Saturday, December 13, 2014

I Need Some Help on This.

In mid-September 2008, Lehman Brothers declared bankruptcy. In the ensuing economic collapse, the greedy underbelly of our American banking system was exposed for what it was, a tremendous crap-shoot involving credit-default swaps and their ilk purchased by the investments of unknowing regular bank customers. Successful swaps guaranteed banks and their wealthy owner-investors millions upon millions dollars of minimally taxed profits with none of the gains passed on to those whose money was used for those purchases.  On the other hand, massive losses resulting from ill-advised and shady deals using bank customers money were covered by tax dollars bailouts paid by average Joe Citizens, i.e., the economic equivalent of the rectal hydration tactics employed by the CIA (as recently reported), administered to us not just once, but twice.

The above is all background information for my plea for your help for the following reasons. The bipartisan funding bill that just passed Congress sets aside the protections established to separate regular banking activities from risky speculation to prevent the 2008 scenario from recurring. In other words, once the bill is signed, banks will be free to use your money (and mine) to gamble recklessly again.

What follows is a form letter I am sending to the banks where I keep my accounts.

Dear Bank,

It is my understanding that the recent funding bill passed by Congress includes a rider allowing the banking industry to mingle activities of regular banking activities with risky speculation efforts such as using regular bank investments in the purchase of credit default swaps. As a result, as a regular banking customer of yours, I have several questions for you; Are you going to use monies obtained from normal banking procedures for the purpose of engaging in such risky financial ventures? If you do engage in risky speculative efforts with my money, are you planning on sharing any profits realized from those investments with me?  If you lose money on any risky speculative ventures, do you expect the American taxpayers to restore any lost funds to you with tax money? I would like responses to these questions as promptly as possible so that I may restructure my current financial assets in a manner that protects me and my family from a situation similar to the 2008 crash of the economy.                           
                                                                        Very truly yours,
                                                                        A Bank Customer

So this is what I need help on; I think that if the banks of America receive only one such letter, it will be laughed off as simply coming from a miserable old crank. However, if we all band together and submit one million or more such letters, the banks may take the hint that the public is not as stupid as they think we are. So help me and help yourself. Write letters to every bank you do any kind of normal banking business with and request information on their intentions with your money. Feel free to use the form letter above.

Just saying . . .