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Another Global Banking Crisis Now Taking Shape

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Think of a boat with a bunch of holes in the bottom.   You can bail and bail as hard as you want.   But if no one plugs the holes, your arms will eventually get too tired to continue;   you can't keep throwing buckets of water over the side for a long time, but when you finally tire and slack off, the boat will surely slide under the waves.  

And that's where we sit today!   Many banks are up to their gills with bad assets -- bad loans to troubled corporations and consumers, bad investments, bad properties they can't unload.  

That's why we've ALREADY seen 464 banks with combined assets of $680 billion . . fail in the U.S. alone since 2008 --   DESPITE the biggest attempts in history by central banks to prop up these troubled institutions!   And according to the financial analysts at WeissRatings, ANOTHER 202 global banks -- with assets of a whopping $43.6 trillion -- are at risk, with ratings in the two lowest ratings tiers.  

Protecting the Banksters by letting them delay their compliance with Dodd-Frank requirements 

JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc.   (GS) and Bank of America Corp. won a delay of Dodd-Frank Act requirement that they wall off some derivatives trades from bank units backed by federal deposit insurance.   Commercial banks including the Wall Street firms may get as long as an additional two years -- until July 2015 -- to comply with the rules, the Office of the Comptroller of the Currency said in a recent announcement.   

"The procrastination of both regulators and the banks on this portion of Dodd-Frank has been pretty amazing," said Marcus Stanley, policy director for Americans for Financial Reform.   "The swaps-pushout provision is a really important part and something that absolutely should be a central part of the regulatory framework."   The intent was to remove risky activities from the core banking functions that are essential to the economy, and to ensure that those risky activities will not trigger the need for a bailout to prevent systemic collapse in the future, as they did in the 2008 crisis.   

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This is hardly the first rule from the Dodd-Frank financial reform law to get bogged down in delays.   The Volcker Rule -- also meant to rein in risky bank trading with dollars backed by the government -- has been delayed, and House Republicans want to push back its implementation even further.

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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)
 

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