We caught up with John Rubino for our regular Monday chat.
If there was one part of Dodd-Frank that was effective and needed, it was the part that required Too Big To Fail Banks to eat their derivatives losses.
Your Congress, a fully owned subsidiary of Wall Street, just eliminated that provision, so get ready to bail them out yet again. The result, losses in the trillions, absorbed by you taxpayer is a foregone conclusion.
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