As the year twenty-ten begins, American voters would do well to reflect upon the scam of financial derivatives. Such reflection is necessary because the derivatives market is still completely unregulated (thanks to Crony Capitalism) and was the major cause of the financial meltdown beginning in 2008 and culminating just recently.
Derivatives, particularly credit default swaps, are the invention of Wall Street Banksters; their sole purpose is to make money for a miniscule fraction of the financial community at the risk of bringing down major institutions critical to Main Street credit availability. Derivatives are sold by Banksters, and then speculation (futures) on those same derivatives are sold, and then speculation on the speculation is sold. When all is said and done, Insider Banksters have made millions of dollars, but the solvency of major institutions is at risk should there be a shock to the whole system---a shock such as numerous defaults on sub-prime loans.
The Obama Administration, particularly Tim Geithner and his cronies, are now adopting the stance of Protector of the People (so to speak) relative to the Wall Street Banksters. Anyone who falls for that must believe that it's wise to have the fox guard the henhouse. Obama et. al. present a public image of promoting financial reform; however, the "reform" thus far is cosmetic. Loopholes abound, and all the elements are in place for another financial meltdown...which means, all the elements are in place for the Banksters to make another killing at the expense of Main Street.
SSDD.
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