Inside Information Quotes
Between the politicians and the financial industry lobbyists the laws are written so that there is sufficient room for enough self dealing so that members of Congress can get rich using methods that are questionable but have been legislated as legal and the Congressional rules have been written so that they are “not unethical”. Many members of Congress leave the institution much wealthier than when they entered but have received salaries that are insufficient to build that kind of wealth. Many then accept lobbying or other jobs at very high pay representing the people and corporations who have been the subjects of their legislative efforts. Other members do not avail themselves of the “legal” self dealing as the practice is not universal.
Joseph Stalin had just died and the Central Intelligence Agency heard about it when the rest of the word did. The problem with inadequate intelligence was in great part caused by Dulles himself who had run covert operations often at the expense of Intelligence. That pattern has been a problem ever since. See {634965}.
The States sold bonds to finance the Revolutionary War. Some states had better prospects for redeeming their bonds than others. Georgia, South Carolina and North Carolina in particular had poorer prospects than most and their bonds were selling at about 25 cents on the dollar. Alexander Hamilton, then the Secretary of the Treasury, wanted the new Federal government to assume the state’s war debt and pay off the bonds. He made his proposal for how he would accomplish this on January 14, 1790. He delivered his report and proposal to Congress “Report on the Public Credit”. As soon as Hamilton’s proposal was read in Congress, sophisticated speculators set off for the Southern States to buy up as many bonds as they could before the owners found out that a Federal bail-out was under serious consideration. They could easily double, triple or even quadruple their money. To Jackson this was gross immorality. Other representatives had a different point of view. See {619928} & {619939}.
The States sold bonds to finance the their efforts in the Revolutionary War. Some states had better prospects for redeeming their bonds than others. Georgia, South Carolina and North Carolina in particular had poorer prospects than most and their bonds were selling at about 25 cents on the dollar. Alexander Hamilton, then the Secretary of the Treasury, wanted the new Federal government to assume the state’s war debt and pay off the bonds. He made his proposal for how he would accomplish this on January 14, 1790. He delivered his report and proposal to Congress “Report on the Public Credit”. As soon as Hamilton’s proposal was read in Congress, sophisticated speculators set off for the Southern States to buy up as many bonds as they could before the owners found out that a Federal bail-out was under serious consideration. They could easily double, triple or even quadruple their money. Many congressmen wanted to outlaw the speculation. See {619929} & {619939}. The pro-speculation forces got their way. Some speculators made fortunes. Most bondholders lost money.
