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Financial Meltdown Coming
The $555 Trillion Derivatives Debt Implosion Is About to Begin
The Great Derivatives Crisis Has Now Begun and in its Early Stages
In That The Derivatives Bubble Has Already Been Created and is Ready to Pop
The Fed is Already Suggesting that Deregulation Will Cause Another Financial Crisis
In the last Crisis the Fed blamed deregulation, the banks for predatory lending as the cause of the financial crisis. Meanwhile, the media blamed the President.
The same thing is going to happen this time around. The Fed will blame the deregualtion (should Dodd-Frank be repealed) and the media will blame the Presdent. The Fed's cheap money policies, and wreckless government spending, and allowing banks to continue to gamble with derivtives is what will cause the next crisis.
Dodd-Frank’s most ardent supporters are heavily invested in the dangerous myth that deregulation caused the financial crisis, so it’s only natural that they label Dodd-Frank critics as people who want to return to the wild west of financial markets. The legislation actually has produced very few— if any — meaningful regulations, as the agencies tasked with drafting new regulations quickly became the focus of massive financial industry lobbying efforts.
Nearly seven years after Dodd-Frank was passed, massive loopholes in derivatives trading, banks are still permitted to gamble with FDIC-insured money, and credit-rating agencies have yet to be reformed.
Further, in the years since the bill’s passage in 2010, the top five "too big to fail" banks continue to control the same share of U.S. banking assets they possessed prior to the crisis, while smaller banks and community banks suffered major losses.
To make matters worse, many of the "too big to fail" banks have ballooned in size since the passage of Dodd-Frank. For instance, in 2013, the country’s six largest banks owned an astounding 67 percent of all assets of the U.S. financial system, a 37 % increase from 2008.
The Fed, government regulation, and Mortgage-Backed Securities (MBS) are the culprits of the financial crisis in 2008. The Fed's role was creating the housing bubble and reinflating the stock market bubble with low rates and cheap money. In 1995 the government loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. The government forced the banks to make risky loans (subprime martgages) to people who couldn't afford them. Then these loans were packaged as financial instuments called Mortgage-Backed Securities (MBS). The government also passed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. The subprime mortgage debacle caused the Mortgage-Backed Securities to implode and created a financial crisis.
The Dodd-Frank bill ignores what truly caused the financal cirsis, it is a flawed piece of legislation. If it is repealed, the Fed and the media will use it and likely the President as the scapegoats for the Fed's stock market bubble. That's what happened the last time, so I think it will likely be the same exccuses this time. Deregulation, predatory lending, and the president all got the blame for the mess the last time around. However, the NEXT financial crisis will be created because of the Fed policies and out of control spending that has taken place by the government since the financial crisis.
US delays derivatives rules to avoid market disruption
CFTC delays compliance deadline to September 1, they DO NOT delay the effective date of March 1, 2017
With respect to their safety, derivatives, for the most part, are traded amoung very sophisticated financial institutiions and indviduals who have considerable incentive to undertand them and use them properly.
------Ben Bernanke, November 2005