Monday, December 15, 2014
Remember my words!
I see that our illustrious Congress has passed a $1.1T spending bill to keep our gubment up and running for a while longer. So be it. But what really chaps my hide is that the unbelievably powerful banking/financial services industry has scabbed on to it a provision that pretty much guts the Dodd-Frank Banking Reform Bill. WE...ARE...SCREWED!!!!
Basically the banks have been given a green light to get involved in highly profitable, but highly risky investments that are likely to eventually blow up in our face. I say "OUR face" instead of "THEIR face" because when it all hits the fan again the banks/Wall Street will simply form a line at the Taxpayer's Bailout Window. Congress has just put us all on the line....we just co-signed a TRILLION DOLLAR note! *how's your sphincter feeling now?*
Gamblers eventually lose, and these days banks are just glorified, and very highly paid, gamblers. But when these gamblers lose, THEY don't lose. Their money is safely tucked away. It's OUR piggy banks that will get robbed.
So when is the bottom gonna fall out again? Three years? Five years? Eight years? Who knows? But I fear this next time, unlike the financial meltdown of 2008, the rest of the world will be in the tank ahead of us, with no strong player(s) to pull us through. (In '08 Europe and China were doing pretty well, which helped absorb some of the carnage. Today they are in trouble, too.)
I hate being the bearer of bad news, but please don't shoot the messenger. Shoot Congress and the bankers*. Please.
*figuratively speaking, of course *Hi NSA* :)