What is A Lepo?

One Toke Over the Line

All Hat No Cattle

There's been a lot of unwarranted piling on Candidate Gary Johnson over his honest but simple question in an interview with MSNBC "What is Aleppo?"  Video here.

Many have assumed this reflects a lack of knowledge about geography.  Johnson has explained that "he was thinking of an acronym and not the Syrian war."

Does this explanation hold water?

First, the interview was verbal.  We really don't know what Candidate Johnson said, "What is Aleppo?"  Or "What is a LEPO"?  Or "What is a lepo?"

Second are there any terms that he might have been thinking about that could relate to Syria?  Drawing on his vast knowledge of matters financial and linguistic, AA offers the following possibilities.

1. LEPO Low Exercise Price Option - A financial innovation credited to the Land of Oz.  Perhaps, Johnson was trying to clarify if  MSNBC was asking for him to provide a low cost option to resolve Syria.
2. Lepo - A Basque word for "neck" - a common expression for a kill or choke point.  Hence, a request for him to identify the one action that would end the conflict. Why would he be thinking about Basque expressions?   Those with some knowledge of US history know that immigrating Basques settled primarily in California and the Southwest of the US. While New Mexico (where Johnson was governor) was not a major destination, Basques did settle there.
3. Lepo - A Finnish word for "at rest" used by the Finnish military to mean "at ease". Think of it as a way of conveying "Mission Accomplished" but without using those specific words.  Or perhaps a criticism of the current Administration's policy.

On the other hand, perhaps he didn't know.  Or in the glare of the spotlight froze.

A worthy nominee for the Rick Perry "statesman" award.   

"Islamic" Property Financing in Syria "This Time It's Different. Really, It Is."

Rasha AlAss over at The National has an interesting article on how the pricing on "Islamic" banks' real estate financing in Syria and Lebanon is much higher than at conventional banks.  While she doesn't give a reason, I'm guessing that it's their much higher cost of funds and not any desire to earn an outsize profit.  The latter of course would run afoul of prescriptions to deal fairly.  Wouldn't it?

A couple of quotes from "wise" local bankers:

Some bankers are pleased with this, pricing their products on the speculative idea that property prices will continue to rise. Explaining why the traditional mortgage rates are so high, one banker says: "Well, real estate in Syria keeps going up. So even with a high interest rate, the appreciation will still be higher." Mr Darkazally echoes this sentiment. "Real estate prices in Syria will never go down," he says.

So does this constitute aggressive lending? And could the speculative behaviour by customers and bankers on a property boom that has not yet gone bust lead down the same road that brought the world to its knees in the recent credit crunch? "Not in our day," says Mr Darkazally .

Normal financial laws apparently don't apply in Syria.  This time it really is different.

Oh, and if you want a real surprise on your "Islamic" real estate loan, buried there in the fine print is a "prepayment penalty" or perhaps something called a profit rate protection clause.