If you think yesterday's market action was something to worry about, you ain't seen nothing yet.
President Barack Obama getting re-elected sets the stage for another credit crisis.
When the president came into office in 2008 he had a mandate to fix the banking system, which consisted of too-big-to-fail banks holding America and its economy hostage to their greedy schemes.
He swept that mandate under the door of Congress and the Federal Reserve.
The president has no position on the big banks, and it seems he likes it that way.
By lightening up on his already watered-down rhetoric about making banks toe the line, he got campaign money from them. So did Congressmen. That money came from the Federal Reserve.
Now that the president has won a second term, he's not about to fight Congress over their pandering to the big banks, since he's got other things to fight with them over; rather, he's going to advocate a lite-touch going forward to allow banks to continue to strengthen their balance sheets so they can fuel an American recovery.
It seems to be all happening under the cover of darkness. And, it's not going to work.
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