Operation Choke Point strangling gun dealers at banks

Banned from financial services that are essential to running a business, firearms sellers attending the world’s largest gun exhibition last week in Las Vegas spoke out against the government’s controversial program known as Operation Choke Point.

“We continue to hear from dealers and others in our industry that suddenly, out of the blue, they have been cut off by financial services or credit card processors or banks,” said Larry Keane, Senior Vice President of the National Shooting Sports Foundation.

We continue to hear from dealers and others in our industry that suddenly, out of the blue, they have been cut off by financial services.

The National Shooting Sports Foundation, which exists to protect and preserve hunting and the shooting sports industry, is conducting a phone survey of over 7,000 of its members to determine the extent to which Operation Choke Point is affecting their industry. He said:

“This is a direct result of the Department of Justice initiative, through the [Federal Depositors Insurance Corporation], to pressure financial institutions to stop doing business with legitimate law-abiding federally-licensed firearms dealers.”

As The Daily Signal previously reported, gun sellers allege that they are being explicitly prohibited from using payment systems such as PayPal and Square to process credit card transactions.

By Kelsey Harkness – The Daily Signal –

New Law Would Make Taxpayers Liable For Trillions In Bank Derivatives Debt

If the quadrillion dollar derivatives bubble implodes, who should be stuck with the bill? Well, if the “too big to fail” banks have their way it will be you and I.

Right now, lobbyists for the big Wall Street banks are pushing really hard to include an extremely insidious provision in a bill that would keep the federal government funded past the upcoming December 11th deadline. This provision would allow these big banks to trade derivatives through subsidiaries that are federally insured by the FDIC.

What this would mean is that the big banks would be able to continue their incredibly reckless derivatives trading without having to worry about the downside. If they win on their bets, the big banks would keep all of the profits. If they lose on their bets, the federal government would come in and bail them out using taxpayer money. In other words, it would essentially be a “heads I win, tails you lose” proposition.

Just imagine the following scenario. I go to Las Vegas and I place a million dollar bet on who will win the Super Bowl this year. If I am correct, I keep all of the winnings. If I lose, federal law requires you to bail me out and give me the million dollars that I just lost.

Does that sound fair?

Of course not! In fact, it is utter insanity. But through their influence in Congress, this is exactly what the big Wall Street banks are attempting to pull off. And according to the Huffington Post, there is a very good chance that this provision will be in the final bill that will soon be voted on….

By Michael Snyder – Activist Post –