Why the Financial Meltdown?
by Victor Gerhard

The past week has seen a collapse of the financial markets in the US.
Stock and bond brokerage firms, banks and insurance companies have all
had some trouble, been taken over, gone into bankruptcy, or been
bailed out by the Federal Government (aka the citizens of this
country).

The center of this all is the mortgage holding corporations, Fannie
Mae and Freddie Mac. In fact, the cause of this entire financial
disaster is the lending policies of these two companies.

What do Fannie Mae and Freddie Mac do? This is pretty simple. First, a
regular bank, small, medium or large, lends money to a person or
couple to buy a house. This is called of course a mortgage. Now, the
bank could just hold on to this mortgage and collect principal and
interest payments for the twenty or thirty-year life of the mortgage.
But, if it sells that mortgage, it can take the payment and then loan
out that money as a new mortgage. This allows a bank with supposedly
limited assets (the savings accounts, checking accounts and cds of
customers) to make many more mortgages than would otherwise be
possible. Who do they sell these mortgages to? Fannie Mae and Freddie
Mac.

Now, what do Fannie Mae and Freddie Mac do with these mortgages? They
don’t hold on to them either. They roll them into bundles of thousands
of mortgages and sell them on the open market as investments for
brokerage firms, banks and insurance companies. Some of these bundles
are then also sold in part to private investors or even other nations.
These are the entities that then collect the interest and principle on
the investments.

For the past decades, the housing market more or less has been a great
investment. Housing prices moved up continuously and most people were
able to make their mortgage payments. Generally, everyone involved in
the mortgage market prospered.

So what happened? If you listen to the liberal commentators, on the
news and in the newspapers, the cause of the collapse was
“deregulation,” which allowed the original banks to make bad loans -
loans without down payments and without verification of mortgagee
income. One of the most repulsive commentators has been the disgusting
Senator from New York, Charles Shumer. He blamed Republicans and their
mantra of free markets for causing the whole problem. Generally, the
entire Left has blamed Republican deregulation and Regan-esque belief
in free markets.

But what really happened? The problem began, as far as I know, during
the Clinton era. In an effort to allow more “poor” (Black and
Hispanic) people to own homes, the Clinton Administration urged and
sometimes forced banks to make loans they otherwise would not have
made. Some of this was based on the myth of “redlining.” Supposedly,
according to the Leftists, banks deliberately did not make loans in
certain parts of their community, which were mainly Black and
Hispanic, because they hated Blacks and Hispanics. Of course, this
lack of mortgages in the inner city was based on the fact that more
Blacks and Hispanics were poor, unemployed, had crappy credit or were
without the means to make a down payment on a house. All relevant
statistics showed that this was true - the discrimination was
economic, not racial.

But because of Leftist insanity, banks were encouraged, intimidated,
or forced into making loans to more Blacks and Hispanics. These loans
were on crazy terms. No down payment was necessary - the loan was for
100% of the value of the house. Also, and you might find this hard to
believe, the mortgagee didn’t even have to show that he or she had a
job. Basically, a homeless Black street person could walk into a bank
and buy a house as long as it was in a certain neighborhood. In this
situation, many, many people purchased more “house” than they could
afford.

Well, then what happened? The unemployment rate rose. The price of
living rose. The housing market bubble burst. People who bought a
house for $100,000 with a 100%, zero-down mortgage suddenly saw the
value of their house sink to $80,000. They owed more money than the
house was worth. What did they do? They walked away from it and the
mortgage. Also, over time, all the people who were loaned money
without having jobs began to have trouble making their mortgage
payments. People who tried to sell their house ended up still owing
money on the mortgage even after giving the full sales price to the
mortgage company, money they couldn’t pay. All these problems slowly
added up, and then suddenly exploded this week.

So, who cause all the current economic problems? The Left, in its
insane desire to appease its minority pets and destroy the free
market. The free market, for all its faults, is what built this
country into an economic powerhouse. It is a success and has been of
great help to White people throughout the history of this country. It
is one of the last bastions of freedom in this country, since the Left
controls all our media, academia, government and bureaucracy. The Left
would love Marxist-style socialism, which would allow it to control
every transaction made in this country. Imagine the future of this
country if that ever happened.

snip a whole lotta BS

Here's some hilarity for ya:

Since 2006, the federally sponsored mortgage giant Freddie Mac has
paid at least $345,000 to the lobbying and consulting firm of John
McCain's campaign manager Rick Davis, according to two sources
familiar with the arrangement...

McCain and his aides have vehemently objected to suggestions that
Davis has ties to Freddie Mac—an especially sensitive issue given that
the Republican presidential candidate has blamed "the lobbyists,
politicians and bureaucrats" for the mortgage crisis that recently
prompted the Bush administration to take over both Freddie Mac and its
companion, Fannie Mae, and put them under federal conservatorship.

But neither the Times story—nor the McCain campaign—revealed that
Davis's lobbying firm, Davis Manafort, based in Washington, D.C.,
continued to receive $15,000 a month from Freddie Mac until last month—
long after the Homeownership Alliance had been terminated. The two
sources, who requested anonymity discussing sensitive information,
told NEWSWEEK that Davis himself approached Freddie Mac in 2006 and
asked for a new consulting arrangement that would allow his firm to
continue to be paid. The arrangement was approved by Hollis
McLoughlin, Freddie Mac's senior vice president for external
relations, because "he [Davis] was John McCain's campaign manager and
it was felt you couldn't say no," said one of the sources...

Huh.

D'ohBoy

D'ohBoy wrote:
snip a whole lotta BS

Here's some hilarity for ya:

Since 2006, the federally sponsored mortgage giant Freddie Mac has
paid at least $345,000 to the lobbying and consulting firm of John
McCain's campaign manager Rick Davis, according to two sources
familiar with the arrangement...

McCain and his aides have vehemently objected to suggestions that
Davis has ties to Freddie Mac—an especially sensitive issue given that
the Republican presidential candidate has blamed "the lobbyists,
politicians and bureaucrats" for the mortgage crisis that recently
prompted the Bush administration to take over both Freddie Mac and its
companion, Fannie Mae, and put them under federal conservatorship.

But neither the Times story—nor the McCain campaign—revealed that
Davis's lobbying firm, Davis Manafort, based in Washington, D.C.,
continued to receive $15,000 a month from Freddie Mac until last month—
long after the Homeownership Alliance had been terminated. The two
sources, who requested anonymity discussing sensitive information,
told NEWSWEEK that Davis himself approached Freddie Mac in 2006 and
asked for a new consulting arrangement that would allow his firm to
continue to be paid. The arrangement was approved by Hollis
McLoughlin, Freddie Mac's senior vice president for external
relations, because "he [Davis] was John McCain's campaign manager and
it was felt you couldn't say no," said one of the sources...

Huh.

D'ohBoy
Good point, however you forgot to mention that Obama was also on the
receiving end of a little over $500K from Freddie and Fannie. They are
after all just politician, what do we expect of them? I vote for
"None of the above".

D'ohBoy wrote:

snip a whole lotta BS

Here's some hilarity for ya:

.... snip

But neither the Times story€”nor the McCain campaign€”revealed that
Davis's lobbying firm, Davis Manafort, based in Washington, D.C.,
continued to receive $15,000 a month from Freddie Mac until last month€”
long after the Homeownership Alliance had been terminated. The two
sources, who requested anonymity discussing sensitive information,
told NEWSWEEK that Davis himself approached Freddie Mac in 2006 and
asked for a new consulting arrangement that would allow his firm to
continue to be paid. The arrangement was approved by Hollis
McLoughlin, Freddie Mac's senior vice president for external
relations, because "he [Davis] was John McCain's campaign manager and
it was felt you couldn't say no," said one of the sources...


The above has been shown to be propaganda --Rick Davis was a paid
consultant, not a lobbiest, this was simply the NYT running a campaign ad
for the Obama campaign under the guise of front page news. Consultants are
paid for their expertise that they provide as a service. What the NYT
seems to have forgotten to mention (and that is not propaganda) is the fact
that Obama received $109,000 in less than two years in the Senate as
campaign donations (i.e. payoff in expectation of a service from a
Senator). It took Chris Dodd 9 years to accumulate $120,000 in campaign
donations from them. So how come you're not all over that?

--
If you're going to be dumb, you better be tough

{Snip}

Victor:

The problem with your rant, which was a fine rant BTW, is some facts.

From where I am located geographically, the problem was not a few
minority mortgages, but a lot of jumbo mortgages for McMansions a long
way out into the Ex-urban areas. Yes, every city has its wealthy with
their huge homes. But 7000 sq ft homes with 14 ft high entrance ways
being built by the dozens on a several dozen 'tracts'? And building
these McMansions with a 50 minute drive (one way) to work.

Plus, ordinary homes that were built for $45,000 USD for labor and
material added to the cost of the land, were re-mortgaged and re-
mortgaged to the limit of the housing bubble and the owners paying off
Credit Card debt and going on vacations with the excess money; A $65,000
original home purchase price becomes a $250,000.00 mortgage.

And now add downsizing, loss of manufacturing jobs, and just plain
unemployment, and BINGO there goes the ability to pay the JUMBO
mortgage.

Please re-read your post, Victor, what you wrote was basically, hard
working blue collar workers should never have any hope of owning a home
in USA, because there is too much risk of them losing their jobs to
foreign workers at a lower pay. The same to most small business owners
since statistically speaking 3 out 5 small business fail within a few
years.

You should be forced to watch the movie "It's a Wonderful Life" 10 times
in a single month.

Phil

Phil Again wrote:

Plus, ordinary homes that were built for $45,000 USD for labor and
material added to the cost of the land, were re-mortgaged and re-
mortgaged to the limit of the housing bubble and the owners paying off
Credit Card debt and going on vacations with the excess money; A
$65,000 original home purchase price becomes a $250,000.00 mortgage.

In addition a third of the homes now in foreclosure were bought as
investment properties by people who never intended to live in them, they
were going to rent them or sell them for a profit. Or so they thought.
They were among the first to walk away from mortgages they couldn't pay.

Even if there was a significant amount of truth in the original poster's
rant (which seems unlikely), it remains that financial institutions bundled
bad loans with good ones and sold them to each other with high ratings. Now
they're all shocked and horrified to learn that was a bad idea. Lehman
Bros. made a four billion dollar profit last year, paid their top monkey a
twenty-two million dollar bonus--now they're kaput thanks to their own greed
and incompetence. And we're supposed to blame this on leftist polticians?
Pfffft, get real.

On Sep 24, 6:08*pm, "DGDevin" wrote:
Phil Again wrote:
Plus, ordinary homes that were built for $45,000 USD for labor and
material added to the cost of the land, were re-mortgaged and re-
mortgaged to the limit of the housing bubble and the owners paying off
Credit Card debt and going on vacations with the excess money; A
$65,000 original home purchase price becomes a $250,000.00 mortgage.

In addition a third of the homes now in foreclosure were bought as
investment properties by people who never intended to live in them, they
were going to rent them or sell them for a profit. *Or so they thought.
They were among the first to walk away from mortgages they couldn't pay.

Even if there was a significant amount of truth in the original poster's
rant (which seems unlikely), it remains that financial institutions bundled
bad loans with good ones and sold them to each other with high ratings. *Now
they're all shocked and horrified to learn that was a bad idea. *Lehman
Bros. made a four billion dollar profit last year, paid their top monkey a
twenty-two million dollar bonus--now they're kaput thanks to their own greed
and incompetence. *And we're supposed to blame this on leftist polticians?
Pfffft, get real.

The blame lies solely on those who were minding the store...the
Republicans.

The same ones who want $700 billion dollars given to them in a week
with no accountability.

Time for a change...a BIG change in the White House.

TMT

"Too_Many_Tools" wrote in message
...
On Sep 24, 6:08 pm, "DGDevin" wrote:


The blame lies solely on those who were minding the store...the
Republicans.

The same ones who want $700 billion dollars given to them in a week
with no accountability.

Time for a change...a BIG change in the White House.

================================================== ======

Not that I'm in favor of this bailout, but where did you get the scoop that
there would be no accountability? As for the change in the White House -
well, that's coming - one way or another.

--

-Mike-

On Wed, 24 Sep 2008 22:04:54 -0400, "Mike Marlow"
wrote:

Not that I'm in favor of this bailout, but where did you get the scoop that
there would be no accountability?
========
From Hank "the bazooka" Paulson.
------------
snip

"Decisions by the Secretary pursuant to the authority of this Act
are non-reviewable and committed to agency discretion, and may
not be reviewed by any court of law or any administrative
agency," the original draft of the proposed bill says.

And with those words, the Treasury secretary - whoever that may
be in a few months - would be vested with perhaps the most
incredible powers ever bestowed on one person over the economic
and financial life of the United States.
snip
Just take a look at the original draft: "The Secretary is
authorized to take such actions as the Secretary deems necessary
to carry out the authorities in this act," the proposed bill read
when it was first presented to Congress, "without regard to any
other provision of law regarding public contracts."

It goes on to say, "Any funds expended for actions authorized by
this Act, including the payment of administrative expenses, shall
be deemed appropriated at the time of such expenditure."
snip
The bigger issue is that the bill effectively creates protections
not just for the Treasury, but for the executives on Wall Street
who created this near Armageddon. Rosner says the draft bill
"prevents judicial review that could allow the protection of
decisions that create false marks, hide prior marks, or could be
used to prevent civil or criminal prosecution in situations where
a management knowingly provided false marks that aided the growth
of this crisis of confidence."

False marks - using mark-to-market accounting to hide the true
value of security, rather than disclose it honestly - has a lot
to do with why Jeffrey Skilling, the former Enron chief
executive, is in jail.
snip
-----------------
for complete article see
http://www.iht.com/articles/2008/09/....php?pass=true

Note that this is the International Herald Tribune based in
Paris. The domestic US media won't touch this background story.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

Mike Marlow wrote:

"Too_Many_Tools" wrote in message
...
On Sep 24, 6:08 pm, "DGDevin" wrote:


The blame lies solely on those who were minding the store...the
Republicans.

The same ones who want $700 billion dollars given to them in a week
with no accountability.

Time for a change...a BIG change in the White House.

================================================== ======




Not that I'm in favor of this bailout, but where did you get the scoop that
there would be no accountability? As for the change in the White House -
well, that's coming - one way or another.



Why did that make the hair on my neck stand up??

--

Richard

(remove the X to email)

On Wed, 24 Sep 2008 22:04:54 -0400, "Mike Marlow"
wrote:

Not that I'm in favor of this bailout, but where did you get the scoop that
there would be no accountability?
-------------
Several people [actually two] have sent me off list emails asking
what they can do about this money grab. In all honesty, not
much, as this appears to be a "done deal," and Congress is again
putting on a punch-n-judy show for the amusement and diversion of
the great unwashed [that's you and me]. However if you are
interested and want to do something, write or email your senators
and representative to vote no. You can get their email/snail
mail/fax addresses at
http://www.senate.gov/general/contac...nators_cfm.cfm
http://www.house.gov/

tip - bookmark their web mail sites for easy access in the
future.


For whatever help it might be here is the copy of the email I
sent on just the immunity aspect of TARP bill. Feel free to use
all, part or none.
-------------------------
I have already emailed you urging the rejection of TARP [Troubled
Asset Relief Program] aka the 700 billion dollar Wall Street
bailout.

As is increasingly common, the more critical background
information is not being presented in the U. S. media, and must
be obtained from international sources. After reviewing this
material, I am even more adamantly opposed to this legislation.

Two items of particular interest and critical importance:

(1) The 700 billion figure appears to have been pulled out of
thin air, and has no basis in fact. "The cost of the Treasury
plan to save the US financial system from collapse cannot be
estimated because it is too vague, Peter Orszag, head of the
Congressional Budget Office, told legislators on Wednesday." For
details and complete article see
http://www.ft.com/cms/s/0/78ecb166-8...0779fd18c.html

(2) The rescue program as proposed will place the Secretary of
the Treasury above the law and answerable to no one. This also
has the potential to shield the people and organizations that are
responsible/accountable for this situation from both criminal and
civil liability. Any legislation that contains language such as
"Decisions by the Secretary pursuant to the authority of this Act
are non-reviewable and committed to agency discretion, and may
not be reviewed by any court of law or any administrative
agency," and "The Secretary is authorized to take such actions as
the Secretary deems necessary to carry out the authorities in
this act, without regard to any other provision of law regarding
public contracts." Is totally unacceptable. Indeed, I suggest
that anyone submitting such a proposal should be immediately
removed from any public office of trust and responsibility, as
they obviously have either no understanding or no intention of
abiding by their oath to "uphold, protect and defend the
Constitution of the United States." For complete article see
http://www.iht.com/articles/2008/09/....php?pass=true

Senator McCain's proposal for a governmental commission to
examine the causes for the current economic problems has merit as
long as the commission is a Federal Grand Jury issuing
indictments under the RICO, mail/wire fraud, and conspiracy
statues, with both significant prison time and asset forfeitures
resulting.
-----------------------

Note that the American car makers just got their snouts in the
trough for "only" 25 billion in the House revenue bill just
passed. (Still must pass the senate, but this is a "must pass"
bill to keep the fed. government running]
http://www.ft.com/cms/s/0/83bfe68c-8...0779fd18c.html

also see Wall Street comes to Main Street [the real economy]
http://plantcity2.tbo.com/content/20...ships-nationw/
http://www.theautochannel.com/news/2...24/128852.html



Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

Mike Marlow wrote:
"Too_Many_Tools" wrote in message
...
On Sep 24, 6:08 pm, "DGDevin" wrote:


The blame lies solely on those who were minding the store...the
Republicans.

The same ones who want $700 billion dollars given to them in a week
with no accountability.

Time for a change...a BIG change in the White House.

================================================== ======

Not that I'm in favor of this bailout, but where did you get the
scoop that there would be no accountability? As for the change in
the White House - well, that's coming - one way or another.

Please take care to attribute quotations correctly; I did not write the
lines you quoted.

Too_Many_Tools wrote:

The blame lies solely on those who were minding the store...the
Republicans.

The same ones who want $700 billion dollars given to them in a week
with no accountability.

Time for a change...a BIG change in the White House.

TMT

It doesn't lie *solely* with the Repubs. The previous administration helped
to get the ball rolling, and the banks and associated companies displayed
not only greed (that we expect) but stunning incompetence as well.

As for the White House, I tend to think of myself as a conservative sort,
but enough is enough. Until recently I thought John McCain was one of the
better politicians in Washington, but I can't take any more of someone with
an "R" after his name having the top job. I'm quite prepared to give the
Dems their own chance to screw things up for four years, and I'm sure they
will. It simply seems impossible for them to do as horrible a job as we've
seen for the past eight years, what an incredible mess.

On Wed, 24 Sep 2008 16:08:43 -0700, DGDevin wrote:

In addition a third of the homes now in foreclosure were bought as
investment properties by people who never intended to live in them, they
were going to rent them or sell them for a profit. Or so they thought.
They were among the first to walk away from mortgages they couldn't pay.

That's a really good reminder. Little details like that tend to escape
the memory in the midst of a bailout hullabaloo. I knew that, but it had
gotten shoved back into secondary memory. Thanks for reminding me.

Now I'm going to go remind my senator :-).

Phil Again wrote:
{Snip}

Victor:

The problem with your rant, which was a fine rant BTW, is some facts.

From where I am located geographically, the problem was not a few
minority mortgages, but a lot of jumbo mortgages for McMansions a long
way out into the Ex-urban areas. Yes, every city has its wealthy with
their huge homes. But 7000 sq ft homes with 14 ft high entrance ways
being built by the dozens on a several dozen 'tracts'? And building
these McMansions with a 50 minute drive (one way) to work.

Plus, ordinary homes that were built for $45,000 USD for labor and
material added to the cost of the land, were re-mortgaged and re-
mortgaged to the limit of the housing bubble and the owners paying off
Credit Card debt and going on vacations with the excess money; A $65,000
original home purchase price becomes a $250,000.00 mortgage.

And now add downsizing, loss of manufacturing jobs, and just plain
unemployment, and BINGO there goes the ability to pay the JUMBO
mortgage.

Please re-read your post, Victor, what you wrote was basically, hard
working blue collar workers should never have any hope of owning a home
in USA, because there is too much risk of them losing their jobs to
foreign workers at a lower pay. The same to most small business owners
since statistically speaking 3 out 5 small business fail within a few
years.

You should be forced to watch the movie "It's a Wonderful Life" 10 times
in a single month.

Phil

do a google on Victor, very interesting.

On Sep 24, 6:16 pm, Phil Again wrote:
{Snip}

Victor:

The problem with your rant, which was a fine rant BTW, is some facts.

From where I am located geographically, the problem was not a few
minority mortgages, but a lot of jumbo mortgages for McMansions a long
way out into the Ex-urban areas. Yes, every city has its wealthy with
their huge homes. But 7000 sq ft homes with 14 ft high entrance ways
being built by the dozens on a several dozen 'tracts'? And building
these McMansions with a 50 minute drive (one way) to work.

Plus, ordinary homes that were built for $45,000 USD for labor and
material added to the cost of the land, were re-mortgaged and re-
mortgaged to the limit of the housing bubble and the owners paying off
Credit Card debt and going on vacations with the excess money; A $65,000
original home purchase price becomes a $250,000.00 mortgage.

And now add downsizing, loss of manufacturing jobs, and just plain
unemployment, and BINGO there goes the ability to pay the JUMBO
mortgage.

Please re-read your post, Victor, what you wrote was basically, hard
working blue collar workers should never have any hope of owning a home
in USA, because there is too much risk of them losing their jobs to
foreign workers at a lower pay. The same to most small business owners
since statistically speaking 3 out 5 small business fail within a few
years.

You should be forced to watch the movie "It's a Wonderful Life" 10 times
in a single month.

Phil

A corporate attorney from Albany, N.Y., Victor Gerhard plunged into
the radical right in early 1999, when he joined the neo-Nazi National
Alliance* after a period of studying the group's literature.

Intelligent, tough and sometimes very amusing, Gerhard left what he
calls "a high-paying job" and bought an A-frame cabin just outside the
group's rural West Virginia compound in early 2000. He was named
general counsel and chief of staff, and in fact did help some members
and supporters with legal problems.

(He also wrote a sarcastic song at the time, "On the cover of the
Intelligence Report," sung to the tune of Dr. Hook's "On the Cover of
the Rolling Stone," asking what he needed to do to get his picture
featured in this magazine.)

But when he tried to sort out a number of the National Alliance's
internal problems, he clashed with the late Alliance boss William
Pierce and his soon-to-be successor, Erich Gliebe (see Führer of the
Titanic), and was fired in May 2001 for insubordination.

Remaining in the area, Gerhard contained his anger until the day after
Pierce's death on July 23, 2002, when he got into a fistfight with
Alliance member Dr. Charles Ellis, resulting in his arrest for
battery. (He later pleaded no contest and was fined $100.)

During this period, Gliebe was orchestrating a whisper campaign
against Gerhard, accusing him of being mentally unstable. Days after
Pierce's death, Gerhard sent an E-mail to friends viciously attacking
Pierce and the Alliance, which he described as "two badly run
businesses [the Alliance's Resistance Records* and National Vanguard
Books operations] and a membership con-game."

He accused Pierce of lies, "siphoning off all the cash into his
pocket," surrounding himself with "toadies, lickspittles and ass-
kissers," covering up for rapists, and being "a sexual pervert" who
relentlessly pursued female staffers and Internet porn despite being
married.

Not long after these events, Gerhard moved to Wilmington, N.C., where
he incorporated Condor Legion Ordnance, Inc., "a new, growing, pro-
White corporation" that has several Web sites (most notably,
whitepowerrecords.com) and started selling racist T-shirts, music and
pins from a warehouse in Wilmington.

Later in 2002, Gerhard joined forces with the neo-Nazi White
Revolution*, a group formed by key former Alliance staffer Billy Roper
(see Revolting in Arkansas) after Roper was ejected by Gliebe. Today,
all Condor Legion stock is held by White Revolution members.

Early this year, Gerhard added two E-Bay "stores" and 14 Words Press*
to the Condor Legion family of firms. (14 Words Press is a publisher
of racist neo-Pagan materials that was founded by the legendary David
Lane [see Preaching from Prison], now serving a 190-year sentence in
connection with a 1984 murder by the terrorist group The Order.) In
July, Gerhard began producing a nightly Web-based "news" program.

On Wed, 24 Sep 2008 18:40:42 -0700, SavasTU wrote:


A corporate attorney from Albany, N.Y., Victor Gerhard plunged into the
radical right in early 1999, when he joined the neo-Nazi National
Alliance* after a period of studying the group's literature.

{Snip, Snip, Snip}

Early this year, Gerhard added two E-Bay "stores" and 14 Words Press* to
the Condor Legion family of firms. (14 Words Press is a publisher of
racist neo-Pagan materials that was founded by the legendary David Lane
[see Preaching from Prison], now serving a 190-year sentence in
connection with a 1984 murder by the terrorist group The Order.) In
July, Gerhard began producing a nightly Web-based "news" program.

Thanks SavasTU.

I am in a bit of a shock by your information. I had no idea, or I
wouldn't have posted my reply to OP. Now I comprehend what I thought was
implied racist content was not implied but blatant and deliberate
racism.

Thanks again. I apologize for posting a reply when it should have been
ignored.

On Sep 25, 5:46 am, Phil Again wrote:
On Wed, 24 Sep 2008 18:40:42 -0700, SavasTU wrote:

A corporate attorney from Albany, N.Y., Victor Gerhard plunged into the
radical right in early 1999, when he joined the neo-Nazi National
Alliance* after a period of studying the group's literature.

{Snip, Snip, Snip}

Early this year, Gerhard added two E-Bay "stores" and 14 Words Press* to
the Condor Legion family of firms. (14 Words Press is a publisher of
racist neo-Pagan materials that was founded by the legendary David Lane
[see Preaching from Prison], now serving a 190-year sentence in
connection with a 1984 murder by the terrorist group The Order.) In
July, Gerhard began producing a nightly Web-based "news" program.

Thanks SavasTU.

I am in a bit of a shock by your information. I had no idea, or I
wouldn't have posted my reply to OP. Now I comprehend what I thought was
implied racist content was not implied but blatant and deliberate
racism.

Thanks again. I apologize for posting a reply when it should have been
ignored.

Here is an article in today's N.Y.Times,trying to shed some light on
this
financial mess.
http://www.nytimes.com/2008/09/25/bu...th&oref=slogin
http://www.nytimes.com/2008/09/25/bu...th&oref=slogin