Depository institutions MUST BE BANNED from gambling on derivatives PERIOD.
Either the bank chooses deposits over casino capitalism or simply closes down its depository business.
THEY CANNOT HAVE IT BOTH WAYS!
Glass-Steagall ensured that this casino Vegas like "investing" was prohibited by LAW.
But Slick Bill Clinton who was up to his neck in Wall Street money, dismantled the G-S Act for his buddies G-S down on Wall Street and was launched into the White House for a second term as a result of his "gift" to the likes of Goldman, Merrill, Bear, and all of these other "investment" banks.
Either these banks become again like they were: PARTNERSHIPS that put their OWN MONEY up or decide to be simple, run of the mill consumer banks that take in deposits and give out loans.
Glass-Steagall Act explained below ---
http://topics.nytimes.com/topics/reference/timestopics/subjects/g/glass_steagall_act_1933/index.html
According to the site below, there are many more bank failures than we're led to believe --
http://problembanklist.com/failed-bank-list/
The FDIC is a farce.
The OCC (Office of the Comptroller of the Currency) is a farce, another bureau of job creation, run by Treasury.
Here are a list of bank transfer stories from around the country.
http://chesterfield.patch.com/articles/bank-transfer-day-pumps-up-missouri-credit-unions-with-49-million-062ede07
http://finance.yahoo.com/news/Bank-Transfer-Day-A-fool-3885027612.html?x=0&.v=1
http://www.thestreet.com/story/11303172/1/bank-transfer-day-the-dust-settles.html?cm_ven=RSSFeed
Bank Transfer Day was November 5th and the "Too Big To Fail" entities are most likely quaking in their boots as they see their cash flow DISAPPEAR right across the banking landscape.
Maybe they'll go RUNNING TO DC to ask for another bail out or DEMAND that the FEDS implement a law to PREVENT account withdrawals.
Hilarious stuff indeed.
Wait until ITALY S-HITS THE FINANCIAL FAN.
Greece will seem like a bad dream!
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