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Hypocrisy: It’s What Banker Stooges Ooze
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
market-ticker.org / by Karl Denninger / 2016-02-17
I found this while doing my scan over the last few days and it made me spit my coffee…
The government continues to impose new rules designed to avoid a repeat of the financial crisis. Yet we still haven’t repaired the flaws of an earlier policy that followed the previous savings and loan debacle in the eighties and nineties. That policy, known as “prompt corrective action,” ultimately did nothing to prevent the 2008 meltdown.
Unfortunately, even though the Government Accountability Office has recommended overhauling PCA, regulators have halted any changes. The position of the government is that new regulations such as those mandated in the 2010 Dodd-Frank Act and under the Basel Committee accords should be given time to take effect before PCA is revisited. But further delay means a necessary revamp could come too late.
Prompt Corrective Action, otherwise known formally in US Law as 12 USC §1831o, is a federal law that requires the regulation of bank capital such that losses to the FDIC’s insurance fund are impossible.
The post Hypocrisy: It’s What Banker Stooges Ooze appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/02/17/hypocrisy-its-what-banker-stooges-ooze/
