Democratic National Committee Tries to Cut Ties with Bank of America

The Democratic National Committee, stung by its association with Bank of America after Bank of America has come under fire from the left for its foreclosure policies, is trying to put space between itself and B of A. It’s not that Bank of America has done anything illegal. It’s that they have the temerity to foreclose on bad borrowers. In Obama’s redistributionist world, that’s a sin punishable by excommunication.

The DNC is going to move its cash to the union-affiliated Amalgamated Bank. The DNC currently uses B of A for all of its banking, and Obama is slated to accept the Democratic nomination at the Bank of American Stadium in North Carolina. Perhaps they’ll conveniently rename it Spread The Wealth Around Arena.

Bank of American employees are already pulling their cash in droves from the Obama campaign – and no wonder. 


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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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