Jamie Dimon may be able to pick up the phone and directly lobby CONgress to remove all the teeth from Dodd-Frank , but he couldn’t outspend Citigroup for the office space at the House of (pretend) Representatives. While the move is satire, the only difference in the results is the travel expenses. The banking favors written into the spending bill should leave no doubt as to who is running the country. Senator Warren, like Brooksley Born, has warned everyone – again. Expect the establishment to start portraying Warren as a devil-worshiping transvestite.
Ever since the banking cartel showed their plans when Cyprus depositors where bailed-in to cover bank losses, it became clear that tax-payer funded bail-outs where going to be replaced by the bail-in. After all, you are assuming the risk when you loan your money to the bank. CONgress has now written it into the law that it is okay for banks to speculate with your deposits, using levered, unregulated OTC derivatives. When they blow up again (with 100% certainty), you will be in the same boat as Madoff’s and Corzine’s customers – going to NY judges to try to get your money back from NY banks. Good luck with that one.
Could the people finally be pushed to their limit when their retirement accounts and deposits receive a haircut? The US Treasury is not taking any chances, as they are actually ordering survival kits for all of their employees.