Skip to comments.New Law Would Make Taxpayers Potentially Liable For TRILLIONS In Derivatives Losses
Posted on 12/07/2014 4:30:18 PM PST by dontreadthis
If the quadrillion dollar derivatives bubble implodes, who should be stuck with the bill? Well, if the too big to fail banks have their way it will be you and I. Right now, lobbyists for the big Wall Street banks are pushing really hard to include an extremely insidious provision in a bill that would keep the federal government funded past the upcoming December 11th deadline. This provision would allow these big banks to trade derivatives through subsidiaries that are federally insured by the FDIC. What this would mean is that the big banks would be able to continue their incredibly reckless derivatives trading without having to worry about the downside. If they win on their bets, the big banks would keep all of the profits. If they lose on their bets, the federal government would come in and bail them out using taxpayer money. In other words, it would essentially be a heads I win, tails you lose proposition.
(Excerpt) Read more at theeconomiccollapseblog.com ...
Except, of course, the FDIC is a fraud... They only have the resources to bail out about 7% of what is guaranteed.
From what I have read elsewhere there are between $600 trillion to a quadrillion dollars worth of derivatives that have been written up in case stocks go belly up.
Screw the lobbyists, screw the banks, screw ANY Senator or Representative who votes for ANY taxpayer subsidy or bailout or rescue of ANY entity. Our system is that folks TAKE RISKS, then they reap the rewards AND THEY SHOULD ALSO TAKE ANY LOSSES INCURRED ...PERIOD!
You and me. The language is still important.
No business, however massive in terms of assets or gross/net sales, is too big to fail.
Businesses come and businesses go.
Something that the American market needs to return to. IMO.
The SECOND VERSION on the FDIC and the LOANs taken right before 1929 crash explain a lot about Market Crashes and who they benefit.
It depends on whether you consider the notional value or the value at risk.
Suppose I bet you $10 that the stock market will go up tomorrow. Is that a $10 bet, the most I can win or lose, or a bet on hundreds of billions of dollars in stock trading?
What we need is a Reset.
What the big boys are looking for, is a Fall Guy.
The JP Morgue, Jamie, Blythe, the Vampire Squid and the entire bankster crew can always count on the Fed to keep trying to bail them out ... but unfortunately for them, they are such successful thieves that they are no longer too big to fail ... they have become too big to bail!
Careful with that ‘reset’ ... the banking oligarchs have used war as their preferred reset. The human species can ill afford a nuclear exchange.
When are the citizens going to just have enough of this and stop paying federal income taxes?
The real “reset” comes when the world decides that banking oligarchs need to lose all their power.
Either way the elite win. Their stocks go up? They win. Their stocks collapse? They win.
Not jut no, but HELL NO! If this goes through, this country damn' well better revolt!
Obama and the world leaders signed this international law in Brisbane at G20....all that Climate Change rhetoric was a distraction.
Boehner and McConnell will enthusiastically push this on the Republicans and get it done for the Democrats.
I trade derivatives. Stay out of my business government!
Can’t we just do this over, like when a Monopoly game is finished?
Give all the money and deeds back, then start the game over after everyone gets the same few hundred dollars and a token?
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