Have the grifters on Wall Street found yet another mark?

The Los Angeles Times has a damning piece explaining how our good pals at JPMorgan & Chase have allegedly manipulated the electricity market in California and perhaps in the Midwest as well, stealing hundreds of millions of dollars from consumers and businesses and depositing it in the accounts of JPMorgan, pretty much risk free.

The focus of the alleged scam is the California Independent System Operator, which fulfills the state’s energy needs by taking bids from private power marketers to provide electricity to the state.

Here’s how the Times explains it (and don’t worry, it’s not as complicated as it may seem):

“The alleged scheme involves two related wholesale electricity markets maintained by the ISO. There’s the day-ahead market, in which power plant owners place bids to provide power for the California electricity grid in the future; and the real-time market, an auction market through which ISO buys electricity for immediate distribution to homes and businesses.

To give plant owners an incentive to participate in these auctions, ISO guarantees to cover their costs for starting up or running their plants at a minimal level, even if their bids aren’t accepted. This is known as “bid cost recovery.” ISO rules allow bidders to claim payments of up to twice their real costs.

In simplest terms, JPMorgan submitted bids in the day-ahead market that were so low the firm was certain to be accepted onto ISO’s roster of potential electricity suppliers — in fact, they were negative bids, essentially offering to pay ISO to take their electricity…. ISO believes that JPMorgan never intended to make that sale, but the beauty of its low bids was that they made it eligible to collect bid cost recovery payments.

The next step was for JPMorgan to make sure that ISO didn’t actually buy its electricity, presumably because the profit margin from the bid cost recovery claim was greater than from actually selling energy. So in the real-time market, it priced its electricity so high that ISO wouldn’t buy it.

The bottom line, the ISO says, is that JPMorgan’s traders never intended to sell it electricity via these bids. The scheme, it says, seems to have been designed purely to capture a bid cost recovery payment the bank didn’t deserve, at a rate that was inflated anyway.”

In other words, pretend that you’re ready to sell electricity at a low rate; collect a handsome fee for pretending to sell electricity at a low rate; then bid high to ensure that you never have to actually provide that electricity.

Repeat, day after day, collecting some $57 million in improper payments in just six months between 2010 and 2011, with more such payments perhaps yet to be discovered. Free money!!!

But of course, it’s impolite to even notice that Wall Street continues to rip us off in a seemingly endless series of scams. To do so is to be anti-capitalist, even socialist. So forget I said anything, will ya?

– Jay Bookman

835 comments Add your comment

ty webb

July 19th, 2012
12:05 pm

“So forget I said anything, will ya?”

some of us already do this…daily.

Keep Up the Good Fight!

July 19th, 2012
12:06 pm

what? Another Wall Street scheme rigged to favor the 1%…. How surprising..

Joe Hussein Mama

July 19th, 2012
12:07 pm

Since when does JPM actually *have* any electricity for sale in the first place?

getalife

July 19th, 2012
12:08 pm

Looks like they rigged all systems to bleed every penny from the markets.

All they need now to keep doing this is a willard victory.

This leads to collapse cons.

Joe Hussein Mama

July 19th, 2012
12:08 pm

T. Webb — “some of us already do this…daily.”

Hard to believe, given all the time and effort you spend bleating about what he posts.

larry

July 19th, 2012
12:08 pm

Well, i read and hear that the President is anti-business this, anti-business that. It seems to me that business is its own worse enemy.

Enron all over again.

How much are Chase’s loses, 5.2 billion and counting ?

the cat

July 19th, 2012
12:09 pm

Am I being totally naive in asking who the hell wrote the rule and why can’t it be changed?

getalife

July 19th, 2012
12:09 pm

going not doing.

Jay

July 19th, 2012
12:10 pm

JHM, apparently they signed contracts with actual power generators, which gave them the standing to run this scheme. They have no plants on their own.

the cat

July 19th, 2012
12:11 pm

Is this part of why California is bankrupt?

getalife

July 19th, 2012
12:11 pm

ty,

You cower from the truth and firsty.

Kamchak ~ Thug from the Steppes

July 19th, 2012
12:11 pm

Jm (LL) -pass TSPLOST silly people

July 19th, 2012
12:12 pm

Well, the alternative is a blackout

If you don’t want standby power, don’t offer value for it and you too can enjoy regular blackouts

The CA electricity market is messed up and it’s their idiot regulators fault

stands for decibels (SfBA)

July 19th, 2012
12:12 pm

They have no plants on their own.

Banksters give so much, and ask so little in return.

ty webb

July 19th, 2012
12:13 pm

getalife,
“firsty”?

Steve

July 19th, 2012
12:13 pm

When is America going to wake up – this stuff happens so regularly now and nobody seems to care? But hey, if some poverty level mom needs a few dollars to feed her kids, we’re in an uproar.

getalife

July 19th, 2012
12:14 pm

the cat,

You asked good questions.

I believe billionaires united will write the rules and they will bankrupt our whole country not just California.

TaxPayer

July 19th, 2012
12:14 pm

Well, so long as no one on Wall Street gets taxed the Republicans will go along with it. Just don’t tax them.

ken

July 19th, 2012
12:14 pm

Obama has over $500,000 with JP Morgan

Jm (LL) -pass TSPLOST silly people

July 19th, 2012
12:15 pm

“the cat
July 19th, 2012
12:09 pm

Am I being totally naive in asking who the hell wrote the rule and why can’t it be changed?”

Either an idiot regulator or an idiot legislator.

CA’s bright people all work in tech, not government

getalife

July 19th, 2012
12:15 pm

ty,

You failed to address you are the first to comment.

You are no fun ty.

Joe Hussein Mama

July 19th, 2012
12:16 pm

Jay — “JHM, apparently they signed contracts with actual power generators, which gave them the standing to run this scheme. They have no plants on their own.”

Then this is clearly speculation. Why is speculation in public utilities permissible? Would we permit an investment bank to speculate in water in parched areas of the desert Southwest?

JKL2

July 19th, 2012
12:16 pm

The question is going to be how much of this money ended up in DNC coffers?

I can’t understand why California is broke…

Jm (LL) -pass TSPLOST silly people

July 19th, 2012
12:16 pm

Traders are smarter than regulators

Always have been, always will be

Jay

July 19th, 2012
12:17 pm

“But hey, if some poverty level mom needs a few dollars to feed her kids, we’re in an uproar.

Maybe I should it phrased it like this:

“The other day at WalMart, I saw JPMorgan in line at the checkout counter, and …”

carlosgvv

July 19th, 2012
12:17 pm

Wall Street is so infested with highly educated and very intelligent sociopaths that strict Govt. regulation and oversight is needed to keep these crooks from robbing the country blind.

Unfortunately, they provide full campaign funding for the Republicans and can continue to fleece the country without worry since their bought and paid for lackeys will do anything to get and keep political power.

Hey, is this a great country or what!!!!!!!!!!!!!!!!!!

Joe Hussein Mama

July 19th, 2012
12:17 pm

Jm — “The CA electricity market is messed up and it’s their idiot regulators fault”

You can say that all you want, but this sort of thing didn’t start happening until *after* deregulation started happening out there.

You don't say

July 19th, 2012
12:17 pm

Seems we need less regulation.

Prices will be down to almost nothing

ty webb

July 19th, 2012
12:17 pm

getalife,
sorry…first!

getalife

July 19th, 2012
12:19 pm

You lost the class war so you will suffer the consequences.

It is easy to be a corporate hack but challenging to change corporate power.

We are fat and lazy so we chose the easy way.

Jay

July 19th, 2012
12:20 pm

But you’re right, Steve. If a company like JPMorgan is caught gaming the system, the immediate reaction of some, as we’ve seen, is to blame it on the system and excuse the company.

Yet if a welfare recipient finds a way to game THAT system, the moral outrage heaped on her head will come Old Testament style. Quite a stark contrast.

Steve

July 19th, 2012
12:20 pm

getalife

July 19th, 2012
12:20 pm

ty,

Much better.

TaxPayer

July 19th, 2012
12:21 pm

In fact, Republicans consider these efforts by Wall Street types so ingenious that they deserve a tax cut. Not to worry though. The cuts will not cause any increase in the debt or deficit. The Republicans are more than willing to pass on the cost of the tax cuts to the poor and sick and elderly since they are of no value in creating jobs.

Redneck Convert (R--and proud of it)

July 19th, 2012
12:21 pm

Well, this sounds like a good scam system. I wonder if it would work for beer—say, you agree to pay me for the cost of bidding to sell you beer at, say, $5 a can. I guess there’s always some alkies that would pay that much, but you probly wouldn’t. If you don’t accept my bid you pay me. If you do accept it, I can maybe buy beer at 75 cents a can and then I pocket $4.25 for each beer I supply you with. It don’t sound like there’s a down side, except maybe for you.

I’m real down right now, folks. Bookman’s got his bags packed and he’s probly setting around tying feathers to fish hooks and getting ready to flash us a finger as he walks out. And we’ll be stuck with the same old piece of cut ‘n paste for two weeks. I don’t know how I’ll make it without booting up and seeing a fresh blog every day. It’s just about the end.

Joe Hussein Mama

July 19th, 2012
12:21 pm

JKL — “The question is going to be how much of this money ended up in DNC coffers?”

Not nearly as much as has ended up in the pockets of people like Ken Lay.

http://en.wikipedia.org/wiki/California_electricity_crisis

the cat

July 19th, 2012
12:21 pm

Isn’t this what we all do when we buy natural gas? Are we not buying from speculators that can raise or lower the price? Like Scana, etc?

Steve

July 19th, 2012
12:21 pm

And, Jay, the contrast between what is wasted on social safety net fraud pales in comparison to the free market waste/fraud that happens on a weekly basis. I don’t have numbers, but I would bet my house that this could be proven via actual data.

Common Damn Sense isn't Very Common

July 19th, 2012
12:22 pm

Joe Hussein Mama

12:16 pm
Would we permit an investment bank to speculate in water in parched areas of the desert Southwest?
—————————————————————————–

SHHHHHHHHHHHHHHH

That’s my next plan since Jay found out about this one :-)

Fly-On-The-Wall

July 19th, 2012
12:22 pm

How many more if these have to occur before the whole country will stand up and say NO MORE? How many more times does Wall Street have steal and lie before people will wake up and realize that these guys don’t give damn about the country. They’re not out there chanting USA, USA, all they want is money and if that is your money (not their’s) then so much the better.

Steve - USA "None of the Above"

July 19th, 2012
12:22 pm

So even with a Democratic President and a Democratic Governor the song remains the same.

King of Everything

July 19th, 2012
12:23 pm

This would not happen if we had less Gov’t regulation. In fact it would be impossible for anyone to pull this off if we had no Gov’t regulations at all. (Tongue in cheek for the few).

Brosephus™

July 19th, 2012
12:23 pm

Traders are smarter than regulators

Got proof, or are you claiming a Kamchak Corollary on this one?

Regulators often have their hands tied because of a certain ideology that claims that the government is heavy handed in regulating things. This particular ideology is hellbent on repealing regulations in order for the “free market” to use it’s invisible hand to keep things orderly. What they don’t tell people is that the invisible hand is a kleptomaniac who plies his trade if he’s not properly regulated.

Joe Hussein Mama

July 19th, 2012
12:24 pm

T. Cat — “Isn’t this what we all do when we buy natural gas? Are we not buying from speculators that can raise or lower the price? Like Scana, etc?”

That’s the aim of deregulation. They claim it’s to improve prices and customer service via competition, but the only thing about the entire industry that actually seems to be improved by it is the profit margin.

You don't say

July 19th, 2012
12:24 pm

Jm

So CA would have experienced blackout had JP Morgan not done what they did?

You imply that in one post, then seem to cheer the traders in another.

Which is it?

Jay

July 19th, 2012
12:24 pm

Steal a dollar, see ya in jail. Steal $100 million, see ya in the Hamptons. And the attitudes already expressed on this board explain quite clearly how that dichotomy is possible.

Pass the Cheesy Grits Please

July 19th, 2012
12:25 pm

And, Jay, the contrast between what is wasted on social safety net fraud pales in comparison to the free market waste/fraud that happens on a weekly basis.

Not true at all.

And notice how he ” doesnt have the numbers ”

Of course he doesn’t. That would mean knowing what you are talking.

Ill be waiting on those numbers.

getalife

July 19th, 2012
12:25 pm

Basically, when government is bought and will not close the loopholes or stop the cheating, well, you have seen what happens.

I believe the term is checkmate.

Jm (LL) -pass TSPLOST silly people

July 19th, 2012
12:25 pm

Jay 12:20 I disagree

People get hacked at the government

Not the welfare recipient

RB from Gwinnett

July 19th, 2012
12:26 pm

From below…I can beleive none of you basement dwelling morons knows about the UN agreement, but I feel pretty certain Jay knows about it and intentionally left off half the story as he is prone to do in his agenda driven posts.  The point is not that there is language in the agreement specifically limiting our 2nd amendment rights, it’s that we don’t know whats in it at all and how it affects us. 
 
“U.S. overturns former position
On 14 October 2009 the Obama administration announced in a statement released by Hillary Clinton and the State Department that it was overturning the position of former President George W. Bush’s administration, which had opposed a proposed Arms Trade treaty…

 

The Arms Trade Treaty is the name of a potential multilateral treaty that would regulate the international trade in conventional weapons. The treaty will be negotiated at a global conference under the auspices of the United Nations from 2 – 27 July 2012 in New York.

 

As of September 14, 2011, 58 US Senators (45 Republicans and 13 Democrats) have expressed their opposition to an ATT that would limit the Second Amendment rights of US citizens.[”

 

You can all go re-bury your heads in the sand.

East Lake Ira

July 19th, 2012
12:26 pm

I’m sure JPMorgan created a vast number of jobs from this increased revenue, right?

Willie

July 19th, 2012
12:26 pm

Banks seem to scam us for hundreds of millions of dollars but to scam trillions you need the government.

Madmax

July 19th, 2012
12:26 pm

And what moron controls the ISO? Is it the PUC or some other state agency? Shouldn’t alarm bells go off in ones head when you see a bank in the energy business? But they followed their rules and procedures and got ripped off because they didn’t use common sense and do due diligence on the bidders. Not defending the bank, just saying that the solution is not that difficult.

JohnnyReb

July 19th, 2012
12:27 pm

This is not an anti-capitalist or socialist issue. It’s a regulation issue. The first question is, is there an existing regulation that prohibits the conduct? If there is, who is responsible for enforcing it, and fire them. If there is no regulation prohibiting this conduct, then make one. Notice I state regulation, not a new law. Unlike the crap coming from HHS, a regulation to stop this conduct is in order.

You don't say

July 19th, 2012
12:28 pm

“What they don’t tell people is that the invisible hand is a kleptomaniac who plies his trade if he’s not properly regulated.”

Surely seems there are more cases as you noted then less regulation bringing out more honesty and openness from the impacted industry.

End of the day, you have character and integrity or you don’t.

I wont name names, but one blogger is either hyping the issue to be funny or showing their lack of character and integrity.

Joe Hussein Mama

July 19th, 2012
12:28 pm

Jm — “I disagree People get hacked at the government Not the welfare recipient”

Given the sentiments expressed on this board in the past, I have no idea how you could possibly think that.

Brosephus™

July 19th, 2012
12:29 pm

Jay @ 12:24

So very true. Also, did you see where the lobbyist responsible for Ralston’s European Rail Experience paid a $300 fine to make the complaint go away?

Joe Hussein Mama

July 19th, 2012
12:29 pm

RB — “From below…I can beleive none of you basement dwelling morons knows about the UN agreement, but I feel pretty certain Jay knows about it and intentionally left off half the story as he is prone to do in his agenda driven posts.”

The wingnut is strong in this one. :D

Common Damn Sense isn't Very Common

July 19th, 2012
12:29 pm

Bro

JHM outed my plans to sell water to Alabama.

with this ‘ Would we permit an investment bank to speculate in water in parched areas of the desert Southwest?’

too funny

He mistook southwest for southeast

:-)

Beth

July 19th, 2012
12:30 pm

Jay, you are not a solicalst becasue you think that banks shouldn’t be crooked, you are a socialist because like Obama, you think that labor produces wealth and you hate invidual business people making investments and getting rewarded. You are a a socialist because you think an unending parade of new taxes and new rules will somehow create wealth and prosperity in the country. You are a socialist becasue you don’t really give a fig about liberty or freedom and would sell your birthright for a bit of ugly, government sponsored subsidy.

TGT

July 19th, 2012
12:31 pm

You mean the same JP Morgan that has donated millions to Obama and the Democrats (this election and the last)?

bob

July 19th, 2012
12:31 pm

Who is in charge of setting this system up ? If it was easy to scam the system then they need a new system.

Brosephus™

July 19th, 2012
12:31 pm

End of the day, you have character and integrity or you don’t.

Point well made!! In this day and age of American Gimmeism, I think we’re suffering from a significant lack of integrity.

JohnnyReb

July 19th, 2012
12:31 pm

RB – don’t become discouraged. There are a few regulars here who would not believe a fact if it hit them in the face. They had rather attempt to defame a Conservative than take the time to determine if we are correct. I’m not sure about you, but I don’t post here to change minds. I concluded long ago that is not gonna happen. I do know when I hit a nerve, they call me racist or other defamations.

Jay

July 19th, 2012
12:32 pm

Labor doesn’t produce wealth, Beth?

Oh my. This one I will have to see explained. Please, expound on that fascinating theory of yours.

TGT

July 19th, 2012
12:32 pm

Brosephus™

July 19th, 2012
12:32 pm

NoCom

You’re still peddling that “yellow water”?? :)

stands for decibels (SfBA)

July 19th, 2012
12:33 pm

People get hacked at the government
Not the welfare recipient

Jm, I’m not buying this.

For instance– when this Administration announced it would be enabling individual states to make modest eligibility changes to receive public assistance, the right wing exploded in outrage. The usually even-keeled Kyle Wingfield even joined in the frenzy.

http://blogs.ajc.com/kyle-wingfield/2012/07/13/obama-tramples-welfare-reform-rule-of-law/

Jay

July 19th, 2012
12:34 pm

Yes, Bro. And did you note that said $300 fine was exactly what it would have cost him to sign up as a lobbyist in the first place? In other words, he paid no penalty whatsoever for breaking the law.

If you get caught driving your car without a license, are they going to let you off for the price of the license? Yeah right.

More fodder for the “if you get caught stealing a dollar” theory.

Joe Hussein Mama

July 19th, 2012
12:34 pm

Common Sense — “too funny He mistook southwest for southeast”

I think they’re probably a little dryer in West Texas, New Mexico and Arizona than they are down in South Jawja, but whatever works for you. :)

getalife

July 19th, 2012
12:35 pm

The banks will scrap the libor scam because it was busted but will propose a more profitable scam.

A collapse is a national security priority.

Which attack hurt the most Americans?

9/11 or the collapse?

Butch Cassidy (I)

July 19th, 2012
12:35 pm

Maybe if JPMCs taxes weren’t so high, and they weren’t burdedned by over regulation and uncertainty about Obamacare, they wouldn’t have to resort to such measures to make a profit. ;)

Joe Hussein Mama

July 19th, 2012
12:35 pm

Beth — “like Obama, you think that labor produces wealth”

OMGWTFLOLBBQ :D

Brosephus™

July 19th, 2012
12:35 pm

dB

I didn’t receive my “Being Black” memo for the week. What’s my latest talking points? I don’t wanna be left out of the loop.

:lol:

Kamchak - "Socialism" is just a code word for "fear," the monster under you bed ~ Kamchak

July 19th, 2012
12:36 pm

…you are a socialist because…

You are a fear monger

stands for decibels (SfBA)

July 19th, 2012
12:37 pm

http://factcheck.org/2012/06/still-no-international-gun-ban-treaty/

RB, don’t you have some minimum-wage slaves that need whippin’ or something?

Brosephus™

July 19th, 2012
12:37 pm

More fodder for the “if you get caught stealing a dollar” theory.

That statement is what made me think about that fine. I got hit with a super speeder “fine” last year, and I would have been much better off giving Ralson that rail trip. I paid about 2.5 times the fine for not being a registered lobbyist.

Joe Hussein Mama

July 19th, 2012
12:38 pm

J. Reb — “They had rather attempt to defame a Conservative than take the time to determine if we are correct.”

Not our job to prove or disprove your wild-eyed claims. If you can’t be bothered to provide evidentiary support for the crazy crap you say, I don’t see why any of us should expend the effort.

“I’m not sure about you, but I don’t post here to change minds. I concluded long ago that is not gonna happen.”

No proof = no minds changed.

“I do know when I hit a nerve, they call me racist or other defamations.”

Normally, you only get called a racist when you post racist stuff. Which, admittedly, you only do a couple of times a month.

Can’t imagine why something like that would get someone called a racist. :roll:

You don't say

July 19th, 2012
12:39 pm

Brosephus™

Some of the very people laughing when a regulator doesn’t do his job and thinks that justifies the actions of a company or industry are the some of those pushing for less regulation.

They are letting you know, I am good with gaming the system as long as “I get mine”.

Flip side: They would be some of the very ones suing a company if they were impacted and it was known a regulation was not followed

Butch Cassidy (I)

July 19th, 2012
12:39 pm

Beth – “like Obama, you think that labor produces wealth”

Okay Beth, empty out Home Depot Corporate, and and all the employees in the stores and let me know how much “wealth” rolls in with just a store manager and the CEO running everything.

stands for decibels (SfBA)

July 19th, 2012
12:40 pm

I didn’t receive my “Being Black” memo for the week.

I’ll get to it next week. I’m shiftless and lazy, after all.

You don't say

July 19th, 2012
12:40 pm

I see Jm got busy when asked to back up his claim on blackouts.

Go figure

Granny Godzilla - Union Thugette

July 19th, 2012
12:41 pm

Well, well, well….

And there remains a few knuckleheads who think another member
of the monied elite should sit behind the resolute desk.

Pretty damn sad.

Pretty damn stupid.

RB from Gwinnett

July 19th, 2012
12:41 pm

Gee aquagirl, you were able to find a snopes report from 2010 that says a treaty being negotiated THIS MONTH hasn’t been signed yet!! With skills like that, Jay might want you on his staff.

I don’t suppose you noticed the part where it says the agreement is being negotiated????

ty webb

July 19th, 2012
12:42 pm

“I’ll get to it next week. I’m shiftless and lazy, after all.”

though, perhaps you are “clean” and “articulate”…. so it’s a wash.

Joe Hussein Mama

July 19th, 2012
12:42 pm

B. Cassidy — “Okay Beth, empty out Home Depot Corporate, and and all the employees in the stores and let me know how much “wealth” rolls in with just a store manager and the CEO running everything.”

Nardelli created lots of wealth for shareholders! All he had to do was quit and the market cap went up! :D

Fred ™

July 19th, 2012
12:42 pm

ty webb

July 19th, 2012
12:05 pm

“So forget I said anything, will ya?”

some of us already do this…daily.
++++++++++++++++++++++++++++

And yet another sterling example of the fine intellectual ability of the right………

getalife

July 19th, 2012
12:44 pm

Beth,

Jay called you out.

We are listening …….

ty webb

July 19th, 2012
12:44 pm

“And yet another sterling example of the fine intellectual ability of the right………”

indeed.

stands for decibels (SfBA)

July 19th, 2012
12:44 pm

It’s THIS MONTH!

WAKE UP WHITE PEOPLE!

Steve - USA "None of the Above"

July 19th, 2012
12:44 pm

“Okay Beth, empty out Home Depot Corporate, and and all the employees in the stores and let me know how much “wealth” rolls in with just a store manager and the CEO running everything.”

It’s a Chicken and the Egg argument. How about we empty the store and then tear it down and return it to an empty lot before Corporate Home Depot decided to build a store. How many paychecks and wealth is that empty lot producing?

Donovan

July 19th, 2012
12:44 pm

Slow day for Jay, so he peruses all of the likey left wing news rags. Eureka! The old LA Times didn’t let the cheerleader down, libs.

That fine liberal news rag found another BIG Wall Street Bank(s) raping the poor down-trodden working class stiff in kooky California.

Based on this ridiculous way to provide electricity to the citizens of California, says a lot about the way California is run.

These banks figured out an easy way to make some money on the stupidity of the state. It all seems legal and it is rather brilliant of the finance world to figure it out.

Only in America.

Fred ™

July 19th, 2012
12:45 pm

Beth

July 19th, 2012
12:30 pm

Jay, you are not a solicalst becasue you think that banks shouldn’t be crooked, you are a socialist because like Obama, you think that labor produces wealth and you hate invidual business people making investments and getting rewarded. You are a a socialist because you think an unending parade of new taxes and new rules will somehow create wealth and prosperity in the country. You are a socialist becasue you don’t really give a fig about liberty or freedom and would sell your birthright for a bit of ugly, government sponsored subsidy.
+++++++++++++++++++++++++++++

Could someone, ANYONE point out any evidence of logic, truth, or thought in the above post?

Jay

July 19th, 2012
12:45 pm

RB, your campaign to prove that you’re NOT gullible enough to swallow any half-baked theory that comes along … I do not think it is going very well.

larry

July 19th, 2012
12:46 pm

According to a report by Credit Suisse, as of last year 15 nations in the Organization for Economic Cooperation and Development had higher median wealth than the United States. As Kenneth Thomas noted at Middle Class Political Economist, “It turns out that lots of OECD countries, including economic basket cases Italy, Spain, and Ireland, have higher median wealth than we do.”

https://​infocus.credit-suisse.com/data/​_product_documents/_shop/​324292/​2011_global_wealth_report_datab​ook.pdf

So, the last 30 years of flat wages are finally creeping up to us.

Terrence

July 19th, 2012
12:46 pm

It started with the Peace Plan.

“Steve Peace (D-El Cajon) chaired the Senate energy committee. He won the job of guiding the deregulation legislation.”

FrankLeeDarling

July 19th, 2012
12:46 pm

And just why am I paying 9 dollars a month for Georgia power
To build a nuclear power plant? Do I get a return on my investment ?

Brosephus™

July 19th, 2012
12:46 pm

You don’t say

I guess that’s The American Way 2.0 for the 21st Century.

————

dB

:)

Joe Hussein Mama

July 19th, 2012
12:47 pm

Donavan — “These banks figured out an easy way to make some money on the stupidity of the state. It all seems legal and it is rather brilliant of the finance world to figure it out.”

If you didn’t WANT to be ripped off in the electricity market, maybe you should have thought about getting your OWN electricity.

The latest version of the blame-the-victim methodology. :D

stands for decibels (SfBA)

July 19th, 2012
12:48 pm