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The economic crisis was an 'inside job'
The Washington Post ^ | 8/13/10 | Kathleen Parker

Posted on 10/13/2010 6:35:54 AM PDT by Sakity Yaks

If you haven't been humming tunes from "Les Misérables," you haven't seen "Inside Job," the new documentary about how our economic crisis evolved.

The most forgiving American will want to seize a pitchfork and march on Wall Street. Or Harvard Square. Or in front of the White House. There are so many despicable parties, it's hard to pick a favorite. Is it time to reconsider the Axis of Evil?

The film, written and directed by Charles Ferguson (and narrated by Matt Damon), will be opening in select cities this week. Although much of the story is familiar, Ferguson manages to weave together decades of bits and pieces into a dramatic narrative that plays like a whodunit. Names have faces, and storytelling combined with graphic illustrations helps explain the complex series of events that led to the global meltdown. Here are a few takeaways:

One, trying to assign blame to either Democrats or Republicans is pointless. Everyone is culpable. From the early 1980s, when Ronald Reagan deregulated banks, through the two Bushes, Bill Clinton and now Barack Obama, each administration has endorsed -- and each Congress has helped tweak -- laws and rules that made systemic abuses and the meltdown not only possible but, looking back, inevitable....

I'm not one to advance class warfare, and most Americans still want to preserve a market system that leaves open the possibility that they, too, can work hard and achieve wealth. But it's clear from "Inside Job" that the game has been rigged so that only a few were in positions to get rich at the expense of the middle class, not just here but globally....

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: 2008meltdown; bankers; recession; wallstreet
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There are many labels, but it's all the same gang of crooks.
1 posted on 10/13/2010 6:36:02 AM PDT by Sakity Yaks
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To: Sakity Yaks

They are the enemies within who must be exposed and defeated. Dig their dirt, expose them, and then defeat them in disgrace. God willing, may their disgrace last throughout eternity.


2 posted on 10/13/2010 6:38:00 AM PDT by ExTexasRedhead (Take back our country on November 2, 2010. Let's Roll!!!)
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To: ExTexasRedhead

I just skimmed the article, but I didn’t see anything about the large sum of money that was pulled from the system before the election in ‘08.

I was trying to remember the details a few weeks ago, but couldn’t, and was unable to find anything on the web to jog my memory — was that mystery ever solved?


3 posted on 10/13/2010 6:42:01 AM PDT by AnglePark
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To: AnglePark

You will not find much on the slam of the market on the net. It has been scrubbed. As far as I can tell no one is even looking for the money. Perfect crime.


4 posted on 10/13/2010 6:46:26 AM PDT by mad_as_he$$ (Playing by the rules only works if both sides do it!)
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To: Sakity Yaks

Kathleen Parker is a dumb skank bitch.


5 posted on 10/13/2010 6:46:29 AM PDT by Perdogg (Nancy Pelosi did more damage to America on 03/21 than Al Qaeda did on 09/11)
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To: Sakity Yaks
Welcome to FR!

The film, written and directed by Charles Ferguson (and narrated by Matt Damon)

I wonder which way this "documentary" leans? /sarc

6 posted on 10/13/2010 6:47:51 AM PDT by Neverforget01 (It Could Have Been Worse Is Not A Defense For Bad Policy)
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To: Sakity Yaks
"Three, the cozy relationship between Wall Street and Ivy League academia, wherein economists push policies that benefit them financially, is eye-opening. In some cases, business professors and economists at America's top schools were shown to have conflicts of interest as they advanced policies for which they had been paid directly or that otherwise benefited them."

Unfortunately this corruption of academia is not just limited to economists. Science, sociology, research and all arts and sciences have been hopelessly politicised and corrupted by greed. The global warming fraud is just one of many, many examples. The "experts" today just cannot be trusted.

7 posted on 10/13/2010 6:48:26 AM PDT by circlecity
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To: ExTexasRedhead

(’Inside Job’)which the president and his economic team had best watch — and soon — could use a sequel: “The Perp Walk.”

Yeah, like they’ll be exempt from prosecution.
“It’s the corruption, Stupid!”


8 posted on 10/13/2010 6:48:57 AM PDT by griswold3 ('Regulation and law without enforcement is no law at all)
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To: Sakity Yaks; ExTexasRedhead; AnglePark; mad_as_he$$; Perdogg

DEREGULATION.

What does that mean?

Deregulation are the regulations agreed upon by the industry, its lobbyists, and the politicians at any given time.

More regulations just means more loopholes.

Deregulation and regulation are all controlled by the same people, and allow the same sweet deals to happen for the select few involved in the system.


9 posted on 10/13/2010 6:49:34 AM PDT by sam_paine (X .................................)
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To: AnglePark
Democrat Congressman Paul Kanjorski gave an interview in 2009 where is disclosed that someone had withdrawn 500 billion from a mutual fund and that the treasury had only a few hours to keep the entire banking system from collapse. He later mentioned that it had something to do with the Lehman Brothers collapse.
10 posted on 10/13/2010 6:49:47 AM PDT by Flavious_Maximus
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To: mad_as_he$$

Wasn’t it something like 500M in under an hour — something like that? And they slammed the brakes on it behind the scenes?


11 posted on 10/13/2010 6:50:29 AM PDT by AnglePark
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To: AnglePark
it never will be solved...unless one takes a good look at commie Soros...
12 posted on 10/13/2010 6:51:00 AM PDT by rightwingextremist1776
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To: Sakity Yaks
note: Obama has been advancing Islam's agenda... destruction of Western business

His answer to the question "How many states" 57 is correct for describing the 57 member states of Islam

His staff reports that he prays all the time.

And, a biggie straight from the Qu'ran is that it's ok to lie to infidels.

Barney Frank and Chris Dodd caused the housing crisis. The banks wouldn't have been offering sub-prime loans if they weren't pushed to do so.

Obama's election caused a direct response from business --> high unemployment

stimulus --> further eroded the job market

And isn't it special that Barney Frank's friend a hedge fund manager got $200 million in stimulus $$$ ... see today's Boston Herald.

13 posted on 10/13/2010 6:51:28 AM PDT by xtinct (The will of God will never take you where the Grace of God will not protect you..Be Strong Patriots!)
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To: mad_as_he$$

I don’t honestly think that there will ever be prosecution of the ‘culprits’…even IF they can be identified.

The fraud and dishonesty are so wide and deeply entrenched, that finding an unbiased and incorruptible prosecution would be impossible, in itself.


14 posted on 10/13/2010 6:51:45 AM PDT by SMARTY
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To: Sakity Yaks
FYI: From Wikipedia:

Charles Henry Ferguson (born March 24, 1955)[citation needed] is founder and president of Representational Pictures, Inc., director and producer of No End In Sight: The American Occupation of Iraq (2007)

15 posted on 10/13/2010 6:51:51 AM PDT by Neverforget01 (It Could Have Been Worse Is Not A Defense For Bad Policy)
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To: Flavious_Maximus

That’s it — I was going to post $500B above, but that just sounded like too much to me, so I put $500M.

Good grief — why isn’t anyone mentioning that now, or looking into it?


16 posted on 10/13/2010 6:52:48 AM PDT by AnglePark
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To: AnglePark
Wasn’t it something like 500M in under an hour — something like that? And they slammed the brakes on it behind the scenes?

Try $500 billion. TigersEye and I were discussing yesterday whether this was ever solved. We don't think it was ever revealed who caused the large withdrawal.

17 posted on 10/13/2010 6:57:55 AM PDT by OB1kNOb (Wookie: Barack, you put your shoes on the wrong feet again. Obama: No I didn't. These ARE my feet.)
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To: Sakity Yaks
Too many Republicans have an emotional blind spot toward these financial entities, thinking them bulwarks of capitalism which need to be defended against Leftist excesses. Nothing could be further from the truth. These financial entities - some nominally public, some nominally private - have been staging the entire Republican vs. Democrat puppet show (does anyone really think Obama would have been elected without their approval?) They built the ever-expanding credit bubble to allow consumers to feel successful and keep attention off of the systematic looting going on.

Liberals are not wrong about this - they have just been propagandized into misidentifying the villains as some sort of Midwestern, Sarah Palin-ite, recalcitrant voters who hate progressive politics and non-whites.

Conservatives are not wrong about this - tbey have just been propagandized into misidentifying the villains as some sort of Communist Legion of Doom trying to infiltrate Wall Street and the Democratic Party.

This movie sounds like a step in the right direction.

18 posted on 10/13/2010 6:58:13 AM PDT by Mr. Jeeves ( "The right to offend is far more important than any right not to be offended." - Rowan Atkinson)
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To: Sakity Yaks

Usual lying suspects. Considering the sources, the message is a twisted slanderous falsehood believed only by boneheaded fools. Scraps of truth mutilated by misrepresentations sheds no light on our current treacherous economic condition.


19 posted on 10/13/2010 6:58:26 AM PDT by EverOnward
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To: AnglePark

Here is a link to the interview. It was $550 billion.

http://www.boingboing.net/2009/02/09/rep-kanjorski-550-bi.html


20 posted on 10/13/2010 7:00:22 AM PDT by Flavious_Maximus
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To: Neverforget01
I wonder which way this "documentary" leans?

Since it's being recommended by a conservative columnist, I would assume that it leans in favor of protecting the free market from this sort of corruption.

21 posted on 10/13/2010 7:01:07 AM PDT by Sakity Yaks
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To: Sakity Yaks

I think the democrats purposely may have tanked the economy to help ensure a democrat would be elected after Bush, since they knew the liberal judges on the Supreme Court couldn’t hold on much longer. You see liberals can never allow abortion to be made illegal, because if it is then they will be portrayed by history as the ones who butchered over 100 million babies, which would make them 10 times more disgusting than the Nazi’s which only killed 8 million jews.


22 posted on 10/13/2010 7:03:17 AM PDT by TexasFreeper2009 (Obama = Epic Fail)
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To: Mr. Jeeves
Liberals are not wrong about this - they have just been propagandized into misidentifying the villains as some sort of Midwestern, Sarah Palin-ite, recalcitrant voters who hate progressive politics and non-whites.
Conservatives are not wrong about this - tbey have just been propagandized into misidentifying the villains as some sort of Communist Legion of Doom trying to infiltrate Wall Street and the Democratic Party.

Yep -- the crooks are very good at ginning up a "let's you and him fight" distraction while they get away scot free.

23 posted on 10/13/2010 7:03:44 AM PDT by Sakity Yaks
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To: Sakity Yaks

A documentary of the Rinocratic Oligarchy. Their little present to the country.


24 posted on 10/13/2010 7:03:58 AM PDT by mo
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To: circlecity

The last four presidents have been Ivy Leaguers.


25 posted on 10/13/2010 7:05:48 AM PDT by Moonman62 (Half of all Americans are above average.)
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To: mo
the Rinocratic Oligarchy

That works.

26 posted on 10/13/2010 7:05:59 AM PDT by EternalVigilance (Without Christianity there is no America.)
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To: Sakity Yaks
Since it's being recommended by a conservative columnist

Kathleen Parker conservative?--and Ferguson and Damon are too? Now that's funny.

27 posted on 10/13/2010 7:06:15 AM PDT by Neverforget01 (It Could Have Been Worse Is Not A Defense For Bad Policy)
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To: Sakity Yaks

“Damn their warnings, damn their lies;
They will see a people rise!”

“Drink with me, to days gone by;
Sing with me, the songs we knew...”

“Do you hear the people sing,
Singing the songs of angry men?
It is the music of a people
Who will not be slaves again.
When the beating of your heart
Echoes the beating of the drum,
There’s a new life about to start
When tomorrow comes!
Will you join in our crusade?
Who will be strong and stand with me?
Beyond the (present day) there is a world you long to see.
So join in the fight that will give you the right
To be free!”


28 posted on 10/13/2010 7:07:00 AM PDT by Migraine (Diversity is great... ...until it happens to YOU.)
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To: AnglePark

Well over a billion before it was over.


29 posted on 10/13/2010 7:08:18 AM PDT by mad_as_he$$ (Playing by the rules only works if both sides do it!)
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To: Sakity Yaks

Narrated by Matt Damon. Enough said.


30 posted on 10/13/2010 7:08:49 AM PDT by arkady_renko
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To: Sakity Yaks

Narrated by Matt Damon means I’m won’t be wasting my money seeing it.


31 posted on 10/13/2010 7:08:49 AM PDT by Snake65 (Gentlemen may cry, Peace, Peace-- but there is no peace. The war is actually begun!)
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To: OB1kNOb; AnglePark
Rep Kanjorski: $550 Billion Disappeared in "Electronic Run on the Banks" September 15, 2008
32 posted on 10/13/2010 7:11:07 AM PDT by Madame Dufarge
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To: AnglePark

Are you referring to the money market money? Here is a link, but I’m not sure if it is the article I am thinking of. Rep Paul Kan(jorski?) talked about it somewhere... $500 Billion, IIRC? Taken out in short time period.


33 posted on 10/13/2010 7:12:06 AM PDT by PghBaldy (Like the Ft Hood Killer, James Earl Ray was just stressed when he killed MLK Jr.)
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To: rightwingextremist1776

I share your take on this. Soros perpetrated an ‘October Surprise’ one month early.


34 posted on 10/13/2010 7:13:20 AM PDT by 2nd Bn, 11th Mar (All sweat, no equity)
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To: PghBaldy; Madame Dufarge; mad_as_he$$; Flavious_Maximus; OB1kNOb

Thanks, folks — that’s what I was trying to remember.

I know it had Bush and his admin scrambling, and I’m amazed it’s never even mentioned these days. At the time, I remember the speculation it was a major contributor to the overall collapse.


35 posted on 10/13/2010 7:23:03 AM PDT by AnglePark
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To: 2nd Bn, 11th Mar
Soros is the titular head of this boil called Obama....pop him and you drain the rest of the puss that has infected our government.
36 posted on 10/13/2010 7:26:45 AM PDT by rightwingextremist1776
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To: Flavious_Maximus; mad_as_he$$; AnglePark; OB1kNOb; Madame Dufarge; PghBaldy
Kanjorski was confused.

Source

37 posted on 10/13/2010 7:32:51 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: 2nd Bn, 11th Mar
"I share your take on this. Soros perpetrated an ‘October Surprise’ one month early.

Exactly what I said to my husband back when it all came down. Too convenient for the left and a public too stupid to see it.
38 posted on 10/13/2010 7:34:41 AM PDT by texas_mrs
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To: Toddsterpatriot

Well, that would explain why it’s never been mentioned again! ;-)


39 posted on 10/13/2010 7:35:19 AM PDT by AnglePark
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To: Sakity Yaks
IMHO

What we are trying to live through is the DIRECT result of image over substance. Today's stock market continues to reflect this trend - it goes up when manipulative polices are announced. Polices that will not change anything just continue to repair the house of cards that passes for the American home building industry.

Thirty odd years ago I was put in charge of a real hodgepodge of a management program - designed to support 40 people now supporting almost 400. My final solution was to step back and let the entire thing crash so I could see what was salvageable and what wasn't.

Until we are able to spend our limited time to determine what works and doesn't instead spending all of our time keeping the balls in the air we will never get anywhere and our kids and grandkids will suffer.

40 posted on 10/13/2010 7:41:09 AM PDT by Nip (A COIN carrier since 1975.)
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To: Sakity Yaks

Since it’s being recommended by a conservative columnist, I would assume that it leans in favor of protecting the free market from this sort of corruption.

Was this sarcasm? Kathleen Parker is no conservative, as demonstrated by the following statement:

“I’m not one to advance class warfare, and most Americans still want to preserve a market system that leaves open the possibility that they, too, can work hard and achieve wealth. But it’s clear from “Inside Job” that the game has been rigged so that only a few were in positions to get rich at the expense of the middle class, not just here but globally....”

This is nothing but left wing conspiracy theorizing. What’s next, 9/11 was an inside job, too? I love the “I’m not one to advance class warfare” ...(but it is justifiable considering that the filthy rich defrauded the world) construction. Come on, Kathleen, this sort of cheap rhetoric is beneath even a pundit as low as you are.

The economic crisis that we now deal with was decades in the making. It cannot be attributed to greed or malfeasance, although these things were evident at times. Bad decisions were made in high and low places, but for the most part they were made in good faith.

I sense a growing populist know-nothing spirit developing on this board. Use you heads my friends or you will lose them to some unscrupulous populist far more dangerous than Mr. Obama.


41 posted on 10/13/2010 7:43:00 AM PDT by irish_links (...but only say the word and I shall be healed)
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To: SMARTY

The fraud and dishonesty are so wide and deeply entrenched, that finding an unbiased and incorruptible prosecution would be impossible, in itself

When you take the God factor out of our country, this is the result. There is no moral fabric left. When one thinks he answers to no higher power, or in my case, God, humanism and godlessness rules. There is no depth to the degeneration of mans actions and thoughts left on his own. IMHO.


42 posted on 10/13/2010 7:43:35 AM PDT by Bitsy
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To: Toddsterpatriot

Thanks for posting that. I must have missed that thread. The question still remains then as to what catalyst event triggered the panic and meltdown in the financial market that almost brought the whole house of cards crashing down. I don’t recall reading of any other suggested causes. Thoughts?


43 posted on 10/13/2010 7:48:59 AM PDT by OB1kNOb (Wookie: Barack, you put your shoes on the wrong feet again. Obama: No I didn't. These ARE my feet.)
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To: OB1kNOb

People thought their banks could fail. Sounds like a good reason to panic.


44 posted on 10/13/2010 7:52:21 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Sakity Yaks

Ah. The Liberals are so predictable. Another Mickey Moore-style movie released in the weeks leading up to the election. And their sycophants in the press, Parker et al., dutifully report every word .. with their lips pressed tightly against the Democrat backside.


45 posted on 10/13/2010 8:07:30 AM PDT by VeniVidiVici (The Democrat Party is spending your great-grandkids inheritance)
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To: Toddsterpatriot

People thought their banks could fail. Sounds like a good reason to panic.

Not merely people, but global financial institutions that had trillions of dollars deposited in or invested in the debt issued by institutions that had appeared to be rock solid the day before but were now quite evidently insolvent. The movement of $500 billion under these circumstances was nothing, despite what the conspiracy theorists on this board suggest.

If you want to point out a triggering event, it was the forced bankruptcy of Lehman Brothers. This triggered a panic among all global financial institutions that overnight did not know who was solvent and who was the next domino to fall.

In hindsight, the Lehman bankruptcy was a policy mistake by the Bush adminstration. But any fool who says that the TARP and the federal government’s efforts to recapitalize the banking system afterward was a mistake, let alone some sort of globalist conspiracy to stick it to the little guy has no idea what he is talking about. Please do not be taken in by this cheap brand of populist know-nothingism. As much as the pitchfork brigade hates banks, often with good reason, the world needs a smooth functioning, well capitalized banking system. These things are frighteningly easy to destroy and immensely difficult to rebuild. Be careful what you wish for populists, you might get it.


46 posted on 10/13/2010 8:10:08 AM PDT by irish_links (...but only say the word and I shall be healed)
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To: VeniVidiVici

Agree. Just didn’t think they would get desperate enough to blame Reagan.


47 posted on 10/13/2010 8:16:52 AM PDT by Neverforget01 (It Could Have Been Worse Is Not A Defense For Bad Policy)
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To: Toddsterpatriot
Thanks for that clarification!

I should have followed it more closely.

48 posted on 10/13/2010 8:34:35 AM PDT by Madame Dufarge
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To: irish_links
The movement of $500 billion under these circumstances was nothing, despite what the conspiracy theorists on this board suggest.

The movement that didn't even happen. I ran the numbers once, here on FR, and average daily Fed wires were something like $2 trillion a day. I'm sure a lot more during a panic.

49 posted on 10/13/2010 8:44:23 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Madame Dufarge

No problem. It sounded like a good story, just nothing in the way of facts to back it up.


50 posted on 10/13/2010 8:45:52 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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