It is insane to pass a bill that allows big banks to recreate the scenario that led to a major world wide recession that the U.S. and indeed the world has yet to recover from.

  • “Derivatives are weapons of mass destruction.” Warren Buffet

    What part of that do the LAW MAKERS not get ! ?

    “The next crisis is bound to involve the Too Big To Fail Banks that have highly leveraged their hold on 68% of the banking industry’s deposits. As Federal Reserve Board Vice-Chairman Stanley Fischer has put it, “We should never allow ourselves the complacency to believe we have put an end to TBTF.”

    No one understands the derivative risk positions of the Too Big To Fail Banks, JP Morgan Chase, Citigroup, Bank of America, Goldman Sachs or Morgan Stanley. There is presently no way to measure the risks involved in the leverage, quantity of collateral, or stability of counter-parties for these major institutions.

    The Dodd-Frank legislation (without the end of derivatives) does not reform Wall Street.
    Rather it preserves the system that existed prior to the 2008 crisis,
    according to Martin Wolf of the Financial Times of London.”

    FORBES 12/08/2014

    Avatar

    FDIC insurance for bank derivitave bad bets will destroy the FDIC funds pool that protects common depositors from failing banks and common savings losses.

    People are not STUPID. We all saw what happened in Greece….70 cents on the doller because the FAT CATS got first bite, and retirees got frozen out of their accounts.

    If you let the banks get these concessions, people will start to take their savings elsewhere.

    This is a back door ‘bail in’ provision that WILL START BANK RUNS.

    Screw this, I’m not waiting till this passes.

    Avatar

    Another example of how “the house, (ie Wall Street) always wins” and how Washington and the regulators are “In Bed with Wall Street.”

    Make no mistake but there is very real corruption that plays out in the process. You don’t think so? You’re not looking hard enough.

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    comments on http://www.theguardian.com/us-news/live/2014/dec/11/congress-budget-deal-midnight-deadline-shutdown              concerning the Wall Street derivatives rider game in Washington, D.C.:

    • 12

      Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For

      http://www.zerohedge.com/news/2014-12-12/presenting-303-trillion-derivatives-us-taxpayers-are-now-hook

      12

      …It is insane to pass a bill that allows big banks to recreate the scenario that led to a major world wide recession that the U.S. and indeed the world has yet to recover from.

      This situation is deplorable.

      • 67

        Welcome to 2015 and 2016.

        The dismantling of American government begins in earnest …

        Wall Street brokers rejoice.

      • 45

        USA just gone mad, monkey with grenade

        34

        How is Obama arguing against Dodd Franks?

        56

        Shut down the government. It doesn’t work anyway.

        Throw every last one of both parties out on their asses and start fresh.

        I have never seen such a dysfunctional government in my 70+ years on this earth. Hardly one of these charlatans represents the voters who elected them. Republican, Democrat, they all represent the special interests who have bought their votes and their souls.

        Drone, force feeder in chief.

        45

        So they want to sneak in a rider that covers Wall Street for another bailout and then blame it on the Democrats. This reeks of the same stink when Bush was leaving, at the last minute, a bail out. The country and the people are doomed to fight to take back the country. The politicians are all criminals.

        56

        The “Dodd-Frank Wall Street Reform and Consumer Protection Act” was regulation that was paid for with millions of lost jobs and trillions in taxpayer bailouts, more trillions in lost economic output and the suffering of untold millions of citizens. Allowing more freedom to the Wall Street casino will further help with another bail-out and an erosion of investments to the detriment of so many.
        The way things stand now, it is almost impossible to remove the pernicious influence of money from democracy. Large corporations and wealthy individuals will have even more power to affect the policies which are enacted by elected officials. It is what the Koch brothers want.

        2526

        They’re not running a country. They’re running a corporate playground.

        56

        Jesus, what next?! These Capitol Hill tyrants who impose impoverishment on their own people.! We have the means, and the constitutionally- mandated permission, to put an end to this madness. Just how bad does it have to get?

        …………………………………………………………..

        In United States government, the line-item veto, or partial veto, is the power of an executive authority to nullify or cancel specific provisions of a bill, usually a budget appropriations bill, without vetoing the entire legislative package. The line-item vetoes are usually subject to the possibility of legislative override as are traditional vetoes.  http://en.wikipedia.org/wiki/Line-item_veto_in_the_United_States

        …………………………

        But perhaps even more outrageous to Democrats was that the language in the bill appeared to come directly from the pens of lobbyists at the nation’s biggest banks, aides said. The provision was so important to the profits at those companies that J.P.Morgan’s chief executive Jamie Dimon himself telephoned individual lawmakers to urge them to vote for it, according to a person familiar with the effort.

        http://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/11/the-item-that-is-blowing-up-the-budget-deal/

        …………………………………

        Rep. Alan Grayson (D-Fla.) issued an even more dire warning, calling the bill “a good example of capitalism’s death wish.”  http://www.motherjones.com/politics/2014/12/spending-bill-992-derivatives-citigroup-lobbyists

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        5-16-12    JP Morgan is a key player in the destruction of the U.S. economy. It is the largest derivatives dealer in the world. According to Fitch, JP Morgan Chase, Bank of America, Goldman Sachs, Citigroup, and Morgan Stanley together hold 80% of the country’s derivatives risk, and 96% of the exposure to credit derivatives. JP Morgan invented credit default swaps, the bankster sledgehammer taking down the U.S. economy. It was instrumental in the subprime lending fiasco that is now decimating the living standards of millions of Americans.

        Obama can get away with showering praise on Dimon and JP Morgan because most Americans are ignoramuses when it comes to economics and politics, thanks to public mis-education at government-run schools and the establishment’s corporate media.

        He will go into the election season espousing stale and transparent anti-Wall Street rhetoric that works like a charm on far too many Democrats and “progressives” who are so brainwashed by the false right-left paradigm that they actually believe Obama will save them from the “vulture capitalism” of Romney and the Republicans.  http://www.infowars.com/obama-head-over-heels-for-jamie-dimon-and-jp-morgan-chase/

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        5-15-12  On Tuesday, the White House made public financial disclosure forms showing the president and First Lady Michelle Obama had between $500,001 and $1,000,000 in a “JP Morgan Chase Private Client Asset Management Checking Account.”  http://abcnews.go.com/Politics/OTUS/obama-financial-forms-show-big-jp-morgan-account/story?id=16354001#.T7O8ML-eZg4

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        The greatest of gifts is discernment, therefore in order to receive that gift let them (men) break upon their hearts and heads the sweet oil of devotion, let them understand the radiant gain that is always made by a childlike attitude of adoration for the Creator….

        The question is always:  Is one ready?  Is one worthy?  Does one possess the attributes of God?  Is the balance of Life manifest within?  Does this balance eschew evil but cleave unto good?  Are you ready to admit that all are not on the same rung of the ladder?  Are you ready to begin right where you are and not from some imagined height to which in reality you have not yet attained?  Do your expectations of your fellowmen indicate a tolerance that is wedded to the God-ideal?….

        Man has often studied to show himself approved unto God, yet he has not always received cosmic approval, for he has neglected the first principles of cosmic love:  he has poured love over himself while ignoring the flow of love as it applied to others.  The result is an inward dearth of the soul which he will not admit; and so in the sense of unreality he remains self-deceived.   –Kuthumi:  Pearls of Wisdom 13:45

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