By The Right Scoop


This is really, really not good. It’s like the mortgage crisis starting all over again, where banks were told by our government to make loans to people who couldn’t pay them back. Except this time banks are being told to buy government debt that the government may not be able to pay back. And that could lead to a debt bubble that will devastate America when it pops.

Here’s an excerpt from the audio:

“This is how our government destroys our country. Look what they did to the mortgage industry. Look what they did to the housing industry and the banking and the finance industries! Now look what they’re doing! The US and European regulators, that is our government and those governments, are pushing the banks to take on the debt that our politicians are creating by deficit spending and [the banks] do not have to treat it as debt against capital requirements.

You believe this?

So in other words folks, if our Treasury goes under, the entire financial system of the United States, the entire banking system of the United States, the various stock markets in the United States are all going to be dragged down with it!”

Listen below:

NOTE: Here’s the article Levin was reading from at CNBC.




About 

Blogger extraordinaire since 2009 and the owner and Chief Blogging Officer of the most wonderful and super fantastic blog in the known and unknown universe: The Right Scoop




Comment Policy: Please read our new comment policy before making a comment. In short, please be respectful of others and do not engage in personal attacks. Otherwise we will revoke your comment privileges.


NOTE: If the comments don't load properly or they are difficult to read because they are on the blue background, please use the button below to RELOAD DISQUS.