I heard one commentator say this is "Too big to fail on steroids"
This article is from 2013 but is informative.
Dodd-Frank Kills: How The U.S. Joined The International Bail-In Regime
"Hearings continue taking place in the House and Senate to review what exactly was voted into law with the 2010 Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) even as the rules for implementing the law are still being written. According to LaRouchePAC and EIR sources on Capitol Hill, there is little to no recognition of the key fact of Dodd-Frank. Namely, Title II of the Act to establish an Orderly Liquidation Authority, vests the FDIC with the authority to conduct a European-style bail-in. The preamble to the Dodd-Frank Act claims “to protect the American taxpayer by ending bailouts.” This is done, however, through bail-in, a critical feature of the internationally established regime of what is called cross-border bank resolution.
Bail-in, in its simplest terms, is the inverse policy of what was done under Franklin D. Roosevelt’s Glass-Steagall Act and the 1933 Banking Act generally. Under bail-in the bank survives, the depositors do not. As is stated in an IMF review of the policy from April 2012, “The statutory bail-in power is intended to achieve a prompt recapitalization and restructuring of the distressed institution.” In the case of resolving a distressed globally active, systemically important, financial institution (GSIFI), bank creditors, specifically those whose assets exceed the FDIC insurance cap, will be subject to expropriation. This is not normal bankruptcy. Accounts and assets are seized and/or converted to stock under the resolution authority. The institution is prevented from failing. Values of securities are not written down through sale on the open market. And this is done to guarantee the continued operation of the financial institution and the “stability” of the financial system."
This is a full length interview 24:19
If you can't watch watch the whole thing I'd suggest the first 6:00 is incredible. If you can, watch the whole thing. Another segment which is " must see" 11:40 - 19:00.
I'm not familiar with USAwatchdog.org but after a quick check on Ellen Brown she seems pretty legit.
.I put a quick wiki check on her below
Ellen Hodgson Brown is an American author, political candidate, attorney, public speaker, and advocate of alternative medicine and financial reform, most prominently public banking. Brown is the founder[1] and president[2] of the Public Banking Institute, a nonpartisan think tank devoted to the creation of publicly run banks. She is also the president of Third Millennium Press,[3] and is the author of twelve books, including Web of Debt and The Public Bank Solution, as well as over 200 published articles. She has appeared on cable and network television, radio, and internet podcasts,[4] including a discussion on the Fox Business Network concerning student loan debt with the Cato Institute's Neil McCluskey,[5] a feature story on derivatives and debt on the Russian network RT,[6] and the Thom Hartmann Show's "Conversations with Great Minds."[7] Ellen Brown ran for California Treasurer in the California June 2014 Statewide Primary election.[8]
This article is from 2013 but is informative.
Dodd-Frank Kills: How The U.S. Joined The International Bail-In Regime
"Hearings continue taking place in the House and Senate to review what exactly was voted into law with the 2010 Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) even as the rules for implementing the law are still being written. According to LaRouchePAC and EIR sources on Capitol Hill, there is little to no recognition of the key fact of Dodd-Frank. Namely, Title II of the Act to establish an Orderly Liquidation Authority, vests the FDIC with the authority to conduct a European-style bail-in. The preamble to the Dodd-Frank Act claims “to protect the American taxpayer by ending bailouts.” This is done, however, through bail-in, a critical feature of the internationally established regime of what is called cross-border bank resolution.
Bail-in, in its simplest terms, is the inverse policy of what was done under Franklin D. Roosevelt’s Glass-Steagall Act and the 1933 Banking Act generally. Under bail-in the bank survives, the depositors do not. As is stated in an IMF review of the policy from April 2012, “The statutory bail-in power is intended to achieve a prompt recapitalization and restructuring of the distressed institution.” In the case of resolving a distressed globally active, systemically important, financial institution (GSIFI), bank creditors, specifically those whose assets exceed the FDIC insurance cap, will be subject to expropriation. This is not normal bankruptcy. Accounts and assets are seized and/or converted to stock under the resolution authority. The institution is prevented from failing. Values of securities are not written down through sale on the open market. And this is done to guarantee the continued operation of the financial institution and the “stability” of the financial system."
This is a full length interview 24:19
If you can't watch watch the whole thing I'd suggest the first 6:00 is incredible. If you can, watch the whole thing. Another segment which is " must see" 11:40 - 19:00.
I'm not familiar with USAwatchdog.org but after a quick check on Ellen Brown she seems pretty legit.
.I put a quick wiki check on her below
Ellen Hodgson Brown is an American author, political candidate, attorney, public speaker, and advocate of alternative medicine and financial reform, most prominently public banking. Brown is the founder[1] and president[2] of the Public Banking Institute, a nonpartisan think tank devoted to the creation of publicly run banks. She is also the president of Third Millennium Press,[3] and is the author of twelve books, including Web of Debt and The Public Bank Solution, as well as over 200 published articles. She has appeared on cable and network television, radio, and internet podcasts,[4] including a discussion on the Fox Business Network concerning student loan debt with the Cato Institute's Neil McCluskey,[5] a feature story on derivatives and debt on the Russian network RT,[6] and the Thom Hartmann Show's "Conversations with Great Minds."[7] Ellen Brown ran for California Treasurer in the California June 2014 Statewide Primary election.[8]