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Frank Partnoy, University of San Diego law professor and international expert on derivatives, is quoted several times in the excellent movie, "Inside Job," a documentary which relates in clear terms the rape of American citizens by the big banks and their friends in government. Among other things, the movie explains what derivatives are all about, tells how the large banks control politicians of both parties, and tells in graphic terms how the richest 1% have corralled a huge percentage of both wealth and national income, thanks to favoritism from Washington. The movie shows how wealth of the superrich has zoomed while wealth and income of most of the rest of Americans have stagnated or declined. Partnoy came to San Diego in the late 1990s shortly after he his book, F-I-A-S-C-O, the first real expose on derivatives, was published. I recommend this movie to everyone.

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Comments

SurfPuppy619 Nov. 21, 2010 @ 10:44 p.m.

So where do we see this movie?? DVD?? Netflix?? Local vodeo store or is it getting a theatrical release???

Have you see it Don-if yes how did you get it??

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Don Bauder Nov. 22, 2010 @ 11:04 a.m.

I saw it in a movie theater in San Jose. I'm here for Thanksgiving week. Best, Don Bauder

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Anon92107 Nov. 22, 2010 @ 3:48 a.m.

But the greatest question remains:

Will We Learn From It In Time To Save Ourselves from the continuing "rape of American citizens by the big banks and their friends in government."

First, we must consider some major cultural problems:

We give up too easily,

We watch and do nothing,

We don't try hard enough,

We don't get mad enough,

We are too easily lied too,

We get more concerned about potholes than the corruption that causes them,

We have more than enough to do just to survive, so

We appear to be descending into Dystopia in spite of the never-ending warnings in great literature, movies and TV, and Don Bauder's Blogs.

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Don Bauder Nov. 22, 2010 @ 4:46 p.m.

Excellent analysis, although in the last line I believe you are overstating my role in all this. Best, Don Bauder

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Anon92107 Nov. 23, 2010 @ 6:56 a.m.

America needs for you to have your own TV Show Don.

You're most certainly a better investigative reporter than anyone on TV today.

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MsGrant Nov. 22, 2010 @ 9:31 a.m.

SP, it is still at the Hillcrest Landmark. Go see it. It will make you really mad, though. Just a warning.

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Don Bauder Nov. 22, 2010 @ 4:47 p.m.

Go and get fired up, SP. Best, Don Bauder

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Don Bauder Nov. 22, 2010 @ 4:47 p.m.

If you don't get mad seeing this one, you will remain a permanent victim of the predators who control Congress. Best, Don Bauder

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nan shartel Nov. 22, 2010 @ 11:35 a.m.

Bauder, CC,and Grantie u saw it...wow thx Grantie...i'm goin' i can't wait to see it!!!...maybe it will clarify some of the sewage that blocks the REAL view of how this whole debacle happened!!!

and get mad Grantie...i say get even!!!!

release the dogs of civil unrest....that's u pupster...;-D

:-D...have fun in SD Bauder...

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Don Bauder Nov. 22, 2010 @ 4:48 p.m.

Civil unrest is exactly what is needed if we are to straighten out this mess. Best, Don Bauder

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David Dodd Nov. 22, 2010 @ 2:40 p.m.

Partnoy's Complaint? With apologies to Philip Roth, of course. I couldn't help it, the low-hanging fruit is too tempting ;)

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Don Bauder Nov. 22, 2010 @ 4:50 p.m.

Frank Partnoy was one of the first to register this complaint, to see the pit it was leading us into it, and to analyze it concisely. Best, Don Bauder

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historymatters Nov. 22, 2010 @ 6:52 p.m.

USD....that is interesting. USD is where we get all the super greedy developers. I saw thats where alot of the developers teach so it would make sense that it would be an epicenter of evil.

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Don Bauder Nov. 22, 2010 @ 9:30 p.m.

USD is entirely too close to the San Diego establishment, particularly in real estate. That is not true of Partnoy. Best, Don Bauder

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historymatters Nov. 22, 2010 @ 6:54 p.m.

Don, I still think the mayor used a Credit Default Swap to change san Diego's credit rating. Remember how we had a horrendous credit rating and then overnight it changed to like a B or B +. That could not have occurred organically. That is still my contention and I will bet anything it is true.

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Don Bauder Nov. 22, 2010 @ 9:32 p.m.

It may be true. I just don't know. Keep in mind that the bond raters are paid by the entities that they rate, not by investors. One thing "Inside Job" points out is that the bond raters have never been punished for their disgraceful role. Best, Don Bauder

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historymatters Nov. 22, 2010 @ 7 p.m.

I saw that Congress has to vote to raise the debt ceiling in order to continue. Of course I never agree w/ anything Congress does and this is an interesting dilemna except that the Dems are not in anyway conceding how many trillions were given away to the banks and that this is the reason the debt ceiling must be raised. Then the stimulus came along and gave 100s of billions to the billionare developers....voted on by the Dems.

And despite the line from the gov, the banks did not pay us back. They paid us back w/ money from an anonymous TARP fund so that it appears that they paid us back. That is why the Fed will not tell us where the TARP money went. there was a certain amount that on paper went to the banks and then there was another amount that did not have to identify where it went.

This is not even to mention how the 100 billion plus to AIG was just a backdoor bailout to many of these banks because AIG insures their investments and the AIG money we have been told will never be paid back. Its all a shell game just like the city of SD and people better wake up and stop beliving the propaganda so we can fix this.

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Don Bauder Nov. 22, 2010 @ 9:35 p.m.

The highly publicized payback of subsidies was enabled by the Federal Reserve lowering short term interest rates to almost zero. Now the Fed is lowering long term rates as low as possible. Banks can get money for nothing and gamble with it, and we wonder how they have been able to pay back the subsidies they got. But we will pay a steep price for this cheap money. Best, Don Bauder

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historymatters Nov. 22, 2010 @ 7:24 p.m.

The problem is that people still think that no matter how bad or incompetent their leaders are they will not believe that they are truly and completely corrupt and bad to the bone.

People still supported the bank bailouts at the time. They did not think the bailout was really just a coup by the banks. They believed it may not be the perfect solution, but that it was better than the alternative.

Well, we need to accept that our leaders may very well be evil and corrupt to the bone. Dont forget Mayor Sanders has the blood of 21 people on his hands. He was commander of the San Diego SWAT team during the 1984 San Ysidro McDonald's massacre, and refused to allow the officers and SWAT at the scene to shoot the killer until he got there because he had to sober up before he was caught drinking on the job. Many people that worked under him can not stand him. http://sparkysandiego.blogspot.com/2009/06/oath-of-law-enforcement.html This guys is bad to the bone and do not underestimate how corrupt all of our leaders are.

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Don Bauder Nov. 22, 2010 @ 9:37 p.m.

Yes, the people will not accept the truth. As long as that's true, there will be no change. As I've said, people believe in the beauty of the way and the goodness of the wayfarers. Best, Don Bauder

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historymatters Nov. 22, 2010 @ 11:13 p.m.

Im glad about Partnoy. and I am encouraged by the handful of brave souls that have become whistleblowers. I wish there were more of them.

"the movie explains what derivatives are all about, tells how the large banks control politicians of both parties, and tells in graphic terms how the richest 1% have corralled a huge percentage of both wealth and national income, thanks to favoritism from Washington."

yes absolutely and 1 thing people are still not getting about the bailout is that it was not just about getting the 700 billion dollars, it was about changing the rules. What happened during the bailout is they took those bad bets....27 TRILLION dollars worth and they put the risk onto the American people. Before the risk was solely the responsibility of the banks. We have not even begun to see the ramifications of this bailout. In fact there is not enough money in the world to cover what we are now on the hook for. I think this is part of why the Fed keeps pumping $ into Wallstreet like steroids, printing and pumping because once WallStreet falls it will not be a simple crash. The bottom will fall out of the market and the $ will be gone.

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Don Bauder Nov. 23, 2010 @ 10:57 a.m.

Good points. You may be right about a Wall Street cataclysm. Best, Don Bauder

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jv333 Nov. 23, 2010 @ 7:33 a.m.

INSIDE JOB is at 2 theaters in San Diego... Landmark in Hillcrest and the UltraStar at the Flower Hill mall in Del Mar. Mr B, I agree. This documentary is of critical importance providing an excellent overview of the whole Wall St mess and its influence over politics.

The tragedy is that the collapse of the banks etc could have been avoided. And the sadder fact is that, although they received their billions in bailout money and used a good deal for bonuses, not much has been done to rein them in. Paulson, Bernanke, Greenspan, and the entire lot of them run govt for the benefit of their industry. Mr and Mrs Joe Citizen can go to hell. (and I think this is what has most Americans angry.)

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Don Bauder Nov. 23, 2010 @ 11:01 a.m.

Yes, they run to the government for bailouts, and then they preach free enterprise and the slashing of government. What bugs me is why the people haven't figured out this fraud yet. Best, Don Bauder

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a2zresource Nov. 23, 2010 @ 8:37 a.m.

The best free advice I ever received from somebody holding onto a California Bar card was this: "Simplify your life."

From my perspective, anyone with bank accounts, credit cards, debit cards, or a broker of any kind is merely somebody else's tool, where "somebody else" is typically a corporation or some other artificial personality with no worries because it has an unlimited life span. Anyone who is convinced that life is not possible without those things is a bigger tool than he or she thinks, and the toolmakers want you just the way you are, which is being useful for their plans, not yours. Being a tool that way is amazingly easy for people who refuse to think, period.

My life is so amazingly simple that I lower the carbon footprints of everyone around me. I don't own a car, and have refused to buy a new one since the 1970s oil embargo. I have no relationship with any bank, and that goes for plastic issued by any bank or some other entity that wants a cut of all of my transactions, like they get from a whole lot of people/ tools out there.

Can there be a bigger scam than cellular telephone billing? I don't know... I'm just asking because there's no way in hell this former computer science major would ever pay money for a cell phone.

Things won't get better in the real world out there until we decide that our super-plasticized-warp-speed lives are too damn complicated for us to afford. Any of us who has bothered to actually read our monthly bills will see that COMPLEXITY IS NECESSARY FOR THE SUCCESSFUL CON-GAMES PERPETRATED ON CONSUMERS BY ARTIFICIAL PERSONS, and that's why television advertising looks the way it does, always convincing us that we ought to have what we really don't need: more corporate hands touching our junk and claiming it for their own.

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Don Bauder Nov. 23, 2010 @ 11:03 a.m.

Good for you. But are you paying that lawyer anything? Best, Don Bauder

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a2zresource Nov. 24, 2010 @ 10:02 a.m.

I paid in labor. I was an intern/clerk for Mr. Billingslea's Standing Trustee's office for Southern District of California Chapter 13 bankruptcies, a post that lasted a year and a half. It started right after that first semester of paralegal courses, when he asked me what I was up to for the next two weeks... it was where I was trained to give the smell test to interesting bankruptcy petitions subject to multiple interpretations. From the trustee's standpoint, bankruptcy practice is an endless series of petition evaluations, approvals, modifications, servicing and applications for discharge. Servicing about 5000 open bankruptcy plans meant that for any given day on a typical five-year plan, perhaps three dozen or more could be at any monthly benchmark and up for hearings at the same time. With less than 3 percent used (more like 1.5?) for trustee's admin, over 97 cents of every debtor's dollar was paid out to creditors, and I was involved in payable and receivable accounts auditing down to chasing down front and back photocopies of individual canceled checks. I understand that in the private charity industry, it is considered fairly efficient if one gets 50-60 cents on a donor's dollar to recipients.

Seeing that many bankruptcies made me privately frugal, even though I owe a small fortune from public interest actions done WITHOUT a personal attorney of my own. I need to quit being such a boy scout.

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Don Bauder Nov. 24, 2010 @ 3:38 p.m.

Private frugality is a virtue. Of course, policymakers will often tell you to go out and spend what you don't have. In the 1930s, Keynesians said that private virtue (savings) was public folly, Remember when George W. Bush, right after 9/11, told people to keep spending at the mall? Ugh. Best, Don Bauder

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MsGrant Nov. 23, 2010 @ 4:35 p.m.

RIGHT ON, a2z!! You know what strikes me as funny? That people who prefer to "live off the grid" so to speak are suspect. It's as if they want to criminalize the option to not buy into all the crap that is consistently shoved down our throats as being what is best for us. Only we know what is best for us. And less is most definitely more.

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Founder Nov. 23, 2010 @ 5:08 p.m.

I would add that more "LESS" is not MORE... More or less...

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a2zresource Nov. 24, 2010 @ 10:24 a.m.

Living off the grid is an adult form of not stepping on cracks. I learned it from my bankruptcy intern days, and my FDIC/RTC internship days, going all the way back to my presidential escort battalion days when I was still 17. Everything that is modern civilization began as a control of wealth or power scheme by somebodies scheming a little or a long time ago; clever people have discovered that in a land of plenty, ownership is much less important that are access and utility - can I get hold of it and can I use it in ways that other people can't, so that they aren't competitive?

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SurfPuppy619 Nov. 24, 2010 @ 10:43 a.m.

OMG-you worked for that inept gov agency the RTC??????

Seidman was a bigger jerk off back then than Ben Bernanke is today.

I have never seen such mismanagement and incompetence in gov as with what I saw at the RTC with Seidman-and that is saying a LOT!

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Don Bauder Nov. 24, 2010 @ 3:44 p.m.

It didn't have a good record. Best, Don Bauder

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SurfPuppy619 Nov. 24, 2010 @ 4:59 p.m.

Unless you saw how courrupted they were you don't know the half of it. A circus chimp could have done a better job than Seidman.

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Don Bauder Nov. 24, 2010 @ 3:41 p.m.

I am all for thrift. Best, Don Bauder

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realnews Nov. 24, 2010 @ 8:47 a.m.

HA! I read his book Several years ago. But plan to see the movie, anyway. As a refresher course.

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Don Bauder Nov. 24, 2010 @ 3:45 p.m.

I didn't know the movie was preceded by a book. Best, Don Bauder

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MURPHYJUNK Nov. 24, 2010 @ 10:09 a.m.

same as a brown stain on the back of a kids pants ( looks like and inside job)

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Don Bauder Nov. 24, 2010 @ 3:47 p.m.

Yes, inside job in that sense -- and same result. Best, Don Bauder

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Founder Nov. 25, 2010 @ 7:54 a.m.

--and redefines "getting caught short"

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David Dodd Nov. 25, 2010 @ 1:28 a.m.

Hey Don, I just want to say thanks for everything. I've thoroughly enjoyed reading you from the U-T days up until now, and I'd like to give props to SP and Burwell and Crys and especially A2Z, great stuff added to your great stuff. Keep it up, you guys. You give all of San Diego a fighting chance :)

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Founder Nov. 25, 2010 @ 7:55 a.m.

  • Ditto Kudos -

Online Readers learn much from what they all have to say About what's going on in San Diego each day

I'd also add Refried to that list When he's not commenting he is missed

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Don Bauder Nov. 25, 2010 @ 1:31 p.m.

Yeah, but there are so few of us. Best, Don Bauder

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nan shartel Nov. 25, 2010 @ 10:35 a.m.

hi Happy Thanksgiving all u Bauderlings...turkey up homeys!!!

Don...thx for all u do here to arouse the ire of us all to give information and opinions

u is da best...and all ur commentors r 2

movin' and groovin' to the BAUDER BEAT!!! ;-D

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nan shartel Nov. 25, 2010 @ 10:49 a.m.

A2z...u r such a complete political advocate hottie!!!

Puppy..keep that voice speaking..ditto Refried!!!

Crys and founder...right on wid ur clarifying...and Refried...don't u be thinkin' of goin' anywhere Tijuanese...and Viva Mexico!!!

all r welcome and needed here on Don's blogs and stories

i mean he comprised about 70% of the Readers blogdom and commentors

gotta get back to the bird peeps but keep verbally beating the stuffing out of the bad guys!!!

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Don Bauder Nov. 25, 2010 @ 1:33 p.m.

The Bauder Beat is soft this Thanksgiving; I'm sick as a dog. Best, Don Bauder

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Founder Nov. 25, 2010 @ 2:27 p.m.

Then like a dog, I trust you will rebound quickly!

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Don Bauder Nov. 25, 2010 @ 9:54 p.m.

My tail has been dragging badly since Monday. Best, Don Bauder

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Don Bauder Nov. 25, 2010 @ 10:46 p.m.

What gets me is that the bandits most responsible for the tragedy are still in office. Best, Don Bauder

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MURPHYJUNK Nov. 26, 2010 @ 8:10 a.m.

"What gets me is that the bandits most responsible for the tragedy are still in office."

could be honest persons won't run for office and get involved with these scum.

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Don Bauder Nov. 26, 2010 @ 12:15 p.m.

That would be one plausible explanation. Best, Don Bauder

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nan shartel Nov. 26, 2010 @ 11:23 a.m.

sorry ur sick pooh...get well quickly please :(

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