Just Got Fooled Again.

[depotoo]

You say you are not fooled yet post some bogus story about something he never said.

Good. That way all can see it is you that is so easily fooled.

Oh Im not fooled. I see right through all this crap. I reason and use logic. You dont. Bah baaaaah. How does it feel to be laughed at by the person you elected?

 

[miketx]

You say you are not fooled yet post some bogus story about something he never said.

Good. That way all can see it is you that is so easily fooled.

Oh Im not fooled. I see right through all this crap. I reason and use logic. You dont. Bah baaaaah. How does it feel to be laughed at by the person you elected?

It's called lying. These guy here do it all the time.

 

[pismoe]

I don't understand this overtime pay deal , haven't been paying attention I guess. But what does a President have to do with overtime pay ?? My first good job in 1969 and we always got overtime pay at time and a half , double time or on [rare] occasion at double time and a half . Never had anything at all to do with WHO the President was .

 

[Windship]

You say you are not fooled yet post some bogus story about something he never said.

Good. That way all can see it is you that is so easily fooled.

Oh Im not fooled. I see right through all this crap. I reason and use logic. You dont. Bah baaaaah. How does it feel to be laughed at by the person you elected?

When your boy lies and you dont hold him accountable, the system breaks down and no longer works as designed.

 

[Windship]

None of the trumpites have the ability to reason. trump will continue this "war on terror" bull shit which has stolen many of our rights and is the BASIS for the continuation of the same. trump is a continuation of carter, reagan, bush, clinton, bush and our favorite criminal...... obama. You ignore where he came from and how he got to where he is today. He got there by bilking and screwing his workforce and his investors. How does anyone make money in the market if you dont see the signs and ignore information?

Actually, to us dumbies, it appears that investors and the Stock Market are having a Trump rally. It certainly appears that Wall Street has a lot of confidence that Trump will do a lot for business, individuals, and the economy. The Stock Market is at an all time high. Perhaps your own "reading" of the Markets is a bit skewed?

A rally? Is that what you call it? I call it a 553 trillionusd in derivatives bubble.

 

[Windship]

You say you are not fooled yet post some bogus story about something he never said.

Good. That way all can see it is you that is so easily fooled.

Oh Im not fooled. I see right through all this crap. I reason and use logic. You dont. Bah baaaaah. How does it feel to be laughed at by the person you elected?

Ok, ok...where am I wrong?

 

[the_human_being]

None of the trumpites have the ability to reason. trump will continue this "war on terror" bull shit which has stolen many of our rights and is the BASIS for the continuation of the same. trump is a continuation of carter, reagan, bush, clinton, bush and our favorite criminal...... obama. You ignore where he came from and how he got to where he is today. He got there by bilking and screwing his workforce and his investors. How does anyone make money in the market if you dont see the signs and ignore information?

Actually, to us dumbies, it appears that investors and the Stock Market are having a Trump rally. It certainly appears that Wall Street has a lot of confidence that Trump will do a lot for business, individuals, and the economy. The Stock Market is at an all time high. Perhaps your own "reading" of the Markets is a bit skewed?

A rally? Is that what you call it? I call it a 553 trillionusd in derivatives bubble.

I realize ypu are the self-proclaimed expert here but the news media are calling it a Trump rally.

 

[Windship]

None of the trumpites have the ability to reason. trump will continue this "war on terror" bull shit which has stolen many of our rights and is the BASIS for the continuation of the same. trump is a continuation of carter, reagan, bush, clinton, bush and our favorite criminal...... obama. You ignore where he came from and how he got to where he is today. He got there by bilking and screwing his workforce and his investors. How does anyone make money in the market if you dont see the signs and ignore information?

Actually, to us dumbies, it appears that investors and the Stock Market are having a Trump rally. It certainly appears that Wall Street has a lot of confidence that Trump will do a lot for business, individuals, and the economy. The Stock Market is at an all time high. Perhaps your own "reading" of the Markets is a bit skewed?

A rally? Is that what you call it? I call it a 553 trillionusd in derivatives bubble.

and when that bubble pop's, with thw entire world GDP being 78 tusd, how do you bail THAT out? Do you understand that?

 

[pismoe]

None of the trumpites have the ability to reason. trump will continue this "war on terror" bull shit which has stolen many of our rights and is the BASIS for the continuation of the same. trump is a continuation of carter, reagan, bush, clinton, bush and our favorite criminal...... obama. You ignore where he came from and how he got to where he is today. He got there by bilking and screwing his workforce and his investors. How does anyone make money in the market if you dont see the signs and ignore information?

------------------------------------------------------------------------------------------------------------------ WAR on Terror meaning war on 'Islamic state' is all I care about . Preservation of the USA , sovereignty , borders , rebuilding the USA military and a few other things like destroying mrobamas legacy , iran deal , gun RIGHTS are my only concerns . Everthing else like overtime pay , well , I will figure that out as best I can Windship .

 

[owebo]

None of the trumpites have the ability to reason. trump will continue this "war on terror" bull shit which has stolen many of our rights and is the BASIS for the continuation of the same. trump is a continuation of carter, reagan, bush, clinton, bush and our favorite criminal...... obama. You ignore where he came from and how he got to where he is today. He got there by bilking and screwing his workforce and his investors. How does anyone make money in the market if you dont see the signs and ignore information?

Did you vote for Trump?

 

[the_human_being]

You say you are not fooled yet post some bogus story about something he never said.

Good. That way all can see it is you that is so easily fooled.

Oh Im not fooled. I see right through all this crap. I reason and use logic. You dont. Bah baaaaah. How does it feel to be laughed at by the person you elected?

When your boy lies and you dont hold him accountable, the system breaks down and no longer works as designed.

What has broken down? The Markets certainly appear to be working to me.

 

[Windship]

None of the trumpites have the ability to reason. trump will continue this "war on terror" bull shit which has stolen many of our rights and is the BASIS for the continuation of the same. trump is a continuation of carter, reagan, bush, clinton, bush and our favorite criminal...... obama. You ignore where he came from and how he got to where he is today. He got there by bilking and screwing his workforce and his investors. How does anyone make money in the market if you dont see the signs and ignore information?

Actually, to us dumbies, it appears that investors and the Stock Market are having a Trump rally. It certainly appears that Wall Street has a lot of confidence that Trump will do a lot for business, individuals, and the economy. The Stock Market is at an all time high. Perhaps your own "reading" of the Markets is a bit skewed?

A rally? Is that what you call it? I call it a 553 trillionusd in derivatives bubble.

I realize ypu are the self-proclaimed expert here but the news media are calling it a Trump rally.

Ok, you just show me where Im wrong ass hole. Fuckin' show me.

 

[Windship]

None of the trumpites have the ability to reason. trump will continue this "war on terror" bull shit which has stolen many of our rights and is the BASIS for the continuation of the same. trump is a continuation of carter, reagan, bush, clinton, bush and our favorite criminal...... obama. You ignore where he came from and how he got to where he is today. He got there by bilking and screwing his workforce and his investors. How does anyone make money in the market if you dont see the signs and ignore information?

Did you vote for Trump?

Why does that matter?

 

[owebo]

None of the trumpites have the ability to reason. trump will continue this "war on terror" bull shit which has stolen many of our rights and is the BASIS for the continuation of the same. trump is a continuation of carter, reagan, bush, clinton, bush and our favorite criminal...... obama. You ignore where he came from and how he got to where he is today. He got there by bilking and screwing his workforce and his investors. How does anyone make money in the market if you dont see the signs and ignore information?

Did you vote for Trump?

Why does that matter?

It's a simple question....

Did you vote Trump?

 

[the_human_being]

None of the trumpites have the ability to reason. trump will continue this "war on terror" bull shit which has stolen many of our rights and is the BASIS for the continuation of the same. trump is a continuation of carter, reagan, bush, clinton, bush and our favorite criminal...... obama. You ignore where he came from and how he got to where he is today. He got there by bilking and screwing his workforce and his investors. How does anyone make money in the market if you dont see the signs and ignore information?

Actually, to us dumbies, it appears that investors and the Stock Market are having a Trump rally. It certainly appears that Wall Street has a lot of confidence that Trump will do a lot for business, individuals, and the economy. The Stock Market is at an all time high. Perhaps your own "reading" of the Markets is a bit skewed?

A rally? Is that what you call it? I call it a 553 trillionusd in derivatives bubble.

I realize ypu are the self-proclaimed expert here but the news media are calling it a Trump rally.

Ok, you just show me where Im wrong ass hole. Fuckin' show me.

I don't have to show a fool anything. You're the one who is claiming something is broken. You show me what is broken. Hell, even the opening bell rang out loud and clear this morning and the Market started off at a new record.

 

[Windship]

You say you are not fooled yet post some bogus story about something he never said.

Good. That way all can see it is you that is so easily fooled.

Oh Im not fooled. I see right through all this crap. I reason and use logic. You dont. Bah baaaaah. How does it feel to be laughed at by the person you elected?

When your boy lies and you dont hold him accountable, the system breaks down and no longer works as designed.

What has broken down? The Markets certainly appear to be working to me.

Everyone knows the 553 trillion dollar derivatives bubble is going to pop. They also know that there is no way to bail that out.
The Bail-In: How You and Your Money Will Be Parted During the Next Banking Crisis

JANUARY 6, 2015 BY JOHN LAWRENCE

By John Lawrence

There will be no more taxpayer bailouts for the Big Wall Street banks. That much has been established by the lobbied to death Dodd-Frank banking reform (yeah, right) bill.

However, instead of taking money from the government (taxpayers), the principal has been established that the next source of money for profligate banks will be your deposit accounts. Yeah, that’s right, the money to stabilize the banking sector during the next crisis will come out of your savings and checking accounts.

To add insult to injury – since the banks pay you zero percent on your savings account in the first place – the banks have the right to confiscate your funds if they crash the economy again as they did in 2008. Remember the Great Recession? It’s coming again to a bank near you.

How can they do this, you ask?

Simple. When you deposit money in a checking or savings account, that money no longer belongs to you. Technically and legally, it becomes the property of the bank, and the bank just issues you what amounts to an IOU. As far as the bank is concerned, it’s an unsecured debt.

The way Dodd-Frank has managed to screw things around, derivatives (bets banks have made in the Wall Street casino) have priority over your checking and savings accounts when it comes to paying off their debts. And don’t think that the FDIC (Federal Deposit Insurance Corporation) will save your money. The assets of the FDIC are minuscule (in the billions) compared to the valuation of outstanding derivatives (in the trillions). Your deposits are protected only up to the $250,000 insurance limit, and also only to the extent that the FDIC has the money to cover deposit claims or can come up with it.

Ellen Brown asks, “What happens when Bank of America or JPMorganChase, which have commingled their massive derivatives casinos with their depositary arms, is propelled into bankruptcy by a major derivatives fiasco? These two banks both have deposits exceeding $1 trillion, and they both have derivatives books with notional values exceeding the GDP of the world.”

The answer is a Cypress style bail-in.

You might recall that money was taken out of depositor’s accounts during the last banking crisis in Cypress. These depositors were mainly Russian oligarchs so what the heck. Now this principle has been extended to depositors in the big Wall Street banks and actually to depositors all over the world. Now is a good time to take your money out of banks such as Bank of America, JPMorgan Chase and Citibank and deposit it in smaller banks or credit unions. Otherwise, $1 trillion of depositors’ funds could go bye-bye, and that’s not small change.

Ellen Brown elucidates:

According to an International Monetary Fund paper titled “From Bail-out to Bail-in: Mandatory Debt Restructuring of Systemic Financial Institutions”:

ail-in . . . is a statutory power of a resolution authority (as opposed to contractual arrangements, such as contingent capital requirements) to restructure the liabilities of a distressed financial institution by writing down its unsecured debt and/or converting it to equity. The statutory bail-in power is intended to achieve a prompt recapitalization and restructuring of the distressed institution.

The language is a bit obscure, but here are some points to note:

• What was formerly called a “bankruptcy” is now a “resolution proceeding.” The bank’s insolvency is “resolved” by the neat trick of turning its liabilities into capital. Insolvent TBTF banks are to be “promptly recapitalized” with their “unsecured debt” so that they can go on with business as usual.
• “Unsecured debt” includes deposits, the largest class of unsecured debt of any bank. The insolvent bank is to be made solvent by turning our money into their equity – bank stock that could become worthless on the market or be tied up for years in resolution proceedings.
• The power is statutory. Cyprus-style confiscations are to become the law.
• Rather than having their assets sold off and closing their doors, as happens to lesser bankrupt businesses in a capitalist economy, “zombie” banks are to be kept alive and open for business at all costs – and the costs are again to be borne by us.

So as far as you, the depositor, are concerned, your money in checking and savings accounts is the bank’s “unsecured debt.” You will have to stand in line behind trillions of dollars of derivative payouts before your checking and savings accounts will be made whole. Both the Bankruptcy Reform Act of 2005 and the Dodd Frank Act provide special protections for derivative counterparties, giving them the legal right to demand collateral to cover losses in the event of insolvency.

They get first dibs, even before the secured deposits of state and local governments. Your chances of recovering your money are about as great as the chances of a snowball in hell.

Since most poor and middle class people have a major portion of their assets in checking and savings accounts while rich people have the major portion in real estate, stocks and bonds, who do you think will be most affected by bail-ins?

You guessed it: the poor and middle class will be hit the hardest. And don’t think your money will be safe in a bank’s safe deposit box. The banks have the right to go into your safe deposit box and take your money out of it.

Pension funds, which were the biggest suckers for Wall Street during the last banking crisis, will also be drained by Wall Street during the next one. Their funds will be subject to confiscation as bail-ins as well since many of the bonds they purchase are subject to being converted to bail-inable deposits if the banks really need the money which they no doubt will sooner or later when the derivatives bubble goes bust.

So taxpayers you can sleep soundly as taxpayer bail-outs have been taken off the table in the next banking crisis. Whew, that’s a relief.

But if your savings get taken over by the bank, ouch, that’ll hurt even more than a widely distributed taxpayer bail-out which might add a couple of dollars to your income tax. Be careful of what you wish for. It could be even worse than what you already had.

There is a better way. Let the zombie banks go bankrupt instead of confiscating depositor funds. A better way is to create public banks and transfer funds from Wall Street. Then the gambling casino with all the attendant risks for bail-outs and bail-ins comes to an abrupt halt. Profits go to the local community or to the state in the case of North Dakota, the nations’s first and oldest public bank..

On a personal note, a representative of my bank, Union Bank, called me a few weeks ago to inform me that I was only allowed five debits per month out of my savings account and that I had used up my five debits for December.

So I would have to wait until January before I was allowed to take any more money out of my savings account. I was furious. “It’s my money isn’t it, and besides you call it a savings account. It gets zero interest.” He kept repeating that I was only allowed five debits per month and said it was a Federal law.

Well, this means nothing because it’s well known that all Federal banking regulations are written by lobbyists for the banking industry in the interests of the banking industry. I asked him what was the rationale for this regulation. He said, “The government doesn’t want you to spend your money too fast.” Hmmm. Since when does Big Brother have an interest in making sure I don’t spend my money? I don’t think so.

It probably has more to do with keeping your money in the bank so that the bank can meet its currency reserve requirements or possibly slow down the exodus of money from worthless savings accounts which pay no interest or even perhaps to confiscate your money for bail-ins during the next banking crisis at which time there will be undoubtedly a run on the banks 1930s style.

Whoops, if you’ve already had your five debits, you won’t be able to get your hands on your money before it’s “bailed-in.”

 

[the_human_being]

None of the trumpites have the ability to reason. trump will continue this "war on terror" bull shit which has stolen many of our rights and is the BASIS for the continuation of the same. trump is a continuation of carter, reagan, bush, clinton, bush and our favorite criminal...... obama. You ignore where he came from and how he got to where he is today. He got there by bilking and screwing his workforce and his investors. How does anyone make money in the market if you dont see the signs and ignore information?

Actually, to us dumbies, it appears that investors and the Stock Market are having a Trump rally. It certainly appears that Wall Street has a lot of confidence that Trump will do a lot for business, individuals, and the economy. The Stock Market is at an all time high. Perhaps your own "reading" of the Markets is a bit skewed?

A rally? Is that what you call it? I call it a 553 trillionusd in derivatives bubble.

and when that bubble pop's, with thw entire world GDP being 78 tusd, how do you bail THAT out? Do you understand that?

Actually, I have enough sense to not play the Markets. I invested in my own self many years ago and have ridden out many ups and downs and many Presidential administrations. I have no worries.

 

[Windship]

What astounds me is that you all that play the market gambling and think your cool because ya have a little money. Lmfao. You cant see that the banks are going to get your money too. What fools.
WND EXCLUSIVE
U.S. BANKS ALREADY CAN TAKE YOUR MONEY
2010 Dodd-Frank gives FDIC authority to skim accounts for 'bail-in'
Published: 10/01/2013 at 9:07 PM

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WASHINGTON – Banks “too big to fail,” or TBTFs, already have authority in the United States to impose an unlimited Cyprus-style “bail-in” that confiscates the savings of depositors, stockholders and shareholders in lieu of a federal taxpayer bailout.

The Cyprus-style bail-in for banks occurred last year when the Cypriot government decided to take all uninsured deposits above 100,000 euros to apply to recapitalizing the island’s failing banks. WND recently detailed the initial impact that such action caused depositors on that island country.

Such a bail-in is considered to be the “new collapse template for the Western banking system,” according to financial expert James Sinclair.

This template now is being applied in the United States on bank depositors’ savings accounts and on shareholders and stockholders, especially of banks said to be too big to fail.

These TBTSs inclue Citigroup, Bank of America and JP Morgan Chase.

“It’s now legal for a big bank to confiscate your money without warning and at their discretion,” Sinclair said.

Similar action is being undertaken in Europe following the example of Cyprus. As WND recently pointed out, finance ministers of the 27-member European Union in June had approved forcing bondholders, shareholders and large depositors with more than 100,000 euros in their accounts to make the financial sacrifice before turning to the government for help with taxpayer funds.

That authority derives from a little-noticed 15-page December 10, 2012, joint resolution paper from the Federal Deposit Insurance Corporation, or FDIC, and the Bank of England, or BOE.

FDIC and BOE decided to issue this joint authority to make sure that financial institutions operating in their respective countries will operate “unaffected, thereby minimizing risks to cross-border implementation.”

“The FDIC and the Bank of England have developed resolution strategies that take control of the failed company at the top of the group, impose losses on shareholders and unsecured creditors – not on taxpayers – and remove top management and hold them accountable for their actions,” the FDIC/BOE paper said.

The FDIC/BOE paper points out that its authority to act in such a way is buried in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 which was passed in response to the 2009 financial crisis.

Their purpose is to “ensure continuity of all critical services performed by the operating firm(s), thereby reducing risks to financial stability.

“The financial crisis that began in 2007 has driven home the importance of an orderly resolution process for globally active systemically important financial institutions,” the joint paper said.

The paper said that losses would be assigned to shareholders and unsecured creditors of the holding company, and “transfer sound operating subsidiaries to a new solvent entity or entities.”

“The unsecured debt holders can expect that their claims would be written down to reflect any losses that shareholders cannot cover, with some converted partly into equity in order to provide sufficient capital to return the sound businesses of the G-SIFI (globally active, systemically important, financial institutions) to private sector operation,” the joint document said..

“Sound subsidiaries (domestic and foreign) would be kept open and operating, thereby limiting contagion effects and cross-border complications,” it said.

The joint resolution said that large financial institutions can resolve their recapitalization needs through depositor wealth confiscation that can be pursued in the case of a systemically important institution such as the Bank of America, JP Morgan and Goldman Sachs, to name a few.

The irony is that the FDIC is not sufficiently capitalized to sustain FDIC-insured deposits for any major bail-in, Sinclair said.

“FDIC will not pay in cash, but will rather pay in special issue U.S. Treasury instruments that will be salable only over a five-year period,” he said.

Sinclair said that the risk of implementing bail-ins will be much higher in 2013 and 2014 than it was at the height of the 2009 financial crisis.

He said that bail-ins don’t even require a crisis to occur and can surface one bank at a time and spread out over years.

As a consequence, Sinclair said that “too big to fail is no longer valid at all.”

He said that the major concern is over deposits above insurance levels in banks too big to fail.

“Those deposits are directly in harm’s way,” Sinclair said. “The next situation is your retirement account as targets for the IMF and governments to secure as fonts of capital into which to place sovereign paper.”

FDIC insures deposits up to $250,000, but Sinclair said that the FDIC is not capitalized to insure this amount of deposit, especially with many depositors.

In addition, it may be questionable whether the insured can collect on multiple FDIC insured accounts of $250,000.

“The idea that you can have multiple FDIC insured account at $250,000 and collect on all of them is a pure gamble on the goodness of the government’s interpretation,” Sinclair said.

“The idea that the FDIC or SIPC (Securities Investor Protection Corporation) will pay in cash is total madness in a systemic crisis,” he said. “They will pay in special issue U.S. Treasury instruments that will be salable only over a specific amount of years, more than likely five years.”



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[Windship]

None of the trumpites have the ability to reason. trump will continue this "war on terror" bull shit which has stolen many of our rights and is the BASIS for the continuation of the same. trump is a continuation of carter, reagan, bush, clinton, bush and our favorite criminal...... obama. You ignore where he came from and how he got to where he is today. He got there by bilking and screwing his workforce and his investors. How does anyone make money in the market if you dont see the signs and ignore information?

Actually, to us dumbies, it appears that investors and the Stock Market are having a Trump rally. It certainly appears that Wall Street has a lot of confidence that Trump will do a lot for business, individuals, and the economy. The Stock Market is at an all time high. Perhaps your own "reading" of the Markets is a bit skewed?

A rally? Is that what you call it? I call it a 553 trillionusd in derivatives bubble.

and when that bubble pop's, with thw entire world GDP being 78 tusd, how do you bail THAT out? Do you understand that?

Actually, I have enough sense to not play the Markets. I invested in my own self many years ago and have ridden out many ups and downs and many Presidential administrations. I have no worries.

Ok...is your money in a bank?...lol.

 

[Windship]

President Obama and Congress Just Gave Your Savings Account to JPMorgan

Posted on Dec 14, 2014

JPMorgan CEO Jamie Dimon. Photo by Fortune Live Media (CC BY-ND 2.0)
With the passage of the 2015 federal budget bill, JPMorgan CEO Jamie Dimon got lawmakers to repeal a key part of the 2010 Dodd-Frank financial reform law and allow banks to use the savings accounts of ordinary Americans to gamble in the stock market on behalf of hedge funds, corporations and the rich.
A former senior Treasury official in the Obama administration told The Washington Post that the law restores the ability of banks to use the same practices that helped bring down the global economy in 2008. “This was the epicenter of the crisis,” the official said. “This is what brought AIG down, what brought Lehman Brothers down.”
By a vote of 56 to 40 on Saturday, the Senate passed the $1.1 trillion bill to fund the federal government through September 2015. The chamber’s Democrats let the Wall Street provision remain apparently to postpone until March a battle with Republicans over President Obama’s immigration reform. Six Senate Democrats—Elizabeth Warren, Sherrod Brown, Al Franken, Joe Manchin, Claire McCaskill and Vermont independent Bernie Sanders—opposed the final version of the bill by voting against the motion that ended debate on it. A total of 22 Democrats were against the final form. Warren called the Wall Street provision an “unprecedented grip over economic policymaking.”
President Obama, who told Bloomberg News during a 2010 interview about the justness of the $17 million bonus Dimon received that year and that he knew Dimon and regarded him as a “savvy” businessman, backed the bill. Obama and Sen. Harry Reid said that the compromise legislation was the best Democrats were able to get before Republicans assume control of the Senate in January.
Before the bill was approved Saturday, Guardian U.S. finance and economics editor Heidi Moore explained what the Wall Street provision would do for the financial industry and against the public:

When Dimon gets his way, it’s not really about Dimon. It’s about how easy it is for Wall Street, with one good representative and a reasonable amount of political donations, to roll over any opposition, especially in Congress. Many lawmakers have always been primed to listen to Dimon. In this case, Dimon successfully lobbied members of the US House to repeal an important part of the Dodd-Frank financial reform act, which was passed in 2010 to protect Americans from losing their homes and savings in another financial crisis. The provision was buried in the $1.1tn budget bill, where bank lobbyists and their soulmates in Congress mistakenly thought no one would find it.
In a nutshell, the budget provision would allow banks to use the savings accounts of Americans to speculate in the markets on behalf of hedge funds, companies and the rich. Specifically, the banks would use customer savings to help clients make bets on derivatives, the technical financial instruments that were at the center of the financial crisis. There’s no benefit to this rule to anyone in America who has less than, say, $5m in the bank. If there were any question, merely remember that the 85-line provision was written in its entirety by bank lobbyists at Citigroup. Some, like Senators Elizabeth Warren and Representative Maxine Waters, were so outraged that they refused to pass the budget bill, even if it meant shutting down the federal government. A movement and a hashtag was born: #CitigroupShutdown.​

​

Moore then cited criticism of the legislation by prominent D.C. lawmakers:

The lawmakers interviewed by Roll Call made remarkable statements. Nancy Pelosi rebelled: “What I am saying is: the taxpayer should not assume the risk … You succeed, it’s in your pocket. You fail, the taxpayer pays the bill. It’s just not right.” Warren objected that “a vote for this bill is a vote for future taxpayer bailouts of Wall Street … this Congress can’t be here to say what can we do to improve the profitability of a half-dozen large institutions and shove all the risk off to the American people again.” Senator Carl Levin said: “These are the banks that caused the problem to begin with … by risky bets, now we are saying more banks can engage in risky bets and, by the way, the risk being to the taxpayers,” Levin said.​

​

Read more of Moore’s explanation of Dimon’s clause here.
—Posted by Alexander Reed Kelly.

More B​