They’re all crooks and there’s too much fine print (and “The rent’s too damn high”). You ever try to read those onion-thin little disclosure pamphlets that come with a new credit card? Fagetaboutit! Useless crap.
In the 2008 financial meltdown, fifty US states (or was 57?) all of them anyway, holding an estimated $32 Billion worth of unclaimed property used those assets to balance their budgets. California was sued in a class action suit for their abuses and tried to get the waiting time for unclaimed property seizure reduced from an original 15 years to ONE year!
FDIC, CFTC, the SEC, Dodd Franks (Wall Street Reform & Consumer Protection Act) my ass. You may as well just bend over because they have done NOTHING to safeguard your hard-earned dollars or investments.
Remember MF Global? Maybe not, so I’ll remind you. They disappeared $1.6 billion of segregated, supposedly “protected” client funds.
Then there’s PFG Best and Knight Capital, all banksters (gangsters on Wall Street in cahoots with government feathering each other’s beds). Oh and don’t forget the LIBOR (London InterBank Offered Rates -the benchmark for interest rates globally) scandal.
Why are so many financial professionals and investors fleeing Wall Street and equities?
HINT: It’s not the computers (NASDAQ’s claim in the Facebook IPO debacle), it’s a crisis in confidence and disgust regarding conflicts of interest, market manipulation and a lack of faith in the system. It’s the Central Banks (primarily The Fed & European Central Bank), the politicians and the TBTF (too big to fail) banks pointing guns at each other desperately trying to maintain their power.
It’s a rigged game! The banks no longer lend, but speculate & steal.
It’s a house of cards and it won’t take much to bring it all crashing down. And then Lord, save us from government protection!
Aloha, Mikie ~just a blogger (fightin’ like a girl)