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

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."

What’s in the spending bill? We skim it so you don’t have to

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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Cleveland Mayor Spanks Big Banks On Abandoned Foreclosures

Image by SEIU International via Flickr

From Denny:  A crooked Congress and a delusional President continue to ignore the millions of foreclosed homes at their peril. America's Winter Revolution is about to erupt like a super volcano before the New Year has a chance to arrive.

Yes, Americans are that fed up at inequality, unemployment, under employment, unfairness, a police state mentality against peaceful protests and double standards for the law.

Mayors across the country are equally desperate about how to deal with the huge inventory of abandoned foreclosed homes getting vandalized.  The foreclosure scavenger thieves are quite sophisticated.  They check out the evictions of the foreclosed homes at the sheriff's department online and arrive the same afternoon to rip apart the house like a demolition team.

Aluminum and vinyl siding is ripped off since it goes for $1 a pound.  The same is true for electrical wiring, appliances and even the kitchen sink.  They take the plumbing, the furnace, all metal like copper and the light fixtures.  The houses are like a sad portrait of a hurricane disaster zone except this one is man made - and Big Bank made, if truth be told.

Bigger Scandal: How Big Banks Bailouts Scammed Trillions Not Billions

From Denny:  $7.77 trillion is how much the Big Banks leveraged from our taxpayer TARP bailouts of only billions.  How did they get the federal government to give them more than the original bailout?   Read on and line up an early appointment for your anger management class.  Trust me; you are so going to need it. 

Before the bailout the Big Banks only had a financial hold of less than 40 percent of the banking sector.  Now?  Because of this leveraging they now control over 67 percent and growing, growing like their outrageous fat CEO billion dollar bonuses and billion dollar company quarterly profits where they fee us to death.

In fact, after receiving the $700 billion safety net of the TARP bailout (Troubled Asset Relief Program) those same Big Banks had the nerve to lobby against government regulations to prevent them from ending up in the same financial black hole yet again.  "Do ya think?" that Stupid is running Wall Street or what?

How did this finally come to light when the Federal Reserve and the Big Banks have fought for years to conceal the truth?  The Big Banks even refused to give details of just how bad their financial situation was to Congress that was giving them money.  That means that Congress basically gave them a blank check while writing their signature in the dark.  With what recently came to light you can bet there are plenty of lawmakers wanting to change that vote.

Turns out that Bloomberg LP, the parent of Bloomberg News, recently won a victory in a court case against the Federal Reserve and the Clearing House Association, LLC (a group comprised of the biggest United States banks).

That win forced the lending details out into the open for all to see of the financial crisis from 2007 to 2009.  It came in the form of 29,000 Federal Reserve documents obtained under the Freedom of Information Act and 21,000 transactions from central bank records.

The same Fed that kept this huge secret for years now claims that almost all of the loans were paid and there were no losses.  But what has emerged is something far more troubling:  there was secret funding that helped to preserve a broken status quo that enabled the biggest of the Big banks to grow ever larger.  In short, taxpayers paid a higher price than just dollars as it has affected the entire economy and how we do business every day.

From Senator Sherrod Brown (D-Ohio), one of the responsible politicians who had introduced an unsuccessful bill in 2010 to limit the size to which banks can grow, “When you see the dollars the banks got, it’s hard to make the case these were successful institutions. This is an issue that can unite the Tea Party and Occupy Wall Street. There are lawmakers in both parties who would change their votes now.”

So, how did this billion dollar bailout snowball into trillions?  It's a cumulative effect for sure and trust it to the Wall Street bankers to figure out how to be opportunists and take advantage as much as they could.  The Federal Reserve ended up committing $7.77 trillion in guarantees and lending limits to rescue the financial system.

From Rep. Brad Miller (D-North Carolina), House Financial Services Committee, "With the Fed programs, there was nothing.”  The Fed programs did nothing to limit the program's executive-pay ceiling.

The outrageous amount of money that our central bank parceled out was astounding even to Gary H. Stern, himself president of the Federal Reserve Bank of Minneapolis from 1985 to 2009.  He says even he "was not aware of the magnitude."  It certainly dwarfed the TARP program.  In fact, that $7.77 trillion was more than half the value of everything produced right here in America when they rescued the financial system in 2009.

What we all want to know is how is it that even high-ranking Federal Reserve officials did not know the extent of this bailout?  Who comprised the small group making these decisions and when will they be properly questioned? 

 

Guess how much profit those same Big Banks earned from those TARP bailouts?  Try the cha-ching tune of $13 billion.  The Big Six Big Banks are JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley.  The Big Six accounted for $4.8 billion of that $13 billion in ill-gotten gain profits.  Yes, those Big Banks were legendary crooks that snookered the American public and Congress.

So, here's how the crooked scenario goes:  The Big Six received $160 billion in TARP funds and $460 billion from the Federal Reserve.  The program for the entire bailout was leveraged to almost $8 trillion in loans, guarantees and limits.

With all the red ink flowing the details of this financial fiasco were kept hidden by our own Federal Reserve.  Their reasoning was that the secret was necessary because it would spook investors and panic the public to start bank runs, that, in turn, would devastate the shaky economy.  Read that as they didn't want to go to jail or lose their own money in the process. 

What is more astounding is how these same Big Banks continue to make huge loans with only half the amount of cash to cover them.  Don't even get me started on the derivatives market where the ratio is more outrageous like 40 to 1. 

It's the derivatives market that caused the need for the TARP program in the first place.  To date, nothing has been done to restrict or properly regulate these Big Banks from sending us into another financial recession, depression or global economic collapse. 

While the Federal Reserve contends that these Big Banks are "too big to fail" there are many in Congress that contend just the opposite.  A bank that is "too big to fail" is a bank too big to exist.  Perhaps now is the time to revisit Senator Sherrod Brown's legislation to limit the size of banks in this country. Or, in the common man's language:  Break up the Big Banks, NOW!

* * *  Please support Warriors Pearl Foundation - helping homeless female military veterans come home.  Visit Denny Lyon Gifts  @ CafePress.com  -  see what's new!  And a special thanks to those of you supporting this effort!  You rock!

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* Check out Dennys News Politics Comedy Science Arts & Food - a place where all my other 20 blogs link so you can choose from among the latest posts all in one place. A free to read online newspaper from independent journalist blogger Denny Lyon. * 

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