Next Financial Bubble Responsibility

            In the aftermath of the financial meltdown a few years ago, everyone was clamoring for someone to be sent to prison. Everyone wanted those people in the big banks who created it to serve time.

            Unfortunately, I don’t see how anyone could pinpoint the guilty party. It was due to the types of investments being made. This was found in the research and investigation on what caused it.

            One big result was the creation of the Dodd-Frank law. In part it restricted certain types of investments. One item concerns derivatives trading by big banks that receive taxpayer backing, or bailouts, can use swaps which are high-risk financial instruments (swaps push-out rule).

            One big bank drew up a proposal a few years ago which was left for dead. The proposal was the elimination of the swaps push-out rule. But it was resurrected at the 11^th hour and included into the budget thanks to Jamie Dimon of JPMorgan Chase.

            Should there be another financial meltdown thanks to the inclusion of this item, we know exactly who to blame and demand justice – all of the Congressmen and Senators who voted for the budget with its inclusion as well as the President who agreed with the CRomnibus.