Yes, We’ll Be Stuck with the Bill

December16

New Law Would Make Taxpayers Potentially Liable For TRILLIONS In Derivatives Losses


From the article:

If the quadrillion dollar derivatives bubble implodes, who should be stuck with the bill?  Well, if the “too big to fail” banks have their way it will be you and I.

More:

Just imagine the following scenario.  I go to Las Vegas and I place a million dollar bet on who will win the Super Bowl this year.  If I am correct, I keep all of the winnings.  If I lose, federal law requires you to bail me out and give me the million dollars that I just lost.

This just allows them to continue “business as usual”.  I guess you could think of the banks as “One Big Casino”.

http://theeconomiccollapseblog.com/archives/new-law-make-taxpayers-potentially-liable-trillions-derivatives-losses

 Clinton: I Was Wrong to Listen to Wrong Advice Against Regulating Derivatives*


From the article:

(April 2010)

In my EXCLUSIVE “This Week” interview, I asked former President Bill Clinton if he thought he got bad advice on regulating complex financial instruments known as derivatives from his former Treasury Secretaries, Robert Rubin and Larry Summers.  He acknowledged that he was wrong to take the advice of those advising him against regulating derivatives.

Funny thing is…as I read the article I noticed that the former president wanted to deflect his bad choice onto the Republicans. Of course, I would expect nothing less. And despite admitting he got bad advice he still sticks up for the people who were advising him. Again, I would expect nothing less.

Sometimes I think the only reason the two parties exist is to have someone else to blame. That goes for both sides of the aisle.

http://abcnews.go.com/blogs/politics/2010/04/clinton-rubin-and-summers-gave-me-wrong-advice-on-derivatives-and-i-was-wrong-to-take-it/