And the Republicans did it to us! Apparently they didn’t get the message by way of their landslide midterm victories -the American people don’t want business as usual. Their win was supposed to be a mandate for change, a pull-back from the fiscal cliff.
So what’d they do? The $1.01 trillion dollar omnibus bill just passed allows the banks to stuff $300 TRILLION worth of toxic derivatives under the FDIC umbrella, putting taxpayers on the hook for the inevitable losses (hat-tip Bill Holter of Miles Franklin). Understand that the FDIC was already heavily over-leveraged with only $54 billion insuring over $6 trillion, now add $300 trillion more, all I can say is forget about it! Michael Snyder of The Economic Collapse blog wrote about it too.
And how did they come up with this idea? Well the legislation just passed by the house and awaiting Senate approval was provided & crafted by none other than Citigroup as reported by Mother Jones a year ago!
This is why we have to get away from the massive omnibus bills (this one over 1,600 pages) that nobody reads. The longer the verbiage in any legislation, the more opportunity to slip in favors and deals that are not in the best interests of ‘Joe-citizen taxpayer, you and me!
The Citi-drafted legislation will benefit five of the largest banks in the country—Citigroup, JPMorgan Chase, Goldman Sachs, Bank of America, and Wells Fargo.
NO ONE in Washington can be trusted. They will NOT fix themselves. The government and the banksters are way to cozy under the covers. We must take advantage of the tool left to us by the framers in the form of Article V, section 2 of the U.S. Constitution. Learn more about the only method available to us -short of revolution, to rein in the over-reach of the federal government at Convention of States. Sign up for an interactive live broadcast happening tomorrow.
Aloha, Mikie ~just a blogger (fightin’ like a girl)
~Psst, tired of politics? Check out Travel in the Categories drop down menu (right side panel) for my blogs posted from interesting locations during my travel adventures.