Bank Of America "Screw You Taxpayers"

[Elspeth]

Basically BOA is in serious shat...and they are taking their riskiest financial contracts and getting the FDIC to back it with a guarantee. So instead of these deriviatives being losses, the good ol boys at BOA get guaranteed money if they flop.

And people wonder why there is a tea party?

Once again, my B of A just put up bullet proof glass in a safe area. Maybe this is why.

[Tecate]

Or an Occupy Wall Street.

It is interesting how effectively the Media has ensured each hate the other.

They can't allow everyone to come together against the banksters with hundreds of trillions in derivatives. How can it be anything but fraud when it's essentially more wealth than exists in the real world?

[AmPat]

That actually made better sense than all the other arguments I've heard against bailouts. the idea of not helping the banks worry me though because I fear massive jobloss.

If you fear massive job loss as you state, you will have no problem voting for O Blah Blah's opponent. O Blah Blah and his party are THE job loss insurers of the last 100 years.

[AmPat]

Your right the MSM is one of the biggest to blame.....But OWS isn't going after the media or the government or the bankers....they are going after speculators. The speculators don't produce anything...they just bet on the collapse. They are a creation of the rotten system.

You want to end the speculation and destroy the crony system? Try Occupy Pennsylvania Avenue or the Capitol. Occupy the MSM media. Occupy the crony capitalists.

The OWS movements biggest fail is that they don't attack the system that caused the problem, they call it "Capitalism" then demand more of what caused it in the first place. The government system that backs by force of law these imprudent practices..

Thank you. I don't expect AD to understand or accept this explanation. It is true and accurate, but when has that ever changed a liberal's mind?

[Odysseus]

Your right the MSM is one of the biggest to blame.....But OWS isn't going after the media or the government or the bankers....they are going after speculators. The speculators don't produce anything...they just bet on the collapse. They are a creation of the rotten system.

You want to end the speculation and destroy the crony system? Try Occupy Pennsylvania Avenue or the Capitol. Occupy the MSM media. Occupy the crony capitalists.

The OWS movements biggest fail is that they don't attack the system that caused the problem, they call it "Capitalism" then demand more of what caused it in the first place. The government system that backs by force of law these imprudent practices..

Okay, let's talk about "speculators".

Every time you buy a stock, invest in a company, or purchase some sort of derivative, you're "speculating" that the value of what you bought will increase. You do the same thing when you go to work and get a paycheck, in that you are speculating that the check will cover your bills at the end of the month. Speculation is just another word for betting or wagering, and we all wager, all of the time, on everything that we do, but we don't think about it most of the time because the odds are so low that they don't register. The difference between professional "speculators" is that they calculate the risk and then follow the calculation in the hope of realizing a gain over a shorter period of time, but that's not inherently evil. Markets correct for that all of the time, and most high risk speculators lose their shirts over the long haul. The only thing that keeps this from happening is when government comes along and decides that this speculator is too big to fail, or that one deserves to win because he's green (and happened to donate to the proper election campaigns). But the OWS crowd doesn't get that, because the don't get the difference between a free market and a crony market, or between productive investment and compulsive gambling.

[Molon Labe]

Okay, let's talk about "speculators".

Every time you buy a stock, invest in a company, or purchase some sort of derivative, you're "speculating" that the value of what you bought will increase. You do the same thing when you go to work and get a paycheck, in that you are speculating that the check will cover your bills at the end of the month. Speculation is just another word for betting or wagering, and we all wager, all of the time, on everything that we do, but we don't think about it most of the time because the odds are so low that they don't register. The difference between professional "speculators" is that they calculate the risk and then follow the calculation in the hope of realizing a gain over a shorter period of time, but that's not inherently evil. Markets correct for that all of the time, and most high risk speculators lose their shirts over the long haul. The only thing that keeps this from happening is when government comes along and decides that this speculator is too big to fail, or that one deserves to win because he's green (and happened to donate to the proper election campaigns). But the OWS crowd doesn't get that, because the don't get the difference between a free market and a crony market, or between productive investment and compulsive gambling.

I'm not talking stocks.

The modern Derivatives and Credit default swaps are not a product of a free market. They are a creation of crony speculation backed by a government guarantee that if you act imprudently....that's ok...we'll protect you.

[Odysseus]

I'm not talking stocks.

The modern Derivatives and Credit default swaps are not a product of a free market. They are a creation of crony speculation backed by a government guarantee that if you act imprudently....that's ok...we'll protect you.

But stocks are derivatives; equity derivatives are another form of wagering, and short selling and the like are just as risky and can have just as destructive effects as any other type. Derivatives aren't bad in and of themselves, and they are free market tools, but when governments stack the deck in order to make some wagers more attractive, they are substituting their preferences for the markets' preferences.

[Hansel]

Wow...another huge screwing of the American middle class by our federal behemoth is taking place again and either no one has an opinion on it or no one cares. :(

I know guys like lacarnut understands this. What says the rest of you? Have so many been lulled into believing that the banks are our capitalist buddies?

It's all over the place again today.

http://problembanklist.com/fdic-to-c...ive-bets-0419/

The FDIC is funded by contributions from banks and thrift institutions and does not receive money from Congressional appropriatrions.

http://www.fdic.gov/about/learn/symbol/

[Molon Labe]

The FDIC is funded by contributions from banks and thrift institutions and does not receive money from Congressional appropriatrions.

http://www.fdic.gov/about/learn/symbol/

lol...What do you call the bailouts then? That was one huge Federal Reserve and Congressional Appropriation.

And if those banks are making their money through crony practices? How is that Capitalism?

Are you saying your all for this?

Um....this is what led to the 2008 crash paving the way for the TARP mess....which was regulators not doing thieir jobs properly, because they were in bed with the banks who were engaging in massive speculation through derivatives trading. That's crony Capitalism friend.

But don't listen to me....I'll let some much smarter speak.

"I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." -- Thomas Jefferson, U.S. President

"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance." -- James Madison

"Give me control of a nation's money and I care not who makes it's laws."-- Mayer Amschel Bauer Rothschild