So as I ranted about a few days ago, the Wall Street bank rider attached to the congressional spending bill passed the House, it’s expected to pass the US Senate and President Obama and that means it’ll be only time before we have another bank crisis…  This deregulates the $700 trillion derivatives market and allows the bank to use government insured client money to bet on anything they want.

A year ago, Mother Jonesreported that a House bill that would allow banks like Citigroup to do more high-risk trading with taxpayer-backed money was written almost entirely by Citigroup lobbyists. The bill passed the House in October 2013, but the Senate never voted on it. For months, it was all but dead. Yet on Tuesday night, the Citi-written bill resurfaced. Lawmakers snuck the measure into a massive 11th-hour government funding bill that congressional leaders negotiated in the hopes of averting a government shutdown. President Barack Obama is expected to sign the legislation.

Source: MotherJones

Americans should be absolutely outraged at this, this means the banks can once again gamble with your hard earned savings and if things go bust so be it, it’s all backed up by the federal government!  Again this is privatized profits and socialized losses, if there are no risk to the banks bottom line it’s in their interests to bet on the riskiest things hoping for a big score.  Who cares right, they ain’t covering the losses…  Boggles the mind how Congress can think this is ok and that the American electorate just lets this happen.

Worst of all this crap will infect the rest of the world’s financial markets, just like it did with the previous crash god I hope I stash away enough money to weather that coming storm.