Daily Archives: June 25, 2017

Bankruptcy guru Edward Altman sees similarities to 2007 in the credit market today – Yahoo Finance

Posted: June 25, 2017 at 2:44 pm

Legendarybankruptcy expert Dr. Edward Altmancautioned that this benign credit cycle characterized by low default rates, low yields, low spreads, and lots of liquidity could come to an abrupt end.

Its been a terrific market for investors for quite a long time and if anything is concerning its that we now are more than eight years into a benign credit cycle, Altman, a professor at NYU Stern School of Business, told Yahoo Finance. Weve never had such a long benign cycle. And just that one little fact is something that we should be concerned about because if it comes to one and it could come to an end very dramatically.

Altman, the creator of the financial-distress sniffingAltman Z-Score, warned in mid-2007 of a Great Credit Bubble and that there was going to be trouble in the market.He predictedthat a meltdown would stem from corporate defaults. While the primary culprit of the financial crisis turned out to be mortgage-backed securities, investors who heeded Altmans warning nevertheless avoided a lot of grief.

So, how does todays market compare to the market in 2007.

There are some similarities, yes, although the situation back in the great financial crisis was pre-meditated by the mortgage-backed securities and we dont have that problem now, he said.

Troublingly, Altmansees the reckless behaviorof 2007 surfacing again.

Lehman Brothers world headquarters is shown in New York, the day the 158-year-old investment bank, choked by the credit crisis and falling real estate values, filed for bankruptcy. (AP Photo/Mark Lennihan)

Back in 2007 prior to the crisis in 08 and 09, the fundamentals of credit risk of the companies issuing bonds and taking out loans were quite low, he said.And the similarity that I see now between 2007 and 2016 is very similar fundamentals, quite a bit high risk and it doesnt seem to bother the market because its the only game in town in terms of getting yield greater than what you can get for low-risk securities like governments and high-grade corporates.

In other words, investors arent buying junk bonds just because the risk-reward balance is favorable. Theyre buying because the rewards of investing in lower risk bonds just arent cutting it anymore.

Altman is perhaps best known for the Z-Score, a formula he created 50 years ago thats used to predict bankruptcies. Since that time, he noticed that bankruptcies have gotten increasingly bigger.

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[What] Ive seen over the years is larger and larger companies filing for bankruptcy on a regular basis. On average, in the United States, something like 15 more than $1 billion companies, in terms of liabilities, go bankrupt every year, on average, Altman said. This year already its 13. Last year, it was almost 40.

He noted that inflation has something to do with it, but whats actually happening is companies have been taking advantage of debt and low interest rates like never before, and the corporate debt ratios are way up.

Speaking about the Z-score, if you compare the average Z-score of companies in 2007 with the average in 2016, which is the last time we looked at it, guess what. The average is actually lower today than it was in 2007, and 2007 was right before the great financial crisis, and of course, in 08 and 09 we saw a tremendous increase in corporate bond defaults and loans.

Low Z-scores are associated with financial distress.

He added: So the good news is that its no worse, but the bad news is, fundamentally, the companies are no better than they were back in 2007at least by our model.

At the moment whats keeping companies from going bankrupt as they did during the financial crisis is the incredible amount of liquidity and lowinterest rates.

Well see how long that lasts.

Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.

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Takata reportedly planning to file for bankruptcy – CNBC

Posted: at 2:44 pm

Kazuhiro Nogi | AFP | Getty Images

The logo of the Japanese auto parts maker Takata is displayed at a car showroom in Tokyo on January 13, 2017.

Takata's board is convening to review bankruptcy plans over the weekend, The Wall Street Journal reported, citing sources.

The company is planning bankruptcy filings in both the U.S. and Japan, and has tentative plans to sell operations to rival firm Key Safety Systems for $1.6 billion, sources told the Journal.

Sumitomo Mitsui Banking is reportedly providing the company with bankruptcy financing, the report said.

The auto parts supplier made the airbag components that spawned lawsuits against several major automakers after the devices were linked to deaths and injuries. The company pleaded guilty to criminal wrongdoing and was told to pay $1 billion in penalties for giving automakers misleading safety reports on the airbag systems.

In the U.S., 19 automakers are still recalling the 42 million vehicles outfitted with Takata airbags, the Journal said.

In May, Toyota, Subaru, Mazda and BMW all settled with plaintiffs for more than $550 million.

Read the full story in The Wall Street Journal

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Takata reportedly planning to file for bankruptcy - CNBC

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Italy may pay $17 billion to save two banks facing bankruptcy – Daily Sabah

Posted: at 2:44 pm

Italy will pay up to 17 billion euros ($19 billion) to rescue two Venetian banks that are facing bankruptcy, the government said Sunday.

"The total resources mobilised could reach a maximum of 17 billion euros -- but the immediate cost to the state is a little more than five billion," said Finance Minister Pier Carlo Padoan.

After Brussels had last week firmly placed the liquidation ball in Rome's court, Padoan's ministry said Friday night the government would put up around 10 billion euros of state cash to rescue the stricken Banca Popolare di Vicenza and Veneto Banca.

Both face bankruptcy and European authorities had urged Italy to devise a rescue framework, selling off their good assets and transferring toxic assets to a "bad bank," essentially financed by Rome.

Padoan said about 4.8 billion euros would be set aside immediately to "maintain capitalisation" of retail bank Intesa Sanpaolo, which had made that a condition of any cooperation.

Intesa, Italy's biggest retail bank, has put one symbolic euro on the table and attached a further string to the deal by insisting its share dividend policy remain unaffected.

Rome will provide a further "guarantee" of 400 million euros, Padoan said, with the remaining cash going to cover a huge hole due to bad loans.

"This decree allows the stabilisation of the Venetian economy and safeguarding of the economic activity of the Venetian banks," Padoan said.

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The Left’s violence is only logical – Conservative Review

Posted: at 2:42 pm


Conservative Review
The Left's violence is only logical
Conservative Review
While the modern Left shares the older progressives' understanding that power creates right, it does not share their blind faith in institutions like government. No, society's social institutions and government structures are tools of oppression. The ...

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Trump reinstates sanctions on Havana, calls for ‘a free Cuba’ – Gardnernews.com

Posted: at 2:42 pm

Natalia Castro Guest Columnist In December of 2014, President Obama announced that the U.S. and Cuba would restore diplomatic relations, and by March 2016 promised the removal of the U.S. trade embargo on Cuba; allowing American money to fund the undemocratic government in power in Havana. After Obama met the Cuban leader, Raul Castro, brother of former dictator Fidel Castro, Obama vowed that change would happen in Cuba and that Castro understood that. Now, at the call of millions of Cuban-Americans and to fulfill a critical campaign promise, the only thing that has changed is President Donald Trump who has now reversed the Obama policies on Havana, calling for a free Cuba in his June 16 speech announcing the new U.S. policy. What you have built here a vibrant culture, a thriving neighborhood, the spirit of adventure is a testament to what a free Cuba could be. And with Gods help, a free Cuba is what we will soon achieve, Trump said. Cubas 2016 Human Right Watch report painted a damning picture of the nation Obama was convinced change was approaching. Despite lifting the sanctions, the report concluded, The Cuban government continues to repress dissent and punish public criticism Short-term arbitrary arrests of human rights defenders, independent journalists, and others have increased dramatically in recent years. Other repressive tactics employed by the government include beatings, public shaming, and termination of employment. Obama opened the doors to U.S. trade with corporations, not run by the Cuban people, but run by the Cuban military to fuel this oppressive government. Now, President Trumps policy change will assist both Cuban Americans and the Cuban people by once again attempting to persuade the government there to stand for the values of liberty and justice in order to have a relationship with the United States. In Trumps address in Miami on the issue, Trump made clear that U.S. cash will no longer flow to the Cuban military monopoly, Grupo de Administracin Empresarial (GAESA) but can be used to develop economic ties with the small, private business sector. With the military run GAESA acting as one of the largest barriers to private entrepreneurship in Cuba, this will urge the Cuban government to finally provide economic liberty to the people. In order to ensure that human rights progress is made, Trumps policy change will mandate regular reporting on Cubas progress toward greater political and economic freedom. Trump has made clear Cubas relationship with the United States will depend entirely on their willingness to improve the heinous acts their government has committed. Americans for Limited Government President Rick Manning affirmed in a statement that, The decision to stop rewarding the communist dictator has reaffirmed the United States position as a global leader in the pursuit of individual liberty for all. By refusing to fund a government that continues to jail and torture political dissidents, President Trump sent the clear message that the U.S. does not only spread wealth, it also spread the values of our country; individual liberty, justice, and democracy. To ensure this, person to person travel between the two countries will once again be halted. For a nation which relies on a state-run tourism industry to fuel their government, this will stop U.S. travelers from fueling the Cuban governments oppression. While preventing ordinary citizens from traveling, Trump will still allow direct relatives to travel to and from the island. Son of Cuban immigrants, Marco Rubio assisted with the policy change and summed up the Trump Administrations aim at the Miami event in noting that, Less than a year and a half ago an American president landed in Havana to outstretch his hand to a regime. Today, a new president lands in Miami to reach out his hands to the people of Cubamore than anything else this change empowers the people of Cuba, not the government, not the regime, but the people; so that they can enjoy the freedom and liberty with the very clear message that America is ready to outstretch its hand. The United States has been a defender of freedom in Cuba before, and with President Trumps action, is finally reclaiming that status. Trump vowed to put America first, and on Cuba, he has proved that that also sometimes means putting American values first. Natalia Castro is a contributing editor for Americans for Limited Government.

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There’s no Pride in Israeli occupation of Palestine – Washington Blade

Posted: at 2:42 pm

Tel-Aviv, Israel (Photo public domain)

Israels LGBTQ film festival has a queer problem. Heading the call of the grassroots Boycott, Divestment, and Sanctions (BDS) movement in support of Palestinian equality, the South African queer filmmaker John Trengove whose film, The Wound, opened the festival in Tel Aviv, on June 1 announced his boycott days before the ceremony. Many quickly followed his example. As a recipient of state funds, TLVFest is complicit in the Israeli governments anti-Palestinian equality agenda. Such complicity is all the more manifest given the political environment in Israel where its cultural ministry the source of its funding is helmed by the far-right Miri Regev. That TLVFest accepts state funding all but guarantees the festival wont challenge reactionary politics. Such a compromised role has turned off many artists.

Responding to the BDS campaign, TLVFest directorYair Hochner argued that Trengoves approach was misguided because, he said, We work hard to promote messages that the [Israeli] government doesnt promote. Rather than an alternative vision, as characterized by Hochner, Israels mainstream gay rights movement has embraced what many queers have termed homo-nationalism subsuming LGBTQ identity to the dominant nationalist and racialist identity that, in Israel, translates into tacit if not avowed support for Israels military occupation over Palestine that blights the lives of Palestinian LGBTQs.

Many LGBTQ Israelis have enlisted their bodies in the states pinkwashing propaganda. The Israeli military has hired gay and trans soldier-spokespersons to instrumentalize Israels relatively progressive record on gay rights as a distraction from its deeply illiberal record toward Palestinians. Even the voices of Palestinian LGBTQs inside Israel have been pushed aside. At a 2009 LGBTQ solidarity rally in Tel Aviv, Palestinian speakers were banned from the podium for fear theyd draw parallels between anti-gay and anti-Palestinian discrimination. Whether out of conviction or opportunism, TLVFest takes no clear and persistent stand on Palestinian equality despite taking place just miles from the open air prison that is occupied Palestine.

Hochner sought to flip the script and portray BDS supporters as close-minded partisans whove decided not to treat us like culture-loving people who are interested in dialogue. Dialogue would only be productive when TLVFest is ready to publicly recognize the unequal treatment of the Palestinians by the Israeli state. Until then, dialogue sessions would serve no purpose except delaying the promise of equality until the next dialogue, and the one after that. Moreover, TLVFests official statement to the BDS campaign disingenuously claimed that it is impossible to hold a festival without government support. In May, Tel Aviv staged the Human Rights Film Festival committed to confronting the occupation and providing a forum to Palestinian and Israeli dissident voices. And it did all this without accepting a shekel from the State of Israel.

TLVFest directors betrayed their obliviousness toward the real violence Palestinians confront daily when they charged that BDS activists acted violently against a film festival. When Palestinians take up arms, theyre condemned as terrorists. When they start a movement committed to peaceful solidarity, theyre condemned as violent all the same.

What BDS seeks to impress upon Israelis is that there can be no normalization of half a century of occupation: a film festival is not an innocuous cultural event when it receives funds from the left hand of the government while the right hand demolishes homes and steals land. Through direct pressure, BDS aims to induce Israelis to firmly demand their government end its oppression. Israelis, like TLVFest, who turn a blind eye to the occupation and then deride BDS, only add insult to injury.

As a queer individual whos traveled to Israel, I felt a natural bond with many of our Israeli brothers and sisters who were shaped by their experiences as LGBTQs to stand up in defense of other oppressed people. But I also saw that there is nothing inherently redemptive about being LGBTQ. Gay people like all people are susceptible to nationalist intolerance. LGBTQ solidarity must be premised on shared values so that we work together to advance equality between Palestinians and Israelis. The Israeli queer group Black Laundrys spirited slogan, Theres no pride in the occupation, shows the true path toward queer activism.

Khelil Bouarrouj is a junior fellow at the Institute for Palestine Studies.

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History Channel tells stunning secret story of War on Drugs from the beginning it was a political war on people – American Enterprise Institute

Posted: at 2:41 pm

From a very important article in The Intercept by Jon Schwartz The History Channel Is Finally Telling the Stunning Secret Story of the War on Drugs (emphasis added):

The History Channel is showing a new four-part series called Americas War on Drugs. Not only is itan important contribution to recent American history, its also the first time U.S. television has ever told the core truth about one of the most important issues of the past 50years.

That core truth is: The War on Drugs has always been a pointless sham. For decades the federal government has engaged in a shifting series of alliances of convenience with some of the worlds largest drug cartels. So while the U.S. incarceration rate has quintupled since President Richard Nixon first declared the war on drugs in 1971 (see chart above), top narcotics dealers have simultaneously enjoyed protection at the highest levels of power in America.

On the one hand, this shouldnt be surprising. The voluminous documentation of this fact in dozens of books has long been available to anyone with curiosity and a library card. Yet somehow, despite the fact the U.S. has no formal system of censorship, this monumental scandal has never before been presented in a comprehensive way in the medium where most Americans get their information: TV.

Thats why Americas War on Drugs is a genuine milestone. Weve recently seen how ideas that once seemed absolutely preposterous and taboo for instance, that the Catholic Church was consciously safeguarding priests who sexually abused children, or that Bill Cosby may not have been the best choice for Americas Dad can after years of silence finally break through into popular consciousness and exact real consequences. The series could be a watershed in doing the same for the reality behind one of the most cynical and cruel policies in U.S. history.

That this series exists at all shows that were at a tipping point with this brazen, catastrophic lie. We have to push hard enough to knock it over.

You can watch a 4-minute overview of the series above and you can watch full episodes of the series online here:

Episode 1 Acid, Spies, & Secret Experiments

Episode 2 Cocaine, Cartels, & Crack Downs

Episode 3 Gangs, Prisons, & Meth Queens (requires sign-in with your cable TV provider)

Episode 4 Heroin, Terrorists, & Kings of Pain (requires sign-in with your cable TV provider)

Bottom Line: As Ive written before, Im confident that in a future, more enlightened, advanced, open-minded and tolerant America, well look back on Americas immoral, senseless, expensive and failed War on Drugs Otherwise Peaceful Americans Who Chose to Ingest or Smoke Plants, Weeds and Recreational Substances Proscribed by Arbitrary Government Regulations with the shame, contempt, and embarrassment that it so rightfully deserves for such cruel, intolerant, and inhumane treatment of our fellow citizens (and our children and family dogs). Kudos to The History Channel for making such an important contribution to bringing us much closer to that future reckoning with such an embarrassing and shameful chapter of Americas history that matches (if not exceeds) Americas previous failed, costly and shameful War on Alcohol Otherwise Peaceful Americans Who Chose to Ingest Recreational Beverages Proscribed by Arbitrary Government Regulations during the 1930s.

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History Channel tells stunning secret story of War on Drugs – from … – American Enterprise Institute

Posted: at 2:41 pm

From a very important article in The Intercept by Jon Schwartz The History Channel Is Finally Telling the Stunning Secret Story of the War on Drugs (emphasis added):

The History Channel is showing a new four-part series called Americas War on Drugs. Not only is itan important contribution to recent American history, its also the first time U.S. television has ever told the core truth about one of the most important issues of the past 50years.

That core truth is: The War on Drugs has always been a pointless sham. For decades the federal government has engaged in a shifting series of alliances of convenience with some of the worlds largest drug cartels. So while the U.S. incarceration rate has quintupled since President Richard Nixon first declared the war on drugs in 1971 (see chart above), top narcotics dealers have simultaneously enjoyed protection at the highest levels of power in America.

On the one hand, this shouldnt be surprising. The voluminous documentation of this fact in dozens of books has long been available to anyone with curiosity and a library card. Yet somehow, despite the fact the U.S. has no formal system of censorship, this monumental scandal has never before been presented in a comprehensive way in the medium where most Americans get their information: TV.

Thats why Americas War on Drugs is a genuine milestone. Weve recently seen how ideas that once seemed absolutely preposterous and taboo for instance, that the Catholic Church was consciously safeguarding priests who sexually abused children, or that Bill Cosby may not have been the best choice for Americas Dad can after years of silence finally break through into popular consciousness and exact real consequences. The series could be a watershed in doing the same for the reality behind one of the most cynical and cruel policies in U.S. history.

That this series exists at all shows that were at a tipping point with this brazen, catastrophic lie. We have to push hard enough to knock it over.

You can watch a 4-minute overview of the series above and you can watch full episodes of the series online here:

Episode 1 Acid, Spies, & Secret Experiments

Episode 2 Cocaine, Cartels, & Crack Downs

Episode 3 Gangs, Prisons, & Meth Queens (requires sign-in with your cable TV provider)

Episode 4 Heroin, Terrorists, & Kings of Pain (requires sign-in with your cable TV provider)

Bottom Line: As Ive written before, Im confident that in a future, more enlightened, advanced, open-minded and tolerant America, well look back on Americas immoral, senseless, expensive and failed War on Drugs Otherwise Peaceful Americans Who Chose to Ingest or Smoke Plants, Weeds and Recreational Substances Proscribed by Arbitrary Government Regulations with the shame, contempt, and embarrassment that it so rightfully deserves for such cruel, intolerant, and inhumane treatment of our fellow citizens (and our children and family dogs). Kudos to The History Channel for making such an important contribution to bringing us much closer to that future reckoning with such an embarrassing and shameful chapter of Americas history that matches (if not exceeds) Americas previous failed, costly and shameful War on Alcohol Otherwise Peaceful Americans Who Chose to Ingest Recreational Beverages Proscribed by Arbitrary Government Regulations during the 1930s.

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War on drugs is an abject failure – Columbia Daily Tribune

Posted: at 2:41 pm

By Renee Hoagenson

Hello, my name is Renee Hoagenson, candidate for the office of United States House of Representatives in the November 2018 elections.

On June 15 my campaign held a town hall in Columbia, during which many questions were asked covering a variety of subjects. There were several questions regarding the addiction epidemic and the related subject of incarceration.

In the Friday Tribune article covering this event, I am quoted as saying that my personal opinion is that most drugs should be legal so that addiction could be addressed in the open. This quote is presented as my platform in my bid for Congress. My opponents reply indicated that I advocate the use of drugs by children in schools.

First, let me be clear that no child should ever be given any recreational drugs or alcohol. This insinuation by Vicky Hartzlers office is false and opportunistic. This sort of rhetoric is damaging to the public discussion and stands in the path of making meaningful progress in combatting addiction in our country.

So what is the nature of this problem and what can be done?

Addiction is a chronic brain disorder. It is a health issue. Much research has been conducted on this issue shedding light on the physiological processes that happen in an addicts body and brain. We know, for instance, that 95 percent of addiction begins during adolescence. Some people are more vulnerable to addiction due to predispositions that include genetics, emotional trauma and mental illness.

We also know that there is treatment available that is effective in restoring an alcoholic or addicts mental health. Sometimes this treatment is effective the first time, sometimes it requires a cumulative approach. It usually requires an ongoing recovery practice to achieve and maintain a drug-free, healthy life.

Its easy to misunderstand the addicts plight as a weakness of character or a moral failing. Loved ones often are perplexed as to why the addict shows tremendous willpower regarding every area but this. Its confusing to think that the addict chooses to ruin his life with excessive alcohol or drug use.

Indeed, the addict feels alone and misjudged, unable to find the words to adequately explain the feeling of compulsion. This is compounded by the fear of being incarcerated should they seek help. So the addict suffers silently (or not so silently) in shame and stigma trying to manage the itinerant fallout of his behavior.

According to the Department of Justice, one third of drug offenders in prison had no prior criminal history. More than 40 percent will return within two years on another drug-related incident. We are imprisoning sick people, further desecrating their lives when we could be helping them at far less cost.

In Facing Addiction in America, the Surgeon General reports that we save $10-$12 in incarceration costs for every dollar we spend in treatment. Think about that, if we took 10 percent of the budget we currently spend to incarcerate drug offenders and instead spent it on treatment, we would have fewer active drug addicts. Treatment rehabilitates people, restoring them to the community and their families. The penal system costs 90 percent more and helps no one.

Not only is treatment more effective for addiction, it is less expensive to society overall. The National Institute of Health reports that drug addiction treatment reduces drug use and its associated health and social costs including reducing drug-related crime, justice system costs and healthcare. Add in the related financial and emotional costs to the family. Also, consider the incalculable costs of bringing an effective worker back into the community and their family.

Addiction touches at least one in three adults in someway, occurring in at least one in ten people. When adults struggle for emotional balance it is impossible to be an effective role model for their children, perpetuating this heartbreaking cycle.

We have tried the War on Drugs for the last 40 years. It doesnt work; its a failed campaign. Addiction rates and drug-related death rates continue to increase. Its time to look at the addiction epidemic in our country from a different perspective.

Renee Hoagenson is a candidate for the Fourth Congressional District seat.

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Jeff Sessions Ramps up War on Drugs, Sets Sights on Medical … – Observer

Posted: at 2:41 pm

Last weeks revelation that Attorney General Jeff Sessions was plotting to target medical marijuana providers was largely obscured by his testimony before the Senate Intelligence Committee the next day. In a letter written to Congress on May 1, Sessions argues that because marijuana remains illegal under the controlled substances act, representatives should disregard longstanding protections against the prosecution of medical cannabis. These protections had just been renewed as part of a budgetary bill two days prior. Its no coincidence that when the bill hit President Donald Trumps desk on May 6, he included a signing statement that largely echoed the attorney generals sentiments. On May 10, Sessions outdid himself when he issued a memorandum calling on US Attorneys to seek the harshest punishment allowed by law when prosecuting drug crimes, directly overturning the more lenient sentencing guidelines pushed forth by Eric Holder in 2013.

This threatens to undo significant progress that drug war opponents have made in recent years. Since Colorado voters made the Rocky Mountain State the first to legalize recreational cannabis in 2013, eight other states have followed suit. Added with the 21 states that allow medicinal cannabis, 60percent of Americans live in a jurisdiction that has legalized marijuana. Moreover, former President Barack Obama commuted the sentences of over 1,000 non-violent drug offendersmore than any previous president.

In the current political environment, ramping up the War on Drugs would cause backlash for both the Trump administration and the GOP. In 2018, incumbent Republicans in states that have legalized marijuana would be forced to answer for an administration intent on disregarding the will of voters. Conversely, any Democrat running on a pro-marijuana platform would gain an instant boost in support as well as financial backing from an increasingly profitable cannabis industry. Come 2020, the issue would also give a boost to Democratic presidential candidatessuch as Bernie Sanders and Kamala Harris, both of whom have expressed support for legalization.

Even if Trump loses in 2020 and these policies are overturned by a future administration, their impact over the next four years could prove devastating. If Sessions memo is followed by federal prosecutors, it would mean an increase in the enforcement of mandatory minimum laws, which remove judicial discretion and carry automatic 10 and 20 year sentences. Prior to Holder ratcheting back enforcement of these laws, they led to disproportionate sentences on numerous occasions. In one instance, a man was sentenced to a triple life prison sentences merely for introducing two drug dealers to each other. In another, a man was sentenced to a 42-year prison term for selling crack, a sentence the judge was obligated to impose under the three strikes law because he had two previous misdemeanor arrests for selling pot.

Increased enforcement of medical marijuana laws will lead to more horror stories such as these and will further increase the U.S. prison population, which is already the largest in the world. For medical cannabis users, many of which suffer from debilitating health conditions, a federal crackdown would make it more difficult for them to get the relief they need. It could also increase the risk many users already face of losing child custody.

For drug war opponents, the ultimate goal is that Congress pass a law decriminalizing marijuana at the federal level. This would be the only surefire way to both restrain Sessions and ensure that somebody of his ilk never again sets their sights on the War on Drugs.

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