[SIZE=12pt]Because here we go again –[/SIZE] [SIZE=12pt]The recent passage by Congress of new legislation favourable to loosening controls on risky Wall Street trading is just the most recent example of the consolidation of plutocratic power in Washington. The new rules, written largely by Citibank lobbyists and embraced by the Obama administration, allow large banks to continue using depositors’ money for high-risk investments, the very pattern that helped create the 2008 financial crisis.[/SIZE] [SIZE=12pt]http://www.theguardian.com/commentisfree/2015/jan/04/obama-wall-street-democrats-big-finance[/SIZE] [SIZE=12pt]…the changes to banking regulations that lawmakers slipped into a spending bill is nothing more than a giveaway to banks. And the losers will be taxpayers, who'll be on the hook for future bailouts.[/SIZE] [SIZE=12pt]http://money.cnn.com/2014/12/12/investing/congress-wall-street/[/SIZE]
It's not only bail outs we have to worry about - a bail in like they had in Cyprus might be on the cards next time. And next time will surely come.
How soon we forget. Actually it was the Bush administration that oversaw the collapse of the American financial system and the recession. Bush's White house financial advisers created the Bank Bailouts for the major banks including foreign non U.S. banks Like USB, Royal Bank of Scotland, and ADI on U.S. tax payer's money. And bailed out stock brokerage Banks like Goldman Sachs Group gs and Morgan Stanley. And bailed out the auto makers as well. That was the Bush administration who set up the bailouts. Obama didn't do that. Obama inherited that mess. And fixed it. Loosening of the banking regulation? The 2015 U.S. budget that was passed by both Republican majority houses of the legislature was developed and written by Republicans. Obama was stuck with signing it or we would have been stuck once again with the government being Not Funded just like in the previous year's Republican fiasco. However, the bottom line is here we go again. It's guaranteed to happen again. Wow, another 10 years of recession. How cool is that? I'm a hippie. I'm recession proof. I guess that I'll just Party On. At least we know that it's coming, this time around. Bet accordingly.
black I agree but really It’s was when the mainline political parties got seduced by the neo-liberal dark side that the rot set in, began back in the late seventies and has been getting increasingly putrid ever since. What I can’t understand is why left leaning liberals in the US where asking for help from the deregulatory tea baggers?
I can't offer any explanation other than that because of the complexities of financial markets etc many people have little comprehension of what actually goes on.
They just want people to think its complex but it seems to be actually not that difficult, cut the taxes paid by wealthy, cut the incomes of everyone else and allow the banks to get too big to fail and become casino’s where they play with our money rather than risk their own.
Also there's the way in which debt becomes an asset. Fractional reserve banking, QE and lots more. Never mind the serial fraud and market rigging.
The answer is easy. You just got to get everybody in the country to listen. Boycott the big banks and stock brokerage houses. Get EVERYBODY to only do business with a local credit union. If you play stocks go with Charles Swab. Done Deal. All of the "too big to fail" will go out of business if the is a nationwide and worldwide boycott that causes a run on their banks. No money no banky. LOL
Bitcoin and/or other crypto currencies could also provide an alternative to conventional banking. We're not quite there yet as the tech needs to become more user friendly, but it's something that is developing continuously.. Dis-intermediate the banking parasites..
I see that Standard & Poors had to cough up 1.4 Billion Dollars in fines for providing guarantees on risky mortgage securities. Have Freddie Mac and Fannie Mae paid the price for the deceit ?
