. . .
J “Dodd-Frank (July, 2010) said ‘no’ to more ‘bail outs’ by the public for the ‘too-big-to-fail-and-too-big-to-jail’ Banks and then the Federal Reserve (December, 2012) said ‘yes’ to ‘bail ins’ by the depositors and then the G20 Nations (November, 2014) said ‘heck yes’ to ‘bail ins’ by the depositors and then Citicorp-Congress (December, 2014) said ‘hell yes’ to more ‘bail outs’ by the public for derivatives and other junk. So many Christmas gifts, so little time.”
K “Back to a ‘bail out’ of the Wall Street Bankers including all the junk bonds . . . that fuel the American shale oil boom. That did not take long to cover them for their exposure in the Great Gas War. The people, the pensioners and the depositors will suffer existential losses when the derivatives collapse.”
J “Citicorp-Congress also delayed implementation of the ‘Volker Rule’ that would provide for increased capital ratios and mark-to-market valuations. Citicorp-Congress gave the ‘one-two punch’ to the public.”
K “K.O.’d for Christmas. All I got for Christmas is my two front teeth. Knocked out. By Congress.”
. . .
J “The plaque proclaims that your deposit is insured up to $250,000 by the FDIC. Everyone is fooled, yet no one is protected by the plaque in a serious financial plague. When the Big Banks and their partners in crime on Wall Street fail, the FDIC will not be able to provide insurance for the depositors who are now on the hook. Line and sinker. Now on the line, the bottom line is that the depositors must ‘bail in’ the Big Banks and the public must ’bail out’ Wall Street.”
. . .
[See the e-commentary at Bailouts: Out; Bail Ins: In; Slowly Boilin’ The Frog (April 15, 2013) and Globalizing The Bail In (July 8, 2013).]
Bumper stickers of the week:
We should be doing something to make the bankers worry about getting bailed out.
18 T Debt; 18 K Dow
Plus 4 T “Federal Reserve Debt” = 22 T “Federal Debt”
Plus 9 G (Gazillion) in Derivatives = some trouble
The Capitol Building on Jenkins Hill is now renamed the “Citicorp Dome”
And then take a look at the National Defense Authorization Acts of 2012 and 2014.
Financial History:
1998: Banks/Wall Street bail out Long Term Capital Management
2008: Federal Reserve bails out Banks/Wall Street
201_: International Monetary Fund bails out Federal Reserve; Taxpayers bail out Banks/Wall Street
201_: God bails out the International Monetary Fund; No one bails out Taxpayers
201_: God files Chapter 11 Reorganization; Taxpayers file Chapter 7 Liquidation
So, help us God, so help us God.
e-commentary 