Today, Donald Trump was in Brussels representing the U.S. at a NATO summit.

His documented behavior was at best, rude. Some have called his actions to be “obnoxious and uncivilized.” Others have said, “…consistently appalling and despicable behavior.”

Trump continues to test the lower boundaries of bad behavior, creating an internationally negative aura against the people of the United States.

How to explain this immature and puerile public conduct by a man who is currently serving as the President of the U.S.?

Here is one clue: In his 1987 book, The Art of the Deal, Trump states, “Even in elementary school, I was a very assertive, aggressive kid. In the second grade I actually gave a teacher a black eye. I punched my music teacher because I didn’t think he knew anything about music and I almost got expelled. I’m not proud of that, but it’s clear evidence that even early on I had a tendency to stand up and make my opinions known in a forceful way.”

The Donald attended an exclusive private elementary school (Kew-Forest) from 1950 to 1959.

Ann Trees, one of Trump’s elementary school teachers (now retired), was quoted in a 2016 Washington Post article as saying, “Who could forget him? He was headstrong and determined. He would sit with his arms folded with this look on his face — I use the word surly — almost daring you to say one thing or another that wouldn’t settle with him.”

Sound familiar?

An unsubstantiated story from Trump’s youth adds some additional credence to the potentially negative effects of a weak upbringing. The story dates to the early 1950’s (likely 1954) when The Donald would have been in 3rd grade.

Donald’s father, Fred, entered young Donny into a contest, ‘King of the Playground Bullies’. Despite being one of the youngest contestants, The Donald took second prize.

Donald’s father was quite disappointed, and from that point forward, Donald himself vowed to become the best and meanest bully the world would ever know.

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Fast forward 65 years, and The Donald proved his mettle today on the world stage in Brussels.  Let’s hope his father Fred is proud of his progeny.

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The headline comes directly from Steven Mnuchin, our U.S. Treasury Secretary, who recently penned an op-ed piece which appeared in print in the Tampa Bay Times (July 3, 2018).  https://www.whitehouse.gov/articles/trump-tax-cuts-strengthened-u-s-economy/

Mnuchin’s opinion piece seems to consist primarily of fluffed-up puffery related to the Tax Cuts and Jobs Act (TCJA) of 2017.

Mr. Mnuchin omitted several critical issues which most economists agree must be included in any analysis of the U.S. economy.

First is the ‘business (economic) cycle’.  The National Bureau of Economic Research (NBER) has been tracking the U.S. economy for 160+ years.  NBER defines one business cycle as: A period of economic expansion; followed by a contraction (recession); ending at the next point of recovery.

NBER’s 160+ years of records reflect that (over that time) the U.S. economy experienced 66 business cycles. Since 1945, we have experienced 11 business cycles with an average length of expansions of 5 years, followed by an average length of recessions of 1 year.

We can’t forget that the U.S. economy almost collapsed in early 2008 following a period of ebullience and expansion apparently accompanied by loose regulatory oversight of the financial sector.

Quick intervention in 2008 by our federal government saved the U.S. economy from the deepest and longest downturn since the Great Depression.  NBER data reflects the point of recovery (beginning of expansion) of the U.S. economy occurred in June 2009, and has now entered its 10th year (109th month) of growth.

Our current economic expansion is now the second-longest expansion on record, exceeded only by the expansion from March 1991 to March 2001, which lasted a full 10 years.

History tells us we are very close to the point of contraction (recession) of the U.S. economy.

Second is the ‘Skills Gap’.  When Mr. Mnuchin tells us that “…there are enough job openings in America for every unemployed person in the country” he fails to explain that the majority of open jobs require skills which the majority of unemployed people lack. In other cases, the unfilled jobs are located hundreds – maybe thousands – of miles away from the location of potential job seekers.

One solution to filling the open jobs is to encourage migration – or immigration — of skilled workers.

Another solution is to recruit, educate and train currently underemployed or unemployed U.S. residents who live in near proximity to the open jobs.

Third involves a dangerous combination of tax cuts and deficit spending to finance those tax cuts.

Mr. Mnuchin touts benefits to U.S. workers as a result of repatriation of hundreds of billions of dollars from off-shore corporate subsidiaries to the U.S.  In fact, companies thus far have paid out dividends and other withdrawals of $305.6 billion from foreign receipts which far outstripped the amount of this cash which was reinvested domestically.  By some estimates, corporations have spent 72 times as much on share buybacks as they have spent on one-time worker bonuses and raises.

The U.S. ‘current account deficit’, which measures the flow of goods, services and investments into and out of the country, widened by $8.0 billion to $124.1 billion, or 2.5 percent of national economic output in the first 3 months of 2018, virtually all of which seems to be attributable to the repatriation tax holiday.

To make up for the loss of tax revenue, the Trump administration is relying on a combination of debt financing and mystical economic growth which they expect to occur at the end of an extended business cycle.

Mnuchin tells us that U.S. economic growth is on steroids.

Some observers have noted that the appearance of economic growth is highly influenced by the infusion of repatriated cash – somewhat similar to feeding 2nd graders sugar before sending them out onto the playground.

The energy is intense, but it won’t last very long, and it is just not sustainable.

A recent report (6/21/2108) from the U.S. Office of Government Accountability (GAO) warns that responsible action is needed on the nation’s growing federal deficit, which grew to $666 Billion in FY 2017 (10/01/16 to 9/30/17) and is projected to surpass $1 Trillion by 2020.

According to the GAO’s 2017 financial report, the federal deficit in FY 2017 increased by 13.5% from $587 Billion in FY 2016 and $439 Billion in FY 2015. Federal receipts in FY 2017 increased by $48 billion, but that was outweighed by a $127 billion increase in spending.  (Note that Deficit is an annual measure; National Debt is aggregate, an accumulation of annual shortfalls.)

The aggregate (gross) amount that the U.S. Treasury can borrow is limited by the U.S. debt ceiling. As of April 30, 2018, our National Debt was $21 Trillion, about 78% of GDP.

Since its passage in December 2017, the non-partisan Congressional Budget Office has warned that TCJA will add $1.84 Trillion to the federal deficit over the next 10 years, which they estimate will push the National Debt to an unprecedented 152 percent of GDP by 2028, significantly increasing the odds of a new financial crisis.

Interest rates are rising, and National Debt is increasing, thus interest on National Debt will consume an ever-increasing amount of future federal budgets.

And, of great concern is the flattening of the ‘yield curve’.  Traditionally, interest rates on short-term debt are lower than rates paid on long-term obligations.

The spread between the yields of the 2-year Treasury note (2.55 percent) and 10-year Treasury note (2.89 percent) was 34 basis points on June 23. That’s less than half of what it was in early February and the narrowest it’s been since August 2007.

An inversion of the yield curve — when long-term rates fall below short-term rates — traditionally predicts a looming recession.

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It’s not clear why Mr. Mnuchin – a seasoned financial services sector professional with a clear expertise in fixed income securities – would omit such important information in his assessment of the U.S. economy.

I am drawn to conclude Mr. Mnuchin is using his position as a high-ranking federal official to ‘butter his own toast’, likely through complex – and undisclosed — derivative positions.

We’ll have to see if the Walrus is correct…..

This event — June 20, 2018 — represents a fabulous ‘photo op’ for Trump, and it results in a Pyrrhic victory for oppressed and victimized mothers and their minor children who are fleeing horrific conditions in their homelands of Honduras, El Salvador and Guatemala -the so-called Northern Triangle.

Read between the lines of Trump’s Executive Order and you will find little change in the draconian American policy of abusing and torturing women and children.

Trump and his administration have embraced a tactical wholesale approach to focus, apprehend and detain the most vulnerable – and least dangerous – people who seek asylum in the U.S.

Trump has – and continues to – proclaim that “..most immigrant families and minors from Central America who arrive unlawfully at the border cannot be detained together or removed together – only released.  These are crippling loopholes that cause family separation which we don’t want.”

Probably not true, and even if true, completely irrelevant.

Statistics tell us that:  (1) Immigrants who come to United States seeking asylum from horrible conditions in their countries of origin are generally women with minor children who pose little to no criminal or other risk to the U.S.;  (2) Immigrants who come to the U.S. seeking work to support families left behind in their country of origin are predominantly men who strive to make enough money to send for the rest of their family to bring them into a positive environment.

Yes, each of these scenarios illustrates a likely violation of current U.S. immigration laws.

However, let’s not lose sight that the foundation of immigration laws of the U.S. is the Immigration and Nationality Act of 1952, sometimes known as the McCarran–Walter Act.  Yes, 1952.

Parts of that Act remain in place today.  It has been amended several times and was modified substantially by the Immigration and Nationality Services Act of 1965.  Yes, 1965.

No doubt, there exist a small percentage of people who illegally enter the U.S. with nefarious intent. It seems that most of these ‘bad actors’ do not travel with children; are not female; and do not enter over the southern border.

If Trump — and his band of complicit Republican cronies – really desire to improve our national security through better immigration strategy and policy, they need to focus on fact-based, root cause analysis, and to invest in solutions which utilize “evidence-based targeting,” an approach which uses objective data to focus limited resources toward those individuals who pose the highest risk of danger to the U.S.

Evidence-Based Targeting is a strategic approach which requires planning; careful research; and a blind approach to race, religion, gender, national origin or other irrelevant factors.

Yes, Mr. Trump, we are in lock-step with you on secure borders.  We – even those of us who are not registered Republicans – demand secure borders and we want to have modern policies and procedures in place which keep bad actors out of the U.S.

That said, we need to ask you to stop acting as a bully, stop picking on defenseless women and children, and start focusing on Evidence-Based Targeting to help protect our domestic security.

And, concurrently, it would be really great if you could work with Congress to modernize that 1952 McCarran–Walter Act which probably made sense back then, but seems to need some tweaks to address the huge demographic changes which have occurred since then.

Please, Mr. Trump:  Stop the puerile ‘Beavis & Butt-Head’ rhetoric and start acting like a leader.

It seems wherever we look, Donald Trump’s appalling behavior sets a new and very low standard upon which to measure the 21st Century version of The Ugly American.

His most recent tweets about Canadian PM Trudeau which followed Trump’s rude early departure from the G-7 meeting are deplorable.

Then, he sent his thugs Kudlow and Navarro off to reinforce the message in harsh, scorched-earth fashion.

Said Navarro on Sunday, June 10, 2018: “All Justin Trudeau had to do was take the win. President Trump did the courtesy to Justin Trudeau to travel up to Quebec for that summit. He had other things, bigger things on his plate in Singapore.  And what did Trudeau do? As soon as the plane took off from Canadian airspace, Trudeau stuck our president in the back. That will not stand.”

Trump did a courtesy? Hello? Red meat to the Trump base; An insult to everyone else who lives on Planet Earth.

Donald Trump said what Canada has “done to our dairy farm workers is a disgrace. It’s a disgrace. And our farmers in Wisconsin and New York State are being put out of business, our dairy farmers.”

Trump has gone on to tell us that “Canada charges the U.S. a 270% tariff on Dairy Products! They didn’t tell you that, did they? Not fair to our farmers!”

No, they didn’t because it’s just not true.  There is one specific dairy product which has ignited this Tempest in a Teapot, a product which exists in surplus due to overcapacity in the U.S. dairy industry.

The product at the center of the dispute is ultra-filtered milk, which is used to make cheese and yogurt.

It is not governed by any tariffs under NAFTA, because it essentially did not exist when NAFTA was originally negotiated. The U.S. dairy industry has been selling surplus ultra-filtered milk — duty-free — to Canadian processors. And that is part of the root problem for Canadian dairy farmers.

Never heard of ultra-filtered milk?  Neither had I.

Ultra-filtered milk (sometimes called diafiltered milk) is generally a byproduct of butter production after the milk fat has been removed to provide the basic ingredient for butter.

It is a sub-classification of milk protein concentrate which is created by passing the remaining low- or no-fat milk under pressure through a thin, porous membrane to separate the components of milk according to their size. Ultra-filtration allows the smaller lactose, water, mineral, and vitamin molecules to pass through the membrane, while the larger protein molecules are retained and concentrated. The removal of water and lactose reduces the volume of milk, significantly lowering storage and transportation costs.

In 2016, the U.S. dairy industry sold about $133 Million of ultra-filtered milk to dairy product producers in Canada, a rounding error on the total trade transactions between the U.S. and Canada.

The federal U.S. Trade Representative reported a U.S. $12.5 Billion trade surplus for goods and services with Canada in 2016, exporting $320.1 Billion and importing $307.6 Billion. (The reported U.S. surplus was $8.4 Billion in 2017).

Meanwhile, the man who affirmed that he would faithfully execute the office of President of the United States, and would — to the best of his ability — preserve, protect and defend the Constitution of the United States has given us clear and irrefutable evidence that his abilities are deficient, inadequate, unacceptable, inferior and dreadful.  Or, perhaps he is an untruthful traitor.

Either way, he has put our entire world in danger of a real world war.

Martha Stewart served prison time for a conviction on insider trading.

There is a cadre of Trump Insiders who are privy to Mr. Trump’s rants which roil the financial markets, some of whom are getting rich off of their advance information of what he will say or do.

Donald Trump’s frequently irrational, generally unpredictable — and often arbitrary and capricious — tweets, pronouncements and actions have proven to significantly move financial markets, often creating a whipsaw effect.

Today – May 31, 2018 – Mr. Trump allowed tariffs to be enacted on steel and aluminum imports from Canada, Mexico and the E.U. on the grounds that such materials are being imported into the United States “in such quantities and under such circumstances as to threaten to impair the national security of the United States.”

There is no credible evidence that steel and/or aluminum imported into the U.S. from Canada, Mexico and/or the E.U. pose any threat to the national security of the U.S.  In fact, there is no credible evidence that such imports pose any threat to the U.S. domestic economy.

Meanwhile, Mr. Trump’s action today to impose tariffs on imports from our closest allies was apparently not expected in the financial markets, leading to a 1% drop in the Dow Jones Industrial Average.

We now have several data points relating to financial market response to irrational actions by President Trump which clearly represent huge arbitrage opportunities for Trump insiders.

The ‘out-of-right-field’ announcement in early March 2018 by Mr. Trump that the U.S. would impose tariffs on steel and aluminum imports precipitated an almost immediate 500 point drop in the DJI.

 

It’s bad enough that Trump’s actions pose a tremendous risk to the entire U.S. society and our economy.

The Securities and Exchange Commission (SEC) needs to reign in this illegal behavior by Mr. Trump, and to charge those insiders who are illegally profiting in the financial markets from advance knowledge of what sort of disruptive, arbitrary and capricious pronouncements President Trump will make in the near term.

Hillary Clinton has consistently refused to use alternative facts to describe her own actions and behavior.  She pays her bills.  She has never gone bankrupt.  She stayed with Bill despite some bumps in the road.  She is the mother of an extraordinary emerging world leader.

Above all, Hillary does not dwell on the past.  She learns from the past, and she offers productive solutions for the future.

And, she is a very smart, highly-educated, incredibly experienced and assertive female who represents the very essence of the threat described in Spencer Johnson’s book, “Who Moved My Cheese?”

Donald Trump built his reputation – and his empire — on his larger-than-life persona as the ‘Great White Leader’.  He wants the world to see him as ‘a man’s man’ who will lead the loyal believers back to 1957 when America reached its apogee.

Donald wants the world to believe he is both clairvoyant and razor-focused on his vision of restoring the world to his vision of how it ought to be.

Yet, Trump’s sense of self-worth is continually at risk. When Trump feels imbalanced, he reacts impulsively and defensively, constructing a self-justifying story that doesn’t depend on facts and always directs the blame to others.

A consensus of psychiatrists and psychologists have determined that Trump’s mental instability and pattern of violence –bullying words, aggressive actions and denials of truth — are dangerous and have already caused unprecedented anxiety and stress across the nation.

Meanwhile, although Hillary is her own worst enemy, Trump is the greatest threat to the viable and productive future of the U.S. – and the entire world – that we have seen since the 1940’s.

Fox News Host Jeanine Pirro – a.k.a. Judge Jeanine – has a strong pedigree which includes a dozen years as the District Attorney for Westchester County (NY) as well as a tenure as a judge of the Westchester County Court.

Judge Jeanine is known for her strict and conservative views of the law which helps explain her popularity with Fox viewers.

In November 2017, Jeanine Pirro was stopped by New York State Police troopers for driving 119 miles per hour in the Town of Nichols, NY, which is near her hometown of Elmira, NY.

When she was stopped by troopers, Ms. Pirro was driving in a 65 mph zone. According to the New York Department of Motor Vehicles, she faced up to 11 points on her license for driving more than 40 mph over the speed limit.

Ms. Pirro has pleaded guilty to speeding, although she was able to negotiate a reduction in the charges.

Pirro has pleaded guilty to driving 95 mph in a 65 mph zone. She must take a defensive driving course and pay nearly $400 in fines.

“I had been driving for hours to visit my ailing 89-year-old mom and didn’t realize how fast I was driving,” Pirro said in a statement released by Fox after she was busted. “I believe in the rule of law and I will pay the consequences.”

An interesting perspective from an otherwise ‘hanging judge’…….

Public calls to action for our Congress to ban ‘semiautomatic assault weapons’ (a.k.a. ’semiautomatic military style weapons’) are nothing new.

Way back in 1989, a known criminal bearing a Chinese-made AK-47 rifle shot and killed five schoolchildren and wounded 32 others on the grounds of an elementary school in Stockton, CA.  Following this incident, President George H. W. Bush signed an executive order (the Semi-Automatic Assault Rifle Ban) banning importation of assault weapons.

Several other massacres occurred in following years.  In October 1991, an unemployed drifter who had been discharged for cause from the U.S. Merchant Marine drove his pickup truck through the window at a cafeteria in Killeen, TX.  He jumped out with 2 semi-automatic pistols with high capacity magazines, opened fire, shot and killed 23 people, and wounded 27 others.  After several years of political posturing, the Texas State Rifle Association convinced legislators to follow the ‘good guy with a gun’ model, and in 1995, then Texas Governor George W. Bush signed a concealed carry law, opening Texas up to thousands of armed citizens walking the streets.

An incident on July 1, 1993 in San Francisco is often cited as the tipping point for introduction of legislation by Senator Dianne Feinstein (D-CA) intended to respond to public concerns about mass shootings by restricting firearms that met the criteria for what it defined as a “semiautomatic assault weapon”, as well as magazines that met the criteria for what it defined as a “large capacity ammunition feeding device”.

In the San Francisco massacre, the shooter – wielding modified semiautomatic pistols equipped with high-capacity magazines — killed eight people and wounded six.

In November 1993, Feinstein’s proposed legislation passed the U.S. Senate. By the time it worked its way through the legislative process and was signed into law by President Bill Clinton, the NRA and other gun industry advocates managed to get the law watered down, and to include a sunset provision on the proposed ban on ‘assault weapons’ to expire after 10 years.

Titled the Public Safety and Recreational Firearms Use Protection Act (a.k.a. Federal Assault Weapons Ban (1994)), it did ban semiautomatics that looked like assault weapons and large capacity ammunition feeding devices. The legislation passed in September 1994 with a sunset provision for the assault weapon ban section. The law expired on September 13, 2004.

That Act prohibited the manufacture, transfer, or possession of “semiautomatic assault weapons” as defined by the Act.  Weapons banned were identified either by specific make or model (including copies or duplicates thereof, in any caliber), or by specific characteristics that slightly varied according to whether the weapon was a pistol, rifle, or shotgun.  The Act also prohibited the transfer and possession of “large capacity ammunition feeding devices”  — defined as “any magazine, belt, drum, feed strip, or similar device manufactured after the date [of the act] that has the capacity of, or that can be readily restored or converted to accept, more than 10 rounds of ammunition”.

My theory is that if the 1994 law was not allowed to expire, most – if not all – of the recent mass shootings in the U.S. would never have occurred.  Best I can tell, each and every perpetrator involved in one of these massacres has had a seriously aberrant personality, mental illness or other anti-social or delusional characteristics.

Just imagine if there were no ‘Rambo-style’ weapons available for these folks to acquire – legally or on the black market.  Perhaps they would have taken out their frustrations and aggression through a different channel?

Let’s double down and demand that Congress update, strengthen and reauthorize the 1994 Federal Assault Weapons Ban, this time with no sunset provision.

Dianne Feinstein:  We are counting on you!

I am not a Roman Catholic, although I know many who are.

I wasn’t prepared for what Pope Francis had to say, nor how he chose to convey his message.

I am quite pleased to have observed and listened to most of the things Pope Francis subscribes to. No doubt that the Roman Catholic Church in America has lost a great deal of its luster over the past couple of decades for a variety of reasons.

I think if the American R.C. church (and many other religious institutions) can find a way to embrace some of the values this Pope advocates for; our country could come closer to healing.

Related to this observation, the John Boehner thing came as a bit of a surprise, and for a few moments, I was pleased.

Now that some of the background has been exposed, it seems that Boehner has tried very hard to create an environment where civil discussion and debate was at least possible.

It also seems clear that there is a vociferous contingent of ultra-conservative elected officials in D.C. who share a common thread: ‘Take no prisoners: it’s our way or the highway. We don’t negotiate or compromise, ever.’

I guess I knew before the Boehner announcement on 9/25 that there were at least a few elected characters in our Congress who are mean, rigid, callous and intractable.

I just never would have guessed that there were enough of these bigots and curmudgeons to create an environment toxic enough to drive John Boehner back to Ohio, for good.

I guess the Koch Brothers (and some others) are gaining some real traction from their ‘investments’.

Goes to show: You don’t personally need to wear the white hood if you can write enough checks to mobilize an army of fringe fundamentalists who are willing to align with your doctrine.

There are dozens – hundreds – of examples throughout history which support this theory, perhaps the most frightening of which is the rise of Nazism under the leadership of Adolph Hitler.

Perhaps the spirit of Pope Francis will engage and mobilize enough folks who seem to perpetually sit on the sidelines hoping that – magically or mysteriously – the right things will happen.

History tells us that the right things will only happen when people of good will mobilize in a positive way to stop the fringe fundamentalists from taking control of our economy, government and society.

Wow! This headline caught my attention!

After some basic research, The Walrus is really disappointed – yet again – with some of the folks from the NRA.

Working through Rush Limbaugh – a true master of incendiary drama — Chris Cox from the NRA has just issued a ‘marginally correct’ announcement which seems to imply that our federal government is on track to deprive any and all older Americans from their ‘2nd amendment rights’ to keep and bear Arms.

The announcement states, “STOP OBAMA NOW! The Biggest Gun Grab in American History!

“… the Obama administration is moving to strip away the Second Amendment rights of over four million Americans who receive Social Security benefits through a ‘representative payee.’ Not only would this backdoor gun prohibition amount to the BIGGEST GUN GRAB in American history, but it’s happening without ANY vote in Congress or ANY due process for millions of law-abiding Americans.” http://www.rushlimbaugh.com/daily/2015/07/20/government_you_want_your_social_security_fine_then_give_us_your_guns

Yes, this is the very same Chris Cox who was paid – out of generous NRA member contributions from you and me – some $828,000+ in compensation and benefits in FYE 12/31/2013.

By way of background: at the close of 2014, there were 58 million people receiving traditional Social Security benefits, and an additional eight million US residents receiving SSI (SSDI) benefits.

Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes). It was created to help provide a safety net to help aged, blind, and disabled people, who have little or no income; and it provides cash to meet basic needs for food, clothing, and shelter.

So, the over four million Americans who would be impacted by this action are people who have been identified through a court action during which it was determined that the person is incapable of managing their own affairs, and thus has somebody else receiving the monthly transfer benefit for them to manage on their behalf.

Some activists for cart-blanche gun rights; mental-health advocates; and supporters for the disabled have stepped forward to state that expanding the list of people prohibited from owning guns based on mental and/or financial competence is wrong.

A Yale psychiatrist, Dr. Marc Rosen, said “Someone can be incapable of managing their funds but not be dangerous, violent or unsafe.”

Yet, over half of the individuals identified by the VA who fall into the category where a third party has been appointed as a fiduciary are people 80 or older, often with dementia, seemingly reasonable criterion for discouraging gun ownership.

The Walrus is a citizen who hopes to die of natural causes, and he wants to believe that one role of government is to protect us from random violence.

It seems to be widely accepted that people who: (a) suffer from extreme depression; (b) lack mental capacity; (c) are no longer able to function independently; or (d) have a medically determinable physical or mental impairment or combination of impairment(s) which is severe, i.e. it significantly limits the physical or mental ability to do basic work activities — are those people who might be unstable some or all of the time, and thus ought to discouraged from ‘uninfringed’ gun possession and usage.

While The Walrus completely understands and appreciates the need for Chris Cox and his colleagues to raise huge sums of money to help fund their very generous salaries and benefits, The Walrus also values the real truth, the whole truth and the complete truth.

Somehow, The Walrus is feeling as though Chris Cox and Rush Limbaugh haven’t told us very much of the real truth, and that is why The Walrus is feeling both very sad and quite disappointed.