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BAILED OUT BANKS GETTING READY FOR A BAIL-IN COURTESY OF DODD-FRANKS

In their Feb. 7 “Wall Street on Parade” column, Pam and Ross Martens argue that losses suffered last week by four Wall Street banks in intraday trading—Goldman Sachs, Citigroup, Bank of America and Morgan Stanley—is intimately related to the shift in the U.S. economy that occurred beginning in the late 1970s, from productive economic activity to financial speculation. Noteworthy, they point out, is the fact that these same banks, which were bailed out during the 2008 crash,  have been spending billions buying back their own stock.

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