Originally posted by AliceBlackman
Originally posted by Beanskinner
Don't talk to to me about it -
You should talk to the other folks and the neocons who like the bankers and such
Approaching derivatives would be communist or something I suspect
edit on 25-5-2012 by Beanskinner because: (no reason given)
I'm totally amazed that there is so much bickering going on about..Well yes people should have equal pay, but it's the ECONOMY we need to deal with
debate..And PEOPLE are still IGNORING the $1.4 QUADRILLION $ Gorilla in the ROOM... well cutting taxes, slashing Govt expenditure or stimulating our
way out ... will all be a complete waste of time if we don't put a stop to the OUT OF CONTROL GAMBLING or speculation as they like to call it in
Derivatives (or BETS as we call them).... as well as thinking about an ECONOMY..Because there won’t be one. (Hence all the indefinite detention,
additional snooping bills, more drones ….).
The hypocrisy that bothers me is practically all of our politicians are accepting money from our BIG 5 banks to look the other way to their gambling
addiction that really could TOTALLY collapse the whole world’s economy..But hey... it's nothing..Chase only lost another $2 billion on these things
the other day...
It's all the Major Banks involved in these massive side bets (GLOBALLY).
2008 was really about institutions not being able to pay the side bets they made on the American home loan market.
Well guess what they have carried on regardless like drunken "gods"
The notional value of the derivative market is roughly $1.4 QUADRILLION.
$1.4 Quadrillion is roughly:
-40 TIMES THE WORLD’S STOCK MARKET.
-10 TIMES the value of EVERY STOCK & EVERY BOND ON THE PLANET.
-23 TIMES WORLD GDP.
For many, alarm bells went off this year when it was revealed that Bank of America has moved a big chunk of derivatives from its failing Merrill Lynch
investment banking unit to its depository arm.
So what does that mean?
This means that the investment bank's European derivatives exposure is now backstopped by U.S. taxpayers
. Bank of America didn't get
regulatory approval to do this; they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this
The Fed wants to "give relief" to the bank holding company
, which is under heavy pressure.
This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input.
TARP, aka the monstrous $800 billion bailout of Wall Street "speculators" which was enacted in October 2008 with the support of Bush, Henry Paulson,
John McCain and the Obama Democrats.
Thats right, wipe out all of are deposits, while they will expect to be refunded, somehow?
Thats what you get when you eliminate all the rules to the game, or you let them write the
rules using business friendly politicians as proxies.