[GPSCC-chat] Are Banks Trustworthy?

[Gerry Gras]

Spencer Graves wrote:
> Hello, All:  The Common Dreams article Gerry mentioned explains
> succinctly why we should move our money to credit unions or local-only
> banks and lobby for effective reregulation of the finance industry:
>
>
>        1.   A U.S. Senate investigation revealed that the 2010
> Dodd-Frank banking reforms utterly failed in the case of the $6.2
> billion "London Whale" gambling loss at JPMorgan Chase.
>
>
>        2.  A U.S. House committee recently passed seven measures to
> WEAKEN Dodd-Frank.
>
>
>        3.  Banks in Cyprus are closed as the European Union and the
> government of Cyprus are reportedly trying to take money from Cypriot
> citizens while protecting foreign investors and Cypriot banks that lost
> gambling on Greek debt.
>
>
>        4.  Unless Americans demand real regulation while moving our
> money to community banks and credit unions, we can bank on being bilked.
> Again.

And ironically, it might happen through a carbon bubble:

"Fossil Fuel Investment Spells 'Carbon Bubble' for Financial Markets"
"New study finds financial markets 'vulnerable' after failure to account 
for 'catastrophic' effects of carbon reserves"
http://www.commondreams.org/headline/2013/03/26-9

Gerry


>
>
>        Spencer
>
>
> On 3/25/2013 11:00 AM, Gerry Gras wrote:
>>
>> FYI,
>>
>> About the Cypriot Crisis, the 2008 US crisis, and
>> bans in general.
>>
>> "Bank on Being Bilked"
>> http://www.commondreams.org/view/2013/03/25-7
>>
>> Gerry
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>>
>>
>
>