{"id":2822,"date":"2014-12-11T14:15:20","date_gmt":"2014-12-11T19:15:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2822"},"modified":"2014-12-11T14:15:20","modified_gmt":"2014-12-11T19:15:20","slug":"house-votes-on-the-1-1-trillion-cromnibus-bill-live-webcast-zero-hedge","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2822","title":{"rendered":"House Votes On The $1.1 Trillion Cromnibus Bill: Live Webcast | Zero Hedge"},"content":{"rendered":"

House Votes On The $1.1 Trillion Cromnibus Bill: Live Webcast | Zero Hedge<\/a>.<\/p>\n

As is widely known by now, in a largely token vote, since it has the blessing of the White House, in a few moments the House will vote on H.R. 83, the bill containing $1.1 trillion in appropriations to fund the government through 2015, aka the “Cromnibus”. As\u00a0noted previously<\/a>, among the provisions in the bill is Citi-directed watering down of Dodd-Frank by way of a Swap “push-out” provision, which as\u00a0we explained over the weekend<\/a>, would put taxpayers on the hook for derivative losses as it “would allow financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp. \u2014 potentially putting taxpayers on the hook for losses caused by the risky contracts.”<\/p>\n

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Then again, since we are talking about\u00a0some $303 trillion\u00a0<\/strong>in US-based derivatives (at just\u00a0the top 25 US holding companies alone<\/a>), the bottom line is that it really doesn’t matter where the swaps are housed or traded from: if and when these goes bad, it doesn’t matter if they are located in a FDIC-insured shell or somewhere else: the entire system will collapse all over again, unless it gets yet another multi-trillion Fed, as in taxpayer, bailout.<\/p>\n

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…click on the above link to read the rest of the article…<\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

House Votes On The $1.1 Trillion Cromnibus Bill: Live Webcast | Zero Hedge. As is widely known by now, in a largely token vote, since it has the blessing of the White House, in a few moments the House will vote on H.R. 83, the bill containing $1.1 trillion in appropriations to fund the government […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1844,1668,1845,1843,1846],"class_list":["post-2822","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cromnibus","tag-derivatives","tag-dodd-frank","tag-h-r-83","tag-swap-push-out"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2822"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2822\/revisions"}],"predecessor-version":[{"id":2823,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2822\/revisions\/2823"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}