Bank of America has completed a nifty little sidestep of regulations that will take advantage of the Bush-Paulson-Obama-Dodd-Frank-Bernanke approved permanent bailout option via the U.S. taxpayer. They have shifted exposure of $75 trillion dollars in derivatives into a secured deposit unit. Read the story here via Bloomberg.
Just more writing on the wall. Whatever the trigger ends up being for the next financial collapse is anyone’s guess, but what is crystal clear is the fact that the same protected people won’t take the fall. You will. So will your neighbor. And your family.
This is why you can’t elect people like Herman Cain. He fully supports the fraternity that allows our wealth to be confiscated. He should since he is one of them. His 9-9-9 plan? If that were to ever come to fruition, Cain would go down in the annals of history as the guy that introduced the greatest source of taxation drain on the U.S. economy ever. And he would do it without eliminating the 16th Amendment first! Insanity!
Sitting back and observing the folly of our legislators go ’round and ’round with the bankers they’re in bed with can be humorous. Until you realize it’s the American people that are always at the end of the line getting the shaft. Just watch and see what happens when BofA needs its next bailout. You and I will be right there for them. That includes all of you OWS people across the country who are encouraging more of the same of what got us here.
How many people bit their tongue and supported McCain? They had to because he was the anti-Obama option. Now they’ll have to do it again with Romney. How many conservatives and libertarians will say, oh well, I’ll just have to do the best I can and support Romney because anybody is better than Obama? Here is my way out on a limb prediction. The year? 2016. The landscape? SOS-DD!
Until we really get serious about change and not just making the best of things while still sticking to the framework in place, change can’t happen. I honestly don’t know if we can ever get there before it’s too late.