House Voted To Get Banksters Back In The Derivatives Business by smonebkyn


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									House Voted To Get Banksters Back In The
Derivatives Business
Kurt Nimmo
November 12, 2013

Wholesale destruction of U.S. economy may now continue without interruption
In late October, the House passed a “bipartisan tweak” to the Dodd-Frank bill Congress earlier passed
off as “reform” after the banksters nearly crashed the financial system in 2008.
H.R. 992, the Swaps Regulatory Improvement Act, authored primarily by Citibank lobbyists, will allow
predatory Wall Street financial institutions to once again engage in high-risk derivatives trading. Losses
will be socialized and paid for by the American taxpayer through the Federal Deposit Insurance
Corporation or FDIC.
“Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line
bill,” Eric Lipton and Ben Protess wrote for the New York Times. “Two crucial paragraphs, prepared by
Citigroup in conjunction with other Wall Street banks, were copied nearly word for word.”
Co-sponsors of the bill are on the Citibank payroll. They received nearly 17 times more money from
the bank than have members of the House who have not signed on as co-sponsors, according to Forbes.
“Citigroup has given $503,150 to current members of the House of Representatives,” writes Tom
Groenfeldt. “Representative Jim Himes, D-Conn., has received $66,450 from Citigroup, more than any
other member of the House of Representatives. Himes is a co-sponsor of the bill.”
Wall Street lobbyists targeted House Democrats. 70 of them came out in support of the bill. Only two
Republicans voted thumbs down. They were washed away by overwhelming support for bankster
According to the chairman of the House Financial Services Committee, Representative Jeb Hensarling,
a Republican from Texas, the Dodd-Frank bill revamp will fix the economy. “America’s economy
remains stuck in the slowest, weakest nonrecovery recovery of all times,” he said on October 30.
“Those who create jobs for America are drowning in a sea of red tape preventing them.”
Hensarling didn’t explain how allowing large
banks to play high-stakes blackjack and then
force a beleaguered American taxpayer pick up
billions in losses will create jobs.
Left to their own devices, banksters will create
new “unusual or exigent circumstances” Frank-
Dodd was supposedly passed to address. Bank
lobbyists have successfully rolled back sections
of Frank-Dodd and are now working feverishly
to institute a return of the heyday of
unencumbered derivatives criminality.
Congress is a wholly owned subsidiary of the
bankers and the global elite. The so-called
Dodd–Frank Wall Street Reform and Consumer
Protection Act signed into law by Obama in
2010 was largely devised as a propaganda device
to placate Americans outraged by the “too big to
fail” bail-out swindle.
Not surprisingly, Dodd-Frank has been left to
twist in the wind. As of June, 175 of 279 passed
Dodd-Frank deadlines have been missed.
Government regulators have neglected 70.1
percent of rulemaking deadlines and 99.6
percent of 280 rules with specified deadlines,
according to Bank Credit News.
Frank-Dodd was never a serious attempt to “reform” bankster financial institutions. Citibank and the
money mobsters have paid off Congress. In turn Congress has given the Mafia dens up and down Wall
Street a wink and a nod. No significant reform will be forthcoming.

Meet One Of The Victims Of Obama’s
“Economic Recovery”
Michael Snyder
Economic Collapse
November 12, 2013
Have you ever cried yourself to sleep because you had no idea how you
were going to pay the bills even though you were working as hard as you
possibly could? You are about to hear from a single mother that has been
there. Her name is Yolanda Vestal and she is another victim of Obama’s
“economic recovery”. Yes, things have never been better for the top 0.01
percent of ultra-wealthy Americans that have got millions of dollars
invested in the stock market. But for most of the rest of the country, things
are very hard right now.
At this point, more than 102 million working age Americans do not have a
job, and 40 percent of those that are actually working earn less than
$20,000 a year in wages. If we actually are experiencing an “economic
recovery”, then why is the federal government spending nearly a trillion
dollars a year on welfare? And that does not even include entitlement programs such as Social Security
and Medicare. We live in a nation where poverty is exploding and the middle class is shrinking with
each passing day. But nothing is ever going to get fixed if we all stick our heads in the sand and
pretend that everything is “just fine”.
What you are about to read is an open letter to Barack Obama that has gone absolutely viral on the
Internet in recent days. It is a letter that a single mother named Yolanda Vestal posted on her Facebook
page, and it has really struck a nerve because countless other young parents can clearly identify with
what she is going through. The following is the text of her letter…
Dear President Obama,

     I wanted to take a moment to say thank you for all you have done and are doing. You see I
     am a single Mom located in the very small town of Palmer, Texas. I live in a small rental
     house with my two children. I drive an older car that I pray daily runs just a little longer. I
     work at a mediocre job bringing home a much lower paycheck than you or your wife could
     even imagine living on. I have a lot of concerns about the new “Obamacare” along with the
     taxes being forced on us Americans and debts you are adding to our country. I have a few
     questions for you Mr. President.
     Have you ever struggled to pay your bills? I have.

     Have you ever sat and watched your children eat and you eat what was left on their plates
     when they were done, because there wasn’t enough for you to eat to? I have.

     Have you ever had to rob Peter to pay Paul, and it still not be enough? I have.

     Have you ever been so sick that you needed to see a doctor and get medicine, but had no
     health insurance because it was too expensive? I have.

     Have you ever had to tell your children no, when they asked for something they needed? I

     Have you ever patched holes in pants, glued shoes, replaced zippers, because it was cheaper
     than buying new? I have.

     Have you ever had to put an item or two back at the grocery store, because you didn’t have
     enough money? I have.

     Have you ever cried yourself to sleep, because you had no clue how you were going to
     make ends meet? I have.

     My questions could go on and on. I don’t believe you have a clue what Americans are
     actually going through and honestly, I don’t believe you care. Not everyone lives
     extravagantly. While your family takes expensive trips that cost more than most of us make
     in two-four years, there are so many of us that suffer. Yet, you are doing all you can to add
     to the suffering. I think you are a very selfish and cold hearted man, who does not care what
     is best for the people he was elected by (not by me) to represent, but more so out for the
     glory of your name attached to history. So thank you Mr. President, thank you for pushing
     those of us that are barely staying afloat completely under water and driving America into
     the ground. You have made your mark in history, as the absolute worst and most hated
     president of the United States. God have mercy on your soul!


     Yolanda Vestal

     Average American

These are the kinds of emotions that millions of American parents are wrestling with on a daily basis.
Many of them are working as hard as they possibly can and yet still find themselves unable to
adequately provide for their families.
And now that food stamps are being cut back, more of them than ever are going to be forced to turn to
food banks for help. The following is what the head of a large food bank in Casper, Wyoming told one
local newspaper about the increase in demand that he is witnessing in his area…
     Across the state, food banks and other related programs aiming to feed the needy are
     worried the supply to meet the uptick in need during the holiday season won’t meet the
     growing demand for food caused by the expiration of SNAP benefits.
      “People are scared to death of the lack of food availability,” Martin said.

      Martin called Joshua’s Storehouse a reliable barometer for measuring the rate of need in
      Casper. The number of people using the food bank skyrocketed before the reduction in
      SNAP, he said.

      Fewer than 2,000 people used the food bank in October 2012. Last month 2,500 people
      went there for help.

And of course this is not just happening in rural areas either. Margarette Purvis, the head of the largest
food bank organization in New York City, says that she is anticipating a huge surge in demand and that
veterans are being hit particularly hard…
      “On this Veterans Day, when we’re waving our flags — I need every New Yorker to know
      — 40 percent of New York City veterans are relying on soup kitchens and pantries.”

Purvis says that there are 95,000 vets relying on food banks in New York City alone.
That is a lot of people.
And while Barack Obama may trot out a few vets on national holidays and promise that “we will never
forget” them, the truth is that most of the time the federal government treats our military veterans like
human garbage. If you doubt this, please see my previous article entitled “25 Signs That Military
Veterans Are Being Treated Like Absolute Trash Under The Obama Administration“.
Meanwhile, anger and frustration with the economy are starting to rise to very dangerous levels in this
In a previous article, I noted that violent crime in America rose by 15 percent last year. One of the
primary reasons for this is the economic despair that we see in our streets.
As the economy gets even worse, people will become even more desperate. We will start to see even
more flash mob crimes like we saw in Chicago recently. Posted below is a video news report that
shows footage of a flash mob in Chicago dragging entire racks of merchandise out of a Sports
Authority store…
Flash Mob Robberies Chicago VIDEO BELOW
When you watch stuff like this, it helps to explain why demand for armored vehicles among the ultra-
wealthy in America is skyrocketing.
Unfortunately, most Americans cannot afford armored vehicles and walled vacation homes in the
middle of nowhere. Most Americans are going to have to live right in the middle of all of this as it
happens. A volcano of anger, frustration and despair is simmering just below the surface in America.
When that volcano finally erupts, it is going to be a very frightening thing to behold.


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