Holy Bailout! Federal Reserve Now Backstopping $75 Trillion Of Bank Of America's Derivatives Trades

Why isn't this front page news ?

Here is the bloomberg article:
http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-...

I don't see a 75T bailout from the article, but it appears there is concern by regulators over exposure to BOA 75T derivatives risk to FDIC insurance.

And then they'll roll out the one world currency controlled by one transnational bank.

"I could calculate your chance of survival, but you wouldn't like it." - Marvin the robot

The only benefit to this bubble I can see is the public will quickly learn the utility of writing numbers in scientific notation.

They can keep their frikkin' socialist hands the hell out of my pockets!

They are ALL on my shit list.

Really I'm not. From what I've read the total of all of this crap is $1.53Q, which is $1,530T. This is what we are on the hook for. You will see more and more of these 'backstops' happening soon. This is why we really need to get rid of the FED. Some say if we cut spending we will be a third-world country; third-world countries are in better shape than The United States is. We are the slaves of the world.

All of the debt of the entire planet will be put on Americans, present and future.

Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. The Federal Reserve Board, a Government board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt. The depredations and iniquities of the Federal Reserve Board has cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it.

Louis T. McFadden's Speech, In the House of Representatives
10 June 1932

To read the entire speech go to:

http://www.afn.org/~govern/mcfadden_speech_1932.html

To read more About McFadden in "A tribute to Congressman Louis Thomas McFadden" go to

http://www.sweetliberty.org/issues/hoax/mcfadden.htm

The warfare/welfare state is popular. Instead of backing Ron Paul to eliminate government, many people demand more government or its evil twin in disguise, better government, and support the neocons and socialist politicians who seem to mesmerize them.

The US public suffers Stockholm Syndrome on steroids. "In psychology, Stockholm Syndrome is a term used to describe a real paradoxical psychological phenomenon wherein hostages express empathy and have positive feelings towards their captors, sometimes to the point of defending them."

If the US public ever wakes up and realizes that they are slaves and are being fleeced by the system of fascism, collusion of government and corporations to rig the economy in their own favor at the expense of the majority, we will have real revolution, one involving violence. In the interim, we will have just more pain and suffering with the slate of Stepford Candidates being spotlighted by the Stepford press.

Government controlled media and education seems to have done a good job of conditioning and numbing the minds of the masses.

They Pull Me Back In!

Because of this deal, which was blessed by Benny, the FDIC would be on the hook for $1 trillion in deposits IF the bank were to go under due to the derivatives implosion.

Yes, the European banks are a big problem because they are insured by US banks. If they start going under it will bring down the big banks here. I certainly won't lose any sleep over that, but it would ruin Benny and Timmy's christmas.

This is important.. Bank of America MADE NO MONEY this quarter. It was all accounting gimmicks, revaluing their debt, unloading reserves, etc. Same deal with the other large banks (JPM, Citi, etc.) They are making no real money and all are on life-support!!

Plan accordingly.

BoA just lost the highest asset holder rating yet they still posted a profit and now are getting FED assistance? Sounds like fraud to me.

I think we'll see the debt bubble collapse before the primary season gets into full swing. It's going to be ugly, but it should bring people around to the understanding that there's only one prospective candidate that actually grasps economic realities.

but I see the warning signs and I'd be a jerk if I didn't say something to people for fear that they'd lose a little sleep. Hell most people go back into their shell anyway when something is said. I can't do anything about that but I can at least point things out.

I've already got my family promising to buy food storage and I'm compiling my own list.

People should be scared a little. This isn't a distant possibility. It's a more likely event. It might be better if people took it more seriously.

They are fire walling their $75 trillion Euroland derivatives exposure by parking their garbage assets in their FDIC insured books, before the Euro cracks up.

Don't look now, but JP Morgan is exposed to the tune of $79 trillion and is doing the same thing.

This is treason.

should go tomorrow to the nearest "occupy" location and explain to them exactly what is being done, how "in their face" this scam, possibly the biggest bailout yet is, and how it was done in the dead of night by unelected, unaccountable banksters at the Federal Reserve with no public discussion or debate.

More commentary:

http://www.nakedcapitalism.com/2011/10/bank-of-america-death...

this is not good.

The dollar is going to crumble.