The Beginning Of The End
The Beginning Of The End By Michael T. Snyder - Kindle Version

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Too Big To Fail Is Now Bigger Than Ever Before

Lower Manhattan At Night - Photo by Hu TotyaThe too big to fail banks are now much, much larger than they were the last time they caused so much trouble.  The six largest banks in the United States have gotten 37 percent larger over the past five years.  Meanwhile, 1,400 smaller banks have disappeared from the banking industry during that time.  What this means is that the health of JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley is more critical to the U.S. economy than ever before.  If they were "too big to fail" back in 2008, then now they must be "too colossal to collapse".  Without these banks, we do not have an economy.  The six largest banks control 67 percent of all U.S. banking assets, and Bank of America accounted for about a third of all business loans by itself last year.  Our entire economy is based on credit, and these giant banks are at the very core of our system of credit.  If these banks were to collapse, a brutal economic depression would be guaranteed.  Unfortunately, as you will see later in this article, these banks did not learn anything from 2008 and are being exceedingly reckless.  They are counting on the rest of us bailing them out if something goes wrong, but that might not happen next time around.

Ever since the financial crisis of 2008, our politicians have been running around proclaiming that they will not rest until they have fixed "the too big to fail problem", but instead of fixing it those banks have rapidly gotten even larger.  Just check out the following figures which come from the Los Angeles Times...

Just before the financial crisis hit, Wells Fargo & Co. had $609 billion in assets. Now it has $1.4 trillion. Bank of America Corp. had $1.7 trillion in assets. That's up to $2.1 trillion.

And the assets of JPMorgan Chase & Co., the nation's biggest bank, have ballooned to $2.4 trillion from $1.8 trillion.

We are witnessing a consolidation of the banking industry that is absolutely stunning.  Hundreds of smaller banks have been swallowed up by these behemoths, and millions of Americans are finding that they have to deal with these banking giants whether they like it or not.

Even though all they do is move money around, these banks have become the core of our economic system, and they are growing at an astounding pace.  The following numbers come from a recent CNN article...

-The assets of the six largest banks in the United States have grown by 37 percent over the past five years.

-The U.S. banking system has 14.4 trillion dollars in total assets.  The six largest banks now account for 67 percent of those assets and the other 6,934 banks account for only 33 percent of those assets.

-Approximately 1,400 smaller banks have disappeared over the past five years.

-JPMorgan Chase is roughly the size of the entire British economy.

-The four largest banks have more than a million employees combined.

-The five largest banks account for 42 percent of all loans in the United States.

As I discussed above, without these giant banks there is no economy.  We should have never, ever allowed this to happen, but now that it has happened it is imperative that the American people understand this.  The power of these banks is absolutely overwhelming...

One third of all business loans this year were made by Bank of America. Wells Fargo funds nearly a quarter of all mortgage loans. And held in the vaults of JPMorgan Chase is $1.3 trillion, which is 12% of our collective cash, including the payrolls of many thousands of companies, or enough to buy 47,636,496,885 of these NFL branded toaster ovens. Thanks for your business!

A lot of people tend to focus on many of the other threats to our economy, but the number one potential threat that our economy is facing is the potential failure of the too big to fail banks.  As we saw in 2008, when they start to fail things can get really bad really fast.

And as I have written about so many times, the number one threat to the too big to fail banks is the possibility of a derivatives crisis.

Former Goldman Sachs banker and best selling author Nomi Prins recently told Greg Hunter of USAWatchdog.com that the global economy "could implode and have serious ramifications on the financial systems starting with derivatives and working on outward." You can watch the full video of that interview right here.

And Nomi Prins is exactly right.  Just like we witnessed in 2008, a derivatives panic can spiral out of control very quickly.  Our big banks should have learned a lesson from 2008 and should have greatly scaled back their reckless betting.

Unfortunately, that has not happened.  In fact, according to the OCC's latest quarterly report on bank trading and derivatives activities, the big banks have become even more reckless since the last time I reported on this.  The following figures reflect the new information contained in the latest OCC report...

JPMorgan Chase

Total Assets: $1,948,150,000,000 (just over 1.9 trillion dollars)

Total Exposure To Derivatives: $70,287,894,000,000 (more than 70 trillion dollars)

Citibank

Total Assets: $1,306,258,000,000 (a bit more than 1.3 trillion dollars)

Total Exposure To Derivatives: $58,471,038,000,000 (more than 58 trillion dollars)

Bank Of America

Total Assets: $1,458,091,000,000 (a bit more than 1.4 trillion dollars)

Total Exposure To Derivatives: $44,543,003,000,000 (more than 44 trillion dollars)

Goldman Sachs

Total Assets: $113,743,000,000 (a bit more than 113 billion dollars - yes, you read that correctly)

Total Exposure To Derivatives: $42,251,600,000,000 (more than 42 trillion dollars)

That means that the total exposure that Goldman Sachs has to derivatives contracts is more than 371 times greater than their total assets.

How in the world can anyone say that Goldman Sachs is not being incredibly reckless?

And remember, the overwhelming majority of these derivatives contracts are interest rate derivatives.

Wild swings in interest rates could set off this time bomb and send our entire financial system plunging into chaos.

After climbing rapidly for a couple of months, the yield on 10 year U.S. Treasury bonds has stabilized for the moment.

But if that changes and interest rates start going up dramatically again, that is going to be a huge problem for these too big to fail banks.

And I know that a lot of you don't have much sympathy for the big banks, but remember, if they go down we go down too.

These banks have been unbelievably reckless, but when they fail, we will all pay the price.

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  • markthetruth

    Separate commercial and investment banking. As was said Banking should be Boring !!!

    the end…

  • Rodster

    This is why I prepare (food-water-ammo) for what’s coming. I’ve also decided to drop all of my business debt for next year. It’s now pay as you go. If I need something I buy it with cash. It’s going to get really ugly and scary when all this hits the fan.

    This blowup scenario has the potential to halt global commerce.

    • markthetruth

      Why Drop business Debt ? it’s the best time as Interest rate Loans are so Low , and if something happens to your business it’s a tax write off and separate from your personal finance .

      the end…

      • Rodster

        Contractual obligations is what I have dropped for next year. I don’t want to be in debt if things spin wildly out of control.

      • Hammerstrike

        Even better, inflation is going to gutte dollar debts.

        • Gay Veteran

          really? all your other expenses would be increasing

        • Syrin

          Is that you Mr. Bernanke?

          • Hammerstrike

            Do I render the dollar worthless by the day? Thanks!

    • Adrian

      This is why the government is preparing, too: billions of rounds of HP ammo, militarized police (drones, armored vehicles resistant to landmines and IEDs), Northcom running martial law drills in US cities, and even dry runs of placing entire cities under martial law (Boston). Guess what will happen when the next crisis hits and people take to the streets? Agents provocatuers plant a few bombs here and there, and bam: NDAA takes effect. All protestors can be arrested without due process, martial law can be easily put into effect. No protests, no problem. Starve at home, and be quiet about it! The corporate media will then downplay everything.

      • K

        Let me add, just yesterday DHS put out a bid for 4 million 12 gauge shotgun slugs. At close range a very devastating round.

        • chilller

          You can get the same affect by using “cut” shotgun shells. They are cheap and perform just like a slug. Look them up on YouTube.

      • Rodster

        Yup totally agree !

      • PeaceAngel

        The first boots on the ground in NOLA during Katrina also caused by the FEDS were tasked FIRST to disarm the ppl. and to put the city under Martial Law. The first National Guardsman from Oklahoma was in command of the first troops there and ALL of them had these orders. THIS guy from Okla. was mortified and tried to defy these orders and go get the ppl out of the freakin’ water and off of roof tops. He was told as were all the others that first responded that the order came from BUSH.

        THAT test was sooo successful. The other troops were told to stand outside the Superdome and imprison the sick and dying ppl who were herded there and not to do ANYTHING to help them. For a week horror took place of fear. THERE were no working bathrooms, toilet paper, water or food for 7 days and yet the troops stood in full SWAT gear outside and did not respond to the women and children who were being gangraped by the gangbangers and tons of ppl. were coming off of RX drugs and street drugs. Boatloads of women and girls were made pregnant during that week mostly by rape. There was no AC and no electricity and the smell from inside was making the troops physically ill outside and yet, no one broke rank to help them. NONE of them stood up for the constitution or their oath to protect those ppl. There were lots of troops also only a few blocks away preventing the Red Cross from bringing medicine, food and water. There were more than 2000 infants in that building and not ONE of our troops stepped out of line. The NOLA cops who were also part of the disarming etc. were raping the single women and young girls during their middle of the night raids to disarm them. THEY were literally told to kick in doors and disarm not to help the ppl.

        When Boston happened the local police and SWAT had 20 search warrants in hand and ready to go as soon as the bombs went off and they knew it would happen and it was just another test and another win for the NWO.

        In many ways this was more horrific than the US attack on the World Trade Center.

    • squashpants

      You know, it is too bad that we can’t really know in advance when the SHTF, because, if we did, we could buy a bunch of crap on our credit card about a month ahead of time (to give enough time for them to be delivered), and when everything collapsed, we could forget about paying for them. No?

  • Craig

    Now Disqus wants to know my email address and user name? C’mon man. I clicked on the Facebook icon, and that worked a few days ago. Why isn’t that good enough now?

  • Sparky Manowski

    Alright, I’ll just post as a guest each time. Maybe I’ll change my user name and email address each and every time?

  • MeMadMax

    Don’t shoot!
    Let it burn!

  • Robert Govan

    Don’t worry as soon as the dollar goes hyper-inflation in a few more years we start from scratch. You even get all your stuff free and clear. Just make sure you have some physical gold coins hidden at your grandmas house. They will get you through the transition. As for the “elite” who mind control the child masses through the media and Hollywood. They have met their Waterloo and are going down in flames right here….Wellaware1.com

  • Casp

    Michael… So what are we supposed to do? Labor under this system, like a human body becoming increasingly insulin resistant, and endure the slow death? We are being slow-killed financially as the QE and Big 6 preferences allow them to pool reserves and otherwise invest, ostensibly, free cash. These practices–and the derivatives business as a whole–allow asset prices to remain high, out of reach for those struggling to live and/or start a business, while further concentrating wealth w/ all the deleterious effects of that.

    The broad swath of American citizenry NEEDS these price levels to fall in order to survive. This will be the only way that we, too, can accumulate capital.

    You sound like a reluctant sympathizer for the status quo.. (But I appreciate, like everyone else here, your efforts v. much.)

  • CygnusX1isaHole

    Both political parties are puppets of Wall Street. Therefore every time you vote either “D” or “R” you cement Wall Street’s power even more.

    Remove your money from their banks, vote third party and actively protest in every peaceful manner possible.

    • Boo-urns

      Spot on Cygnus. Spot effing on. It frustrates the hell out of me that anyone thinks “their party” is somehow in the right and it’s only the other guys in the wrong — around this site the commentors are overwhelmingly conservative and/or Republican, and the fact of the matter is that the R’s are absolutely no better than the D’s. Different specifics (sometimes), but overall the same steaming pile.

      • Adrian

        We have a single party with two factions. These factions operate largely for public show.

        • Rodster

          Diet Coke vs Diet Pepsi

        • El Pollo de Oro

          I love the way Gerald Celente describes it: the Gambinos v. the Bonannos. So true!

      • Peace Angel

        I wrote speeches,lies for both parties in DC for two decades in the 70′s and 80′s and I promise you there is ONLY one party on the HILL and they do not work for Wall Street. They puppet for the Bilderberg families who own Wall Street and the Banks and who run the UN and the world. THESE ppl have names and live among us and it is high time ppl began to call them what and who they are.

        These families began with two NAZIS and I have followed them since the 60′s when I wrote a paper about them and their ties to the NWO and to the Illuminati and to the Skull and Bonesmen which most of our presidents were indoctrinated by. They all go to Bohemian Grove and “cremate” care every year and offer human Babylonian sacrifices and the film in which Alex Jones infiltrated the place clearly shows who these monsters are. Also there are pics for years on the internet of the players who attend the annual Bilderberg mtg. THIS year the UK press actually covered this secret society who have denied their own existence for more than a hundred years WHILE running everything and destroying the US and the world. The Rockefeller lawyers crafted Agenda 21 the NWO plan to kill off 90% of the world’s population and BUSH SR signed it in 92 at the annual UN mtg and Clinton made it law the same year by executive order the same year AND our politicians voted almost 100% to make it law as well and the bill is online and the politicians who voted for and against it.

        IF these things do not prove we only have one party in the US nothing will. NOTHING

        A citizen run on the Hill is the only hope of avoiding the concentration camps and I can remember in the 70′s when both parties worried about this when they began to legislate the NWO and overturn the constitution and the plan back then was to get ppl fighting among the parties by really going hard on TV which is the ONLY time they really disagree. IT is and always has been a dog and pony show.

        AND Americans have let it all happen while the nation was involved in sports, video games, political infighting, racial stuff (which is why they made obama potus and not romney) THEY got everyone drugged up and dumbed down and mesmerized by iphones and text messaging and killing each other over racial stuff and again. BIG WIN for the FEDS. BIG WIN.

        For the past four decades I made sure to tell 5 ppl what is happening and i have lived all over the US spreading the word and guess what??? People DO NOT CARE. So I am leaving and hoping they don’t crash the banks or put out a bank virus in the next couple of months as is the buzz.

    • Adrian

      Chris Hedges: It’s impossible to vote against the interests of Goldman Sachs.

    • markthetruth

      You fool, we have the Third Party in the Office right now , The Big “C” .

      the end…

    • Hammerstrike

      And if the mean to change things peacefully is removed completely?

      • Strider73

        That is what the 2nd Amendment is there for.

        • Hammerstrike

          True, thought the French revolution and what happened to the French king and Marie Antoinettte should be kept in mind too. -)

  • RICHARD

    I saw today that one of the huge banks wants the government to limit the amount of money that you can pull out of the bank. Sounds like maybe they are worried about a run on the bank?

    • jimha

      RichardCan you reference that article. Thanks.

      • RICHARD

        Can’t remember where I saw it but it was J.P. Morgan that wanted it.

    • Gay Veteran

      which is why you need to have cash on hand.
      when the crisis comes they’ll close the banks on a Friday and you will NOT be able to get your money out

      • squashpants

        Yes, thanks for that reminder. If things start to look like they are going south, before it gets much further along, I am drawing a month’s worth of cash from my checking account, and “sheltering it in place”.

        • chilller

          The banks will have already instituted this policy by the time you hear of it. Do it now!

        • El Pollo de Oro

          Squashpants: Preppers are coming up with some very creative places to hide cash.

          • El Pollo de Oro

            Granted, that cash will be worth a lot less as the value of the BRA dollar greatly decreases. The question is: how much will it decrease? Some preppers predict that the BRA dollar will become extinct, whereas the “optimists” like Gerald Celente believe that you will be able to withdraw money from the bank after the bank holiday ends (only it will have been seriously raped by a formal devaluation).

            “If you’ve studied Rome, you know that wealthy nations do collapse into Third World squalor when they allow their currency to be debased.”—Alex Jones

      • Rodster

        QFT !

      • chilller

        Cypress…

        • Gay Veteran

          oh yes! Cyprus proves the banksters and the government WILL steal your money

      • El Pollo de Oro

        Gay Veteran: Absolutely right. I recommend cash on hand and hidden in a safe, unlikely place. People who think Signore Celente is being paranoid when he talks about bank holidays and currency debasement should take a close look at what happened in Argentina. Will that cash lose value due to currency debasement and a devaluing the BRA dollar? It certainly will, but it’ll still be good to have cash on hand when the banks are on holiday and credit cards aren’t being accepted.

        • Gay Veteran

          and gold and silver coins (NOT bars).
          U.S. 50 cents, 25 cents, and 10 cents pre-1965 contain silver

    • El Pollo de Oro

      Yes, that’s EXACTLY what they’re worried about. We can look forward to bank runs and bank holidays, and I think Gerald Celente is absolutely right when he predicts that there will be an official devaluing of the BRA dollar.

      “Suppose, 300 million people can’t get their money out of the banks? Suppose there’s a
      bank holiday and you can’t get your dough out? Do you want to see chaos like
      we’ve never seen before? It’s going to be coming to a city and a town near you
      if the trends are allowed to continue the way they are going.”—Gerald Celente

  • Patriot Alice

    Now they are too big to bail..

    • Adrian

      No, they’ll bail them out no matter what. The corporate is now the state, and vice versa. Fascism.

  • K

    You say the banks should have learned, and scaled back some of the crazy betting. Why? If they win the bet, they take home huge bonuses. If they loose the bet, they get bailed out. It is like rewarding your dog, for taking a dump in your living room. You can be pretty sure, it is going to happen again.

    • chilller

      Banks are in panic mode. If you knew the system was collapsing, would you be conservative and save…or go for broke while you still had time? They are literally, going for broke.

  • Bill

    Michael, how can exposure to derivatives be 350% of assets ? Wonder if I could get a line of credit at a casino for 3.5 times my assets?

    • squashpants

      Wow, then you could gamble with $350! Cool!

  • DownWithLibs

    Those derivative numbers are horrifying!

  • robg

    Wouldn this be a great time to get in as much debt as possible:? I mean with the expectation of a complete collapse surely we would be better to max out credit cards to buy tangiables such as food and supplys?

    • Guest

      I think that would be unethical. You should only buy the things you need with money that you have or borrowed money that you intend to pay back in full. Besides, we don’t know how long it will be before the collapse, and your plan could get you into trouble.

  • Bill

    Did anyone catch what the idiot said today about the debt ceiling—–”it’s been DECREASING for several years ?

  • DownWithLibs

    The only way most people would give a flying fig about derivatives is if they thought it was a system used to calculate who won on “Dancing With The Stars”.

  • Annie from Indiannie

    Read an article online, from Wells Fargo Bank…their chief economist says a stock market crash is coming in the next 3 months! She stands firmly with her outlook…..get out now. Sell all silver and gold paper.

    • squashpants

      Really? She been talking to Michael?

  • GSOB

    Consolidation = centralization = 1 world currency eventually….
    even in my life time

    and I’m 51.

    • PeaceAngel

      In your lifetime? The feds have planned to do this for two-three years already and the DHS whistleblowers say it will be before Christmas this year and this next crash will take out the US dollar and most of the world’s economy and like another person said here. THAT will be the crisis that kicks in the NDAA act and the trip to the concentration camps. Many nations as members of the UN already have stopped taking the US dollar and all the G20 know it is going away and anyday now.

  • Richard O. Mann

    America. It was fun while it lasted. Even so come Lord Jesus.

    • Mark Caldwell

      :)

  • Adrian

    This is what deregulation looks like, folks. Not only did these massive deregulated banks have the US taxpayer foot the bill to rescuing them from their own self-imposed disaster, they actually PROFITTED from this, eliminating competition and further securing their stranglehold over the state and economy. How do you think future crises will unfold? We have a $ 12 trillion precedent we’ve set here.

  • Sack man

    Like I have said many times. Stock market always goes higher because earnings always increase. USA still worlds largest manufacturer and will be for a while. China will exceed primarily due to population and a growing middle class. Michael scared you all when rates crept higher. Now they are lower. Stop fearing things. Take risks. Borrow money at these rates and invest in markets, real estate, businesses. Not gold. Faith in the future. Separate yourselves from negativity. Be optimistic. Optimism. The only realism.

  • Robert Govan

    The Dollar will go into hyper-inflation in a few more years. It was baked into the cake since the beginning. Spend your money. Use it or lose it. And visit this blog….fofoa.blogspot.com

  • A D

    The slow decent into 3rd world is going to be painful

    • Oldphartbsa

      It won’t be a slow decent; it will be immediate and many won’t survive the impact with the bottom.

  • A D

    King Oboma said today he is going to shut down coal power plants, does anyone have any candles?
    Can we ask CHINA for candles, it is too expensive to manufacture anything in the USA… Wall-Mart

    • Mark Caldwell

      I know he has a war on coal, and that is his intention, to destroy that industry, but I’d like a link to his statements today. To share, TY.

  • Mike Hoffman

    Michael,
    Obama and his administration are trying to find the truth on Benghazi just about as hard as OJ was trying the find the killer of his wife.
    I sent this idea to Breitbart, but will put it forth here.
    I saw Charles Woods, father of Ty Woods, on TV and he was handing out a small picture of his son to congressmen and TV hosts. I think somebody, like Michael, that would know how to reach Charles Woods should contact him and get permission to reprint that picture. Then for a donation of $10 or more people could get a copy of that picture in a plastic sheath with an eyelet that they could pin to their shirt on a daily basis. On the back of the picture would be the details of how to get the picture so people seeing the picture could get one to wear themselves.
    This would be a public, but polite protest of how the Benghazi cover-up, the families of the slain and the American people are being so horribly lied about and to, mislead and just plain ignored.
    We will shame the democrats into providing the answers that we deserve.
    The $10 donation will go to a fund to fight for the truth of what happened at Benghazi.
    This will change this country, I know it will

    • Robert Govan

      Save your 10 bucks. Benghazi was a Hoax….Wellaware1.com/benghazi.shtml

  • JailBanksters

    They are still calling Debts Assets.
    If somebody can’t pay that Debt, that asset is worth squat diddly. But rather than suck it up, they get everybody to pay them back the money they created.
    So the Bank never has any bad Debts really, they always get their money one way or another.

    • JoeD

      What do you suggest they do? Rewrite the basic rules of accounting? Someone’s liability pretty much has to be an asset for someone else. The problem isn’t how these debts are recorded per se, it’s how they are disclosed. Quantification of risk seems to be as lousy as ever, which is extraordinarily bad

      • JailBanksters

        Well….Yeah
        If you loan a $1,000 to your Neighbor, that’s not an Asset, it’s a loss of your Capital, and you may or may not get back. Unless your a Bank, and you force your other Neighbor that doesn’t even know the other Neighbor or had anything to do with the Transaction to pay for your Loss. But this is exactly how the Banks work.

  • Hank

    “If these banks were to collapse, a brutal economic depression would be guaranteed.”

    I think a brutal collapse of these banks is guaranteed.

  • William Agnol Briat

    Contractual obligations is what I have dropped for next year. Why Drop business Debt ?

  • sherlock32555

    This is what they have been planning along. One world bank and one world order. They now are in the process of making it so bad that they crash the economy and we will be bagging for them to do anything they can to fix it. We will agree to anything and it will be one world governance. This morning I heard that the U.S. has dropped to number 17 in free enterprise. All I know is that we have not seen the worst of it and the great depression will look like a walk in the park. Wait to they start taking your savings and 401k’s and your stored food. I’ve been hearing and reading that sometime next year it will happen. So all I can say is its going to be hell on earth!

  • 2Gary2

    The real mystery is why red-staters, largely hard-working people
    who are closer to the poverty line themselves than most blue-staters
    (and whose states already accept more federal tax dollars, as a rule)
    have been convinced — purely on the basis of social issues — to vote
    Republican. They are putting in office the thieves who are taking away
    their safety net, taking away their school lunches, taking away their
    kids’ college educations and would like to take away their comfort in
    old age and their access to inexpensive health care, all because they
    believe the narrative that “lib-tards” are brown-skinned baby-killers
    who want to burn down their church and take away their guns. None of
    which is true. It’s quite a magic act, and one keeps wondering when
    these poor dupes will wake up and see that their pocket is being picked.

    • Mark Caldwell

      So, you would rather us vote for authoritarians who demonize our rights, 2nd, and even 1st.

      Have you heard Feinstein? That the freedom of speech is a ‘privilege’ not a right?

      You expect us to vote for those that not only favor abortion and even late term abortion but the protection of slaughterhouses like Gosnells’s?

      They seek to destroy the coal industry for their mythical power grabbing ‘global warming’ BS, and you expect us to vote for people who support that?

      These ‘progressives’ demand a government monopoly on force by infringing on the 2nd amendment to point the civilian population is defenseless?

      We don’t like the RINO’s, but if they protect even one of these things it makes them the lesser evil in our eyes.

      And listen to yourself “taking away safety nets..” To me, that includes the 650 million spent on illegal aliens who should be imprisoned awaiting extradition out of OUR country.

      There is no right that says others must feed, cloth and provide someone higher education.

      Just more of that collectivist utopian drivel.

      And your ‘blue’ states are well on their way to ‘Detroit’ status with their unfunded pension liabilities. That’s a bankrupt high horse your riding on there.

      We will never vote for anyone who supports infringement of the 2nd amendment. Period.

      • 2Gary2

        I agree with the sending home of illegals. No one is saying they are taking away first amendment rights.

        I guess you are a personification of the problem my original post describes–a low information conservative.

        Even if the blue states are headed in the direction you describe (they aren’t) the red states are already there.

        Feinstien is a dino-dem in name only. She sucks. Look at Bernie Sanders or Elizabeth Warren–they are true progressive hero’s.

        See Robert Reich new film on inequality in America–he tells it like it is.

        The conservatives you foolishly vote for could care less about your silly little social conservative agenda–they will and have already thrown you under the bus when it suites them.

        PS-no one is taking your guns away either even though I personally think we should be more like Europe and severely limit the guns.

        • Mark Caldwell

          Yeah, you like the government to have a monopoly on force over the people. You prefer an open air prison for the docile and subservient community.

          I would rather be dead than disarmed. I am an American patriot and the thoughts of a totalitarian state sickens me.

          And as for ‘low information’, that’s a pathetic slight, the kind I expect from you.

          • Mark Caldwell

            Oh, and the RED states have the food GARY. Now, your ‘love of a lifetime’, Obamamugabe, signed executive orders recently to confiscate the food and machinery from red states in the event of a crisis, like the one he is actively working towards.

            Food is the ultimate weapon, and we have it. Blue states are dependent on us for their bread. But you know, in a severe national crisis, I would hope that none of that food would ever make it to a blue state. They would be better off really, disarmed and ignorant like their representatives they elect year after year, they’d all just be victims again, the same role most of them have been playing all of their lives.

          • 2Gary2

            Mark–this ones for you:

            Too bad retardicans cannot understand this. George Wallace a racist
            southern dino minion leader from years back said, if you want the minion
            to understand it you have to make it so a goat can understand it. Take a
            look at the right and you will see George was right. The electorate of
            the right are dumber than goats.

          • 2Gary2

            no one is saying they want to disarm you. You are a good example of the typical low information american who believes some boogy man is coming to take your gun.

            You perfectly embody what is wrong with this country. Go back to fox and rush.

    • Tobias Smith

      you are a clueless piece of garbage, only have contempt for you

      • 2Gary2

        ok hoss

  • El Pollo de Oro

    In 2008 and 2009, corporatist Republi-Cons and corporatist Democraps claimed that the bailouts of the banksters saved us from another Great Depression. Ha ha ha ha ha! Yeah, right! If you believe that crap, please come visit me in Philly because I’ll give you a great deal on the Benjamin Franklin Bridge.

    First of all, The Banana Republic of America is still in a depression. 47 million Americans on food stamps is not a recession, it’s a depression. Actual unemployment is much higher than the crap government figures. Second, the bailouts of the “too-big-to-fail banks” rewarded their bad behavior and only made them bigger and even more destructive than before. So the banksters that caused a depression are getting us into an even deeper depression. How much worse? I think 50% or 60% unemployment is quite possible when all is said and done.

    • El Pollo de Oro

      “We are going to go into worse conditions than what we saw in 2008.”—Gerald Celente

      “We are now entering the edge of a global financial superstorm, the likes of which the planet has never seen.”—Alex Jones

      “You have approximately 80% of the American population facing poverty and
      joblessness. 80%. Not 20%, not 35%, 80%. You see, that is terminal to a culture. You can’t have that.”—Jeff Rense

    • Rodster

      “So the banksters that caused a depression are causing this depression to become even deeper and get worse.”

      It will be a complete meltdown or a catastrophic total collapse.

      • El Pollo de Oro

        Rodster: Some preppers have told me that my 50-60% unemployment prediction is much too optimistic.

        • Jimbo

          I predict 0% unemployment because when the economy collapses we will all be self employed. If you sit around waiting for food stamps to keep you alive then you won’t live long.

          • El Pollo de Oro

            Jimbo: And in a lot of Third World hellholes, the ultra-poor become “self-employed” by “starting their own businesses” and focusing on things like kidnapping for ransom, carjacking and violent home invasions. The ultra-poor can get very creative when they’re faced with hunger (just ask any CEO who has had the “pleasure” of being bound and gagged in a car trunk in the slums of San Salvador).

          • Jimbo

            Self employment takes many forms and what you describe is self employment. What there won’t be is unemployment because there will be no welfare money to pay for it.

  • GSOB

    BACK TO SYRIA: (for a minute.)

    I don’t trust Putin PERIOD or Sergei Ivano.
    They are professional KGB.
    It’s like Apollo going up against Ivan Draco in Rocky IV!

    Russia is ally with Syria and Ivano says that they don’t know where the gas is located!

    Yes indeed, a weakness so as it appears, and reasonably so. That’s what happens when you get a non Veteran as POTUS.

    The P5, post WWII, in the UNC are China, UK, France, Russia and the US. Russia seeks to dominate one way or another as the super power while the US slowly surrenders it’s own sovereignty.

    It’s all about leadership. And we have indecisiveness run amuck in this country.
    Okay…
    I’ll let you return to the local, present article.
    Thank You.

  • RarefiedSnotress

    I think one should be taken down, digested, and move on to the next one.

  • Jimbo

    If you take a piece of steel and make a widget you add value to the piece of steel. You make a positive contribution to society and the economy. If you provide finance to someone so that they can make widgets then you have also made a contribution. If you speculate on the rise and fall of the price of widgets then you are a gambler. If you manipulate the price of widgets for your own gain you are a thief. If you build your entire business around market manipulation you are a parasite. Parasites eventually kill their hosts.

  • Seen2013

    We’re witnessing the beginning stages of Bismarkianism transitioning into its third and largely final stage, which is national socialism that advocates public-private mergers. Isn’t it obvious? Without them, the economy collapses, and the government-banking merger is perhaps the most important of them all.
    No, politicians are not puppets. This is like calling them incompetent. No, no, no. Lets call it what it is; most of our politicians are active participants.

    • Sandbagger

      I get exasperated with people who say they can’t figure out why politicians keep making poor choices. How it seems a “good guy” is elected and just ends up drinking the D.C. Kool-Aid. Americans are just stumped!

      Well, it depends upon one’s perspective, now doesn’t it? The politician does what he/she does because it serves THEIR interests; constituents and U.S.A. be damned.

      (Oh, and a little thing called blackmail helps ensure full participation in the agenda of their REAL BOSSES.)

  • A D

    The Bible states a days wages for a loaf of bread, this day is coming. People can scoff at the Bible but Israel becoming a Nation again was foretold over 2,000+ years ago. Jesus is the answer, ALL will stand before him as you will be without excuse.

  • A D

    The USA is not going to be anything but another Mexico at best in the future. Anyone who thinks 20 years from now they will be watching CHINESE flat panel tv watching trash on cable and shopping at Wall-CHINA-Mart on foodstamps/welfare/hud and Obomaphones is in for a rude awakening.

  • FounderChurch

    None of these disasters matter because none of you, nor your descendants, will be here anyway. Your willful unGodly birth control family planning murdering of your own children insures that. So what are you whining and crying about? All of this is happening because YOU have NO children. Google “FounderChurch”

  • Vserp

    As long as people insist on “investing” in any of this garbage, it’s going to keep happening. You see on the mainstream newsites people post up bragging how smart they are for throwing money in the market in their 401ks or IRAs or what not, insulting everyone else who dares tell them it’s rigged.

    You have people insisting college educations are worth it and it’s “good debt.” You have people who can’t seem to insult any dissenters to the mainstream mantra quickly enough, or harshly enough.

    You have people defending the big banks and corporations, insisting they earned everything and everyone is just jealous. You have people blindly voting for Obama and supporting him, never questioning why his policies seem to only help the elite classes, and why it seems impossible for him to ever hold his rich buddies accountable for anything.

    I agree with the comments below that indicate neither party is for America’s interests. But I mention Obama specifically because he is currently the President and because the Democrats currently are lavished with praise for trying to destroy us.

    Right now most of America is very complacent. As long as they can watch American Idol and get their new gold iphones they don’t care what is going on. If the people insist on getting ripped off, why should Wall St. stop? For altruistic reasons?

    Come on. They’re in it to make money, the same reason people “invest.” People want money without working for it.

  • Tobias Smith

    if the economy is going to collapse, whey would debt matter? If I max my cc’s are 20k and the economy collapses, who is going to be able to collect from me and all the other Americans who can’t/won’t pay?

    Shouldn’t we use every last fiat dollar that we can get our grubby little hands on and buy the real necessities?

    • Jimbo

      If you can borrow at a fixed rate of interest, you could purchase assets now (Gold, Food etc.) and settle the debt after a hyperinflation event has increased the fiat value of your assets. Wall street does it all the time. It is called leverage.

  • DJohn1

    I believe you are right about the depression we are about to experience.
    So who do we owe the most money to? China?
    The bankrupt American has absolutely nothing more to lose.

    So WHEN not IF the banks go down the tubes the people that are going to lose the most are those with money!
    When things get bad, the government has no choice but to try to stabilize things.
    When both factions close down the financing of the government, that is when it will all fall apart. Each faction will blame the other. But notice who gets paid and who doesn’t.
    The foreign aid program will not be effected.
    The NASA Space program will not be effected.
    What will be effected will be those in and out of government without any real influence.
    So the entire government goes to a 3 day work week?
    So everyone on a government pension might be shut down?
    That means the entire welfare system, the social security system, the pension systems, the unemployment system. That is a really big group of angry people. I think there are not enough guns on the planet to keep those people from taking action against the people responsible for this shameful action. But like an ocean liner, it doesn’t turn on a dime. It will turn.

    My own thought is to kick anyone in office when this happens out. Start over.
    I do think it will not be a violent action. I think it will be done quietly by a silent majority of people, all of which have been cheated out of what is rightfully theirs.

  • A D

    Sodom and Gomorrah, the USA is basically going down the drain. The Bible is basically almost to the stage of being hate speech.

    • ian

      we have more churches than any country on gods green earth. We have not turned away from god. Maybe your hard headed hateful angry version of god, but the true god dwells in all of us. the god of peace and love.

  • A D

    The depravity of man and unrepentant sinful nature takes a while to deteriorate. Like rotten teeth, the USA could be fixed overnight. However, God was asked to leave, and man does what man does best look at Washington.

    • ian

      except we are one of the most religious countries on earth.

  • http://theyenguy.wordpress.com/ theyenguy

    On Friday, September 20, 2013, with the rise in Volatility, ^ VIX, and with the financial markets pivoting from risk-on to risk-off, as the Market Off ETN, OFF, trading higher, and as the US Dollar, $USD, rose slightly to close at 80.56, the financial markets manifested an inflection point that marked the beginning of the end of financialization, which will come through a soon coming global credit bust and financial system breakdown, foretold in Revelation 13:3-4, whereby nannycrats will act to integrate banks of all types into government; these will be know as the government banks or gov banks for short.

    Currently The Too Big To Fail Banks, RWW, are trading 2%, and the Regional Banks, KRE, are trading 7% below their August 1, 2013, high, in stark contrast to the Large Cap Growth Stocks, JKE, which are leading the No Taper Rally as is seen in the combined ongoing Google Finance Chart of JKE, together with RWW, and KRE.

  • Kevin Osborne

    The economy will fail when the elite cannot stop it. It benefits the wealthy to keep the system running forever, just as perpetual war is to their benefit. The only thing that will significantly change our world will be a natural event, only this will lift the veil. Think about it, how can the Fed press pause on the national debt? Talk about FULL control.

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