Why aren’t Americans paying attention to this shit?!?  God it makes my blood absolutely boil to read articles like this, if this derivatives deregulation is passed it’ll be the exact second that starts the countdown to the next financial collapse.  I can’t believe none of these asshole bankers haven’t been put in jail, they should be shot.

According to multiple Democratic sources, banks are pushing hard to include the controversial provision in funding legislation that would keep the government operating after Dec. 11. Top negotiators in the House are taking the derivatives provision seriously, and may include it in the final bill, the sources said.

The bank perks are not a traditional budget item. They would allow financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp. — potentially putting taxpayers on the hook for losses caused by the risky contracts. Big Wall Street banks had typically traded derivatives from these FDIC-backed units, but the 2010 Dodd-Frank financial reform law required them to move many of the transactions to other subsidiaries that are not insured by taxpayers.
Source: Huffington Post

So what that means is, the big banks want to be able to gamble with your savings, if they lose money it’s alright because the FDIC (government/tax payer backed insurance) covers the losses but if they win the banks reap all the profits hmm…  Yeah that sounds real smart, since the initial money is government backed, that means there’s no risk for the banks at all so they have all the incentive in the world to take the riskiest bets.

This is so stupid and really Americans should pay better attention to their politics, unfortunately the big scams that go on in the US infects the rest of the world.