Tuesday, February 20, 2018


The Crapo Bill is designed to unleash the banks by repealing or scaling back some of the legislation imposed on the banks after they wrecked the global economy in 2007/8 (thanks to regular Infowars creep Roger Stone who scuttled Eliot Spitzer who was investigating the corrupt practices of Wall Street).

The bill is being sold as assisting the smaller banks more than the Wall Street giants.

But here's what Elizabeth Warren says:
“Remember Countrywide?" she said, referring to the mortgage lender that became synonymous with the crisis. "It was about $200 billion, which is smaller than some of the banks that will be deregulated by this bill. The heart of this bill is to take 30 of the 40 biggest banks in this country off the watch-list so that they can load up on risks again and if things go wrong put the American taxpayer back on the hook."

[source : A decade after meltdown, Senate moves to roll back bank rules, Politico, https://www.politico.com/story/2018/02/20/senate-bank-rules-rollback-meltdown-416158, 20th February 2018]

And in that last sentence lies the problem.

You see, both Democrats and Republicans wrote in their 2016 platforms that they want Glass-Steagall. Even Bomber Trump wants Glass-Steagall (or says he does). But curiously (or not) Bomber Trump, despite proclaiming he was out to "drain the swamp", picked a member of Skull & Bones for Secretary of the Treasury, and that Bonesman, Steve Mnuchin, doesn't want Glass-Steagall and has strongly advised against it. Even Trump's new pick for Chairman of the Federal Reserve doesn't want Glass-Steagall.

So what we have is the sadly all too predictable: unleashing the banks WITHOUT Glass-Steagall.

You can already hear the bankers laughing, rubbing their hands with glee and opening their best bottles of champagne.

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