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Forum Post: 75 trillion dollars insured by the FDIC holy bail out

Posted 12 years ago on Nov. 19, 2011, 5:39 p.m. EST by Doc4the99 (591) from Washington, DC
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[-] 1 points by demcapitalist (977) 12 years ago

What a mess derivatives have put America in. I wish that article had more details about exactly what derivatives are involved. I read that there was a black banking system in place a few years before the economy collapsed, To be honest at the time I thought it was conspiracy theory. The depth of this disaster has stunned me. We don't seem to get information about what we are on the hook for until after the disastrous event is triggered.

[-] 1 points by ithink (761) from York, PA 12 years ago

"So, Merrill Lynch is clearly an affiliate of Bank of America, and the Federal Reserve is clearly violating the law by approving this particular transaction" GRRRRR.. THIS HAS GOT TO STOP. I agree with those who say we need an immediate and transparent investigation of the Federal Reserve.

[-] 0 points by Doc4the99 (591) from Washington, DC 12 years ago

Yeah the author does a good digging into those who were disagreeing with him, he made rock solid points. Smart. So the banks own the fdic on unregulated derivative volatile financial instruments. 75 trill understand the us banks are still holliw holding these toxic assests. What happened, who is running the reserve and fdic? The system appears to be upside down or backwards. Its sad, thats tax payer money. Wheres my bail out for my crappy student loans... ;p