Freedom Lawyers of America

RIGHTS, WHAT RIGHTS
I predicted this would happen in my book.

It appears we are on our way to becoming a GARRISON STATE. Also, Argentina and Brazil are in deep economic trouble. A big America bank may go bk. JPMorgan might be a good short. If a BIG bank goes belly up they will ask for a Fed bailout. This will put more deep pressure on the dollar and there could be a meltdown. For sure, there are going to be HUGE deficits. There will be no tax revenue from capital gains on stock portfolios, so on top of the huge increase in expenditures--gov't revenues will be drastically down. The IRS will have to get out its whips and chains but it will do no good. Forget about a balanced budget. We are in for some ride.

I watched the Congressional Ethics Hearings late last night concerning the expulsion of Congressman James Traficant, who was recently convicted of Federal offenses. I felt so sorry for him and I don't know if he is a "bad" guy or a "good" guy. He is a fighter and I like fighters. He was a lonely figure fighting the entire IRS and "JUSTICE" establishment. And he was doing a good job. The universal reaction I am getting from people who read my book is their DISBELIEF that these things go on in America. Traficant appears to have been set-up because of his enmity and attempts to disband the IRS. Also, he is a trouble maker in many other ways but he has the clear support of his District and may get elected, as an independent, while he is in jail. Curious, as a convicted felon, he cannot vote; however, there is nothing prohibiting him from serving in Congress, although, if elected, it is clear that Congress will expel him again, which should grossly anger the people of his District. Our country, which is a mature nation, appears to be imploding. We desperately need to get back to our roots.

AMERICANS ARE NOT REACTING TO OUR LOSS OF FREEDOM

I am going to be interviewed live at 12 p.m Eastern on WBNW 1120 AM out of Boston on Thursday, July 25th. The broadcast is carried live online.
MONEY MATTERS RADIO

Now they are making games that are also advertisements and can be used to train staff.
YAYA

People staying more at home is a certainty. Related businesses will do well.

10. Libertarian Lawyer's Fight Against Power
IRS, FBI, CIA, Shelly Waxman battled all. Stranger than fiction true cases will delight conspiracy mongers and appall statists. Unknown slices of 60s-80s history, these important cases helped shape current tax and contractor laws.
http://thelawyer.info

The booksigning was a flop. The store was more a gift shop than a real bookstore. I don't think I am going to do anymore signings. Unless there is a lot of advance PR, there is not much to be gained by it. I have one at a Barnes and Noble in September and will see how that does. I think it will be better at a real bookstore where people hangout and are used to authors being there. We will see. If the Barnes and Noble in Holland does well and it is supposed to be populated by real book people, then I will renew the signings. Trouble with it is that arrangements have to be made with each individual store, rather than through a centralized source.

ANOTHER VERSION OF SEPTEMBER 11

Yahoo, I got out of a scheduled trial next week. Made a good deal for the client, charged with burglary. I would have lost. Booksigning tomorrow in St. Joseph, MI. Hope I sell some books. I should be getting some report of my booksales from iuniverse, at least I hope so. Will really be interesting to find out how many have been sold. Glad it is Friday, the stock market has been so volatile it is hard to keep up with it. But continuing trend is down. Short the indexes is probably the only way to make money in the market and, probably best to get out of it entirely, including 401's and mutual funds. Cash is king in a depression and it appears that is where we are headed. The international monetary system is all F'd up. A little inflation would be a good thing but even with all of the money supply increases they can't get it going. The Fed is giving free money and all it is doing is sliding the dollar. That is causing and will further cause foreign investment to flee, as it is already doing. True we don't have the bank problems that Japan had but a lot of the banks portfolio's is in stock. In Japan the money was on real estate. There is only so much that the Fed can do and as far as I am concerned they are at fault in this with their ridiculous interest hikes in 1999. The market would have busted without their help and in a more orderly manner. This free money philosophy didn't work in Japan and it isn't working here. Deflation is the big bugaboo now. The trend is down.
On a good note, I came across an interesting website, if you need to complain and to find out if anybody else is disatisfied.
THE COMPLAINT STATION
Well, that is all I can squeeze out of my brain right now.

I did the Rich DeLeo show out of Altoona, Pennsylvania. It was an hour live. I have to really get up for these; like slap my face several times and pour cold water on my head. These interview guys are sharp and they really throw some heavy questions. I handled it okay. I am getting used to it. Well, DeLeo was really surprised about my stories. He's a sports guy. Like he had never heard of these things before. That is a reaction I am getting from a lot of people. Where have they been? Hypnotized by the mass media. Zoned out making a living; being into sports, sex, movies, music, puters. They don't feel they can do anything about anything, so it is better to be zoned out. I am glad to do these radio shows. They make me feel connected. Saturday, I do a book signing. I like those too. I like to shmooz with people. So, later.

Here are some quotes I used for content in the site I built, including one from Mr. Drucker, who is over 90 and looks like he might be on his way out soon.
INDECON BUSINESS CONSULTING NETWORK, Ltd.


MADE IN AMERICA SAM WALTON

"I've made it my own personal mission to ensure that constant change is a vital part of the Wal-Mart culture itself. I've forced change-sometimes for change's sake alone-at every turn in our company's development. In fact, I think one of the greatest strengths of Wal-Mart's ingrained culture is its ability to drop everything and turn on a dime." pg 216 "You start with a given: free enterprise is the engine of our society; communism is pretty much down the drain and proven so; and there doesn't appear to be anything else that can compare to a free society based on a market economy. Nothing can touch that system-not unless leadership and management get selfish or lazy. In the future, free enterprise is going to have to be done well-which means it benefits the workers, the stockholders, the communities, and, of course management which adopt a philosophy of servant leadership." pg 322-23 "We can do it better than the Japanese because we're more innovative, we're more creative. We can compete with labor in Bangladesh or wherever because we have better technology, which can give us more efficient equipment. We can get beyond a lot of our old adversarial relationships and establish win-win partnerships with our suppliers and our workers, which will leave us with more energy and talent to focus on the important thing, meeting the needs of our customers. But all this requires overcoming one of the most powerful forces in human nature: the resistance to change. To succeed in this world, you have to change all the time."

PETER DRUCKER "MANAGING IN A TIME OF GREAT CHANGE"

"The possessor of knowledge owns his own 'tools of production' and has the freedom to move to wherever opportunities for effectiveness, for accomplishment and for advancement seem greatest." "The knowledge society will inevitably become far more competitive than any society we have yet known--for the simple reason that with knowledge being universally accessible, there are no excuses for nonperformance. There will be no 'poor' countries - there will only be ignorant countries. And the same will be true for individual companies, individual industries and individual organizations. It will be true of individuals too."

GERRY SPENCE from Gerry's "Seven Simple Steps to Personal Freedom-An Owner's Manual for Life"
"The new and most powerful union of all will be a union of one: one man, one woman, one worker with special skills, an inquiring mind, an independent attitude. In the new-age workplace the master will no longer be the master. He will enter the place of work voluntarily to do a job for a price, his price. He will leave as he chooses. He will cherish his freedom, which is his security. He cannot be lured into the trap. The master cannot own him. The new age worker, belonging to the union of one, has made himself an expert in whatever job he or she undertakes. But he does his work with an expertise that brings order and efficiency to the task. He works to satisfy himself, not the master. Workers will again become independent-and own their own tools. I see it already. The cameraman for network television, an independent contractor, brings his own camera to the news scene, does his work, takes his camera home, and goes scuba diving the rest of the day.. In the new-age workplace, the engineer, the draftsman, the computer wizard, the designer, every professional and every skilled artisan, yes, a skilled ditch digger as well, can belong to the new union of one. The union dues are free. If the employer does not meet the demands of the union of one, the new-age worker can replace the employer... with a more intelligent, more responsive one; one that better suits the taste and the need of the new-age worker. The most valuable worker for the corporation is the worker who no longer demands all of the spangles and sparkles of security that soon soon-dim the pensions, the benefits that somehow end up enslaving rather than freeing. The old way has become a dismal game in which both master and slave, chained to each other, hate one another, each fighting the other with their respective weapons. The worker, seeking security, like the slave of old, does not seek to do work but to avoid work. The worker's goal is not to live at work but to become embalmed during the working day and to lie in the company's casket until the quitting bell revives him. The worker who seeks security cannot exhibit the free mind necessary to spring ahead on his own. He requires an overseer, a time clock, rules of work, rules of vacations, rules of sick leave, rules about having babies, rules about rules. He requires laws to protect him, and commissions to hear his complaints and representatives to represent him. The best employment with the best corporation offering the best lifelong security is at best a poor bargain. Get out. We must get out - get out if we can. Walk out. Run out. Break down the doors but get out. The new-age business will recognize the worker as the source of its wealth, respect the worker, and provide the worker a place of self-discovery and self-expression. The new-age employer and the new-age worker, supported by the new-age 'union of one' will redefine the relationship of worker and employer. The new-age employer will become more of a partner, a supplier of opportunity, and educator, a sharer in dreams, a sharer in profit. The new-age worker will become his own master. He will decide his fate and make and follow his own dreams. He will explore not the master's poisonous caverns of slavery but his own unexplored reaches, in which he will discover his unique self, cherish its value, reject the security of slavery, and encumber his freedom for no one, not even himself."

INDECON BUSINESS CONSULTING NETWORK, Ltd.
730 S. Union Street * Traverse City, MI 49684
1-866-255-5487 * www.indecon.org

Well, I received a letter from Steve Forbes today. He was replying to the "autographed" book I sent him. Ever the Editor; he reminded me that what I sent him was an "inscription" because an "autograph" is really only a signature. Steve always responded to my letters, as did Milton Friedman, which in my opinion is the key to being an okay guy. Most of these "big shots" haven't learned that it means a lot to "little" guys to get a letter from a big shot. Maybe, I will get a review in Forbes, quien sabe??

FORBES MAGAZINE

Dear Shelly:

Thank you for your inscribed copy! I look forward to reading it with keen interest.

Sincerely,

Steve Forbes
President & CEO
Editor-in-Chief

CBS.MarketWatch.com



11:01 am ET Jul 8, 2002
Hard-bottom stock-market blues
Currency crisis may provide a crushing blow

By Thom Calandra, CBS.MarketWatch.com
Last Update: 10:29 AM ET Jul 8, 2002
SAN FRANCISCO (CBS.MW) -- The market is a voting machine, financial authors Benjamin Graham and David Dodd once said.

Graham and Dodd, authors of "Security Analysis," went on to say investors register their choices in the market partly because of reason and partly because of emotion. The two authors are best known for their search for companies whose shares trade below a reasonable and theoretical price, based on multiyear earnings-growth rates, dividends and other factors.

Graham and Dodd, and all bargain seekers, benefit by exploiting investors' emotions. At few times in the past 100 years have those emotions raged so furiously, bared for all the world to see. After 28 months of relentless losses, stock-market investors are pulling out their hair -- but not, it seems, plucking their portfolios.

For the most part, individuals have refused to dispatch their losers in a bout of panic selling. Market technicians, led by Paul Desmond of Lowry's Reports, say the stock market has yet this year -- or last -- to register total-surrender levels of selling.

Still, much of what makes up a market's jumbled prices comes from hormones, fed as they are by sweat, tears, fear and the cocktails of success: adrenaline, jangled nerves, euphoria. Anecdotal evidence of surrender is important to the Wall Street professionals whose job is to summarize market sentiment. So is a refusal to budge from portfolios that have gaping losses of 50 percent and more -- which is happening right now on Main Street.

"We have had so many 2 and 3 percent down days that investors are now getting used to them, meaning that it is harder to get them to truly capitulate," says Christopher Johnson, senior quantitative analyst at Schaeffer's Investment Research in Cincinnati.

The stock market conceivably could sidestep a rock-hard bottom, the kind marked by days, weeks and months of dreaded 90 percent downside volume and price days. See the latest on 90-90 downside days.

If it does, we will have, probably for the first time in a century, a saggy bottom that forms the ground upon which the next bull market takes shape.

This saggy talk is what Main Street wants to believe. "Your gold story is over, unfortunately or not," says one investor, Ed Pikman, about a metal that seems to gain ground as the stock market loses it. "The U.S. economy is already on track, and the stock market has no other way to go but up and running. Gold price will be back to $270 at the end of year, and gold miners will go Chapter 11."

This is what I call one side of bankruptcy jive talk. A lot like the ribbing in a neighborhood basketball game, this jive throws the specter of Chapter 11 and Chapter 7 liquidations in people's faces. Just who goes broke is the pivot point of the rap. Swish.

My vote on all this is in: I'll stick with the belief that a hard bottom is in store for this stock market (SPY), and with it the emotional and financial pain that comes from unraveled portfolios and heavy American household debt.

"Hong Kong has a record-high jobless rate, and their bankruptcies tripled in the first five months of this year. Americans' personal bankruptcy filings leaped more than 15 percent in the 12 months that ended March 31, having been irresponsibly lured into excessive loans by low-interest car and real-estate deals that added enormously to household debt," says James Dines, longtime newsletter editor and gold investor.

Dines is of the opinion that some event will trigger a crushing blow to financial markets in the not-so-distant future. Whether it is the act of militants or CEOs, a Latin American liquidity crisis or a collapse of the global currency system is anyone's guess.

Dines is leaning toward currency turmoil. He points out that the Mexican peso is at its lowest point in two years, an event that has gone largely unnoticed by American investors and financial advisers. Devaluations of South American currencies most likely will lead to a financial contagion -- basically a buyers' strike by the banks and large investors that lend to emerging-market countries -- in Uruguay, Brazil, Chile and Mexico, says Dines, editor of The Dines Letter.

"Roman citizens ignored the tremors of Mount Vesuvius until it blew on Aug. 24 in the year A.D. 79, obliterating Pompeii and Herculaneum," says Dines, who is sticking with the gold- and silver-mining companies through thick and thin. "A much bigger shock awaits the world in currencies, believe it or not."

Thom Calandra's StockWatch appears each trading day.

Little to gain from MBA classes: prof
July 5, 2002
BY HEATHER SOKOLOFF
MBA

Re: Camera/Shy

Steganography tools have been available for a long time. Maybe this
software will be slightly easier to use, but the Cult of the Dead Cow
doesn't have a stellar reputation for actually delivering. The HK2K
conference looks really interesting though. For a glimpse of the future
you could do far worse than poring over its schedule, or that of the
similar DefCon next month in Las Vegas, which I'll be attending:

http://www.h2k2.net/panels.html
http://www.defcon.org/dcx-speakers.html

Re: Palladium

It's a big threat. True, Microsoft isn't the government, consumers
choose to buy their software. But government finds it much easier to
control large corporations and vice versa. It would be great for both
the national security state and favored business interests to have a
single "secure" platform. I put secure in quotes, because it would
offer security to the aforementioned interests, not the end user.

There are many fronts on which to fight this, including

Consumer choice -- Wean yourself and others from Microsoft software.
Multiple vendors make more work for would-be controllers. Even better,
free software/open source, which has very diffuse control points and
high resistance to the kinds of "features" that give some parties
security and control at others' expense. Even if you must use Windows,
try Mozilla http://mozilla.org for an IE and/or Outlook replacement and
OpenOffice http://openoffice.org for Word/Excel/PowerPoint. If not this
year, keep them in mind for next. Bad allusion to both a chapter title
in Shelly's book and a William Burroughs rant: with open source
software, there's no control button for authorities to push.

Politics -- Tell the officials you didn't vote for but who are in office
anyway to kill the Digital Millenium Copyright Act:
http://anti-dmca.org/

Legal -- Support the Electronic Frontier Foundation .
They're doing lots of important litigation in this area.

Real security -- Computer security is a huge problem, though Palladium
and laws passed by Congress are arguably an even bigger problem. If
you're a techie, check out people working on security that protects you,
your computer and your privacy, not that which gives away control. A
sampling: The work of , an open source unix
operating system fanatical about security, finds its way into many more
popular existing platforms. Capability security may be the answer if
valiant efforts to patch up existing security models ultimately fail,
see and . Finally, the only
people outside the security state I know of thinking about the real
security implications of technology probably only a couple decades away
(e.g., nanotech) are associated with the Foresight Institute
.
Mike Linksvayer http://gondwanaland.com/ml recommends http://bitzi.com
http://calorierestriction.org http://eff.org http://ideafutures.com

posted by FLoA  # 7/08/2002 07:03:23 AM   

SWITZERLAND HAS IT RIGHT

ABA JOURNAL ADS

SIXTH CIRCUIT OPINIONS
MAY, 2002
PROSECUTOR -- Suppression of Evidence Through Loss, Negligence, etc
DISCOVERY -- Prosecutor�s Case File
Derrick Jamison v Terry Collins
#00-3700/3760, May 23, 2002
BOGGS, Daughtrey, Cole
Affirmed district court order granting petition for writ of habeas corpus. Case below:
100 FSupp2d 647 (SD Ohio, 2000).
Petitioner was denied due process of law when the prosecution suppressed evidence
favorable to him, including identifications of possible suspects other than petitioner, information
useful for impeachment of the key prosecution witness, and evidence that directly contradicted
testimony as to how the deceased died. The prosecutor was unaware that the evidence existed
due to the practice of the Cincinnati Police Department to include only inculpatory information in
the �homicide book� turned over to the prosecution.
Petitioner demonstrated cause for failing to raise the Brady claim in his state appeal
because the factual basis for the claim was not reasonably available to counsel. Ohio
affirmatively represented to defense counsel that no favorable evidence existed and cannot argue
that it was unreasonable for counsel not to have caught it suppressing evidence. The suppressed
evidence was both favorable and material. The only other inculpatory evidence, a shoe print
which did not exactly match petitioner�s shoe, was insufficient to produce a conviction.

I Told You So -- Alas, a Couple of Bob's Dire Predictions Have Come True
By Robert X. Cringely
MICROSOFT RULES THE WORLD

I received a letter from Dr. Friedman today in response to a letter and copy of the book I sent him, as follows:

HOOVER INSTITUTION ON WAR, REVOLUTION AND PEACE

July 2, 2002

Dear Mr. Waxman

Thanks very much for sending me a copy of your interesting book. I do hope that the "War stuff" (reference in the book where I say that it is too bad this "war stuff" had to happen when Freedom was making so many gains) will not seriously interrupt the movement toward a freer society.

(ED. NOTE: I am sure he realizes that this--the movement toward a freer society-- will not be possible.)

Cordially yours,

Milton Friedman
Senior Research Fellow


HAPPY 90 Dr. Friedman--your "Free to Choose" was an inspiration.

WESTERN PERSPECTIVES
Pocatello, Idaho July 5, 2002

Just after Midnight Lowell Ponte's statue of Thomas Jefferson, situated
beside his computer, begins to come to life. The third President engages is a
conversation with Mr. Ponte about the meaning and spirit of The Declaration of
Independence and its relevance to the America of 2002. President Jefferson
can hardly believe what Ponte tells him about liberty procured and freedom lost.
To Jefferson's bewilderment, the totalitarian state he dedicated his life to destroy
and to keep bound by the chains of the Constitution, has become a Leviathan
that the he and the founding fathers cannot imagine. Jefferson has trouble
comprehending how a nation of free individuals has become a nation of sheep.
Food for thought. Read and weep.

Ponte talks to Jefferson at Midnight

THE NEWSCIENTIST

'Hacktivists' to release covert communications tool
18:43 04 July 02
NewScientist.com news service

An international group of "hacktivists" says it is about to release a
computer program designed to let political dissidents communicate via
the internet without fear of government eavesdropping.

Hacktivismo, an international group of programmers and activists, says
the program, named Camera/Shy, will make it simple to bury encrypted
information in innocuous-looking images that can then be shared over
the internet. Those with the same program will then be able to
automatically detect and extract concealed information.

Anyone monitoring the internet for subversive activity will only see
apparently ordinary images. Hacktivismo says Camera/Shy will also use
encryption, suggesting keys will be needed to reveal secret information
in full.

Founder Hacktivismo member, Oxblood Ruffin says: "Although not all of
us are Americans, we share the fundamental ideals of the Constitution of
the United States, especially freedom of speech. Camera/Shy is a small
first step in sharing that privilege."


Keeping quiet


A technology called steganography allows data to be embedded in the
digital information comprising an image file. This is accomplished by
altering relatively unimportant bits so that the changed image remains
identical to the naked eye.

The information is concealed using a key. While it may be possible to
detect that an image has been modified to contain information, without
the key it is impossible to extract that information.

Hacktivismo says Camera/Shy has been designed for "non-technical
users" and will be similar to any normal internet browser. But it will
automatically scan web pages for images containing steganographic
data. The program has been designed to work with any Microsoft
operating system running Internet Explorer 5 or later. It should also leave
no trace of browsing activity on a user's computer, according to
Hacktivismo.

Peter Honeyman, an expert in image steganography at the University of
Michigan, says steganography offers an alternative to encryption. The
latter also keeps the contents of a message private, but does not try to
hide its existence.

"If you want the contents of a message to be private, you just use
cryptography," he told New Scientist. "If you want the container of a
message to also be unknown you use steganography."

Honeyman says existing steganography cannot be completely
undetectable and adds that the key used to hide messages in images
can be revealed with brute force computing power. But he adds that
communications could be made more secure by creating images that
appear to contain steganographic data, but which in fact contain no
information.

Hacktivismo says Camera/Shy will be released at the computer security
convention H2K2 in New York City, on 13 July. The group is sponsored
by the US computer hacker group Cult of the Dead Cow, which has
previewed another program designed to beat government surveillance,
called Peek-a-booty.

My profile at AskMe

ISLAMISTS WORLDWIDE WATCH
Pocatello, Idaho July 3, 2002

A major study warns of major stagnation in Arab societies. This New York Times article by
Barbabra Crossette notes that the study indicates that Arab societies are being crippled by a
lack of political freedom, the repression of women, and an isolation from the world of ideas that
stifles creativity. However, that is saying the obvious...kind of like observing that tigers have big
teeth. The study reports that Spain alone translates more books each year than all 22 Arab
nations have done in the past 1000 years.

The report seems to support Ibn al-Rawandi's comments (referring to all of Islam...not just Arabs):
"Islam is in fact the last refuge for those conservative western intellectuals who wish it were true
that the Renaissance, the Enlightenment, the Industrial Revolution, the French revolution, in short
'the modern world,' had never come about. Islam is, indeed, the only remaining mental space in
which these events have not yet happened."
The study suggests that this stagnation is harmful not only for Arab intellectuals, women, and youth,
but threatens the long-term survival of the culture and eventually, Islam. A culture that rejects all
outside ideas cannot adapt; it simply dies...like the Dodo bird. Read and share.

NY TIMES

I love my country but I fear my government.
Question Authority.

CBS.MarketWatch.com
10:21 am ET Jul 3, 2002
Thom Calandra's StockWatch Unsubscribe/Update your e-newsletter preferences
P is a fact, E is negotiable Amid the lies, stock market's retreat is gentle, so far
By Thom Calandra, CBS.MarketWatch.com
Last Update: 10:18 AM ET Jul 3, 2002
SAN FRANCISCO (CBS.MW) - How many times, during the good stock-market days, did we hear chart readers tell us the market was saying we're going higher? And higher.

Until March 10, 2000, anyway. And how many times in these bad stock-market days have we heard chart readers tell us the market is going lower? And lower.

Everyone's a genius. With the wind at their back, chart-readers and other market technicians always seem to have a leg up on the rest of us. Yet their methods rarely take into account the so-called fundamentals of the 8,000-plus companies that compose the U.S. stock market.

Technicians can quote you chapter, page and verse of statistics - resistance, support, volume, put-call ratios, moving averages and so on. Yet their work rarely relies on earnings, profit margins, market share or return on capital.

Maybe that's a good thing these days. After all, how do you handicap companies when their top executives take great liberties with the numbers? The latest book to hit my desk, "How Companies Lie: Why Enron Is Just the Tip of the Iceberg," bills itself as the investor's guide to corporate smoke and mirrors.

In it, authors A. Larry Elliott and Richard J. Schroth, two longstanding corporate consultants, explore the notion that executives of publicly traded companies for decades have reaped financial rewards for how well they skirted ethical boundaries. "What's that smell in this room?" the authors quote Big Daddy from Cat on a Hot Tin Roof. "Didn't you notice a powerful and obnoxious odor of mendacity in this room?"

In the technical world, says Canadian newsletter author and gold enthusiast Ian McAvity, "Nobody ever had to restate a chart." McAvity, editor of Deliberations on World Markets, is referring to the quarterly earnings restatements or accounting probes of WorldCom (WCOME), Xerox (XRX), Adelphia Communications (ADELQ) and others.

McAvity, who sees gold going far higher in this corporate storm, says "the worst corporate scandals haven't yet surfaced. It isn't over yet." A technician himself, McAvity's hand-crafted charts and numbers go back 30 years, and more. So he puts his faith first in numbers, and then listens to what the CEOs and CFOs have to say to investors. "My old favorite still remains: On the question of P/Es, P is a fact, E is negotiable," he says about stock prices and their earnings multiples. In other words, how do you handicap the horse when the horse is cheating?"

I have no answer to that except to repeat what my trusted market technician, financial author and fund manager Joseph Duarte in Dallas told me Wednesday: "Take a long nap, but keep the alarm on just in case."

The stock market's 28-month decline has been a death of a thousand cuts, one that has been missing the adrenalized panic-selling we saw in October 1987 and in almost every other bear market of the 20th century. See CBS MarketWatch's latest report on Paul Desmond's 90-90 days.

Warren Wicke, an individual investor, wonders whether an "unprecedented availablity of sophisticated trading software and skilled day-trader/hedge-funders are slowing the capitulation/crash" that is surely ahead of us.

Sure. Call it the decimalizing - not the decimation -- of the stock market. For most Americans, the market's fall from grace has been one of the most civil retreats from stocks in memory. No blazing headlines - not this year, anyway. The Men in Black have yet to be called to the scene of the slime.That's the way the mutual fund managers, gatekeepers for a $4 trillion destruction of wealth and a monopoly of red ink, prefer it.

When the alarm rings, if there's any justice in the world, the worst of the professional money mis-managers will be out of their jobs. With any luck, ordinary Americans already will have withdrawn what savings they have left from the industry's fee-leeching funds.

The panic is still ahead of us. Rest assured.

I did a 10 minute taped interview today with Mary Jane Popp (The Popoff Show) KTKZ 1380 AM, Sacramento. It will air on Saturday, July 6th. It is a two hour show that will be repeated 30 times on Saturday and Sunday. The taping went very well. The show can also be heard on RADIO SHOW

CITIES PROTEST PATRIOT ACT