The answer to Matt Taibbi’s multi-trillion dollar question

After the 2008 election, Democrats controlled the House, Senate and White House. What happened? The Fed and government subsidized and loaned trillions of dollars to bail out selected crony Wall Street companies and “green” corporate cronies of Democrats, and provided almost no money to mainstreet Americans who lost 40% of their net worth since 2008.

The Dodd-Frank financial reform act was passed, but reforms were insufficient to prevent another financial crisis or additional “bail outs” of financial institutions. Too big to fail banks just got bigger. In fact, U.S. bank exposure to SWAPS and other derivatives – a major cause of the financial crash – today is $231 trillion or 40% more than the $176 trillion at the height of the debt crisis and before Dodd-Frank. Just four banks account for 85 percent of total credit exposure to derivatives at U.S. banks, according to the Office of the Comptroller of the Currency. The answer to Matt is: elect Democrats.  Here’s how: certain corporations – and lawyers – and billionaires like Soros fill the campaign coffers of Democrats and elect Democrats, while demogouging corporations and Wall Street. http://www.economist.com/node/21547784

http://www.occ.treas.gov/topics/capital-markets/financial-markets/trading/derivatives/dq411.pdf

About budbromley

Life sciences executive, retired
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