The following is an article I had published in my local paper, “The Monroe Times” in their “Letters to the Editor” column on July 28, 2016 titled “Conversation Must Include Issue of Toxic Banking” and I quote:
|7/27/2016 9:21:00 PM
“Letter to the editor: Conversation must include issue of toxic banking”
From LaVern F. Isely
To the editor:
Senator Bernie Sanders was deliberately trying to pull Sec of State Hillary Clinton and the voters of the world into a more honest investment banking world by talking about the five big investment banks that are ruling the world. They are getting our leaders in both parties to believe that using a variant called conduits, which is a quasi-bank, using unregulated, toxic derivatives as a currency and by keeping them off the bank’s balance sheet, they are not regulated by the government.
In allowing banks to sell to AIG, who already got bailed out in 2008, the government then, thanks to the Dodd-Frank Bill and the Democrats, which they thought would correct the problem by having a higher capital reserve on hand to allow these big investment banks to play their dangerous unregulated derivatives game by keeping investments off their balance sheets.
The big investment bankers, that are endangering their own government, just so they can make huge salaries like Jamie Dimon and others, should be put in jail because they put our government so far in debt it’s going to be impossible for our government to ever be able to bail out AIG a second time. All because of the unregulated derivative market, which banks have convinced our leaders around the world.
This issue has been discussed a lot in various books where authors of these books will refer you to other authors, all agreeing to the fact that the unregulated, toxic derivatives are bankrupting the world because they are really a worthless currency and have no real value as an asset like gold, silver and other food commodities.
This must be talked about at the Democratic Convention, thanks to Senator Sanders, but if it isn’t, then it has to be discussed in the debates between Democrat Hillary Clinton and Republican Donald Trump before the presidential election when we choose a new president.
When your candidates are running for office in Congress and the presidency, tell them to read a book like “ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism” by Yves Smith and come up with real answers to solve the risky banking problems, particularly if you are tired of getting such low CD rates at the bank of 1 percent, all because they are telling you, “You can buy just about anything on the market with “NO MONEY DOWN.'””
(MY LETTER CAME OUT IN THE PAPER THE SAME DAY THAT HILLARY CLINTON ACCEPTED THE NOMINATION TO BE PRESIDENT OF THE UNITED STATES. SHE GAVE A GREAT ACCEPTANCE SPEECH WHERE SHE SAID SHE WAS GOING TO RAISE THE FEDERAL INCOME TAX ON THE WEALTHIEST 1% TO HELP PAY FOR THE GROWING DEBT. DONALD TRUMP’S RESPONSE TO HER SPEECH WAS THAT SHE WAS IN WITH WALL STREET. WELL, IF SHE IS, ONE THING FOR SURE, SHE’S GOING TO MAKE SURE THOSE WEALTHIEST 1% PAY THEIR TAXES AND THE MAJORITY OF BERNIE SANDERS SUPPORTERS AGREED SHE WOULD MAKE A GREAT PRESIDENT. DONALD TRUMP MADE HIS BILLIONS BY GOING BANKRUPT AT LEAST FOUR TIMES, WHICH THE CONVENTION EMPHASIZED BY MANY SPEAKERS AND PROBABLY ONE OF THE BEST ONES WAS BILLIONAIRE MICHAEL BLOOMBERG, WHO IS THE FORMER MAYOR OF NEW YORK CITY AND IS AN INDEPENDENT VOTER AND HE SAID HE KNEW CON MEN WHEN HE SAW THEM AND TO VOTE FOR HILLARY CLINTON.
LaVern Isely, Progressive, Overtaxed, Independent Middle Class Taxpayer and Public Citizen Member and USAF Veteran