Wall Street Moves to Put Taxpayers on the Hook for Derivatives Trades | WHAT REALLY HAPPENED

Wall Street Moves to Put Taxpayers on the Hook for Derivatives Trades

Wall Street lobbyists are trying to secure taxpayer backing for many derivatives trades as part of budget talks to avert a government shutdown.

According to multiple Democratic sources, banks are pushing hard to include the controversial provision in funding legislation that would keep the government operating after Dec. 11. Top negotiators in the House are taking the derivatives provision seriously, and may include it in the final bill, the sources said.

The bank perks are not a traditional budget item. They would allow financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp. — potentially putting taxpayers on the hook for losses caused by the risky contracts. Big Wall Street banks had typically traded derivatives from these FDIC-backed units, but the 2010 Dodd-Frank financial reform law required them to move many of the transactions to other subsidiaries that are not insured by taxpayers.

Webmaster's Commentary: 

IF there was ever a time to call Rivero's Rangers to keyboards, it is now.

Write/email/fax/phone your Congressional Representative and let them know that IF this bill is passed in this form, that you would rather have a goat, or a dog represent you, than this current cache of purchased weasels who allegedly represent you now.

And please remember: Congress no longer represents We the People; they represent Those, the Corporations. We the People have become irrelevant and expendable. That is why these idiots in Congress believe that they can get away with this crud.

Then, be pro-active. Do not have any more money in your bank than you need for paying bills. In fact, and even though it is more expensive, pay your bills with money orders if possible. There are many businesses which will still take cash, and it has not yet been made illegal to do so.

Make sure you have small amounts of gold and silver for barter. Because if Congress is about to pass legislation like this, the excrement is very near to hitting the ventilation shaft, and I mean really, really soon.

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