....courtesy of....you'll never guess:
Vladimir Putin may have just handed American bankers their next bailout opportunity. Alleged Russian hack attacks on JPMorgan Chase (JPM) are giving bankers the excuse they need to demand yet more of your tax dollars.
An Obama executive order could authorize a multi-billion dollar bank bailout within weeks — a bailout so cleverly disguised that most Americans will never notice. Our Congress certainly won't stop it, either, but I can tell you how it will unfold.
Two months ago the Securities Industry and Financial Markets Association (SIFMA) engaged retired National Security Agency Director Keith Alexander to "consult" with the trade group on cybersecurity matters. I said at the time that Alexander's main job would be to divert taxpayer money toward covering what should be normal overhead costs for the banks.
Their logic is that top banks are so critical to the American economy, yet so exposed to cyberattacks, that protecting the banks is essential to the national defense. All they needed was an example. Now they have one.
Another "See, I Told You So" for my burgeoning trophy case. I've been saying for months how all of these crisis, starting almost a year ago with the ObamaCare rollout, have been created or allowed to erupt unchallenged by Barack Obama because they serve his political and policy purposes "they let you do things you couldn't ordinarily do" - and that he needs a bookend crisis of comparable size to the Panic of 2008 - the one that put him in power in the first place - to formally permanentize his lifetime presidency. This one may not be that bookend, but nationalizing all remaining U.S. financial institutions with the stroke of his mighty pen will be pretty damned close.
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