TOO BIG TO FAIL: THE ILLUMINATI BANKS DESTROY THE AMERICAN ECONOMY
When Bill Clinton took office, it was still illegal in the United States for commercial banks to merge with investment banks and insurance companies.
But toward the end of Clinton's second term, he signed a bill called the Gramm-Leach-Bliley Act that overtuned Glass-Stegal and essentially created Too Big to Fail giant banks like Citigroup.
This isn't the only reason the financial system is so dangerous now. There's also the matter of the extreme interconnectedness of the financial services industry.
This problem came violently into play in 2008, when the failure of a single idiot investment bank, Lehman Brothers, caused a chain reaction that nearly blew up the whole financial system.
This latter problem was partially a consequence of another Clinton-era law, the Commodity Futures Modernization Act, which deregulated derivatives like swaps that were the agent of
many of those chain-reaction losses.
The root of the 2008 crisis lay in a broad criminal fraud scheme, in which huge masses of home loans were given to people who couldn't afford them. Those loans in turn were bought back up by
giant banks and resold to investors who weren't told how crappy the merchandise was. All of this was set up by Bill Clinton's bad regulation choices in the late 1990s.
AIG blew up because it insured this fraudulent market. Lehman blew up because it overinvested in it. But it was banks that financed the problem and that were possibly the most depraved
actors in the narrative (apart, perhaps, from the Countrywide-style mortgage lenders who were handing loans out to anyone with a pulse).
It was banks like JP Morgan and Chase who destroyed our economy. And they knew they were destroying it as they were doing it.
In 2006, Alayne Fleischmann told JP Morgan that the company was overly invested in worthless derivatives that could destroy the company and possibly lead to an economic collapse.
This is the basis for the movie Margin Call.
In 2013, Holder's Justice Department struck a series of historic settlement deals with Chase, Citigroup and Bank of America. The root bargain in these deals was cash for secrecy.
The banks paid big fines, without trials or even judges – only secret negotiations that typically ended with the public shown nothing but vague, quasi-official papers called "statements of facts,"
which were conveniently devoid of anything like actual facts. Essentially, the illuminati protected the banks from any actual punishment or serious monetary fines. The fines the banks paid
were a meaningless slap on the wrist for them.
Surprise surprise, Jamie Dimon's JPMorgan Chase sits atop the list of banks that could threaten
global stability, according to new rankings published by international regulators in late 2017. America's leading bank has gotten much bigger over the past decade.
JPMorgan has amassed a scary $2.56 trillion in assets.
That's nearly twice as much as at the end of 2006 when the subprime mortgage bubble was beginning to burst.
A chunk of JPMorgan's growth is due to its government-backed rescues of failing Bear Stearns and Washington Mutual which were essentially the US government just giving JPMorgan billions of
dollars for free.
Bank of America (BAC) and Deutsche Bank are ranked one level below JPMorgan on the "systemically important" list published by the Financial Stability Board.
BofA's asset footprint has soared by 56% since the end of 2006 to $2.28 trillion. Deutsche Bank's (DB) asset size has increased by 21% over that span, according to FactSet.
Wells Fargo (WFC), which acquired failing Wachovia during the financial crisis, is sitting on $1.93 trillion. That's up nearly 300% since the end of 2006.
The financial regulations that were put in to "stop" things like Banks being too big to fail were completey meaningless. The illuminati created them all to make it seem like our politicians were doing
something about the crisis. Really, they were just trying to protect the banks and make sure they could steal as much money from America as possible. Most of those regulations by the way are still not
implemented 8 years after they were passed. Dodd-Frank is a useless bunch of bullshit. When another crisis hits, the biggest players will be far larger than they were in the last crash and we will have
a much harder time avoiding a great depression.
Just in 2016, regulators wrote JPMorgan to say that they were not prepared for a financial crisis like 2008. The Fed and F.D.I.C. said that JPMorgan appeared to be unprepared for a crisis in a number of areas.
The regulators said, for instance, that the bank did not have adequate plans to move money from its operations overseas if something went wrong in the markets.
The letter also said that JPMorgan did not have a good plan to wind down its outstanding derivative contracts if other banks stopped trading with it.
The biggest scandal of all is that Wells Fargo created 3.5 million fake bank and credit card accounts. Wells Fargo admitted to charging people for overdrawing bank accounts that they didn't have
and for car insurance that they didn't need. About 20,000 of those customers may have had their vehicles repossessed in part because of those unnecessary insurance costs.
Wells Fargo also screwed over mom and pop businesses throughout America.
For several years, Wells Fargo's merchant services division overcharged small businesses for processing credit card transactions, a lawsuit alleges.
Business owners who tried to leave Wells Fargo were charged "massive early termination fees," according to the lawsuit filed in US District Court.
A former Wells Fargo employee stated "We used to be told to go out and club the baby seals: mom-pop-shops that had no legal support."
So basically, we are in a much worse position than we ever have been. The illuminati wants to protect their banks and their banking money at all cost.
The illuminati are trying to destroy America with their Wall Street power.