If you've ever been in a Las Vegas casino when somebody is on a winning streak, you know that the casino won't just let them keep winning forever. Eventually large men in tailored suits will appear and escort the lucky gambler out of the casino. The casino will simply change the rules.

I'm going to be updating this essay later, but for now check out this video to get you up to speed on what's been happening.

If you want to open an investment account with any of the major Wall Street firms, you have to sign away your right to the nation’s courts and agree to accept mandatory arbitration with the Financial Industry Regulatory Authority, Inc. (FINRA).
What is FINRA? FINRA is a private corporation that acts as a self-regulatory organization for member brokerage firms and exchange markets. So you, the small investor, doesn't have access to public courts, or have the right of appeal.

Things always get nutty late in a credit cycle, when overconfidence reaches irrational levels. This time is no different.
But that doesn't mean that the craziness looks like the last time.
Here are some good examples of what to look for when the next crisis hits.

Former prime minister Gordon Brown issued a warning recently.

The Big Bank Stress Tests came about in the Dodd-Frank bill in 2009. The idea was that systemically important banks had to have reserves enough to survive a recession.
Two weeks ago all 35 big banks passed the stress tests.

Or did they?

Billionaires Charles and David Koch own the GOP. But this election year they took time out of their busy schedule to publicly endorse Democratic Sen. Heidi Heitkamp.

$243 Billion is the total amount of fines that major banks have paid for criminal behaviour since the start of the 2008 crisis. That's more than the GDP of Portugal.

It doesn't take a genius to predict this outcome.
Almost no bankers got thrown in jail for systemic fraud, and few bankers lost their jobs for making stupid loans.
So with no consequences, why not do it all again but repackaged, amirite?