Your life savings will bail in SIFIs

Oh what a tangled web we weave, when first we practice to deceive. - Sir Walter Scott

George Rebane

Remember those banks and other financial institutions that were ‘too big to fail’?  Well, the IMF has confirmed that the world of global finance still has such enterprises so that if one goes down, it has the tendency to pull others down, resulting in worldwide chaos.  In the past – recall 2008 – governments put billions of taxpayer monies into such banks to keep them solvent as they started to be stiffed on the loans and other risky commitments that they had made.

Regardless of all the happy dancing in the Rose Garden about increased employment and improving economy, what’s really happening is that the global economy, including America’s, is in a mess.  As a result, governments all over are worried sick about the size of future bailouts which promise to be huge compared to the amounts paid out a few years back.  Their reaction to this really tells the true tale of what is going on in the world’s fisc, and it ain’t pretty.  Catastrophe looms.

In response, the mavens at IMF have come up with a couple of ‘improvements’ to make things better in the future.  But don’t hold your breath about anything becoming better for you.  First, institutions too big to fail will no longer be labeled so obviously.  Instead, they will be called Systemically Important Financial Institutions, or SIFIs for short.  All that means is that each SIFI finds itself in a row of dominoes made up of other SIFIs and lesser banks, so that no SIFI is going to go down alone.

Now before telling you about the second improvement, you have to understand how SIFIs (think banks) run their balance sheets.  Their assets are comprised of all the loans and other risky financial arrangements they have made with other SIFIs and governments which promise them some profit.  And their liabilities are really the funds that they have taken in from depositors, checking account holders, retirement accounts, and others who have placed their money into what they thought is a safe place.  Why are such deposits called liabilities?  Because the SIFI has contractually promised to pay back such monies with accrued interest to the account holders (i.e. you and me).

Assets minus liabilities are still called shareholder equity.  But SIFIs must also keep a reserve of cash as part of their assets, which means that they can’t lend all of it out.  The cash reserve is supposed to service the usual traffic of depositor withdrawals and other expenses incurred during normal operations – the greater a SIFIs liabilities, the greater the cash reserve it must have on hand.  When assets fall below liabilities, the SIFI (or any bank) is considered to be insolvent and must close its doors.

The problem now comes in tough times when outfits and people who have borrowed from the SIFI can no longer service their loans.  When this happens the SIFI’s assets fall as loans are downgraded (as to their recoverable amounts) or just written off, and the cash reserve then starts being consumed in normal operations.  This reserve drops even faster as people begin withdrawing more funds to pay their bills during recessions.  And there better be cash on hand to pay the withdrawals, or there will be an instant run on the bank when the word gets out.  When the SIFI can’t service its debts held by creditors, then sooner or later its assets drop below liabilities and insolvency is pounding on the door – then the first domino drops.

Governments in the past have rushed in with large bailouts to save certain SIFIs (AIG, Freddie, Fannie, …) and let others (Lehman) die.  But the cost has been very high, and future costs will be many times higher.  So the IMF has come up with its piece de resistance that has all governments smiling – out with the bailout and in with the ‘bail in’.

All those smart government and international money types kept looking at the problem, and finally concluded that it’s those damn SIFI liabilities that really foul up the whole international financial order.  The required arithemetic of keeping more assets than liabilities could be handled two ways.  We’ve already tried increasing diminishing assets with bail outs, and that cost the politicians a bundle when they were seen giving money to banks.  So why not try reducing liabilities instead, and the bail in was born.

The bail in is when the SIFI tells its depositors that they are not getting (all) their money back.  To do that requires some new and clever legislation, otherwise it would be called thievery and bankers not giving depositors their money would be hauled off to jail.  But with a few properly bamboozled bills going through the legislatures, we could soon have laws that make the very same thievery all legal and proper.  Then the SIFIs would just send letters to their depositors telling them the size of the haircut they have just been given, and the poor schlubs have no recourse.  It’s called ‘equal justice under law’.  (The bail in has already been successfully pioneered in places like Greece and Cyprus, and Dodd-Frank invites SIFI bail ins in the US.)

So that’s what’s going on right now in international financial circles.  People are figuring out how they can quietly pass such legislation, and have it in place when the next inevitable crash happens, either with a single SIFI going unstable or another government engineered recession like the one we had and are still not recovered from yet.

Bail ins turn the long held view of asset riskiness upside down.  What used to be considered risky – stocks, precious metals (commodities), real estate – will now be viewed differently than the formerly solid non-speculative investments like CDs, savings accounts, bonds, etc.  The point to remember is that your (savings account) asset is actually the bank’s liability.  And with bail in legislation in place, you want to rethink keeping assets that someone considers to be their liabilities.   Making possible the rescue of SIFI’s with bail ins will change the whole equation.  At some point people will begin to realize that when you own stocks, commodities, or real estate, these assets are NOT the liabilities of any other enterprise which would like to minimize them by whatever means, fair or foul.

How do you like them apples?  (more here, here, and here)

Comments

[Norm Albias]

http://www.youtube.com/watch?v=d-diB65scQU

[Norm Alcybias]

http://www.youtube.com/watch?v=d-diB65scQU

[Norm Alcybias]

Oops

http://www.youtube.com/watch?v=irSwMr9Zxs0

[Russ Steele]

MAJORITY OF PUBLIC PENSIONS HEADED FOR BANKRUPTCY:

Investment returns may be up since the recession, but public pensions are still in deep, deep trouble. On Wednesday, the hedge fund Bridgewater Associates released the results of a “stress test” on American public pension plans, and they weren’t pretty. According to the report, 85 percent of all plans are on track to go bankrupt within 30 years unless their average rate of return increases to 9 percent. Barring something truly miraculous, that’s unlikely to happen: Bridgewater expects the rate to be closer to 4 percent, and even the unrealistically optimistic estimates given by pension funds themselves rarely exceed 8 percent. . . .

[Joe Koyote]

I 'm waiting for the explanation of just how Obama and the Libs have created this banking crisis and why this is not the result of greedy bankers with no moral compass.

[Todd Juvinall]

Ask Maxine Waters.

[George Rebane]

JoeK 753am - Joe your logic (or comprehension?) is a little lax again. I didn't focus on Team Obama. Setting up the 'bail in' legislation for SIFIs is an IMF led international undertaking by the several governments so afflicted. But if you wanted to assign guilt to governments, then by all means we can do so. The SIFIs investment policies directly correspond to 1) the artificial mangling of interest rates by central banks to hide the true price of money from the financial markets (remember, prices convey information), and 2) the back room guarantees of government rescues given to them to encourage lending to favored constituencies that cannot or will not pay back their loans (i.e. to assume unwarranted risk).

No financial institution becomes too big to fail without an intimate relationship with and backing by a corrupt government. Capitalists in regulated markets cannot become behemoths without a government gun having their backs to hold off the more efficient competitors. Wherever you see a very big corporation, no matter the country, you can bet the ranch that government corruption abetted its growth and now continues to maintain it. Socialists of all stripes have had trouble understanding that relationship, and today their blinders are strapped on more tightly than ever.

[Walt]

The GOV. has a printing press Joe,, the banks don't.
Then there is the fact that our paper money is backed up by nuth'n..

[Account Deleted]

One big thing the libs are doing is flooding the market with cheap money. Not my conspiracy theory, but the avowed aim of the fed. It's supposed to get things going, but the actual effect is to ruin the savers of the middle class (Yellen has admitted to this) and to cause the various investment entities (insurance companies, banks, retirement funds, etc) to make riskier and riskier plays in the market. They are deliberately inflating the stock market beyond it's normal course. Yes, the libs are largely to blame by making the rules of the market capricious and unsettled. The so-called 'reforms' of Dodd/Frank are actually making things worse. As far as Obama is concerned, the scene from the Wizard of Oz when the charlatan wizard is leaving Oz in the balloon and Dorothy is calling him back. "I can't" cries the befuddled old fool. "I don't know how to run this thing!" That would be our fearless leader.

[Joe Koyote]

George 11:27 -- I didn't mean to imply that you were laying blame on Team Obama personally, the right often converts bad news into an assault on the left and I was just waiting for the other shoe to drop and the 'blame train' to leave the station, and it has.

[fish]

....the right often converts bad news into an assault on the left and I was just waiting for the other shoe to drop and the 'blame train' to leave the station, and it has.

HAHAHAHAHAhahahahahahahahahah......gasp.......HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAha...cough....spit....Ahahahahahahah!

Yeah.....great point JoKe....the left never stoops to cheap political stunts and petty partisan bickering! What the hell have I been thinking!

Rube!

[Account Deleted]

"I was just waiting for the other shoe to drop and the 'blame train' to leave the station, and it has."
Waiting??
I've been blaming the left for decades for things that they do. It's like blaming the arsonist for the fire he sets. Duh. There's plenty of blame to go around, but the left is usually in the wrong and loves to pour gasoline on any financial fire they find. Obama and govt meddling turned a bad financial situation into a long, drawn out catastrophe. And it hasn't stopped. It is going to get worse. The various reasons for financial ruin are as plain as day, but the left always seems to think there is some magic way to fool around with the laws of nature. You can't keep spending what you don't have. It never works.

[Joe Koyote]

the left never stoops etc. --You are absolutely right. I should have said "politicians often convert bad news into an assault on their opponents" as no one side is more or less guilty than the other. I was just seeing how many feathers I could ruffle. Sometimes posting here is like shooting fish in a barrel.. no pun intended.

[Michael Anderson]

Joe wrote: "Sometimes posting here is like shooting fish in a barrel."

Joe, at Rebane's Fifth Column Ruminations, it's all about the comedy. No shooting necessary, the fish float belly up on arrival.

[George Rebane]

MichaelA 1215AM – Ahh yes, now RR is a hotbed of Fifth Column comedy. As always, thanks for checking in and the contribution.

[fish]

the left never stoops etc. --You are absolutely right. I should have said "politicians often convert bad news into an assault on their opponents" as no one side is more or less guilty than the other. I was just seeing how many feathers I could ruffle. Sometimes posting here is like shooting fish in a barrel.. no pun intended.

I was just seeing how many feathers I could ruffle.

I seriously doubt that that was your intent at all JoKe. Much like the Flabby Sage of the Foothills who sees himself as a moderate...and never seems to miss an opportunity to tell people, lest they begin to form a different opinion....you as an avowed man of the left only sees the cheap stunts of politics when they are employed by the other team. Your side only has purest of motivations and the best interests of all at heart, and as such, their actions are unassailable.

[Walt]

Score 1 for Patriots. BLM goons have been told to " back off" in Nev.
Threats from a Lefty politician ( he suggested funeral plans for protesters)
sure didn't help the gov. side. He must have been friends with Reid and Holder.

[George Rebane]

Legal arguments aside, the govt's handling of the Bundy ranch affair definitely hearkens back to Ruby Ridge and Waco. Sanitizing the media from a site of contention between the private citizen and govt guns is a sure fire admission that what will go on there is extra-legal, and govt goons want no prying eyes of liberty loving citizens to complicate their version of the after-action report.

[fish]

Score 1 for Patriots. BLM goons have been told to " back off" in Nev.
Threats from a Lefty politician ( he suggested funeral plans for protesters)
sure didn't help the gov. side. He must have been friends with Reid and Holder.

Like holding a cross before a vampire.....very public and increasingly loud bad press will drive Harry Reid (or Nevadas version of Ed Gein as I like to call him) back to the shadows from whence he came!

[Todd Juvinall]

When I was a County Supervisor back in the mid 80's there was a push to make all kinds of government employees cops. Fish and Game, BLM and many more. We said we have a Sheriff here and if you need law enforcement, call him. We opposed the expansion of sworn and gun toting officials. Now we can see why. When the Feds say they have jurisdiction over the lands as in Nevada, or even in their 250,000 acres of our own county, they think they can play fascist with the rest of us. This truly breaks my heart. I support Law Enforcement but now I have to do a Clinton and parse my words. Local LE not Fed. How can we allow this kind of activity to continue from the BLM for goodness sakes. Who are these people sending them to draw down and have Americans in their sniper scopes?

We need to get rid of the bureaucrats that gave these orders. Obama needs to fire them all and send them to road trash cleanup duty. Unbelievable!

[Paul Emery]

Gee Todd, you seem to have no problem with the Feds raiding our local Petunia gardens. Can you explain why you support Federal jurisdiction over Marijuana Cultivation rather than California State law?

[Gregory]

"Joe, at Rebane's Fifth Column Ruminations, it's all about the comedy. No shooting necessary, the fish float belly up on arrival."

The latest belly floater is Ms. Sibelius for a well done Obamacare. Or at least medium-rare.

[Walt]

What did more "monetary" damage to "government" property? Some cows ( a supposed 1 million dollar tab) out in the middle of nowhere, or the good ol' OWS?
Remember the tent cities in every public park? They didn't even pick up their own trash, yet "the man" didn't do jack about it.

Reading about this, it's fun to hear lefty deadbeats who have EBT cards call Mr. Bundy a "freeloader". I wonder how much hamburger this guy grew was paid for with EBT cards?

And hat's off to the people that rallied to his cause. Fighting tyranny is more than just wearing a T-shirt and holding signs on the street corner. It's going to where it's happening and looking it in the eye.

I hope government has got the message, but I don't really think so.
BLM had another motive here, but watchful eyes caught them. A solar farm for outside interests. ( future land "sale" to the Chinese by the government?)
With that said, what's this diff. about Ca. State Parks selling the Empire mine?
Other than " chasing off a few nature lovers and tourists."

[Todd Juvinall]

PaulE, could you direct me to the comments you attribute to me. I cannot find them.

[fish]

....(future land "sale" to the Chinese by the government?)

Seizure in lieu of forfeited interest.

[Michael Anderson]

Todd wrote: "We opposed the expansion of sworn and gun toting [federal] officials. Now we can see why. When the Feds say they have jurisdiction over the lands as in Nevada, or even in their 250,000 acres of our own county, they think they can play fascist with the rest of us. This truly breaks my heart."

Todd, I can find this exact sentiment in a number of comments at all of the popular Burning Man blog sites. The hippies on those venues hate federal LE with guns, just like you. For the record, the agencies packing heat during the Burning Man event include the BLM, the US Fish and Wildlife Service, ATF, BIA, and the US Forest Service.

Get your freak on Todd, you crazy hippie you.

[Barry Pruett]

Let's go to Burning Man then!

[Walt]

YUP,, the FEDS caved when the Harry Reid/China proposed deal was exposed.
"Last night, we revealed how the feds were using the Bureau of Land Management to bully and intimidate ranchers like Bundy, pushing them off public land in order to pave the way for lucrative “green energy” projects backed by the Communist Chinese government and linked to Nevada Senator Harry Reid."

From http://www.infowars.com/feds-back-down-from-bundy-siege-after-infowars-expose-of-chinese-land-grab/

Also, Mr. Bundy will be able to continue grazing on that land. ( at least that's what's been reported.)
And come to find out, the sheriff of that county is close friends with Reid.
No wonder he was nowhere to be found when the fireworks began. Only today does he come out and speak.. " Uh,, BLM has decided to back off." And that was pretty much it.

[Walt]

Been watching on ustream . it's been a wild ride over there. The alphabet soup
of government troops is staggering. BLM brought plenty of friends to this shin dig. As I write, the government is in retreat. The cattle are about to be returned by the rustlers. ( 80 gov. cars and trucks was just the count)

The question is, how many cattle were killed in the process.

[Keen Observer]

Partisanship should be a non-factor in any issue, whether discussing SIFI or BLM trespassing on the legitimate rights of US citizens. Walt, the left may label citizens as "gun-nuts," but this latest travesty by the BLM is a case in point to citizen self-defense. Today the issue is over the BLM and land rights, tomorrow it could be instituting military law over citizens in the name of "self-protection" or to "protect the interests of the state." At the end of the day, it should be a matter of citizens looking out for each other, and I feel bad for those whom put their faith and protection in the hands of government (whether it be an alphabet soup agency or police).

In regards to SIFI, this is no different than welfare (whether corporate or personal). Government should in no way artificially prop up any economy or monetary system or business entity, as an artificial situation created by government will always eventually collapse. Stalin tried many times to unsuccessfully spur the economy through "5 Year Plans" and other stimulus measures, the results were always artificial and led to severe economic demise and hardships placed upon the entire country (with the exception of government officials).

Its simple math, if a business, person, or bank can't survive by its own means, then they should be allowed to collapse and fail. In the wake of this failure, our capitalistic situation will naturally create a better solution that is tailored to fit the market. If you artificially allow a business to survive, then the end result will be even worse than the original natural failure would have ever been. If government continues to assist people, businesses, and banks with money, then this removes the capitalistic incentives for these entities to do better and make smarter choices. After all, why wouldn't any big bank make big unsafe bets, with the assurance that Uncle Sam (read: the taxpayer) will cover losses. Its the equivalent of me taking a paycheck up to Reno and betting it all, which I certainly would do, if I knew that no matter what the outcome of my gambling, I could always recover my initial money.

The role of government in a capitalist economy should be to ensure that no party involved "cheats" the system in their favor, it is not the job of government to determine any kind of economic outcome or redistribute wealth. The market is designed to do that itself.

[Walt]

Actually,, I was in the middle of packing my bags to head that way when the
news broke of the government in full retreat. It's the underlying reason for all this that really burns. Harry and Son had plans with China to develop that land.
Turtle preservation was just a ruse, and you don't send troops and snipers for illegal "trespassing".
The People have the government's number now, and any justified "call to arms" will be answered.
"Some" on the Left are calling him a moocher, when the majority of Lefty voters are on the dole themselves in some form or another.
Have you heard of anyone the Left come to this poor bastard's defense?
One thing is certain. The pro government side is a little buttsore at the moment.
This isn't the Ukraine where the people rolled over without a whimper.

[Joe Koyote]

Carp: 9:06 -- "you as an avowed man of the left only sees the cheap stunts of politics when they are employed by the other team" -- once again you misinterpret-- What about "You are absolutely right. I should have said politicians often convert bad news into an assault on their opponents, as no one side is more or less guilty than the other." did you not get?

[stevenfrisch]

Man you must be nuts Walt if you think they won't be back. The Feds walked away from another Davidian nightmare or Ruby Ridge because the crazies were attracting every Militia from Oklahoma to California. Good for them. But the facts remain, the facts, the court orders the court orders, and in the end it is public land.

[Todd Juvinall]

George I have been thinking about the comment that nut MichaelA made earlier calling this a "Fifth Column" blog. I think he has it backwards. When I see the obstruction of justice by Obama and his minions I think we can see who they real "fifth" are. Lois Lerner, and all the people involved in the Benghazi and other coverups are just the tip of the iceberg. He has placed people in all departments who have no clue of the Constitution and in fact want to do harm to it and the country. How could "law enforcement" do what they did with a "free speech zone" if they know about the First Amendment?

Anyway, since Obama has the power to appoint like minded people who think our Founders and their documents are bad, I would say they are the true "fifth columnists". Since MichaelA is one of them in spirit and allegiance, I would say he should be seen as one of them, not you or your commenters. All those people on the inside have the power and determination to "fundamentally change America". We like it as it was.

[Bill Tozer]

A good Marine never ever retreats. He may on occasion far back to reposition himself.

Walt, don't get all riled up. The government is merely trying to remove cow flatulence from public lands. Its called leading from the rear.

Now, what to do about all the cumulative cockroach flatulence? Its a scientific fact that flatulence of all creatures great and small rises up and hovers around 20,000 feet and is the primary cause of global warming and can even knock out airline communications. I bet Flight 370 passed through the cumulative dome effect of flatulence, took one whiff, made a hard turn and the rest is history. Passengers, pilots, and crew never had a chance. Nor did they see it coming.

[Todd Juvinall]

Walt, I would disregard the bone headed comments by the Truckeeite.

I listened to an interview of Mr. Bundy and his son and their view of the "court orders" is right on. Federal government claims these lands, federal departments file suits, Federal Judges make decisions. Should all be in the states purview to make sure no "conflict of interest" is possible. Aslo there is a dispute as to who really owns and has jurisdiction over these lands. If the Feds say thy do because of the ESA, but Nevada is the true owner, then I see a prblem there. Frisch makes fun of the Militias yet they are listed in the US Constitution. I don;'t see "eco non-profits in the Constitution so I would say he is the outsider. The Militia's have every right to attend the rally. Just like Frisch and his pals the "thieves of property eco nuts do".

[Walt]

Well Steve, when has government enforcers ever backed down? This is a first. ( at least that I can recall) This was a battle they knew they couldn't win. Too many witnesses. And since the Bundy supporters have been labeled terrorists, ya' might as well add me to that list. That makes this a real bad move by the "G" men. The next time they pull a stunt like this, three times as many anti government extremists ( new term for Constitutionalists)will come to the show.

All it would have took today was one trigger happy cop,( yes, they threatened to open fire on the crowd) to get the ball rolling. The thing is, there have been plenty of incidents of police shooting unarmed people back that way.

You may be right that "O" and Co. isn't going to let this slide.
Both sides down there are drawing battle plans.
And from what I gather, "both sides" had sniper positions.

And all this was for a future solar farm deal for Harry Reid.
When that news got out is when the "G" men gave up and gave back the cattle.

Expensive, and environmental damaging solar farm for political gain was worth possible civil war?

[Walt]

Todd. I started packing for the trip this morning, when things were getting ugly.
That little thing about practicing what you preach thing kicked in.
It's easy to go rallies and such and cheer patriotism, and talk about fighting Tierney. Sometimes it time for more than a T-shirt and barking at cars on the overpass. This was that time. Tyranny has officially reared it's ugly head.

Then things simmered down. That would be one long trip.. But worth it.

[stevenfrisch]

Nice bunch of citizens who respect the law and believe they live in a nation of laws that follows a constitution we have here.

[fish]

Nice bunch of citizens who respect the law and believe they live in a nation of laws that follows a constitution we have here.

OUCH....Steve! That's as bad as some of my "hangover" offerings. Collect yourself and try again.

[stevenfrisch]

I am just saying that bragging that you are about out the door to take your guns to Nevada to mix it up with federal law enforcement is not exactly the type of behavior that most people would consider legal, admirable, or wise. Most people would consider it bat shit crazy right wing militia Timothy McVeigh like behavior.

I see all of you "Constitutionalists" are rushing in to counsel a more rational response.

[stevenfrisch]

I think "Fifth Column" is too kind a descriptor. I thick Quisling would be much more accurate.

[fish]

I see all of you "Constitutionalists" are rushing in to counsel a more rational response.

It seemed that of all the regulars here.....Walt was the only one toying with going to see what all the fuss was about...other than that the response here was pretty muted.

What would you suggest in this circumstance?

[fish]

I thick Quisling would be much more accurate.

Someone here is advocating accommodating an occupying foreign enemy?

MIchael is back on his, "we are insufficiently patriotic because there's a black guy in the White House" kick again....don't get rolled up in his pathology.

[stevenfrisch]

"What would you suggest in this circumstance?"

I would suggest that you counsel your peers not to respond with force.

[fish]

I would suggest that you counsel your peers not to respond with force.

Nobody here has responded with force...even the notoriously heavy handed feds have been subdued in their response. Remarkable what a little exposure does to improve everyones behavior.

[George Rebane]

Yes, in 1775 most people considered the ones who rushed out to meet the redcoats at Lexington to be bat shit crazy. Weren’t the redcoats the government’s lawfully constituted army also coming to enforce the law of the land? And then …

[Todd Juvinall]

Substitute SBC and Steve Frisch for Mr. Bundy. The BLM Rangers (honest this was what Channel Three called them this morning) came in a confiscated the possessions of Steve Frisch because he did not pay his taxes. Oops, well at least the tax part is real. Anyway, my guess is that after removing Mt. F from under his desk and telling him to ut down the child shield, he might have a different response.

[stevenfrisch]

Todd, I will warn you about this ONCE. Do not conflate my previous experience more than 15 years ago, when I owed taxes and paid them all back, with my current employment or the tax status of my current employer. If you do I will promptly take legal action. Got it?

[stevenfrisch]

Lets get back to the issue raised above.

All parties in this case should be counseling a de-escalation of the response. Anything less potentially leads to a tragedy like Waco, which no one wants or needs. There are courts of law to deal with issues like this. We do not live in Lexington or Concord, we live in the United States of America, and comparing this to revolutionary America is utterly ridiculous.

[Joe Koyote]

The whole thing is BS. Bundy broke the law for 20 years and owes over a million dollars in unpaid fees. The man is a thief not a hero. To rally behind Bundy is like rallying behind another Bundy, Ted.

[stevenfrisch]

Posted by: Joe Koyote | 13 April 2014 at 09:09 AM

Precisely Joe. Bloggers here rallying to his defense are supporting breaking the law. Period.

[Todd Juvinall]

Steve Frisch, all you travails are public record. Spew all you want, you are an open book.

[fish]

Precisely Joe. Bloggers here rallying to his Rosa Parks defense are supporting breaking the law. Period.

FTFY! It's good though to know where you come down on these thorny legal issues Stevie.

When JoKe posted his usual "I anins't gettin enough of yo tax dollars" response above I was going to defer to your knowledge of these matters. I expect stupidity from him....not so much from you....I mean you have a little of the bootlicker in you but you're clearly no fool! You of all people know that there can be multiple layers of competing regulations from different eras, long standing inheritable rights...water, grazing, mineral, transit, etc. in cases like this. I'm sure that you are also aware that there has been an attempt since at least the Clinton administration to regulate ranchers (at least those not politically connected) who access public lands into bankruptcy. You probably remember the ham fisted Jarbidge access road issue in Elko in the 90's as well as the whole Sagebrush Rebellion of the 70's and 80's. You of all people should know that this isn't nearly as simple as it is being portrayed by the empty headed MSM.

But maybe not!

I suppose I should thank you for playing to type and mindlessly backing federal power as you are so want to do!

[fish]

....want to do.

Thought that looked a bit "off"

.....wont to do.

[Walt]

Stevie Wonder... Where did I claim I was packing firepower?
"bragging that you are about out the door to take your guns to Nevada to mix it up with federal law "
Maybe I should go "all Lefty" on you and demand apologies in four different forms, then still throw them back in your face.

You have no idea of my "intentions". So in the words or another Lefty
I stand on the 5TH.

[Walt]

Since Steve is on the menu today where OPM is concerned,(other people's money)
and supposed "helper of business in the Sierras" ,, I guess I missed his "helpful input" for the Blue Lead Mine.

[stevenfrisch]

Posted by: Walt | 13 April 2014 at 02:56 PM

"Stevie Wonder... Where did I claim I was packing firepower?"

Granted; you are correct, you did not say that. I will let the readers decide if based on your history of comment you would get in your truck and drive 12 hours to join the protest without packing heat.

[Walt]

See what happens when you make assumptions? And by chance if I "was" why would I advertise that here? Someone like you would be calling "the man" saying there was a crazed person on the way looking to start a war. ( " We got one more gun owner off the streets!!!)
BTW,, Good job ignoring the rest.

[stevenfrisch]

I have no helpful advice re: the Blue Lead Mine since I have not studied the issue. I do however study federal land management policy and history.

[Walt]

Well now.. not keeping up with local ECO issues? Didn't someone email you the memo? Get with the program dude.. How dare someone try reopening a mine out in the boonys. Someone in North San Juan might think it will affect him, when the mine is in Greenhorn.

[Walt]

Well... Dirty Harry speaks!!!
http://dailycaller.com/2014/04/14/reid-warns-nevada-cattle-rancher-who-faced-down-feds-its-not-over/