Posted Jul 18, 2013 by Martin Armstrong
Bernanke told the Senate Banking Committee who would never prosecute Goldman Sachs because they would all love to get an honorary job there for retirement, that the new rules being imposed are justified.
“Unsafe practices by large financial institutions pose a risk not just to themselves but to the rest of society,…”. “In setting policy we should look at the social cost and not just the cost to the firms.”
Inside sources have been telling me that the Fed has been going from firm to firm telling the bankers their models are wrong and need to be re-calibrated for the likelihood of a failure to see the typical flight to quality meaning Treasuries during the next crash. The Fed has also been telling the bankers their trading losses will NOT be covered this time around – ONLY deposits and loans.
The Investment Bankers with their hands out as always accelerated the collapse in society that has now turned into an all out war against capital. They have created the Phase Transition in government power where all rights, privileges, and immunities are now gone. They are now using all camera to scan license plates and can now track where people are going as well. There is nothing that is private anymore.