Bend over, here it comes again:
Most bank customers and voters don't know that Congress has already written into finance regulations that, in the case of insolvency, financial institutions could grab the assets of depositors and "bail-in" - which means they can save themselves from their losses in gambling operations at their investment divisions by grabbing cash assets of depositors, even those that are FDIC guaranteed, and legally convert them to bank stocks. That means that in the event of another market crash, Chase and Citi could take their depositors' cash in savings accounts or CDs, and give the customers back a bank stock certificate (of questionable value) instead.
There are also those who scratch their heads and ask, "Why did the TBTF banks push for a deletion of the Dodd-Frank provision now, instead of waiting for the friendlier Republican-controlled Congress to pass this legislation?" The only answer that seems to make sense, and explain their urgency, is that the collapse is imminent.
http://www.truth-out.org/news/item/28406-russia-blamed-us-taxpayers-on-the-hook-as-fracking-boom-collapses
Instead of fixing our economic problems, we merely let the thieves tell us again how much money we have to give them. This is proof positive that Americans no longer possess effective tools of liberation ... or even tools of effective governance.
This will not have a happy ending.
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