An Economy Built On Lies

by Gary North
by Gary North

        
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In this report, I am going to present an astounding document. You have not heard of it. It is at the heart of the current residential real estate crisis. It has to do with liar loans.

By now, the term "liar loans" is common. Prospective house buyers provided false information to representatives of loan-initiating firms.

The loan-initiating firms knew that there were people who did this, but they winked at the practice. Their well-compensated job was to pass on the paperwork to a government-created agency, either Fannie Mae or Freddie Mac, who then sold scientifically diversified packages of statistically safe mortgages to investors.

Some of these investors were hedge funds. They in turn borrowed money from investment banks at up to 32-to-1 leverage (Carlyle Capital) to buy even more packages of statistically safe mortgages.

Everyone was happy until reality caught up with the lying borrowers, whose meager incomes did not allow them to keep paying their monthly mortgages.

The dominoes started to topple in August, 2007. The experts were caught flat-footed.

The mortgage interest rate re-sets will continue through 2009. This process is barely half over. Meanwhile, a recession has appeared.

From start to finish, from top to bottom, the entire structure was based on lies. It began with this one: "I'm from the government, and I'm here to help you." This is the third most widely believed lie in history, right after this:

And the serpent said unto the woman, Ye shall not surely die: For God doth know that in the day ye eat thereof, then your eyes shall be opened, and ye shall be as gods, knowing good and evil.

And this:

Of course I will still respect you as a person in the morning.

THE GREAT AMERICAN DREAM

We all remember the 1946 movie, It's a Wonderful Life. It centers around one family's funding of the great American dream: home ownership. We love the movie because it's about a man who is shown by an angel that his life really mattered. So, our lives really matter, too. We all like to believe that we also have a guardian angel, though perhaps not so incompetent as Clarence.

Jimmy Stewart's nemesis was the town's banker, Mr. Potter. He was a liar and a thief, preying on sin-loving local citizens (as we see in the sequence about Pottersville) and the likes of the kindly but imbecilic Uncle Billy.

Potter used the fractional reserve banking system to borrow short and lend medium. The Bedford Falls Building and Loan borrowed short and lent long.

Potter was able to survive the bank run because his bank had liquid reserves and assets it could sell. The Building and Loan survived because George Bailey had liquid reserves – his honeymoon money – and a script writer who ended the bank run at 6 p.m. and did not let it extend to the next day, which it obviously would have done when word got out that Jimmy's honeymoon money was gone.

Potter was a liar: he was lent medium. George Bailey was a much bigger liar: he was lent long.

The Federal Deposit Insurance Corporation was created in 1933 by the Roosevelt Administration as part of the Glass-Steagall Act. This bailed out the mini-liars: bankers. The Savings and Loan oligopoly then pressured Congress to provide something similar, which Congress delivered: the Federal Savings & Loan Corporation was created by the National Housing Act of 1934. This bailed out the bigger liars.

The American dream was extended to the masses by means of government insurance against runs by investors – who mistakenly thought they were depositors – in Savings & Loans. This did more to establish the economics of the carry trade – borrowing short to lend long – than anything in history. The investment world saw the profit potential. The carry trade has increased ever since.

But who will insure the middlemen who profit from the carry trade? Who has sufficient resources to bail out the profit-seeking, loss-avoiding hedge fund entrepreneurs who decided that the interest rate spread between short-term money paid to investment banks and long-term money paid by borrowers was just too tempting. In short, who will come to the rescue of our generation of George Baileys? Congress? It did in 1986 during the S&L collapse. But the on-budget Federal deficit is running at an estimated $410 billion this year. This deficit is accelerating. Then how about the Federal Reserve System? It can swap Treasury debt for not-statistically-safe-after-all mortgages, but only until it runs out of Treasury debt, about $800 billion to go. Then it will have to create money. Lots and lots of money.

LIAR, LIAR, PANTS ON FIRE

We live in the FIRE economy: finance, insurance, and real estate.

The crucial insurance today is Federal insurance – explicit, implicit, and widely assumed even when legally absent. Big institutions are considered too big to fail, meaning too big for the government to allow to fail. Think Bear Stearns. So, promises made by the government serve as the ultimate back-up for the promises made by the largest carry traders.

The extent of the participation of the Federal government in the residential real estate markets can be seen in the law governing liar loans.

You need to read the following law. I realize that no one except lawyers reads a document like this one. It has two sentences. One of them is 291 words long. Only lawyers write sentences that are 291 words long. Nevertheless, I am asking you to read it.

Here is what you should understand after you have read it. There is hardly a nook or cranny left in the residential real estate market that is not covered by this law. The extent of government control, which derives from government insurance of real estate lending, is enormous. How enormous? Read for yourself.

Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way the action of the Farm Credit Administration, Federal Crop Insurance Corporation or a company the Corporation reinsures, the Secretary of Agriculture acting through the Farmers Home Administration or successor agency, the Rural Development Administration or successor agency, any Farm Credit Bank, production credit association, agricultural credit association, bank for cooperatives, or any division, officer, or employee thereof, or of any regional agricultural credit corporation established pursuant to law, or a Federal land bank, a Federal land bank association, a Federal Reserve bank, a small business investment company, as defined in section 103 of the Small Business Investment Act of 1958 (15 U.S.C. 662), or the Small Business Administration in connection with any provision of that Act, a Federal credit union, an insured State-chartered credit union, any institution the accounts of which are insured by the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, any Federal home loan bank, the Federal Housing Finance Board, the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, the Farm Credit System Insurance Corporation, or the National Credit Union Administration Board, a branch or agency of a foreign bank (as such terms are defined in paragraphs (1) and (3) of section 1(b) of the International Banking Act of 1978), or an organization operating under section 25 or section 25(a) [1] of the Federal Reserve Act, upon any application, advance, discount, purchase, purchase agreement, repurchase agreement, commitment, or loan, or any change or extension of any of the same, by renewal, deferment of action or otherwise, or the acceptance, release, or substitution of security therefor, shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both. The term State-chartered credit union includes a credit union chartered under the laws of a State of the United States, the District of Columbia, or any commonwealth, territory, or possession of the United States.

Did you read it? If so, I hope you noticed this passage: ". . . shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both."

Here is the inescapable reality: the Federal government let the subprime disaster build up for many years. This law was never enforced. No one in the entire government-insured scam worried about it. The bureaucrats were in on the deal from day one.

All of the posturing by politicians about the exploited borrowers who lost their homes – liars – and the need for new laws to be passed by Congress to prevent unscrupulous mortgage brokers – liars – from ever exploiting the poor again, and also preventing them from endangering the solvency of the nation's financial institutions – liars – is nothing but election-year politicking by the biggest liars of all: politicians.

Do we need more laws? Hardly. A law that imposes a million-dollar fine and 30 years in jail is more than sufficient. This law's stiff penalties were supposed to make people take it seriously. But it was not taken seriously. No one ever intended to enforce the law. No one ever did. It was all posturing by the politicians.

The biggest housing bubble in American history, 1995–2005, took place under the watchful eyes of the entire Federal real estate bureaucracy, the bureaucracy listed by name in the law. No one in government issued a warning. No one in government saw the bubble coming. No one in government identified it as a bubble.

The appraisals were made, the loans were made, the mortgages were bought and re-packaged and sold again. The carry trade did its work. And now there is a line in front of the banks.

No, scratch that. There are no lines. There are instead collapsing prices in the scientifically packaged mortgage sector because investors now see that those mortgages, rated AAA by independent firms (it says here), are in fact packages of promises to pay made by liars.

Everyone knew. This is the famous bottom line. Everyone knew. Nobody cared.

We live in an economy built on lies. Everyone knows. Almost nobody cares.

Do you care? If so, what have you done to protect yourself?

WHO INSURES THE INSURERS?

The Federal Deposit Insurance Corporation insures bank accounts up to $100,000. It holds about a penny in reserve (in T-bills) for every dollar worth of insured deposits.

Who insures the T-bills? The Federal Reserve System. Who insures the Federal Reserve System? No one. It doesn't need insurance. It can create money.

Then who insures the purchasing power of the dollar? The central banks of the world, which hold dollars as legal reserves for their own currencies.

What happens if they decide not to add to their holdings of dollars?

That is the ultimate default today. If the liars known as central bankers decide that our central bank's liars are no longer to be trusted, there will be a great dumping of Treasury debt.

There will be no lines in front of American banks. There will instead be rising prices for imported goods. There will be rising domestic interest rates because foreign central banks are not buying Treasury debt any longer. There will be unemployment. There will be bankruptcies.

There will be defaults. Above all, there will be defaults. The lies will be exposed as lies. The promises will not be kept.

When the checks from Washington no longer buy much of anything, the great political transformation will begin.

The promises will not be fulfilled. I assume that you know this. The economy built on lies will fall. So will the political order.

When will this take place? I don't know. But we have seen it happen in our lifetime. The Soviet Union fell in three days: August 19–21, 1991. No one predicted this. The best and the brightest in the West did not see it coming. One man suspected it and did what he could to accelerate it: John Paul II. But the politicians were universally caught flat-footed.

The USSR was $140 billion in debt to the West in 1991. The West is now in debt to Russia by $500 billion. No one predicted that, either.

CHOOSE YOUR LIARS CAREFULLY

The modern economy is built on debt. It is therefore built on promises to pay. It is therefore built on lies.

As investors, we must look at the dominoes and try to get out from under the next one to topple.

If all of them topple, the division of labor will collapse. Then most of us will die. Think of a world without digital money. The trains would stop rolling. The trucks would stop rolling. The government would intervene and force some deliveries, such as coal to power plants in large cities. But the government would also have a problem: how to pay the bureaucrats and troops.

So, most of us cannot plan for a complete collapse of banking. That would bring down Western civilization. We have to assume that some lies will still be accepted, that some promises will be kept.

But which ones?

I think it is wise to have reserves that are not digital. You can't eat digits. But if your neighbors are starving, reserves won't help much. This is why you should not try to prepare for complete collapse today. You can't afford it.

I hope you have the familiar six months' of expenses in reserve. You could lose your job. If you don't, what about your spouse?

Today, most American families have about 19 days' worth of expenses. The chart on this decline since the year 2000 is shocking.

You must not follow the herd on this one.

CONCLUSION

The tissue of lies that held together the subprime market was believed by the best and the brightest. They were blind to what was coming. It has wiped out over $200 billion in assets.

We are assured that the worst is over. But who assures us of this? Salaried reporters in a dying field: newspapers and network TV.

The ill-informed tout the liars. We are assured that the liars know what went wrong and will not let it happen again.

Re-read the liars' law. That will give you some indication of how serious the liars were. They are no more serious today.

When they tell you the worst is over, batten down the hatches.

April 12, 2008

Gary North [send him mail] is the author of Mises on Money. Visit http://www.garynorth.com. He is also the author of a free 20-volume series, An Economic Commentary on the Bible.

Copyright © 2008 LewRockwell.com

Gary North Archives

Sirka einn af hverjum hundrað skilur MJÖG STÓRAR tölur og því þarf að ræða þær í viðeigandi samhengi

Hér á eftir færi ég allar tölur úr þjóðarbúskapnum og bankakerfinu þannig niður að milljarður verður að krónu. Með þessu móti er miklu auðveldara að gera sér grein fyrir hlutföllum. Umræðan vill einhvern veginn kafna í stórtalnamali og frösum "sérfræðinga" (hugsanlega er tíundi hluti þeirra í þessu prósenti sem vitnað er til að ofan) sem fáir botna í og þetta fælir frá umræðunni.

Nú, árlegar tekjur ríkissjóðs eru þá um 400 kr.

Erlend staða hans um sl. áramót, skv. seðlabankanum, var neikvæð um 243 kr.

Seðlabankinn var um síðustu áramót með gjaldeyrisforða upp á 160 kr.

Staða þjóðarbúsins gagnvart útlöndum var um síðustu áramót neikvæð um 1600 kr, erlendar eignir námu um 6500 kr. og erlendar skuldir um 8100 kr. Skammtímaskuldir þjóðarbúsins námu um sl. áramót, og allt er þetta samkv. seðlabankanum, 2440 kr.

Ríkissjóður og seðlabanki eru sem sagt bara sem hlægilegir dvergar í þjóðarbúskapnum eins og glögglega kemur fram í þessum tölum. Seðlabankinn þyrfti ef vel ætti að vera að hafa gjaldeyrissjóð upp á MINNST 1000 kr. til að geta nálgast að vera marktækt númer í þessu kerfi. Velta á markaði með krónuna nemur jú tugum króna daglega. En ríkissjóður með 400 kr. á árstekjur getur nú varla slegið 800-1000 kr. og jafnvel þó hann gæti það einhvern veginn þá myndi lánshæfið hans strax hrynja og lánshæfi bankanna í framhaldinu. Niðurstaða: ríkissjóður Íslands er fallít fyrir lifandis löngu og það eru svona 3-6 mánuðir í að menn þori að byrja að ræða það. Þeir sviku sig árum saman frá umræðum um gjaldeyrisforðann og eins er það með annað. Góðar stundir.

 

 

 

Visir.is afgreiðir seðlabankann mjög svo snyrtilega. Fyrst er það hnitmiðað skrokkhögg og síðan er farið í glerkjálkann

Vísir, 11. apr. 2008 13:06

Seðlabankinn: Harmagedón 2010

Davíð sýnir hvar hann keypti ölið.

Þegar rýnt er í nýjasta hefti Peningamála Seðlabankans kennir ýmissa grasa. Samkvæmt þessari ársfjórðungslegu opinberunarbók bankans má nánast draga þá ályktun að Ísland verði sviðin jörð árið 2010.

Í Opinberunarbók Jóhannesar (16:1 - 17) segir frá því er englarnir sjö helltu úr hinum sjö skálum reiði guðs yfir jörðina. Vísir birtir hér úttekt sína á hinum sjö skálum Seðlabanka Íslands.

Og hinn fyrsti fór og hellti úr sinni skál á jörðina. Og vond og illkynjuð kaun komu á mennina. Þrjátíu prósenta lækkun íbúðaverðs árið 2010.

Og hinn annar hellti úr sinni skál í hafið, og það varð að blóði eins og blóð úr dauðum manni. Halli hins opinbera verður um 8% af landsframleiðslu árið 2010.

Og hinn þriðji hellti úr sinni skál í fljótin og uppsprettur vatnanna og það varð að blóði. Verðbólga á þriðja ársfjórðungi 2008 verður tæp 11%.

Og hinn fjórði hellti úr sinni skál yfir sólina. Og sólinni var gefið vald til að brenna mennina í eldi. Samdráttur vergrar landsframleiðslu verður 2,5% á næsta ári og 1,5% árið 2010.

Og hinn fimmti hellti úr sinni skál yfir hásæti dýrsins. Og ríki þess myrkvaðist, og menn bitu í tungur sínar af kvöl. Einkaneysla verður 13% minni en í fyrra árið 2010.

Og hinn sjötti hellti úr sinni skál yfir fljótið mikla, Efrat. Og vatnið í því þornaði upp. Atvinnuleysi verður rúm 4% árið 2010.

Og hinn sjöundi hellti úr sinni skál yfir loftið og raust mikil kom út úr musterinu, frá hásætinu og sagði: „Það er fram komið." Verðbólgumarkmið Seðlabanka Íslands, 2,5%, næst á þriðja fjórðungi ársins 2010.

Opinberunarbókinni lýkur á þessum orðum: „Ég votta fyrir hverjum þeim manni, sem heyrir spádómsorð þessarar bókar, að leggi nokkur við þau, mun Guð á hann leggja þær plágur, sem um er ritað í þessari bók."

Hvernig lýkur Peningamálum?

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Seðlabankastjóri handtekinn vegna spillingar

Vísir, 11. apr. 2008 09:11

Seðlabankastjóri Indónesíu handtekinn vegna spillingar

Seðlabankastjóri Indónesíu hefur verið handtekinn sakaður um spillingu í störfum sínum.

Bankastjórinn Abdullah að nafni er m.a. sakaður um fjársvik þar sem 11 milljónir dollara voru yfirfærðir með ólöglegum hætti inn á bankareikninga ýmsissa þingmanna.

Þetta er ekki í fyrsta sinn sem seðlabanki landsins er í rannsókn vegna fjármálamisferlis, slíkt hefur gerst nokkrum sinnum á undanförnum áratug.

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Nei, ekki var það nú hér heima. Spillingin hérna er miklu lúmskari. Til dæmis er nánast útilokað að reka seðlabankastjóra hér því pólitíkusar sem nota stöðuna sem vistunarúrræði þegar þeir hafa bullað sig út úr pólitík setja lög (eða láta einhverja gúmmístimpla á álþingi setja þau) um seðlabankann sem gera nánast útilokað að losna við þá úr stöðu sem þeir skipa sjálfa sig í. Ef þér finnst þetta helst minna á einhvers konar mafíu með guðfeður osfrv. þá er það svo sem rökrétt; það er mikið um siðvillinga í mafíunni og Davíð hefur sína hugmyndafræði og það sem henni fylgir frá kolgeggjuðu hyski sem einskis svífst. Hann hefur meira að segja opinberlega montað sig af sérstöku vinfengi við það.

Ljós í myrkrinu: Öruggasti gagnvísir landsins spáir mikilli lækkun fasteignaverðs.

Frétt af mbl.is

  30% lækkun íbúðaverðs að raunvirði til ársloka 2010

Viðskipti | Morgunblaðið | 11.4.2008 | 5:30
Fasteignaverð hefur lækkað um 1,3% á síðustu tveimur mánuðum. Seðlabankinn spáir allt að 30% lækkun íbúðaverðs að raunvirði fram til ársloka 2010 sem jafngildir 17% lækkun nafnverðs.
Lesa meira

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Seðlabankinn hefur reynst mér fyrirtaks gagnvísir og alveg sérstaklega eftir að hann varð opinberlega að göngudeild/dagvistun/förgunarúrræði útrunninna stjórnmálamanna og vina þeirra og bind ég áfram miklar vonir við hann í því sambandi. Þumalputtareglan hefur verið að taka afstöðu þetta 120-180% frá ruglinu í þeim og þeir sem það hafa gert síðustu árin standa núna með pálmann í höndunum málefnalega alveg sjálfvirkt og eiginlega án hugsunar.

30% lækkun íbúðaverðs að raunvirði til ársloka 2010

Þjóðarnauðsyn að stofna sendiráð í Timbúktú og koma þar fyrir Davíð, Halldóri Blöndal, Hannesi Hólmsteini, Geir, Árna, Þorgerði Katrínu og sirka 500 öðrum

Frétt af mbl.is

  Þjóðarnauðsyn að hemja verðbólgu

Viðskipti | mbl.is | 10.4.2008 | 11:06
Davíð Oddsson, formaður bankastjórnar Seðlabanka Íslands, segir að vegna mikilla skulda heimila og fyrirtækja mun gengislækkunin sem orðin er hafa samdráttaráhrif en viðvarandi verðbólga kemur skuldsettum heimilum og fyrirtækjum verst og grefur undan stöðugleika fjármálakerfisins til lengri tíma. „Það er því þjóðarnauðsyn að verðbólga verði hamin."
Lesa meira

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Þjóðarnauðsyn að hemja verðbólgu

Met slegið á fjármálasirkusleikjum smá-ávaxtalýðvelda - 21. vaxtahækkun Seðlabankans í röð frá því bankinn byrjaði að hækka vexti á miðju ári 2004.

Frétt af mbl.is

  Seðlabankinn hækkar stýrivexti

Viðskipti | mbl.is | 10.4.2008 | 8:57
Bankastjórn Seðlabanka Íslands hefur ákveðið að hækka stýrivexti bankans um 0,5% og verða þeir 15,5% eftir hækkunina. Bankinn hækkaði stýrivexti síðast þann 25, mars sl. um 1,25%, á auka vaxtaákvörðunardegi. Er það mesta hækkun stýrivaxta síðan núverandi fyrirkomulag peningamála var tekið upp.
Lesa meira

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Verðbólgumarkmið seðlabankans er 2,5%.

Það eru fjögur ár síðan það náðist síðast og fyrir fjórum árum voru stýrivextirnir rúmlega 5% en eru núna 15,5% og enn á uppleið. Þarf ekki að skaffa stjórnendum þarna heppilegri vistunarúrræði? Það er hlegið að þessum furðufuglum erlendis.

Seðlabankinn hækkar stýrivexti

Talið að Siv sé jafnvel enn heimskari en Árni Mathiesen

Vantar ekki einhvers staðar skrifstofustjóra (með aðstoðarmanni) í einhverja atvinnuleysisgeymslu ríkisins? Er ekki hægt að dömpa Siv þar. Það hlýtur einhver heiladauð risaeðla að vera um það bil að fara á eftirlaun. Setja hana á biðlaun í fimm ár, búa til gervidjobb fyrir Siv og láta Samúel Örn vera á álþingi.

Worst. President. Ever.

Scott Horton
PUBLISHED	April 5, 2008
“It would be difficult to identify a President who, facing major international and domestic crises, has failed in both as clearly as President Bush,” concluded one respondent. “His domestic policies,” another noted, “have had the cumulative effect of shoring up a semi-permanent aristocracy of capital that dwarfs the aristocracy of land against which the founding fathers rebelled; of encouraging a mindless retreat from science and rationalism; and of crippling the nation’s economic base.” America’s historians, it seems, don’t think much of George W. Bush. Now in all fairness, historians should wait a while before passing judgment on a president’s who served recently, much less one still in office. But the current incumbent is a special case. After all, 81 percent of Americans, according to a recent New York Times poll, believe he’s taken the country on the wrong track. That’s the highest number ever registered. The same poll also says 28 percent have a favorable view of his performance in office, which is also in Nixon-in-the-darkest-days-of-Watergate territory. But, as George Mason University’s History News Network reports, the historians have a different measure. They want to stack him up against his thirty-three [sic - BF] predecessors as the nation’s chief executive. Among historians, there is no doubt into which echelon he falls–his competitors are Millard Fillmore, James Buchanan, Andrew Johnson, and Franklin Pierce, the worst of the presidential worst. But does Bush actually come in dead last? Yes. History News Network’s poll of 109 historians found that 61 percent of them rank Bush as “worst ever” among U.S. presidents. Bush’s key competition comes from Buchanan, apparently, and a further 2 percent of the sample puts Bush right behind Buchanan as runner-up for “worst ever.” 96 percent of the respondents place the Bush presidency in the bottom tier of American presidencies. And was his presidency (it’s a bit wishful to speak of his presidency in the past tense–after all there are several more months left to go) a success or failure? On that score the numbers are still more resounding: 98 percent label it a “failure.” Pew Research Poll: Historians Rate George W. Bush a “Failure” This marks a dramatic deterioration for Bush. Previously he wasn’t viewed in the most positive terms, but there was a consensus that he wasn’t the “worst of the worst” either. That was in the spring of 2004. In the meantime, Bush has established himself as the torture president, the basis for his invasion of Iraq has been exposed as a fraud, the Iraq War itself has gone disastrously, the nation’s network of alliances has faded, and the economy has gone into a tailspin–not to mention the bungled handling of relief for victims of hurricane Katrina. In 2004, only 12 percent of historians were ready to place Bush dead last. Here are some of the comments that the historians furnished: “No individual president can compare to the second Bush,” wrote one. “Glib, contemptuous, ignorant, incurious, a dupe of anyone who humors his deluded belief in his heroic self, he has bankrupted the country with his disastrous war and his tax breaks for the rich, trampled on the Bill of Rights, appointed foxes in every henhouse, compounded the terrorist threat, turned a blind eye to torture and corruption and a looming ecological disaster, and squandered the rest of the world’s goodwill. In short, no other president’s faults have had so deleterious an effect on not only the country but the world at large.” “With his unprovoked and disastrous war of aggression in Iraq and his monstrous deficits, Bush has set this country on a course that will take decades to correct,” said another historian. “When future historians look back to identify the moment at which the United States began to lose its position of world leadership, they will point—rightly—to the Bush presidency. Thanks to his policies, it is now easy to see America losing out to its competitors in any number of areas: China is rapidly becoming the manufacturing powerhouse of the next century, India the high tech and services leader, and Europe the region with the best quality of life.” http://harpers.org/archive/2008/04/hbc-90002804

Lögreglan stappar stálinu í mótmælabílstjóra og aflar þeim samúðar

Frétt af mbl.is

  Bílstjórar: „Við höldum áfram"

Innlent | mbl.is | 9.4.2008 | 9:54
„Þeir sögðu að ég væri stórhættulegur morðingi en ég svaraði engu því ég hef ekki gert nokkurn skapaðan hlut af mér," sagði Sturla Jónsson talsmaður atvinnubílstjóra við fréttamenn eftir yfirheyrslur hjá lögreglu höfuðborgarsvæðisins fyrir stundu.
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Ekki það að ég sé sérstaklega á móti þessum mótmælum þeirra - en mér finnst þó ekki nein ástæða til þess að lögreglan sé beinlínis að hlaða undir þá og afla þeim samúðar með einhverjum heimskulegum athugasemdum. En eftir höfðinu dansa víst limirnir og fiskur mun úldna fyrst frá haus og síðan aftur úr og einnig mun vera beint samband milli orsakar og afleiðingar. Ergo; Björn Bjarna og Hvítasunnusöfnuðurinn ná áreiðanlega á endanum að gjöreyða trúverðugleika lögreglunnar eins og sínum eigin.

Bílstjórar: „Við höldum áfram"