out of context?
Making money from holding foreign currencies is soooo easy. The problem is where to stash the foreign currencies. Any ideas?
Or is it better to get the money out of the US before the shooting starts?
Posted by: Pluto | March 21, 2008 at 08:15 AM
One of the undercovered stories is the IPO of VISA.
Another undercovered story, the FED is absorbing bad mortgage paper. With the defaults coming on that paper, the FED will be one of the largest homeowners in the USA, and also one of the largest mortgage payment collectors since not all the sub-par mortgages will default.
It is good to remember, that liabilities and losses do not get "shifted to the government" they get shifted to the taxpayer/citizen/unborn children. Government is a wonderful tool for intertemporal transfers as well as intergroup transfers of wealth and risk and debt.
Posted by: CK | March 21, 2008 at 08:53 AM
Pluto: I use the ETF's for currency plays, although there is a limited selection. Examples FXY for Yen; FXF for Swiss Franc; FXE for Euro.
Thought: currencies transferred overseas are documented, so you may find yourself on the "no-fly" list when you want to collect; possible currency controls I'll leave to your imagination ("unpatriotic" actions warranting confiscation?).
Interesting times. Aux armes, mes braves!
Posted by: Bear of Little Brain | March 21, 2008 at 09:36 AM
Governments take over monetary exchanges all the time and prevent access to overseas accounts. This has happened in the past and WILL happen in the future. When things really crash.
This is why I examine past crashes very closely. The ONLY working system to protect us in downturns always is political action leading to change. And this election cycle has devolved into being all about NOT changing ANYTHING AT ALL! Not even ending a war that is bleeding our economy literally to death.
Posted by: Elaine Meinel Supkis | March 21, 2008 at 11:03 AM
Hi Elaine,
This is another brilliant article, and I feel that I need to say something here.
I think it is time for you to remove Mike Whitney's articles from your blog. I have read them all and I am very disappointed in how he glosses over or completely ignores major causes of our current disaster. We all know the consequences and effects. What we need to know is the cause of these crises, and only you provide that information.
Mike Whitney has plenty of places that will publish his articles. Those who come to your website do so in order to learn both cause and effect, and not just mere reporting on what is happening because of some mysterious causes that we cannot find or explain or understand. The Silver Bear Cafe does an excellent job of that, as well as other sites.
I truly do not see Mike Whitney's articles as adding anything at all to what you have to say, and I have read them all.
Posted by: DeVaul | March 21, 2008 at 03:17 PM
DeVaul, a number of readers used to send me all his postings but on top of this, Mike and I are quite friendly. I like doing cartoons for him and this pleases him. Note that usually, I insert my disputes into his story...he reads these comments and we discuss things via emails.
So please give him a break, OK? And thanks for the feedback.
Posted by: Elaine Meinel Supkis | March 21, 2008 at 04:27 PM
I know you all are friends. I have nothing against him personally, and I know he is way above the average reporter.
I just tire of him not connecting obvious dots and just leaving a blank hole for the reader to guess at what might be there.
I think he should consider that when writing his articles.
Posted by: DeVaul | March 21, 2008 at 05:00 PM
Well, I wanted to say thanks to everyone who has commented in this thread. All very interesting, insightful, and lively additions to the conversation, and I won't mention you all by name. And, of course, spot on as always, Elaine. Thank you once again for your news service!
DeVaul, I understand your point, but I have to disagree to Mark's defense. Reading his last article, I felt he glossed over some things, and missed some of the "bigger picture", "connect-the-dots" stuff. I was going to comment on it, and then I realized, the biggest point that seemed to have been untouched in his article, was actually in the title! "The Fed is just an Extension of the Banking Establishment; The Bear bailout proves it".
Now, here's the thing: I see Elaine and Mike as being a very right brain / left brain kind of combination. Elaine uses metaphors, symbolic language, and speaks to the passions; whereas, Mike is very direct, logical, descriptive. Where Elaine sings a painting, Mike submits a map into evidence. Both are necessary and appreciated, in my books. And I'm glad to know I can catch him here, where the folks "in the know" are (not just Elaine and Mike, but all the regular commenters, as well), while 'norms' can absorb his POV in an easy-to-digest format alongside standard head-up-its-ass leftism on other sites.
Mike: In my books, you and Elaine are on the same page as Gore Vidal, Jim Stanford, and few others. Maybe John Lennon. Even Noam Chomsky is a bit of a fetishist, if I may say so. Please keep it up!
Posted by: CT | March 21, 2008 at 08:05 PM
And I learn a tremendous amount from the comments here. I find most of them well written, concise and intriguing. I feel blessed to have such readers and want to thank everyone for taking the time to talk here. Thank you!
Also, unlike many 'blogs', I notice little 'snark' here. Snarking is fun but very limiting in the end. The round table talks here are much more fun, I think.
And thanks for that, everyone.
Posted by: Elaine Meinel Supkis | March 22, 2008 at 05:14 AM
Pluto: I use the ETF's for currency plays, although there is a limited selection. Examples FXY for Yen; FXF for Swiss Franc; FXE for Euro.
Thought: currencies transferred overseas are documented, so you may find yourself on the "no-fly" list when you want to collect; possible currency controls I'll leave to your imagination ("unpatriotic" actions warranting confiscation?).
Interesting times. Aux armes, mes braves!
Posted by: Bear of Little Brain | March 22, 2008 at 01:43 PM
This site has BY FAR the best comments/discussion of any blog I have seen. It is quite a mystery to me how Elaine does it. Maybe the erudite articles intimidate the normal troll patrols.
Posted by: GK | March 25, 2008 at 03:25 AM
Sometimes, learning should be taken the hard way. For us to realize our teeth's significance, one should experience losing it. Probably pain is all that matters for us to learn. Are we going bankrupt? Hopefully not.
Posted by: Jerri Larimore | June 22, 2011 at 11:46 AM