It's been widely reported that Wall Street bankers won a guarantee of bailouts from Obama's budget. It's true that they did get the 'Push Out Rule' eliminated from the Dodd - Frank Act so that they can continue to use depositors' money to back risky financial instruments. It was junk like derivatives based on collateralized home loans that crashed the banks in 2008. But, this doesn't guarantee the banks themselves will be bailed out, only that the FDIC will pay out the insurance on deposit accounts up to the legal limit.
There were six other provisions attached to the House Bill that would have gutted Dodd - Frank, but thanks to Senator Elizabeth Warren those were all killed. So if the Wall Street banks crash again the FDIC will be able to take a meat ax to them the way they do to smaller banks. That won't keep crooked bankers from sucking billions from them between now and then, but there is such a thing as 'Claw Back' to recover ill gotten gains when this happens. It just depends on who is in charge at the time, President Warren for example could be such a person.
I've been saying for years that President Obama was deliberately stalling the Keystone Pipeline with the ultimate goal of killing it. With the falling price of oil it looks like that will happen as it's simply no longer feasible to make a profit from the convoluted process of obtaining oil from tar sands.
On Monday, August 6, 1945, after six months of intense firebombing of 67 other Japanese cities,...
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