Someone took Matt Taibbi's article "The Great American Bubble Machine" (Rolling Stone 04/05/10) and put it to video. In 10 minutes the video spells out how the banks were involved in creating the different financial bubbles and how the "Revolving Door" works between Wall Street and Washington.
<= Click on the images - most images lead to videos!
To see more GREAT videos go to Work Ethic | How We Works. My personal favorites are "Inside Job", "Plunder" by Danny Schechter, and "Wall Street" by Jesse Ventura.
United States owes a lot of money, with its debt equal to the size of the economy as of 2012. See the Statue of Liberty & WTC being dwarfed by the debt.
Five Banks Account For 96% Of The $250 Trillion In Outstanding US Derivative Exposure; Is Morgan Stanley Sitting On An FX Derivative Time Bomb?
Zero Hedge | Author | 09/24/11
The latest quarterly report from the Office Of the Currency Comptroller is out and as usual it presents in a crisp, clear and very much glaring format the fact that the top 4 banks in the US now account for a massively disproportionate amount of the derivative risk in the financial system. Specifically, of the $250 trillion in gross notional amount of derivative contracts outstanding (consisting of Interest Rate, FX, Equity Contracts, Commodity and CDS) among the Top 25 commercial banks (a number that swells to $333 trillion when looking at the Top 25 Bank Holding Companies), a mere 5 banks (and really 4) account for 95.9% of all derivative exposure (HSBC replaced Wells as the Top 5th bank, which at $3.9 trillion in derivative exposure is a distant place from #4 Goldman with $47.7 trillion). The top 4 banks: JPM with $78.1 trillion in exposure, Citi with $56 trillion, Bank of America with $53 trillion and Goldman with $48 trillion, account for 94.4% of total exposure. As historically has been the case, the bulk of consolidated exposure is in Interest Rate swaps ($204.6 trillion), followed by FX ($26.5TR), CDS ($15.2 trillion), and Equity and Commodity with $1.6 and $1.4 trillion, respectively. Read more