"Big wins from gambling in financial derivatives can only come from enormous, extremely risky gambles. A bank that makes enormous, extremely risky gambles is a bank that desperately needs to have its senior management team removed – immediately – and that is true regardless of how those bets turn out in any particular year. There is no conceivable social purpose to providing the explicit federal subsidy of deposit insurance and the (much larger) implicit federal subsidy of “too big to fail” that all SDIs enjoy to a bank so that it can take massive gambles on financial derivatives. The Jamie Dimons of the world know that if they win the gambles they will be made immensely wealthy and that when they lose the gambles massively the federal government will bail them out. Every gamble a federally insured bank (or an implicitly guaranteed SDI) takes is a gamble with government money. Bank leverage is always extreme in the modern era; it vastly exceeds the reported (and often inflated) capital. The government is the true creditor through its explicit and implicit guarantees of the bank’s creditors.""10 Things You Should Know About the Quebec Student Movement"
"Our Not-So-Friendly Northern Neighbor"
"If You Want to Know the CIA’s bin Laden Secrets, Just Make a Movie About His Assassination" Do you think they'll show the explosion of the helicopter - the helicopter carrying the very much alive bin Laden - in the compound?