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FSN: Volcker Rule Begins

Tuesday, December 10, 2013 22:46
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Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

by Martin Armstrong
Armstrong Economics

The banks lobbied hard against re-instituting Glass-Steagall arguing that this would be the end of Commercial and Investment Banking. Why Congress even bought that nonsense one need only pick up the rug and see the amount of donations that were made. Glass-Steagall went into effect is 1934 and was in place until 1999. The commercial banks and investment banks provided a far greater stability to the economy during that period. Ever since, they would rather play with other people’s money and speculate than lend money to small business and create jobs.

Instead of simply restoring Glass-Steagall, we now have the Volcker Rule that simply says the banks cannot engage in proprietary trading with deposit money. However, how is this going to be enforced when the banks own the FIVE agencies that oversee them? When there is a revolving door for government attorneys all looking for those millions jobs, real prosecution is hopeless. Who will actually prosecute a bank criminally when that will be the kiss-of-death for any hope of getting one of those big paying jobs in New York City? No law firm will hire someone who did that for that would jeopardize their ever getting business from the big banks.

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