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Strange coincidence

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  • Strange coincidence

    G20 finalizes proposals for bank bail-ins (for those not in the know; bail-in is when financial institutions seize depositor funds to bail themselves out of debt as opposed to government using tax payer money)...

    http://www.reuters.com/article/2014/...0GZ20F20140904


    ... at almost the exact same time US Congress stalls banking derivative restrictions...


    http://blogs.reuters.com/financial-r...-london-whale/


    Coincidence? Or is it time to get your assets out of international banks?
    Last edited by Cow Poke; 12-18-2014, 05:31 PM.
    "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

  • #2
    For the spelling nazis, yes, I spelled coincidence wrong in the title.
    "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

    Comment


    • #3
      Congress totally wiffed (again) on the opportunity to fix this problem and I think has set us up for another 2008 type fiasco...might be time to buy gold and silver...and a floor safe.
      "What has the Church gained if it is popular, but there is no conviction, no repentance, no power?" - A.W. Tozer

      "... there are two parties in Washington, the stupid party and the evil party, who occasionally get together and do something both stupid and evil, and this is called bipartisanship." - Everett Dirksen

      Comment


      • #4
        Originally posted by Littlejoe View Post
        Congress totally wiffed (again) on the opportunity to fix this problem and I think has set us up for another 2008 type fiasco...might be time to buy gold and silver...and a floor safe.
        But what's your view on the G20 settlement on bail-ins? This means that if there is another banking crisis, instead of government bailouts, we'll see what happened in Cyprus, only on a much more widespread (perhaps even global) level. These occurred on almost the same month as each other.

        Also, I don't think you can easily argue Congress "wiffed" since the institution of Dodd/Frank is too close for that. In other words, some of the same people that passed it (at least the sentiment that passed it in the first place would have still been present), revoked it.
        Last edited by seanD; 12-18-2014, 04:18 PM.
        "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

        Comment


        • #5
          Let me reiterate so perhaps people can get a clearer picture. Part of the Dodd/Frank bill that Congress revoked disallowed banks to mix risky loans (derivatives) with depositor funds, so that government wouldn't be on the hook to bail them out (as per FDIC policies). They were forced to put those loans in with accounts that had "adequate" capital to back the loans.

          Almost in the same month, G20 finalizes a plan for banks to use depositor funds to bail themselves out in another crisis (i.e. derivative crisis).

          Does anyone see this as a coincidence?
          "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

          Comment


          • #6
            Originally posted by seanD View Post
            For the spelling nazis, yes, I spelled coincidence wrong in the title.
            hey, that's MY job!!!!!

            (I think I fixed it for you)
            "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

            Comment

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