Category Archives: Media

Closely Watched Trains?

wva oil trainBy Peter Galuszka

The small town of Pembroke in southwest Virginia is used to seeing endlessly long unit trains of coal cars rumbling past. But last week, it got an unexpected surprise – trains of similar length hauling crude oil from North Dakota’s Bakken fields started going by.

According to Reuters, Pembroke is one of many Virginia towns that are being affected by CSX’s derailment and explosion of oil tank cars filled with Bakken oil a few miles east of Montgomery, W.Va.  on Feb. 16. The massive blast sent fireballs hundreds of feet in the air and forced the evacuation of nearby residents including a college. It also stopped all rail traffic on a major, east-west CSX line for days.

A similar derailment involving a CSX oil train happened last April in Lynchburg on the same rail mainline. Several tank cars caught fire down causing a fire and a spill into the James River.

So, after the West Virginia incident, CSX got in touch with rival Norfolk Southern to see if it could reroute oil trains on some of its lines.

This brings up another issue – who should be informed when new railroad trains hauling potentially explosive or otherwise hazardous cargoes suddenly show up in your backyard? Do they have to tell you so you can get the flashlight, thermos and sleeping bag ready for your immediate evacuation if necessary?

CSX says it has informed appropriate public safety officials of such route changes, but is loath to let the general public in where it is sending unusual trains. Security and proprietary information, you understand.

CSX needs to keep its tank cars rolling to big oil terminal in Yorktown near the Chesapeake Bay. That site had been an Amoco refinery for years but the refinery shut down and was switched to an oil water terminal now owned by Houston-based Plains All-American.

The facility receives Bakken shale oil cars and loads the crude on barges that are then pushed or towed to East Coast refineries, notably in the Philadelphia area. Presumably, if petroleum exports from the U.S. start again, the Yorktown site would be excellent embarkation point.

So, instead of having tank cars with Bakken crude trundling from Charleston, W.Va. through the New River Gorge and on to Lynchburg, they will go on more southerly NS lines through places like Pembroke and Roanoke. Then they will be switched at Petersburg to CSX lines and go north to Richmond and east to Yorktown.

It looks like Richmond could potentially get it either way. On the usual route, oil trains pass by downtown on an elevated bridge which would be quite a mess if a derailment happened there. According to the Forest Ethics Website, all of downtown Richmond to about one half of a mile on either side would have to be evacuated if a major derailment with fires and explosions came.

With the temporary rerouting, Richmond would still be in serious jeopardy in case of a derailment. If I’m reading the map correctly, trains would still pass through the city.

So, you have to ask yourself – why does CSX get away with keeping all this secret? They claim they let “appropriate” public safety officials know, but the Richmond Times Dispatch last year quoted a Richmond fire officer in charge of hazardous situations as saying he had a hard time learning from CSX what a “worse case” scenario would be in the event of a Richmond derailment.

Part of the problem is PR. Bakken shale oil comes from controversial hydraulic fracturing. The uptick in production has turned America’s energy picture on its head. It has also made for big jumps in oil rail traffic. Another problem is that Bakken oil tends to be more explosive than other types.

According to the Association of American Railroads, oil shipments by rail jumped by 9,500 carloads in 2008 to 500,000 shipments last year. Accidents are way up. In 2013, tank cars carrying Bakken crude somehow got loose in Lac-Megantic, Quebec. They rolled through the small town, derailed and exploded. The blast killed 47 and wiped out half of downtown.

According to a recent probe by the Associated Press, a federal study predicts that oil shipments will rise to 900,000 shipments this year. The study predicts that trains hauling petroleum will derail 10 times a year over the next two decades. They could possibly cause $4 billion in damages and kill hundreds of people, the AP reports.

What to do? Build pipelines, I guess, but that’s been highly controversial as well as the experience with Dominion Transportation’s efforts with a $5 billion gas pipeline through the state and the controversy over the Keystone XL show.

Better, newer, safer tank cars? Maybe, but the West Virginia and Lynchburg derailments both involved new “1232” models. The same type also caught fire recently in Timmins, Ontario.

Federal rules require railroads to tell local officials where they are carrying Bakken crude, which is more explosive than other types. Railroads like CSX claim the information is proprietary, according to Reuters. That’s rather pointless. If the goal is to keep “proprietary” information from competitors, Norfolk Southern, CSX’s biggest competitor, already knows about it because it has agreed to let CSX use its rail lines.

And don’t ask some public officials. West Virginia officials have gone along with keeping much of the information secret. Mountain State officials responded to an Freedom of Information Act request by redacting much of the data they finally gave out.

Not only do the railroads need to clean up their act, they should be forced to be more forthcoming about where the next evacuation might be.

The McDonnell Saga Is Far From Over

maureen mcdonnell sentencedBy Peter Galuszka

Former Virginia First Lady Maureen McDonnell has been sentenced to 12 months and a day in federal prison, but the GiftGate saga is far from over.

She will appeal as has her husband, former Gov. Robert F. McDonnell, who was sentenced to two years in prison last month. The now estranged couple was convicted of public corruption felonies, making McDonnell the only Virginia governor, past or present, to be convicted of a crime.

The next step is for the former governor’s appeals to be heard at the U.S. Fourth Circuit Court of Appeals in May. The issue is whether so-called “honest services fraud” for which both were convicted, should be interpreted broadly or narrowly.

During their trial, U.S. District Judge James Spencer took the broad approach, instructing the jury that there did not have to be a very strict “quid pro quo” for them to return a guilty verdict. He reiterated his stand on Friday by overruling a slew of motions from the defense relating to the issue.

The appeals could have far-reaching consequences, as I reported with a colleague on Bloomberg News this week. Charles James, a former federal prosecutor who works at the Williams Mullen law firm in Richmond, says the case “could be the next case to further restrict the use” of the honest-services fraud statute.

If the Robert McDonnell’s appeal is successful, then it would have a big impact on his wife, as well as loosen the interpretation nationally of how far “honest services” should go.

If the government is successful, then expect a crackdown on public official hankie-pankie.

At Friday’s sentencing, eight character witnesses described Ms. McDonnell, 60, as an empathetic, self-sacrificing woman who would do anything for her children and husband.

That image stands in marked contrast to the image defense lawyers for her husband painted during the trial. Incredibly, her own lawyers piled on with the idea that Maureen McDonnell was a naïve but abusive woman who hated being First Lady. She was so frustrated with her husband ignoring her for his political career that she got entangled with Jonnie (the serpent) Williams, who ran Star Scientific, a Henrico company that made and marketed vitamin supplements.

Williams gave the financially strapped McDonnells about $177,000 in gifts, loans and trips while the McDonnells set up meetings with state officials to the products of his money-losing firm. Ironically, the main product was Anatabloc, a skin cream, which has since been ordered off the market the Food and Drug Administration.

At the top of this blog, you see a teaser story that the convictions were corrupted by Williams’ dubious integrity. That’s nonsense, of course. Prosecutors use inside testimony, especially in organized crime and drug cases, all the time.

The bigger issue is whether “honest services” means bribery or whether it is a normal part of setting up appointments by public officials to consider projects that might benefit their city, state or country. This will be the key issue in the appeals.

Meanwhile, the soap opera has been weirdly painful, fascinating and entertaining. It’s also been rather crass. The former governor tries to come off like a Boy Scout yet refused a chance to cop a plea in exchange for Maureen not being indicted at all. She was not a public official, but non-public officials have been convicted in the past of honest services fraud.

Both defense teams made Maureen the scapegoat. She was portrayed as a greedy and unstable hustler who brought her husband down.

Before delivering the sentence to Maureen, who gave a tearful, first-time statement asking for mercy, Spencer made bitingly critical remarks of the defense lawyers. “The ‘Let’s throw Momma under the bus’ defense morphed into the ‘Let’s throw Momma off the train defense,’” he said. Ms. McDonnell seemed to be two very different people and Spencer had trouble figuring it out.

Her lawyers had asked for no prison time and 4,000 hours of community service. Federal guidelines could have given her more than six years but prosecutors asked for only 18 months in prison.

Spencer split the difference, mostly because he gave Mr. McDonnell a light sentence. He was more culpable since he was a public official, not to mention a former state prosecutor and the state attorney general.

He cut Maureen some slack, too. By sentencing her that extra day, he gave her the opportunity to get out in only 10 months for good behavior since that’s the rule under federal prison guidelines.

Propping Up Coal at the Taxpayers’ Expense

W._Va._coal_mine_1908By Peter Galuszka

It’s always curious when big business and their bankrolled politicians complain about how the government and its regulations stymie the “magic of the free market.”

Then they turn around and keep protectionist policies that give certain industries big favors such as tax credits.

That’s what the General Assembly has done with a bill that would have reduced tax credits doled out to utilities that burn coal mined in Virginia. The original proposal backed by Gov. Terry McAuliffe was intended to help fill a $2.4 billion gap in the state’s biennial budget.

The idea quickly ran afoul of Dominion Virginia Power and the Virginia Coal & Energy Alliance. The original idea was to scale back tax credits but cap coal tax deductions at $500,000 in any given year. But after the utility and the coal industry lobbyists got involved, a bill to retain the tax credits was quickly approved setting caps at a more generous $7.5 million in a given year.

The credits stem from a law passed in 1999. Its purpose is to make it easier for big utilities like Dominion to choose thermal coal mined in Virginia over product mined elsewhere.

Coal production peaked in the state at 46 million tons. It’s now about 22 million tons or less. Coal employment has likewise dropped sharply over the years.

Much of the coal mined in Southwest Virginia is of high quality and some can be used either to generate electricity or make steel. The problem is its cost. Many of the seams in the state have played out and coal is increasingly thinner and is in  harder to reach areas. The cost of mining it has gone up.

For years coal maintained a price advantage over alternatives such as natural gas but thanks to hydraulic fracturing, that is no longer the case. Utilities like Dominion have been converted facilities to gas or are building new plants that use gas. Its last coal-related plant is a hybrid near St. Paul.

What’s causing this shift away from coal? High production costs and cheaper alternatives. Out West, in the Powder River Basin of Wyoming and Montana, coal is cheap and easy to mine. It does well. In other words, the free market is affecting  the declining Virginia coal industry  yet the General Assembly wants to prop it up at the expense of taxpayers and the budget.

By the way, Dominion and coal giant Alpha Natural Resources in Bristol are among the biggest political donors in the state.

Why Hide Details of Lethal Injection?

lethal injectionBy Peter Galuszka

It has to be one of the creepiest bills ever considered by the General Assembly.

Senate Bill 1393, sponsored by Sen. Richard Saslaw (D-Fairfax), would drop a veil of secrecy over how Virginia executes prisoners by lethal injection. Its backers, including Gov. Terry McAuliffe, are pushing it against a backdrop of global politics and questions of morality.

Virginia is one of 32 states that allow capital punishment. Since 1982, it has so far killed 110 prisoners, either by lethal injection or in the electric chair.

The preferred method is lethal injection. In the process, a doomed prisoner is strapped in a gurney and is given a series of three shots. One is to anesthetize; another is to paralyze; and the third is to stop his or her heart from beating. In some states, one drug may be used. Usually, there are witnesses to the execution, including members of the news media.

But Saslaw wants to start hiding crucial aspects of the gruesome practice. His bill would make information about lethal drugs. Companies that make or compound them would be exempt under the state Freedom of Information Act.

There are persistent national shortages of drugs used in the death process. According to The New Yorker, the sole American manufacturer of sodium thiopental stopped making the key, killer drug in 2011. Death penalty states looked to European manufacturers, but the European Union, which crusades against capital punishment, forbids European drug companies to export it if it will be used in executions.

Harried U.S. prison officials started shopping around to their counterparts in other states as shortages spread to other drugs. The situation seemed dire enough for Virginia to consider dusting off the electric chair, which it also allows for executions.

For a while, Virginia did have a good supply of killer drugs but by 2014,it ran short or drugs went past their expiration dates. A solution is to use pharmacies to compound drugs for executions but it could expose the firms to lawsuits.

So, as is too often typical in Virginia, Saslaw & Company started pushing the rights of private companies over the public’s right to know. His bill has drawn criticism from the American Civil Liberties Union, the Virginia Coalition for Open Government and the Society of Professional Journalists.

Underscoring the horror of the drug drama is what happened last April in Oklahoma during the execution of convicted murderer and rapist Clayton Lockett. He was injected with the three-drug cocktail, but 10 minutes into the process, he revived as stunned onlookers watched. He died after another half an hour.

There is considerable evidence that lethal injection is not a painless way to go. In fact, the issue may be back before the U.S. Supreme Court again about whether injections are an unconstitutional “cruel and unusual” punishment. Another issue is why facts around execution must be made confidential.

There are larger issues about the ethics of capital punishment. Virginia, after all, follows only Texas when it comes to legally-sanctioned killing. Virginia does not have an unusually high crime rate (ranking No. 34 in violent crimes  per 100,000 population according to 2006 U.S. Census statistics). So why is it so intent on keeping capital punishment and hiding it?

 

In Politics: “Cherchez la femme?”

Fitzhaber and Hayes

Fitzhaber and Hayes

By Peter Galuszka

The two governors couldn’t seem more different.

One is a popular progressive who dressed in an “urban cowboy” style of boots, jeans and down jacket and ran a state as green as a rain forest.

The other favored Joseph A. Banks suits and helmet hair-dos while pushing a “God, Mom and Apple Pie” persona that appealed to Republicans.

Oddly perhaps, especially on Valentine’s Day, women seem to be their downfall. Cherchez la femme?

Until his sudden resignation Friday, John Kitzhaber was into his fourth term as Oregon’s governor and had been highly regarded by liberals nationally for his support of populist ideals and goals involving sustainability. A former emergency physician, he won points for his low key style.

The problem was his fiancée, Cylvia Hayes, who lived with him at the governor’s mansion in Salem and acted as the state’s de facto First Lady. She is under investigation for allegedly using her position to win contracts for “green” energy projects she was pushing. As probes grew, Kitzhaber resigned.

the McDonnells

the McDonnells

Sounds a lot like the case of Robert F. and Maureen McDonnell, the former first family convicted of corruption last September.

In that case, the former First Lady of Virginia (FLOVA in code), was smitten with a fast-talking vitamin producer and salesman and convinced her husband, Bob, to arrange meetings with top state officials to help.

The couple was convicted of a variety of felonies after a six week trial. McDonnell was sentenced to two years in prison and his wife is due to be sentenced Feb. 20.

Coincidentally, both governors were high fliers in their respective camps. Kitzhaber represented a particular kind of progressive Oregon way of thinking that is strongly influential throughout national politics and journalism.

McDonnell’s good looks and projection of patriotism went down so well with Republicans that he was once on the short list of 2016 GOP possibilities.

And, both women involved raise issues of what role First Ladies (officially married or not) have in state government. Are they public figures? How much influence should they really have? Are ethics laws tough enough? Do they apply to spouses? Ms. McDonnell’s lawyers suggested that she was being set up to take the fall for her husband as part of a “throw Maureen under the bus” strategy.

Issues like these are certain to come up when Maureen McDonnell appeals her conviction. Similar questions may evolve in the Hayes case as well if she ever faces criminal charges.

Dominion’s Strange Ploy to Avoid Audits

dominion By Peter Galuszka

Dominion Virginia Power appears to be getting its way with strange legislation to freeze its rates and avoid regulatory audits for the next six years.

The state senate will hold hearings today on a bill that would cancel biennial rate reviews by the State Corporation Commission to 2020. Dominion’s rates will be frozen and couldn’t go up or down.

The utility’s reasoning is that it may have to spend a lot to comply with unfinished regulations by the U.S. Environmental Protection Agency that would cut carbon emissions from coal plants by 30 percent by 2030 compared with 2005 levels. Always looking out for its customers, Dominion doesn’t want to stick them with astronomical rate hikes resulting from the EPA rules.

The bill was drafted by Dominion, the state’s largest donor to political campaigns, by Sen. Frank Wagner (R-Virginia Beach) who is the go-to guy for laws favoring energy firms.

In 2004, Wagner sponsored legislation that allowed companies the right to survey land for proposed natural gas pipelines without having to obtain the owner’s permission first. The nettlesome law figures heavily in the current battle by property owners over proposed gas pipelines in the state, notably the $5 billion Atlantic Coast Pipeline in which Dominion is a partner. The pipeline would take gas 550-miles from West Virginia, through Virginia and on into North Carolina. Dominion has sued more than 240 landowners who have refused to grant access. They are challenging the constitutionality of the pipeline law in federal court.

There’s a lot odd about Wagner’s current bill. The first problem is that it would supposedly protect Dominion customers from federal rules that aren’t even final. It is weird that Dominion would use the excuse that it might be socked with huge costs by having to shutter coal-fired plants. Surprise, surprise! Dominion announced several years ago that it would shut down aging coal units in Yorktown and Chesapeake. So, what’s the connection between the new EPA rules and coal-plant closures?

Atty. Gen Mark Herring says that the Wagner bill is a ploy to keep Dominion from having its profits overseen by the SCC because the utility might have a $280 million surplus that ordinarily might have to go back to ratepayers. After  a 2011 SCC rate review, Dominion had to pay back $78 million to customers.

The other oddity is why Dominion and Wagner are suddenly so scared about exploding costs brought on by the EPA. After all, prices for natural gas, which fuel some of Dominion’s units and is  less polluting than coal, are very low – so low that the fracking boom that released a flood of cheap gas is slowing down considerably.

Environmental groups say that the Wagner bill is a gift for Dominion. The senator has received more than $43,000 in donations from the utility over the years.

The Importance of “Selma”

Selma_posterBy Peter Galuszka

“Selma” is one of those fairly rare films that underline a crucial time and place in history while thrusting important issues forward to the present day.

Ably directed by Ava DuVernay, the movie depicts the fight for the Voting Rights Act culminating in the dramatic march across the Edmund Pettus Bridge in Selma, Ala. in 1965. It portrays the brutality and racism that kept Alabama’s white power structure firmly in charge and how brave, non-violent and very smart tactics by African-American agitators shook things loose.

Holding it all together is British actor David Oyelowo as Dr. Martin Luther King Jr. Oyelowo’s subtle and vulnerable approach while dealing with infighting among his colleagues and revelations of his marital infidelities contrast with his brilliant skill at oratory. During the two hours or so of the film, Oyelowo’s booming speeches and sermons never bored me. By contrast, the recent “Lincoln,” the Steven Spielberg flick filmed in Richmond, was a bit of a snoozer.

To its credit, “Selma” never gets too clichéd even with the extremely overexposed Oprah Winfrey assuming roles as a film producer and also as an actress portraying a middle-aged nursing home working who gets beaten up several times protesting white officials who kept her from registering to vote.

“Selma” has been controversial because nit-picking critics claim the film misrepresents the role President Lyndon B. Johnson played in getting the Voting Rights Act passed. The film shows him as reluctant and the Selma event was staged to push him to move proposed legislation to Congress. A series of LBJ biographies by highly-regarded historian Robert A. Caro show the opposite – that Johnson, a Southern white from Texas — was very much the driver of civil rights bills. In fact, his deft ability to knock political heads on Capitol Hill was probably the reason why they passed. It was a feat that even the Kennedys probably couldn’t have achieved.

One scene in the movie bothered me at first. King leads protestors to the Selma court house to register. When a brutal sheriff stands in their way, they all kneel down on the pavement with their arms behind their heads in a manner very reminiscent of last year’s protests against a police killing in Ferguson, Mo.

I thought, “Hey, I don’t care how they present LBJ, but fast-forwarding to 2014 is a bit of stretch.”

Then I decided that maybe not, history aside, the same thing is really happening now. There’s not just Ferguson, but Cleveland, Brooklyn and other places. The Richmond Times-Dispatch reports this morning that over the past 14 years, police in the state killed 31 blacks and 32 whites. Only 20 percent of the state’s population is black. Now that is a disturbing figure.

Another disturbing allusion to the present is the widespread move mostly by Republican politicians in the South and Southwest make it harder for people to register to vote. In one move scene, Oprah Winfrey wants to register before an arrogant white clerk. He asks her to recite the Preamble to the U.S. Constitution. She does. He then asks her how many judges there are in Alabama. She gives the correct number. He then demands that she name all of them, which very few might have been able to do. She is rejected.

The moves to blunt new voters today is focused more on Hispanic immigrants but it is just as racist and wrong. And, Virginia is still stuck with the anti-voter policies of the Byrd Organization that was in power at the time of the Selma march. The idea, equally racist, was to keep ALL voters from participating in the political process as much as possible. That is why we have off-year elections and gerrymandered districts.

I was only 12 years old when Selma occurred but I remember watching it on television. I was living at the time in West Virginia which didn’t have that much racial tension. But I do remember flying out of National Airport in DC on the day that King was assassinated. The center of town, mostly 14th Street, appeared to be in flames.

The Real “War on Coal”

Blankenship at 2009 Labor Day rally

Blankenship at 2009 Labor Day rally

By Peter Galuszka

Over in West Virginia, some things never seem to change.

Families of the 29 miners killed on April 5, 2010 at Massey Energy’s Upper Big Branch are asking a federal judge to lift her gag order so they can testify before West Virginia legislators considering tougher rules that would make it easier for workers to sue employers over job-related injuries and deaths.

U.S. District Judge Irene Berger issued the gag order last year after Donald L. Blankenship, the former chief of Richmond-based Massey Energy, was indicted on four criminal charges for his role in the disaster – the worst one in 40 years. He is scheduled to go on trial in Beckley on April 20.

The question seems to be that the judge is protecting Blankenship’s rights over those of the people hurt by his management. It is not really news in the Mountain State that has always supported Coal Barons over workers. It’s a weird, neo-colonialist thing that never seems to change.

This month, Berger denied a move by several news agencies, including the Charleston Gazette and The Wall Street Journal, to lift the gag order.

As head of Massey Energy, which has since been taken over by Bristol-based Alpha Natural Resources, Blankenship was a true publicity hog. He was never shy about pushing his arch-conservative, pro-business views or bankrolling politicians and judges. Worrying about protecting his legal rights at the expense of free speech is a real travesty.

Yes, there is a “War on Coal” – but the other way around. The conflict is how coal bosses wage war on their employees and their families.

Interview: McAuliffe’s Economic Goals

 maurice jonesBy Peter Galuszka

For a glimpse of where the administration of Gov. Terry McAuliffe is heading, here’s an interview I did with Maurice Jones, the secretary of commerce and trade that was published in Richmond’s Style Weekly.

Jones, a graduate of Hampden-Sydney College and University of Virginia law, is a former Rhodes Scholar who had been a deputy secretary of the U.S. Department of Housing and Urban Development under President Barack Obama. Before that, he was publisher of The Virginian-Pilot, which owns Style.

According to Jones, McAuliffe is big on jobs creation, corporate recruitment and upgrading education, especially at the community college and jobs-training levels. Virginia is doing poorly in economic growth, coming in recently at No. 48, ahead of only Maryland and the District of Columbia which, like Virginia have been hit hard by federal spending cuts.

Jones says he’s been traveling overseas a lot in his first year in office. Doing so helped land the $2 billion paper with Shandong Tranlin in Chesterfield County. The project, which will create 2,000 jobs, is the largest single investment by the Chinese in the U.S. McAuliffe also backs the highly controversial $5 billion Atlantic Coast Pipeline planned by Dominion because its natural gas should spawn badly-needed industrial growth in poor counties near the North Carolina border.

Read more, read here.

(Note: I have a new business blog going at Style Weekly called “The Deal.” Find it on Style’s webpage —   www.styleweekly.com)

Whatever Happened to “Boomergeddon?”

rush_limbaugh5By Peter Galuszka

Attention ditto-heads!

Before President Barack Obama’s State of the Union address last night, there was an interesting piece on CNN of hard-line conservatives claiming two years ago that the U.S. economy would collapse if Obama were re-elected.

They claimed that the U.S. faced uncontrollable government spending and ever-growing budget deficits. Obama’s efforts to kick-start the economy were just one missfire after another. Don’t believe me? Look up a zillion posts in Bacon’s Rebellion written by the usual suspects.

My favorite segment on the CNN report was radio talk show host Rush Limbaugh making his usual dire predictions about our plunge to Boomergeddon:

“How long does this country have if Obama wins? We’re headed toward an economic collapse and we are the leader of the world. ….If Obama’s re-elected, it will happen. There’s no IF about this. And it’s gonna be ugly. It’s gonna be gut-wrenching, but it will happen. The country’s economy is going to collapse if Obama is re-elected. I don’t know how long: a year and a half, two years, three years.”

Well we’re almost there and guess what? Obama felt comfortable enough strong economy last night to rebrand himself as a liberal and push programs to finally help out the middle class. They include a more fair tax system and helping make community college study free. In a University of Richmond poll in last year’s fourth quarter, most of the 62 chief executive officers of Central Virginia companies said they had “strong optimism” about the country’s brightening economic picture.

What about deficits? Well, not to raise any names associated with this blog, but last October, the budget deficit had dropped to its lowest level since the Great Recession. It had fallen to $483 billion in f/y 2014. That’s only 2.8 percent of GDP and less than the average of the previous 40 years, the U.S. Treasury Department reported.

Hmm. Does anyone have a copy of the book “Boomergeddon?” I can’t find mine and want one as a keepsake.