We had a server outage, and we're rebuilding the site. Most of the site features won't work. Thank you for your patience.
imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
latest news
best of news




A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List


IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

US Spending Bill Bonanza for Wall Street

by Stephen Lendman Sunday, Dec. 14, 2014 at 3:14 AM

Wall Street

US Spending Bill Bonanza for Wall Street

by Stephen Lendman

Kleptocracy defines America. Corrupt politicians and corporate crooks conspire. Against ordinary people. Covertly and overtly.

Violating the letter and spirit of good governance. Looting the nation's wealth. Handing it to monied interests. Wall Street tops the pecking order.

Whatever bankers want they get. In unlimited amounts. Running Fed policy assures limitless cash on demand.

Controlling Washington, state capitals and municipal governments assures everything else.

On Thursday, House members passed a $1.1 trillion+ spending bill. On Saturday, senators followed suit.

Expect Obama to sign it into law straightaway. With little fanfare. Perhaps already. Monied interests own him                                              

Enactment rolls back Dodd-Frank's Section 716: Prohibition Against Federal Government Bailouts of Swaps Entities.

Leaving taxpayers on the hook for hundreds of trillions of dollars of risky derivatives. Especially under G20 bail-in rules. Letting bankers  loot depositor accounts.

Few Americans understand. Finance is a new form of warfare. More powerful than standing armies.

Banking giants run things. Money power has final say. Bank accounts aren't safe. Depositor theft is coming.

Called "bail-ins." Code language for grand theft. Instead of breaking up, nationalizing, or closing down failed banks, confiscated depositor funds intends keeping them operating.

Enormous amounts are at stake. Low-hanging fruit. There for the taking. A treasure trove to be looted.

Depositor haircuts are the new normal. Banks legally own your funds. In return for IOUs or promises to pay.

Banks once repaid depositors on demand. A joint December 10, 2012 FDIC-Bank of England (BOE) paper changed things.

Plans to loot customer accounts were made earlier. The Bank for International Settlements originated them. T he privately owned central bank for central bankers. Major ones have final say.

Looting depositor accounts is official policy. Cyprus wasn't a one-off. FDIC insurance doesn't matter. Funds in too-big-to-fail banks and others important to save are up for grabs.

It's their money for the taking. In return for IOUs in bank stock. Ready cash on demand is gone. Take the money and run replaced it.

When the mother of all speculative derivatives bubble bursts, shock waves will rock global economies.

Expect depositors to be hung out to dry. The new normal. Your money is theirs on demand. Ordinary people have no say.

US mega-banks are criminal enterprises. Hugely larger than in 2008. Five account for over 40% of US loans. Six control around two-thirds of banking assets.

Making money the old-fashioned way is official policy. Aided and abetted by corrupt politicians.

For campaign contributions and other special benefits derived. At the expense of ordinary Americans. Systematically cheated.

Hung out to dry. The worst yet to come. With less help when most needed.

Deposits no longer are money. Banks own them. Available for bail-ins on demand. Leaving depositors with no say over their checking, savings or money market accounts.

Six years after Wall Street's 2008 coup, Citigroup wrote legislation now law. With Obama's signature.

Six mega-banks control Washington: JP Morgan Chase, Bank of America, Goldman Sachs, Citigroup, Wells Fargo, Bank of New York Mellon.

Wall Street's viability matters most. Bailouts or bail-ins are official US policy. Dodd-Frank's Section 716 included a so-called swaps push-out rule.

Requiring speculative derivatives trading in separate affiliates. Not FDIC-insured banks. Using separate capital.

So taxpayers wouldn't be on the hook for swaps deals gone bad. According to economist Simon Johnson:

Section 716 was "a commonsense provision to protect taxpayers from future derivatives deals gone away. (It took) the state out of subsidizing some of these particularly high risk derivatives."

It's gone. Americans for Financial Reform policy director Marcus Stanley saying congressional legislation "restores the public subsidy to exotic Wall Street activities."

Public Citizen said "Wall Street holds government hostage." Operating ad libitum. Without constraints. Under rules it writes. Continuing business as usual.

Demos calls itself a "public policy organization working for an America where we all have an equal say in our democracy and an equal chance in our economy."

In response to eliminating Section 716, its senior fellow Wallace Turbeville said the following:

"(B)ack room (politics) open(ed) the door to another taxpayer bank bailout…(S)lipped into the critical spending bill."

Bank lobbyists wrote the provision. "(I)nsert(ing) repeal of an important (protection) of the landmark Dodd-Frank Act that (safeguards) us all from predatory financial firms and the prospects for another bail out caused by the casino banking that is the derivatives markets."

"This is a shameful attempt to avoid a proper discussion of the 'swaps push-out' provision that requires banks to transact derivatives in a separate subsidiary to insulate their balance sheets and depositor funds that are insured by the American people."

Turbeville urged efforts to stop this outrage. Too late with Obama's signature. Maybe already. Approving a bad policy grab bag.

Authorizing $64 billion for Afghanistan, Iraq, Syria and other military campaigns. Lets corporate America cut pension plan benefits. For current and future retirees.

Loosened campaign donation limits. Permitting multiples more than before. To political parties.

Wealthy donors earlier could contribute up to $194,000 per election cycle. Now raised to almost $1.6 million.

Reduced IRS funding. Less for EPA. Maintained Bush-era mountaintop mining rules. Permitting toxic coal waste dumping. In Appalachian streams.

Prevents the Fish and Wildlife Service from protecting the greater sage grouse and three related birds. By adding them to the endangered species list.

Rolled back safety rules. Intended to keep truckers from causing wrecks. By reducing their maximum workweek from 82 to 70 hours. Industry lobbyists fought back successfully for longer hours.

Prohibited EPA authorities from regulating lead in ammunition and fishing tackle. Blamed for poisoning birds.

Authorized $500 million for ISIS/ISIL/the Islamic State (IS). To arm, train and direct them. As US proxy forces. Boots on the ground against Syria.

New York Times editors called FY 2015 spending bill provisions "some of the most devious and damaging…imaginable for good government."

"Written in secrecy, presented as the take-it-or-leave-it alternative to a government shutdown."

With "special industry giveaways, large and small, one after the other." Typical congressional legislation.

In 2002, Congress created the Terrorism Risk Insurance Act (TRIA). A temporary post-9/11 measure.

Leaving taxpayers on the hook for amounts exceeding $100 million. In cases where businesses incurred losses from terrorist attacks.

Last Wednesday, House member extended TRIA through 2020. Expect Senate members to follow suit.

The measure gives Wall Street a "rider" gift. Eliminating margin requirements. Freeing more capital for speculative trading.

Washington is Wall Street occupied territory. Casino capitalism institutionalized. The coin of the realm.

Big money runs things. Politicians their obedient servants. Ordinary people ignored entirely.

On their own. Out of luck. Sink or swim. It's the longstanding American way. More than ever now.

Stephen Lendman lives in Chicago. He can be reached at lendmanstephen@sbcglobal.net.

His new book as editor and contributor is titled "Flashpoint in Ukraine: US Drive for Hegemony Risks WW III."


Visit his blog site at sjlendman.blogspot.com.

Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network.

It airs three times weekly: live on Sundays at 1PM Central time plus two prerecorded archived programs.
Report this post as:
Share on: Twitter, Facebook, Google+

add your comments

Local News

Woolsey Fire: Worst News of 2018? J01 12:18AM

Oppose Environmentally-Harmful Development D10 4:03AM

Oppose Environmentally-Harmful Development D10 3:58AM

OUR HOUSE Grief Support Center Presents Night for Hope O30 5:38PM

Marshall Tuck’s racist dog whistle O27 5:01AM

Marshall Tuck’s ethnocentrism contradicts Californian values O27 4:32AM

Contra Costa-Hawkins O25 3:48AM

Debunking Some Anti-Prop 10 Propaganda O12 6:56AM

Why Should California Choose De Leon Over Feinstein? O10 9:55PM

Change Links September 2018 posted S02 10:22PM

More Scandals Rock Southern California Nuke Plant San Onofre A30 11:09PM

Site Outage Friday A30 3:49PM

Change Links August 2018 A14 1:56AM

Setback for Developer of SC Farm Land A12 11:09PM

More problems at Shutdown San Onofre Nuke J29 10:40PM

Change Links 2018 July posted J09 8:27PM

More Pix: "Families Belong Together," Pasadena J02 7:16PM

"Families Belong Together" March, Pasadena J02 7:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 11:26PM

Summer 2018 National Immigrant Solidarity Network News Alert! J11 6:58AM

Watch the Debate: Excluded Candidates for Governor of California M31 5:20AM

Change Links June 2018 posted M28 7:41AM

More Local News...

Other/Breaking News

Réseautage, fragmentation du capital J16 4:20PM

Paraphysique de manipulation mentale et sociale J15 9:51AM

The Global Justice Project and Human Survival: We're Badly Off Track J15 5:08AM

The Global Justice Project and Human Survival: We're Badly Off Track J15 5:08AM

The Global Justice Project and Human Survival: We're Badly Off Track J15 5:08AM

Markets as a Fetish, Globalization, and Dissent Management J14 1:03PM

State Debts - The Primal German Fear J13 5:09PM

Sans liberté, sans égalité, sans fraternité J13 8:09AM

From Progressive Neoliberalism to Trump - and Beyond J12 9:22PM

Copper Cures Cancer J11 1:42PM

Steven Taylor, Investor who Evicts J11 9:24AM

Du sectarisme, des sectes, des clans J11 8:10AM

“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen J10 6:34PM

Patrick Kilpatrick discusses and signs Dying for Living J09 11:51PM

SexActs vs Sexuality USA 2018 Invitations to Power Marriages without Affection J09 8:36PM

Changer de mentalité, changer de société J09 9:17AM

Teacher Strike? Time for Labor Studies J09 6:26AM

December 2018 Honduras Coup Update J08 10:12PM

Paraphysique de la désespérance J07 9:38AM

The Unification Church with Rev Moon is in La and Orange Counnties J07 9:07AM

Time to Start Imagineering a Post-Ayatollah Iran J05 10:00PM

L'écomorphisme, du culturel et du temporel J05 10:33AM

Sexual Harassment Charges of Men Suing Women who are accused of Harassing Men are now 10% J05 4:08AM

Stases psychiques et stases sexuelles J04 11:34AM

Paraphysique de la sous-vie J02 9:01AM

Paraphysique de la biomasse mondialisée J01 9:45AM

La mathématisation du monde D31 7:42AM

Refugee other Asylum I.D. reraly granted U.of :ouisiana DEc 29 ,2018 D30 5:32AM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy