The new rules for keeping too-big-to-fail alive: use creditor funds, including uninsured deposits, to recapitalize failing banks.
April 29, 2013 | “[W]ith Cyprus . . . the game itself changed. By raiding the depositors’ accounts, a major central bank has gone where they would not previously have dared. The Rubicon has been crossed.”
The crossing of the Rubicon into the confiscation of depositor funds was not a one-off emergency measure limited to Cyprus. Similar “bail-in” policies are now appearing in multiple countries. (See Continue reading →
As the 99 Percent Movement takes shape across the country, citizens are demanding that Congress represent the public interest instead of the whims of bankers and big corporations. For instance, after demanding and receiving massive bailouts, Wall Street banks successfully lobbied Congress to crush any serious effort to mitigate the foreclosure crisis. The spectacular bank lobbying coup in Washington prompted Sen. Dick Durbin (D-IL) to remark that the banks “frankly, own the place.” [read more on NationofChange.org].
And the answer to the $10 million question…. Whose fault is that, Dick? Tic toc, tic toc…. Continue reading →
”…the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.” Take over the mortgages – stupid! SEIZE MERS.
f you were a patient in intensive care, sick and in pain, what would you say to a doctor whose only recommendation was cutting off your blood supply, meals and therapy, and redirecting your pain medicine to another patient who was already healthy and well? Would you follow your doctor’s orders, or sue them for malpractice? Continue reading →