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Larry Schweikart: An Alternative Theory of the Riots

Guest Piece by Larry Schweikart

Some of you may know that I’m a historian of American banking and finance—that was my original research area and I probably wrote 4-5 books on the subject. What makes that all the more remarkable is that I never took a formal course in banking, finance, or even economics in my life. It was all “on the job training.”

So in a recent chat with a former co-author, Professor Charles Calormiris of Columbia University, on an article that came to be the most-cited piece I’ve ever written (“The Panic of 1857,” Journal of Economic History), our conversation naturally turned to banking. He began discussing research from his 2015 book “Fragile By Design” with Stephen Haber. He mentioned that something they found in that book now seemed all the clearer in light of recent riots.

In the 1990s through the early 2000s, there was a merger wave occurring among banks and financial firms. Many of you will remember your local, hometown banks began to disappear, replaced by J. P. Morgan Chase, Citibank, Wachovia, and Bank of America. It turns out that in the late 1990s, in order to gain congressional approval for these pending mergers, the banks needed to get certain legislators on their side. Legislators who were, shall we say, highly persuaded by minority communities. More to the point, the big banks needed leading black organizations and leaders to support their mergers.

Now, you ask, what possibly could be the benefit to minorities of having giants like Citibank or Chase take over more local banks? Under normal circumstances, nothing. But shakedown artists like Rev. Jesse Jackson and the Rev. Al Sharpton always know where to find a buck. In this case it was “community reinvestment.” Banks, they figured, could be “encouraged” to make massive loans in minority neighborhoods. Gee, someone might have to, er, “direct” such lending, wouldn’t they?

Absolutely. May I introduce NCRC, the National Community Reinvestment Coalition. Bank loans to the “minority community” were funneled through the NCRC—no doubt with the reverends taking a reasonable fee for their services—and in return, the black community wrote letters and gave testimony supporting the mergers. Just how much money are we talking about here? Two trillion dollars.

That money began to run out in 2015. The loans were usually either 10- or 15-year loan programs. “What’s the big deal? Just go back and shake them down again,” you say. Not so fast: the mergers are already complete. The banks don’t need the black community anymore. Just where were the bulk of these loans made? Oh, my friends, you know the answer to that. Calomiris and Haber found the usual suspects: Baltimore, St. Louis, Chicago—virtually anywhere there has been a riot recently.

It’s abundantly clear that one (perhaps only one, but perhaps the most important) of the factors that kept the streets quiet was the “walkin’ around money” spread by the banks seeking mergers. While the “Black Lives Matter” corporate coercion may produce relative dabs of cash, the leaders of these movements cannot hope to make up a $2 trillion shortfall. There may be much more to these riots than just “police brutality.” The gravy train has run out, and for now, even the ransom payments from corporate America won’t come close to replacing it.

Larry Schweikart is a historian, the co-author of A Patriot’s History of the United States with Michael Allen, author of Reagan: The American President, and is “America’s History Teacher” with a full US and World History curriculum for homeschoolers and other educators at www.wildworldofhistory.com.

 

That is all.

Today’s news moves at a faster pace than ever. Whatfinger.com is my go-to source for keeping up with all the latest events in real time.

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Saturday News Roundup: MSNBC Hires Coup Plotter, Whitmer Poured out in Court, and More

Oh, sure. Why not? – Just when you thought MSNBC was incapable of sinking any lower, they fooled you again. Late Friday the fake news cable channel introduced its new “legal analyst”: Former FBI lawyer Lisa Page.

Conservative Twitter is outraged by this hiring, but why? Shouldn’t we all have expected it? After all, MSNBC already employs John Brennan and other Obamagate coup cabal honchos. I’m just amazed they haven’t hired Peter Strzok yet. I mean, if your “news” operation is nothing more than a propaganda outlet for the Deep State, why not go all in?

My only question is whether the homely Ms. Page’s ghoulish face will actually be shown on TV, or will she send her “analyses” in via text, with a CC: to lover boy Strzok?

Are you listening, Al Sharpton? – These are the truest words ever spoken:

Phil Murphy doubles down on destroying New Jersey. – In the midst of the spectacles of mass demonstrations in which no one is staying at home or washing their hands or doing any social distancing, Democrat governors are continuing to extend their politically-motivated lockdowns.

Phil Murphy in New Jersey announced on Friday that he is going to keep the Garden State locked down through July 5 for no valid reason whatsoever.

Meanwhile, not even Dr. Fauci is keeping up this pretense anymore. – In a CNN interview yesterday, the little economy destroyer said schools should reopen in the Fall, although still with mitigations:

“In some situations there will be no problem for children to go back to school,” Fauci said during the interview. “In others, you may need to do some modifications. You know, modifications could be breaking up the class so you don’t have a crowded classroom, maybe half in the morning, half in the afternoon, having children doing alternate schedules.”

Are you listening, Gov. Murphy? Probably not.

But there is massive WINNING in Michigan. – 77 year-old barber Karl Manke won a big victory before the Michigan state Supreme Court. In a 7-0 decision, the Court poured out Michigan’s abusive Governor Gretchen Whitmer and the activist appeals court judges who have abused Manke for the past few weeks, allowing Manke to retain his barber’s license and keep his shop open while the case against him is fully considered by the Court of Appeals. A 3-judge panel of the Appeals court had ordered Manke to close while the case was being heard.

Manke’s attorney, David Kallman, called it the “biggest, most lopsided victory of his career.” Life as an aspiring banana republic dictator is getting harder and harder for Frau Gretchen.

“De-fund the police! De-fund the police! De-f…wait, what? A new poll? Just 16% support? Are you sure? Ok, ummmmm…Never-mind! Never-mind! Just kiddin’! Just kiddin’!” – In Friday’s Evening Wrap, we told you about the sudden backing down within the Minneapolis City Council from its Thursday calls to “dismantle” and “de-fund” the city’s police department in the wake of the murder of George Floyd.

After a new poll found that that concept is supported by just 16% of those surveyed, the Council decided on Friday to pass a very limited new measure that eliminates the police use of choke holds and requires by-standing officers to intervene when they see a fellow officer using excessive force, as happened to Floyd. These are simply commonsense measures that most Americans already support.

You have to look way down to about the 20th paragraph to find it, but a New York Times report this morning quotes Minneapolis’s worthless, spineless Mayor Jacob Frey as also pulling back any support for de-funding his police department:

Mayor Jacob Frey has said he does not support calls to dismantle the department. On Friday, City Council members voted to accept a civil rights investigation by the Minnesota Department of Human Rights and to adopt updates to the Police Department’s use of force policy that include a ban on chokeholds. The topic of eliminating some of the department’s functions was not discussed.

[End]

Talk about burying the lede. But hey, it’s the New York Times – what did you expect?

Despite this latest show of poll-based cowardice by one city’s radical Democrat city council, however, no one should think that the Democrat Party as a whole is abandoning the idea of abolishing traditional police departments nationwide. That remains the obvious end-game.

They and their corrupt media toadies will now simply double-down on their efforts to brainwash the public to accept this society-destroying notion until the polling numbers become more politically viable. We have an election in 6 months, and any politician actively running on a suicidal notion that only has 16% public support will get killed at the polls. They’ll have to get that support number up into the 40% range before their politicians will risk actual votes on it.

“Uh, Mr. Mayor? We’re gonna need a new emergency response team.” – All 57 members of the City of Buffalo, New York’s emergency response team resigned en masse after two of their members were placed on suspension after an altercation with a fairly old radical leftist protester.

The radical jackass was pushed to the ground by the two officers when he accosted them as they were attempting to break up an ongoing riot on Thursday.

From a report at The Hill:

John Evans, president of the Buffalo Police Benevolent Association, announced the 57-member team’s resignation at a press conference Friday.

“Fifty-seven resigned in disgust because of the treatment of two of their members, who were simply executing orders,” Evans told a local NBC affiliate.

[End]

Here’s a video of the incident. You can judge for yourselves:

So, the question here becomes whether the officers used “excessive force” on the old jackass. They certainly did shove him to get him out of the way as they attempted to do their jobs. Are the Buffalo mayor and city council now going to tell their police officers that they must now do nothing as they are harassed and prevented from doing their jobs by radical clowns like this?

If so, they’re going to lose many more officers in the future. As far as I can tell, this guy got exactly what he deserved.

That is all.

Today’s news moves at a faster pace than ever. Whatfinger.com is my go-to source for keeping up with all the latest events in real time.

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Watch the Corrupt Reporters Turn on Dr. Fauci in Real Time

Today’s Campaign Update (Because the Campaign Never Ends)

The immutable truth about today’s corrupt news media is that it operates on a narrative coordinated with the Democrat Party. Reporters are not the legendary – probably imaginary – intrepid souls of black and white noir films from the 1930s and 1940s, dogged pursuers of the truth in their role as the people’s watchdog over those in power. What we call “reporters” today are actually narrative engineers, individuals corrupted by those in power who are given an overarching, politically-motivated narrative by their editors and the people who control their editors, and who go out every day to look only for information that can be used to support that preconceived narrative.

We see this played out in real time every day on our TV screens in the question and answer sessions that take place during the White House Coronavirus Task Force updates. The reporters in the room, with a few exceptions, are not there to actually gather information about the Wuhan Virus that might be useful in the lives of their readers and viewers; they are there to argue with the President, the Vice President and the medical experts in a way that they hope will elicit responses that fit the day’s narrative.

Thanks to his stupid statements made over the week on CNN and MSNBC, yesterday’s narrative coming into the update was all about Dr. Anthony Fauci. Fauci, in his boundless search for media attention, had decided it would be a great idea this past weekend to do interviews with execrable hacks like CNN’s Jake Tapper and MSNBC’s Al Sharpton. During those interviews, he agreed with leading questions from both hacks whose premise was that lives could have been saved if only the evil Orange Man in the White House would have acted sooner.

Which is, logically, unarguable. Hell, if only the President had ESP and had shut down the most prosperous economy the world has ever seen in, let’s say, 2017 in anticipation of this virus, then all those people who the virus has killed might be alive today. Or maybe half of them would have died by suicide or deprivation after losing their jobs, homes and ability to purchase food. Or maybe they and millions of others would have all died because we would be living the real-life version of Mad Max and/or the Hunger Games right now had that taken place in 2017. Who knows?

But the narrative was set, and all Fauci had to do was to stay silent while the narrative engineers pounded on the President in order to keep it going. But, to his credit, the overly-loquacious Doctor chose not to do that. Instead, he made a point of attempting to clarify those weekend remarks in a way that not only killed the “Trump acted too late” narrative, but also decimated the corrupt media’s “Trump never listens to the experts” narrative that they have repeatedly attempted to mount over the past three months.

In the clip below you will see Fauci state categorically that President Trump not only listens to the advice of the “experts,” but has responded to each and every one of their recommendations. Watch:

 

Transcript:

Fauci: I had an interview yesterday that I was asked a hypothetical question, and hypothetical questions can sometime get you into some difficulty because it’s what would have, or could have. The nature of the hypothetical question was, if in fact we had mitigated earlier, could lives have been saved?

And the answer to my question was, as I always do, and I’m doing right now, perfectly honestly say ‘yes.’ Obviously, mitigation helps. I have been up here many times telling you that mitigation works. So, if mitigation works, and you instigate it and initiate it earlier, you will probably have saved more lives. If you initiated it later, you probably would have lost more lives. You initiate it at a certain time.

That was taken as a way that maybe something somehow was at fault here. So, let me tell you from my experience, and I can only speak from my own experience, is that we had been talking before any meetings that we had about the pros and the cons, the effectiveness or the not, of strong mitigations. So the discussions were going on, mostly among the medical people, about what that would mean.

The first and only time that Dr. Birx and I went in and made a formal recommendation to the President to actually have a “shutdown,” in the sense of not really a shutdown but to really have strong mitigation, we discussed it. Obviously there would be concern by some that in fact that might have some negative consequences. Nonetheless, the President listened to the recommendation and went to the mitigation. 

The next, second time, that I went with Dr. Birx into the President and said, 15 days are not enough: We need to go 30 days, obviously there were people who had a problem with that because of the potential secondary effects. Nonetheless, at that time, the President went with the health recommendations, and we extended it another 30 days. 

So, I can only tell you what I know, and what my recommendations were. But clearly, as happens all the time, there were interpretations to that response to a hypothetical question that I just thought would be very nice for me to clarify because I didn’t have a chance to clarify. Thank you.

[He thinks he’s done here: Boy, was he in for a rude awakening. He had just decimated not one, but two narratives almost all of those reporters had carried into that room with them, and they were not going to let him get away so easily.]

Reporter: [As Fauci tries to leave the podium] Do you remember the date?

Fauci: No, I, to be honest with you, I don’t even know what the date was. But I can just tell you that the first and only time that we went in and said that we need to do mitigations strongly, the response was ‘yes, we’ll do it.’

Reporter: What did he do? Did he lift the travel restrictions?

Fauci: No, the travel restriction is separate. That was whether or not we want to go into a mitigation stage, of 15 days of mitigation. The travel was another recommendation, when we went in and said we probably should be doing that, and the answer was ‘yes.’ And then another time was we should do it with Europe, and the answer was ‘yes.’ And the next time, we should do it with the UK, and the answer was ‘yes.’

Reporter: In this interview, you said there was pushback. Where did that pushback come from?

Fauci: No, that was the wrong choice of words. You know what it was? When people discuss, not necessarily in front of the President, when people discuss, they say, ‘well, this is going to have maybe a harmful effect on this, or that. So, it was a poor choice of words. There wasn’t anybody saying ‘no, you shouldn’t do that.

Reporter: [Now clearly angry that the guy has destroyed her directed narratives, which might force her to actually engage in independent thought processes she hasn’t used in years.] Are you doing this voluntarily, or did the President advise you…

Fauci: No, I’m doing it….everything I do is voluntarily. Please. Don’t even imply that.

[End]

Wow, that look on Fauci’s face at the end for the hack reporter just reeks of contempt and disgust. It was his best public moment during this entire three-month process.

Now, I’m trying hard to be charitable this morning, and the most charitable thing that can be said for Dr. Fauci is that he is an attention hog who does too many media appearances for his own good. Making matters worse, he obviously doesn’t understand the nature of today’s corrupt corporate news media operations, and stupidly thinks people like Al Sharpton, Jake Tapper and the hack reporter from CBS [Paula Reid, whose husband lobbies congress for Chinese interests] who was peppering him with slanted questions in that clip are his friends and have his best interests at heart.

Let’s go with that charitable assessment of Fauci, and let’s further say that his naivete’ about the nature of the media leads him to believe that if he just answers their questions as honestly as he can that all will be sweetness and light with his world.

If that bit of charity is indeed an accurate description of Fauci and his mindset, then the best thing anyone can do for him would be to counsel him to keep his mug off of the nation’s TV screens, except for these daily Task Force updates. Because what he has been doing for the past three months, repeatedly creating these media-generated dust-ups that undermine the efforts of the Task Force, has been incredibly counterproductive, not just for him and the President, but for the entire country.

Enough.

That is all.

Today’s news moves at a faster pace than ever. Whatfinger.com is my go-to source for keeping up with all the latest events in real time.

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With “Moderate” Democrats Like These, Who Needs Radicals?

Today’s Campaign Update
(Because The Campaign Never Ends)

Why, that’s so moderate! – Tim Ryan became the 2,342nd Democrat to announce his presidential candidacy this week, and the fake news media universally declared him to be a “moderate” among the field of socialists, Leninists, Stalinists, Marxists and outright commies who were already in the race.

How do we know Mr. Ryan, a Democrat congressman from Ohio, is “moderate”? Why, just look at his position on abortion: He’s all in favor of murdering children right up to the point at which they’re about to be born into this world, but unlike all the other ghouls already in the race, he’s against killing them after they’re already breathing free air. In reality, Mr. Ryan is every bit as batsh*t crazy as any of the other lunatics in the race, but he has a nice, tidy haircut, speaks fairly softly, isn’t out there on TV every day lying about having inside information that President Donald Trump is a spy for the Russkies, and as I say, has yet to announce his support of outright infanticide.

That makes him a “moderate” among today’s Democrat Party. My goodness.

And speaking of “moderate” Democrats… – Ok, just kidding.  I’m talking about our very favorite demented Democrat Socialist freak, Alexandria Ocasio-Cortez, or “AOC” for short.

AOC has apparently been taking “blackspeak” lessons from Hillary Clinton, and it got her into yet another controversy yesterday after she gave a speech to fake Rev. Al Sharpton’s National Action Network conference.

But first, a reminder of the context here: Who could ever forget this clip of the Pantsuit Princess giving a talk in Selma, Alabama, employing her impression of what Democrat racists like to refer to as “southern negro dialect”:

The insulting, condescending pandering to the mostly-black audience in the room that day literally bleeds through the screen. The Coughing Crook’s political mentor, segregationist Arkansas Sen. J. William Fulbright, would have been so proud.

As always, AOC chooses her own role models unwisely (first Stalin and Pol Pot, now the Fainting Felon), and she decided it would be just a peachy idea to engage in a little HRC condescension of her own when speaking to Sharpton’s audience.  The similarity is spooky:

To be clear, her words are fine: All of the lines of work she talks about there amount to very noble work that needs to be done, and I’ve done most of them myself in my younger days. But why try to say it all in a fake dialect? What’s the point of that, other than patronizing condescension and contempt for the audience?

Naturally, Twitter went wild in response to the release of that video, mocking the freshman congresswoman for descending even further into the depths of Democrat depravity than she had already gone before, which frankly had seemed almost impossible for her to do. And very predictably – as is her habit – AOC responded to the mocking by trying to paint herself as some sort of victim:

The problem is, no one was talking about “her” voice or her “distinct linguistic culture” – had she stuck to her own very distinctive accent, no one would’ve said boo about it. She was being slammed for trying to appropriate an entire class of people’s own accent and dialect, and failing miserably in doing so.

It’s demeaning to the audience, it’s insulting and yes, it is racist. Yet, there is a certain class of Democrat politician – usually, the phoniest among them – who think it’s a perfectly fine thing for them to do in front of largely-black audiences. YouTube is littered with videos of prominent, heinously phony Democrats like Barack Obama and Al Gore, in addition to the Grasping Grifter, employing this insulting tactic.

Now, AOC takes her place among that millieu. She’s learning fast what it takes to become a real rising star in the Democrat Party today.

That is all.

Follow me on Twitter at @GDBlackmon

Today’s news moves at a faster pace than ever. Whatfinger.com is my go-to source for keeping up with all the latest events in real time.

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The Beto Mania “Victory” Tour Goes On, Only Without That “Victory” Part

Today’s Campaign Update

(Because The Campaign Never Ends)

Beto Mania Update:  Looking to burnish his street cred among demented Democrat voters, Irish Bob O’Rourke met with an anti-Semitic racist in New York over the weekend. Yes, friends, if you want to be the Democrat Party’s presidential nominee, you must kiss a lot of highly distasteful rings, none moreso than the many, many rings of lifelong race-baiter and perennial MSNBC host Al Sharpton.

Sharpton became just the latest stop on the Irish Bob “I’m Ready Even Though I’m a Loooooooser” victory tour of grand Democrat Poobahs and big Muckety-Mucks as he preps the January announcement of his candidacy.

He already met with America’s Worst Mistake (Barack Hussein Obama) a few weeks ago, and now Sharpton. We can only wait with bated breath to see who will be the next stop on the tour: Will it be Louis Farrakhan? How about prominent Democrat fundraising specialist Harvey Weinstein?

If Irish Bob should decide that Farrakhan and Weinstein are just a tad too toxic, how about the de facto owner of the Democrat National Committee, George Soros?  I would suggest billionaires Tom Steyer – the “environmentalist” who made his fortune investing in coal – or media mogul Mike Bloomberg, but hey, they’re both planning to mount their own campaigns. So reaching out to them might be a little uncomfortable for all involved.

Of course, if Irish Bob really wants sound advice on how to rig, er, “win” the Democrat nomination, he could just travel on up to Chappaqua and have a sit down with the Fainting Felon. He could butter her up by bringing a bag filled with $250,000 in cash as a “contribution” to her “foundation”, two cases of vodka and maybe also bring along a couple of nice hospital gowns to add to her speaking tour on-stage wardrobe.

If it all sounds a little unsavory and demeaning, well, these are Democrats we’re talking about here, not normal people.

Paris Burning Update:

French boy President Emanuel Macron made a televised speech in which he blamed the current civil unrest in his country on 40 years of national “malaise.” So, he’s apparently transitioning from the second coming of Marie Antoinette into the second coming of Jimmy Carter. Neither one is a very good look, is it? At least Carter managed to avoid having his head chopped off, so there is that.

In his speech, the child President made a series of profound statements, such as:

“When violence is unleashed, freedom ends.”

“I take my share of responsibility.”

“I might have hurt people with my words.” and the coup de gras…

“I would ask all employers who can, pay an end-of-year bonus to their employees.”

Oh, yeah, that’ll work.

This guy is hopeless.

Speaking of hopeless, (quoting the late, great Hans Gruber)”I give you the F…B…I.” – During the course of his congressional testimony last week, former FBI Director and current Teenage Drama Queen James Comey used the phrases “I don’t know,” “I don’t remember,” “I can’t recall” or some variance thereof 245 times, which is even more than Barack Obama generally refers to himself in the first person in an hour-long speech.

In other words, it’s a lot. A lot to not remember, recall or know for a guy who spent years heading up what used to be the nation’s premier law enforcement agency but is now an anti-American tool for anti-American political interests.

Writing at the Wall Street Journal on Monday, James Freeman compiled a terrific piece detailing some of the many amazing things Comey, in his job as FBI Director, claims not to have known.  Among those are:

  • The FBI’s process for initiating a counterintelligence investigation;
  • Who initiated the FBI’s 2016 counterintelligence investigation targeting the Trump Campaign;
  • Who Christopher Steele is;
  • That Christopher Steele worked for Fusion GPS;
  • The fact that the Clinton Campaign funded the fake “Trump Dossier”, which was compiled by Steele through Fusion GPS;
  • The fact that the “Trump Dossier” was unverified when it was used by his agency as the basis for obtaining multiple FISA warrants to spy on the Trump Campaign, Trump Transition, and Trump Administration;

and on, and on, and on. In other words, just another day for the nation’s most despicable Deep State skunk.

Go read Freeman’s piece – it’s well worth your time.

Wellllllll, you know, that’s a very, very good question.:

Jerry Nadler may not be worried about this, but dozens of his colleagues probably are. Over the last 20 years, more than 260 settlements totaling $17 million have been paid out of a congressional slush fund – at taxpayer expense – to keep members of congress out of hot water of one form or another.  Many of those settlements were to dispose of complaints involving sexual harassment.

Isn’t that “hush money?” If not, what is the distinction? After all, when one of these suits has been settled, the person filing the complaint has been required to sign a non-disclosure agreement in order to get his or her money, exactly the same process Donald Trump allegedly engaged in with the playmate and the porn star. So, if it’s an impeachable offense when then-private citizen Donald Trump supposedly did it, why isn’t it an impeachable offense when a sitting member of congress does it?

So many questions, so few answers coming from our fake news media and its Democrat masters.

That is all.

Follow me on Twitter at @GDBlackmon

Today’s news moves at a faster pace than ever. Whatfinger.com is my go-to source for keeping up with all the latest events in real time.

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