Big Banks Get Break in Rules to Limit Risks - Yahoo! Finance

Big Banks Get Break in Rules to Limit Risks - Yahoo! Finance

Just remember, for the record, that the Republicans stopped the implementation of tough open trading of derivatives and want the banksters to trade in secret. The Republicans don't want trading of derivatives to be placed onto regulated trading platforms although that is still the goal. So, with their opposition as well as the turncoat Democrat ,Mark Wetjen, rules for the banks are weakened.

The problem is, the TBTF banks have a corner on these derivatives markets. Making fewer banks involved in getting a deal cuts out the other banks. The business is a rotten one anyway, but made more rotten by the fact that the TBTF banks, like Goldman Sachs and JP Morgan can overcharge for the derivatives that they sell. Companies who need loans are forced to take the high interest fixed side of the derivatives if they want the loans. And they are forced to pay more since only the TBTF banks control the market.

The TBTF banks have cornered the oil and food and building materials markets. They are still pushing prices in those commodities above what they should be.

Face it, if one man can corner the cocoa market, banks can corner the bigger commodity markets with ease,now that there is no regulation to stop them. And they corner the interest rate swaps markets as well!

Of course this cabal requires low interest rates and will likely get low interest rates and crappy growth for main street. What a scam against the average Joe!

As one fellow brilliantly commented on Business Insider:

 
I don't think the top .1 % really care about or need the middle class anymore. There is a global financial elite that has hoarded a huge percentage of the world's wealth. They have private health care, schools, transportation and security. National borders have become meaningless for them. They have much more in common with their financial equals in Moscow, Dubai, Tokyo or New York than they do with their own countrymen. I do believe this is some sort of endgame, where the elites will totally cut themselves off from the rest of this sorry world, stop paying taxes, renounce allegiance to any certain country, and live a global jet set lifestyle with their plundered wealth, while the rabble (that being you and me) try and survive in the hinterlands beyond the castle walls.

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