Not much different with credit swaps and derivatives on real estate from the i-Banks where a few became ‘too big to fail’ while co-mingling ordinary citizens deposits into there business.
Rumor has it, an i-Bank threatened the Fed Chairman that if the party stops, this i-Bank would offshore there entire operation making 200,000 depositers the responsibility of the FDIC. Great leadership these days, isn’t it? I will not name names, but you can probably guess who this was. If not, suffice to say it’s time to let the forest fire burn down the rotten trees and begin reseeding.
Human nature is cyclical as is history. Nothing is new under the sun in that regard, but on the same token, we must be prepared to help our neighbors because the remedy to this behavior is always painful and requires self-sacrifice.
We are the nation of the Boston Tea Party. The twin city empire of Washington and NYC have forgotten that recently. The left has done wonders in education cirriculum to change History that teaches real lessons on human behavor and protecting oneself from tyranny to Social Studies to teach people to be ‘sensitive’ to those poor misunderstood Palestinians. The house of cards always collapses and rebuilds based on how we are created which is survival of the fittest, you reap what you sow and the law of cause and effect.
“Not much different with credit swaps and derivatives on real estate from the i-Banks where a few became ‘too big to fail’ while co-mingling ordinary citizens deposits into there business.”
The Glass-Steagall Act was being dismantled during the Clinton years. Now we are rediscovering why it was passed in the first place.