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http://images.moneyandmarkets.com/1555/occ-on-derivatives.pdf
The problem in the banking industry that few people talk about is that they are way over their heads in derivativess trading.
J.P Morgan Chase leads the way, on the hook for nearly $80 TRILLION worth. (Note that the figures on the chart in the above link are expressed in billions of dollars. So the figure of $79,941,219 is not $79 million but 79 million times a billion, or 79 trillion.
This was made possible in 1999 when the Glass-Steagall Act was repealed, which destroyed the wall between banking and investment banking. Their derivatives contracts were based on the assumption that the economy would continue to grow and that if the bubble ever burst, the government would consider them to be too greedy to fail.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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