Business news without the bullshit
Fed lets Bank of America insure
multi-trillion dollar derivative (gambling) loss
with FDIC insurance
Beginning of the end
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Game over, head for the hills
Time to get in gear.
I've been recommending a particular book since it came out ten years ago.
If you have been procrastinating, stop whatever you are doing, buy it, lock yourself in a room and read it until you understand what he's saying, and then look into his recommendations: Robert Prechter's "Conquer the Crash."
If this insane criminal conduct on the part of the Fed and Bank of America stands, we have officially gone past the point of no return and you need to get really smart about the real state of the financial system really fast, really soon. If you are counting on "business as usual" to carry the day you are going to be sorely disappointed.
If Europe implodes - and there's little chance it will not - then Bank of America's derivative position will go to sub-zero and if the FDIC is insuring their losses, that will be the end of the FDIC which means every bank deposit in the US will be uninsured overnight after 70 plus years or so of "nothing can ever go wrong" protection.
In the real world, when banks fail and they are not backed up by deposit insurance, depositors lose their deposits. Re-read that last sentence as many times as it takes to sink in.
Note: Forget all the BS ads surrounding this article. Not a single one will help you.
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