Thursday, December 11, 2014

Obama Wants To Hand Over Your Money to Big Banks To Gamble As They See Fit? Seriously?

Funding bill struggles for votes as government shutdown nears
Source: Minority Speaker Nancy Pelosi opposes Pres. Obama on Wall Street grab of your bank account./Getty Images

From Denny:  Forget about being a lame duck, President Obama is now toast with the American people.  Who the hell wants their President to sell them down the road just to make a government funding deal?  Yes, our President has decided, in his infinite wisdom, to give Big Banks everything their greedy hearts desire.  Unbelievable.

Two weeks before Christmas here are President Grinch, and his evil twin, Wall Street Grinch,  demanding that American taxpayers pay dearly for Big Banks to continue down the dangerous road of a constantly growing $800 trillion in out of control derivatives by bailing out the Big Banks when their risky gambling loses.  The U. S. economy only makes about $20 trillion annually.  How are we supposed to pay off this insane level of derivatives when they go bad?

Sen. Warren says, "Not so fast Mr. President; hands off taxpayers' money!" 
calling the $1.01 trillion spending bill 
“the worst of government for the rich and powerful.”  
Source: J. Scott Applewhite/AP

How can this President claim to be championing the Middle Class yet place our bank accounts at huge risk of steep losses by allowing Wall Street to take our money and play with it without our permission or any public discussion to explain these risks?  How can this President be so clueless as to do Wall Street's bidding?  Just how corrupt - or just plain reckless and stupid - is this White House?

Go ahead; shut down the damn government.  At least my money sits safely in its account for another day and is still mine not Wall Street's.  Clearly, this current government is more destructive open than closed down.

If that isn't clear enough, then now hear this:  Get your freaking greedy hands off my money, Mr. President!

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Warren leads liberal Democrats’ rebellion over provisions in $1 trillion spending bill: "Congressional liberals rebelled Wednesday against a must-pass spending bill that would keep the government open past midnight Thursday, complaining that it would roll back critical limits on Wall Street and sharply increase the influence of wealthy campaign donors."

Budget bill: Why one Wall Street provision stirs the deepest controversy:  "Derivatives. The tussle over swaps is the issue in focus right now. A goal of the 2010 Dodd-Frank financial reform law was to shift some complex financial contracts into bank subsidiaries that don’t have federal deposit insurance. That way, if swap trades turn sour, the problems won’t raise doubts about the health of the more plain-vanilla bank.  Banks want to push this provision out of the law, and haven't been able to get it done through stand-alone legislation. So supporters of the idea in Congress have slipped it into a larger must-pass bill."

Concern about those risks hasn't faded, even as the economy has been recovering from deep recession. One sign of the times: A forecasting publication, Gerald Celente's Trends Journal, just included "Bankism" as among the hot trends to watch in 2015. "In capitalism, businesses rise and fall on their own merits. No business is too big to fail. In bankism, too-big-to-fail banks don’t rise and fall on their own merits. They are saved by governments that in turn force the public to pay for banks’ mistakes," writer Nomi Prins says in the journal, describing the trend."

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