** FDIC continues to be fraudulent!! **
FDIC was able to underwrite commercial bank deposits because the moneys had minimal risk, as those funds were not being used by financial institutions for speculation. After the Gram-Leach-Bliley Act repealed Glass-Steagall, financial institutions were able to apply commercial bank deposits for speculation. The result was the financial crisis of 2008 that was not isolated to a single economic sector, rather the heist included all capital resources prompting a 2 trillion dollar bailout.
Well, "Guess what?"
Those commercial bank deposits are still receiving paltry interest under the guise that they are secured by the Federal Government - aka taxpayer on a hook.
And beyond that, the funds are now being leveraged in the energy futures market to manipulate oil prices and bilk the public with even more humiliation.
** Featured Article Expounding The Enron Loophole **
PERHAPS 60% OF TODAY'S OIL PRICE IS PURE SPECULATION By F. William Engdahl, 2 May 2008
Enron has the last laugh…
As that US Senate report noted:
The only practical difference between futures look-alike contracts and futures contracts is that the look-alikes are traded in unregulated markets whereas futures are traded on regulated exchanges. The trading of energy commodities by large firms on OTC electronic exchanges was exempted from CFTC oversight by a provision inserted at the behest of Enron and other large energy traders into the Commodity Futures Modernization Act of 2000 in the waning hours of the 106th Congress.
....
Then, apparently to make sure the way was opened really wide to potential market oil price manipulation, in January 2006, the Bush Administration’s CFTC permitted the Intercontinental Exchange (ICE), the leading operator of electronic energy exchanges, to use its trading terminals in the United States for the trading of US crude oil futures on the ICE futures exchange in London – called “ICE Futures.”
** References **
Over-the-counter (finance) - Wikipedia, the free encyclopedia
IntercontinentalExchange - Wikipedia, the free encyclopedia
Commodity Futures Modernization Act of 2000 - Wikipedia, the free encyclopedia
Commodity Futures Trading Commission - Wikipedia, the free encyclopedia
Gramm_Leach_Bliley_Act
** 1929 Crash And 1933 Corrections **
Glass-Steagall_Act
The Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation.[1] It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall.
Some provisions of the Act, such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act. [2][3]
The repeal of the Glass–Steagall Act of 1933 effectively removed the separation that previously existed between Wall Street investment banks and depository banks. This repeal directly contributed to the severity of the Financial crisis of 2007–2010.[4]
** Impeachments Due **
Call All To Support Impeachments And Class Action Lawsuits - Blogs - Debate Politics Forums
FDIC was able to underwrite commercial bank deposits because the moneys had minimal risk, as those funds were not being used by financial institutions for speculation. After the Gram-Leach-Bliley Act repealed Glass-Steagall, financial institutions were able to apply commercial bank deposits for speculation. The result was the financial crisis of 2008 that was not isolated to a single economic sector, rather the heist included all capital resources prompting a 2 trillion dollar bailout.
Well, "Guess what?"
Those commercial bank deposits are still receiving paltry interest under the guise that they are secured by the Federal Government - aka taxpayer on a hook.
And beyond that, the funds are now being leveraged in the energy futures market to manipulate oil prices and bilk the public with even more humiliation.
** Featured Article Expounding The Enron Loophole **
PERHAPS 60% OF TODAY'S OIL PRICE IS PURE SPECULATION By F. William Engdahl, 2 May 2008
Enron has the last laugh…
As that US Senate report noted:
The only practical difference between futures look-alike contracts and futures contracts is that the look-alikes are traded in unregulated markets whereas futures are traded on regulated exchanges. The trading of energy commodities by large firms on OTC electronic exchanges was exempted from CFTC oversight by a provision inserted at the behest of Enron and other large energy traders into the Commodity Futures Modernization Act of 2000 in the waning hours of the 106th Congress.
....
Then, apparently to make sure the way was opened really wide to potential market oil price manipulation, in January 2006, the Bush Administration’s CFTC permitted the Intercontinental Exchange (ICE), the leading operator of electronic energy exchanges, to use its trading terminals in the United States for the trading of US crude oil futures on the ICE futures exchange in London – called “ICE Futures.”
** References **
Over-the-counter (finance) - Wikipedia, the free encyclopedia
IntercontinentalExchange - Wikipedia, the free encyclopedia
Commodity Futures Modernization Act of 2000 - Wikipedia, the free encyclopedia
Commodity Futures Trading Commission - Wikipedia, the free encyclopedia
Gramm_Leach_Bliley_Act
** 1929 Crash And 1933 Corrections **
Glass-Steagall_Act
The Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation.[1] It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall.
Some provisions of the Act, such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act. [2][3]
The repeal of the Glass–Steagall Act of 1933 effectively removed the separation that previously existed between Wall Street investment banks and depository banks. This repeal directly contributed to the severity of the Financial crisis of 2007–2010.[4]
** Impeachments Due **
Call All To Support Impeachments And Class Action Lawsuits - Blogs - Debate Politics Forums