Save Your Money and America
Content
When I managed real estate and construction nationwide for a major Wall Street Firm--I became fascinated with markets and licensed as a stock broker on all exchanges--including options. Our CEO was an honorable man who stated that if the 1932 Glass Steagall Banking Act--enacted to prevent the speculation that caused the Great Depression--was ever rescinded--the system would be gamed. It was rescinded in 1999, which allowed deregulation of derivatives in 2002. At the time the U.S. GDP was $14T and derivatives were ‘valued’ at $9T. Today, unregulated derivatives have reached $1.4 quadrillion when the total global wealth is $76T. (1,000 million is a billion. 1,000 billion is a trillion. 1,000 trillion is a quadrillion. $3 trillion in stacked $1.00 bills would reach from earth to the moon.) $1.4 Quadrillion is 31 times total global wealth concentrated in the hands of financial predators that have turned our economic
system into a casino. In October 2008 on major websites when economic reporters were reporting the crash was a blip--I predicted correctly that it was the start of an economic meltdown--it was easy call. Why? Because it is impossible to have totally deregulated derivatives in the above percentages relative to the size of the financial system--and maintain a stable economy. Those are two mutually exclusive, incompatible things. Like allowing automobile drivers and airline pilots to make up their own rules as they go along--unimpeded by laws--and believe that constitutes a safe rule of the road or skies. That would be insanity--and it is no different with economic markets. Here's an in depth look by Matt Taibbi:'Looting Main Street.'
SEC Charged Goldman Sachs with Fraud Today: Take a look at the chart above, Goldman Sachs is second only to JP Morgan in the amount of trillions they hold in derivatives.
Sachs was charged today for betting against –while profiting from--the same Credit Swap Derivatives it pushed on investors. They caused the crash, we’ve suffered the pain. Big Banks play both sides of the derivatives--simultaneously buying long and selling short. They win either way. We lose. It is a massive shell game to sweep wealth from the masses to the few. The Big Banks above received taxpayer bailouts that they did not repay, but instead rewarded themselves with multi-million dollar bonuses, and are raking in profits: Bank of America profited $3.2 billion during the first three months of 2010; JPMorgan Chase earned $3.3 billion in the first quarter--and at the same time Republican Senator Mitch McConnell is leading the fight against re—regulation that would prevent another far worse meltdown. And while America’s economic engine-California is stalled with 12.6% unemployment, and unemployment also rose in 24 states in March. $1.4 Quadrillion in Deregulated Derivatives Guarantee Another Crash: The Credit Swap derivatives that crashed our economy—were 1/10th the size of Interest Rate Contracts that are $800T or 84% of the derivatives market. See the chart above. It is a matter of time until Interest Rate Contracts kick off a greater crisis--unless Congress and the Feds re-regulate these instruments that Warren Buffet called ‘Financial Weapons of Mass Destruction' which they have elected not to do--and despite pressure from G8 partners to do so. To clarify: since the initial crisis in October 2008 that led to the worst economy since the Great Depression--our Congress--
mostly in the pocket of Wall Street--has not acted to protect us from a far worse meltdown. Safeguard Your Money & the U.S.: If you bank with BofA, Goldman Sachs, JP Morgan, Chase, Citigroup, Wells Fargo—you are feeding the monster. Together, they hold 40% of FDIC insured deposits. Over $4 trillion when the FDIC’s Deposit Insurance Fund has dropped further into negative territory, reporting a $20.9 billion loss for its fund balance in the fourth quarter--its lowest number on record. And they also hold the majority of derivatives exposure. Presidents Jefferson and Lincoln both said that when big banks and corporations are in control--the US would be lost. We are there. The #1 thing every American can do to regain control is to move their money from these mega-banks and into well-run local banks and credit unions--and encourage others to do so, too. Watch the video link above Jimmy Stewart’s image for more information on MoveYourMoney.Info: Here
http://www.suzannedecornelia.com
system into a casino. In October 2008 on major websites when economic reporters were reporting the crash was a blip--I predicted correctly that it was the start of an economic meltdown--it was easy call. Why? Because it is impossible to have totally deregulated derivatives in the above percentages relative to the size of the financial system--and maintain a stable economy. Those are two mutually exclusive, incompatible things. Like allowing automobile drivers and airline pilots to make up their own rules as they go along--unimpeded by laws--and believe that constitutes a safe rule of the road or skies. That would be insanity--and it is no different with economic markets. Here's an in depth look by Matt Taibbi:'Looting Main Street.'
SEC Charged Goldman Sachs with Fraud Today: Take a look at the chart above, Goldman Sachs is second only to JP Morgan in the amount of trillions they hold in derivatives.
Sachs was charged today for betting against –while profiting from--the same Credit Swap Derivatives it pushed on investors. They caused the crash, we’ve suffered the pain. Big Banks play both sides of the derivatives--simultaneously buying long and selling short. They win either way. We lose. It is a massive shell game to sweep wealth from the masses to the few. The Big Banks above received taxpayer bailouts that they did not repay, but instead rewarded themselves with multi-million dollar bonuses, and are raking in profits: Bank of America profited $3.2 billion during the first three months of 2010; JPMorgan Chase earned $3.3 billion in the first quarter--and at the same time Republican Senator Mitch McConnell is leading the fight against re—regulation that would prevent another far worse meltdown. And while America’s economic engine-California is stalled with 12.6% unemployment, and unemployment also rose in 24 states in March. $1.4 Quadrillion in Deregulated Derivatives Guarantee Another Crash: The Credit Swap derivatives that crashed our economy—were 1/10th the size of Interest Rate Contracts that are $800T or 84% of the derivatives market. See the chart above. It is a matter of time until Interest Rate Contracts kick off a greater crisis--unless Congress and the Feds re-regulate these instruments that Warren Buffet called ‘Financial Weapons of Mass Destruction' which they have elected not to do--and despite pressure from G8 partners to do so. To clarify: since the initial crisis in October 2008 that led to the worst economy since the Great Depression--our Congress--
mostly in the pocket of Wall Street--has not acted to protect us from a far worse meltdown. Safeguard Your Money & the U.S.: If you bank with BofA, Goldman Sachs, JP Morgan, Chase, Citigroup, Wells Fargo—you are feeding the monster. Together, they hold 40% of FDIC insured deposits. Over $4 trillion when the FDIC’s Deposit Insurance Fund has dropped further into negative territory, reporting a $20.9 billion loss for its fund balance in the fourth quarter--its lowest number on record. And they also hold the majority of derivatives exposure. Presidents Jefferson and Lincoln both said that when big banks and corporations are in control--the US would be lost. We are there. The #1 thing every American can do to regain control is to move their money from these mega-banks and into well-run local banks and credit unions--and encourage others to do so, too. Watch the video link above Jimmy Stewart’s image for more information on MoveYourMoney.Info: Here
http://www.suzannedecornelia.com
