Posted on 12/28/2011 4:28:17 PM PST by neverdem
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Mark
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Excellent, comprehensive article. Thanks for posting this. I hope many, many FReepers will find the time to read it. Outstanding!
ESSENTIAL READING!
The article actually sugarcoated the whole ordeal. Congress won’t do anything (like make MF Global clients whole) because they put loopholes in legislation or left rule making decisions up to the whim of unelected administrative staff at the behest of lobbyists before bills became law. This is contrary to big banks where Congress made them whole even on losing positions via TARP.
The safe deposit boxes scenario should read that banks take what is in the boxes and use it as collateral and go gambling with clients money.
They got the part right where the little people are third maybe fourth in line to recoup any lost deposits when a bank folds. FDIC get their money first, then major investors, next major bond holders, and finally the little people if the FDIC has any money left in the insurance fund. So, don’t go over the limit of insured deposits at your local bank. Move excess money to other banks to remain properly insured (hopefully).
When the ones who can make the laws are corrupt, it pretty much stays corrupted. They’ll never change that.
Good read and gives me a good case of indigestion too.
These people need to be drawn and quartered.
No wonder there is no respect for the law. Crimes are being committed by so called leaders and nobody’s head rolls.
Why is that and why do we a sit back and allow them the luxury of doing it?
Bookmark.
Thanks for the link Andy.
This sounds very much like how Eric Janszen of iTulip describes the FIRE economy, which has seriously damaged America’s “Productive Economy”.
Crony capitalism, buying politicians, and looting the Treasury. It’s time to light the torches and sharpen the pitchforks.
A great line and all too true:
“They’re hoping that conservatives can be buffaloed with a bit of cheap free-market rhetoric into not noticing that something is excruciatingly amiss here. “
It certainly works that way on Hugh Hewitt, who was attacking this article today while simultaneously demonstrating his ignorance.
Bump...
Sickening.
Thanks, for for the post... & the pings.
:-)
Bookmarked.
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