Something Insane Just Happened in the House of Representatives
Remember that time Wall Street destroyed the economy with risky mortgage derivatives and taxpayers bailed them out to save the world? Turns out Congress forgot – or actually they just could care less because they’ve all been bought by the wrongdoers trying to wrong us again.
Back in 2010, Dodd-Frank Act was passed and – among many other protections – banned the US from bailing out banks, firms or funds who lost their ass partaking in certain derivatives trading. Now the House just passed a bill that would eliminate that ban so once again Johnny Taxpayer can bail out banks/funds who for doing the same crap that crashed the economy just a few years ago.
Mansur Gibfar of Represent.Us has a great video explaining the madness, namely that banks paid a crapload to write this bill using their exact language, and even more money to buy the politicians that support it.
Read: Something Insane Just Happened in the House of Representatives.