cultureofresistance:

shortformblog:

White House issues statement saying it will not veto defense bill - @AP

— Breaking News (@BreakingNews) December 14, 2011

Disturbing news, as this is the bill which would allow for indefinite detention. More details here.

Yep, the…

* welcome to the police state. RIP Bill of rights, due process, liberty constitution, 1st amendment, and freedom.

Most importantly RIP DEMOCRACY!

cultureofresistance:

wannabechomsky:

cognitivedissonance:

This is quite frightening (emphasis from the source):

This story from Bloomberg just hit the wires this morning. Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.

This means that the investment bank’s European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn’t get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to “give relief” to the bank holding company, which is under heavy pressure.

This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.

What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.

This is a recipe for Armageddon. Bernanke is absolutely insane. No wonder Geithner has been hopping all over Europe begging and cajoling leaders to put together a massive bailout of troubled banks. His worst nightmare is Eurozone bank defaults leading to the collapse of the large U.S. banks who have been happily selling default insurance on European banks since the crisis began.

It’s interesting we never hear anything about this in the US media. Why Occupy Wall Street? Here’s a good reason.  hope Europe does not implode, but the latest news isn’t positive. 

* This is a fucking WHITE COLLAR CRIME.  Why aren’t these motherfucking cunts not getting locked up? Robbing us in front of our eyes.

Fuck your derivatives. THE LAST THING WE NEED IS MORE DEBT.

Get it? Follow the money: If Greece goes down, investors start fleeing Ireland, Spain, Italy, and Portugal as well. All of this sends big French and German banks reeling. If one of these banks collapses, or show signs of major strain, Wall Street is in big trouble. Possibly even bigger trouble than it was in after Lehman Brothers went down.