The sudden dramatic collapse in the price of oil appears to be an act of geopolitical warfare against Russia. The result could be trillions of dollars in oil derivative losses; and the FDIC could be liable, following repeal of key portions of the Dodd-Frank Act last weekend.
Republicans have already signaled that one of their first priorities will be to repeal or cripple regulations that are supposed to keep our economy stable, protect Americans' money and jobs, and prevent Wall Street consumer fraud and abuse.
It's that magical time of year when the wee folk of Capitol Hill actually get something done. These brief bursts of activity only happen very rarely, of course, and always immediately proceed another one of the many, many long vacations Congress takes during the year.
Congress approved the Dodd-Frank Wall Street Reform Act in response to world financial calamity. Though delayed and diluted, the reform legislation has led to substantial improvements in consumer protections such as new requirements for regulation of swaps contracts.
James Wesley, Rawles, a former U.S. Army Intelligence officer and present-day survivalist, is the author of the novels, Expatriates, Founders, Survivors, and Patriots, all of which deal with the possibility of a coming global collapse.
The bank gambling trade association and its regulators are giving each other high-fives over an agreement that supposedly makes it easier to bail out a failed mega-bank. Progress? If viewed from the vantage of an average taxpayer who finances bank bailouts, the progress is miniscule.
Most media attribute oil price slumps to oversupply from US fracking, omitting the fact that governments are discussing whether oil companies will be allowed to extract all the fossil fuel they've already priced into their stocks.
The U.S. did not enforce existing securities laws, so no one should have confidence that new Dodd-Frank rules will have any meaningful impact. The U.S. banking system seems to have captured its regulators, Congress and the Treasury.
As an anti-corruption advocate, I don't have a position on derivatives trading. What I do have a position on is corruption, and H.R. 992 is a textbook case of the way corruption has turned the People's House into an auction house.
The Tea Party Republicans are trying to legislatively veto a settled law -- the Affordable Care Act -- by holding hostage the funding for the entire rest of the U.S. government. This defies constitutional governance and borders on sedition.