The exposure to credit default swaps was one of the primary reasons behind the 2008 collapse. You would think that we would have learned the lesson, but when our government is controlled by a cabal of banksters (Geithner, Paulson, Bernake), you can certainly see why things have not changed…..and just what are the consequences going to be when the music stops playing again?
The notional value of derivatives held by U.S. commercial banks increased $12.8 trillion, or 5.5%, from the fourth quarter of 2010 to $244 trillion. The notional value of derivatives is 12.7% higher than a year ago.
Read this report…it’s mind-blowing really…..
In short, saving the BIG BANKS became our President’s priority as opposed to saving the United States Economy and future.
So…you could say our Prez is not a man of the people; but an elitist and lackey of the banksters. This is a very sad situation for us all in America. At least with Bush we knew what we were getting; This man provided us all with HOPE and then dropped us down the elevator shaft.