We ……… Are ……… F%$#ed

The Federal Reserve has announced its plans to roll back the Volker rule.

It took over 50 years after the crash of 1929 for the the next banking crisis, the Savings and Loan crisis, to occur.

It took 25 years after that for he next crash, in 2008.

Now, my money is on us not even making it to 15 years:

Big banks are getting a big reprieve from a postcrisis rule aimed at curbing risky behavior on Wall Street.

Federal bank regulators on Wednesday unveiled a sweeping proposal to soften the Volcker Rule, a cornerstone of the 2010 law that was enacted after the financial crisis to rein in risky trading. The change would give Wall Street banks more freedom to make their own complex bets — activities that can be highly profitable but also leave them more vulnerable to losses.

The rule, part of the broader Dodd-Frank law, was put in place to prevent banks from making unsafe bets with depositors’ money. It took five agencies three years to write it and has been criticized by Wall Street as too onerous and harmful to the proper functioning of financial markets. On Wednesday, the Federal Reserve proposed easing several parts of the rule, and four other regulators are expected to soon follow suit, kicking off a public comment period that is expected to last 60 days.

The loosening of the Volcker Rule is part of a coordinated effort underway in Washington to relax rules put into place in the wake of the 2008 financial crisis. Big banks, emboldened by President Trump’s deregulatory agenda and a more favorable political climate in Washington, have begun pressing for changes to several postcrisis rules, including the Volcker Rule.

………

“This proposal is no minor set of technical tweaks to the Volcker Rule, but an attempt to unravel fundamental elements of the response to the 2008 financial crisis, when banks financed their gambling with taxpayer-insured deposits,” Marcus Stanley, policy director at Americans for Financial Reform, said in a statement.

Senator Elizabeth Warren, the Massachusetts Democrat who has been among the most vocal critics of changes to Dodd-Frank, called the proposal the latest example of corruption in Mr. Trump’s Washington.

“Even as banks make record profits, their former banker buddies turned regulators are doing them favors by rolling back a rule that protects taxpayers from another bailout,” Ms. Warren said.

Honestly, I blame all those people who decided that it would be too "disruptive" to jail banksters.

There were lots of bankers jailed, including the head of the New York Stock Exchange in the 1930s.

In the 1980s, it was a smaller number of S&L executives.

Under Barack Obama and Eric "Place" Holder, no prosecutions at all.

The banksters are going to make more money, and the rest of us will eventually have to pay for their excesses.