Forum Post: Am I misreading this or are we literally living in a house of cards?
Posted 13 years ago on Oct. 19, 2011, 6:46 p.m. EST by Fenrir
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I dunno
This is truly absurd. The public is expected to absorb every loss from $75 trillion dollars worth of losing assets, but the government dare not tax one penny of these trades so that they can pay down the debt and end the Great Recession for real?
Read this yesterday, underreported in my opinion. This says a lot about the financial condition of BoA.
The Financial Modernization Act of 1999 made this possible, it has to GO, at least the piece that allows commercial and investment banking to be consolidated. This is simply backstopping high-risk financial instruments with FDIC backing.
Welcome to the new world order. Fortunately I think we just bought Europe again? We just propped up the Bildeburg Nation? It was of course a trap to both parties that will eventually lead to a major market meltdown and a new war machine? Has this been verified?
any1?