The More Americans That Go On Food Stamps The More Money JP Morgan Makes
theeconomiccollapseblog.comJP Morgan is the largest processor of food stamp benefits in the United States. JP Morgan has contracted to provide food stamp debit cards in 26 U.S. states and the District of Columbia. JP Morgan is paid for each case that it handles, so that means that the more Americans that go on food stamps, the more profits JP Morgan makes. Yes, you read that correctly. When the number of Americans on food stamps goes up, JP Morgan makes more money. In the video posted below, JP Morgan executive Christopher Paton admits that this is “a very important business to JP Morgan” and that it is doing very well. Considering the fact that the number of Americans on food stamps has exploded from 26 million in 2007 to 43 million today, one can only imagine how much JP Morgan’s profits in this area have soared. But doesn’t this give JP Morgan an incentive to keep the number of Americans enrolled in the food stamp program as high as possible?
We were talking about poverty being profitable. When you get paid for every time you handle a food stamp case and the amount of people who are on food stamps has risen from a recession/depression, which was caused in part by the same institution raking in money off of food stamps, that is the epitome of cashing in on poverty.
U.S. Senate Unanimously Votes To End Unfair Subsidies For ‘Too Big To Fail’ Banks
addictinginfo.org“Too big to fail.”
This phrase will always be associated with the 2008 economic collapse that sent America into the deepest recession since 1929. In order to stop the financial bleeding, the U.S. government voted to rescue the big banks rather than allow them to fail and take our economy with them. Ever since, big banks have only gotten bigger on the premise that if they fail again, the government will bail them out. Billions of dollars in taxpayer subsidies have been dealt to those very banks in the years since.
But on Friday, the U.S. Senate did something that it rarely does these days. An amendment was offered as an attachment to the Senate budget bill and it not only gained the support of both Republicans and Democrats, it received unanimous support. By a vote of 99-0, the U.S. Senate voted to strip “too big to fail” banks of the taxpayer subsidies they’ve been getting for far too long.
…..
The unanimous vote marks the first time the U.S. Senate has made a move against “too big to fail” since passage of the Dodd-Frank law. The amendment should be seen as a victory for Occupy Wall Street, which protested the big banks and “too big to fail” for over a year. It’s also a win for Democratic Senator Elizabeth Warren, who has been crusading against the big banks on behalf of taxpayers since long before being elected to office last year.
…..
Bernie Sanders Introduces Bill That Would Lead to Jail For Too Big To Fail
politicususa.comSen. Bernie Sanders proposed legislation today that would break up the big banks and financial institutions that crashed the economy. The ending of too big to fail would also open the door to criminal prosecutions.
Sen. Sanders called ending too big to fail a matter of justice, “We have a situation now where Wall Street banks are not only too big to fail, they are too big to jail. That is unacceptable and that has got to change because America is based on a system of law and justice. In my view, no single financial institution should have holdings so extensive that its failure could send the world economy into crisis. At the very least, no institution, no CEO in America should be above the law. If an institution is too big to fail, it is too big to exist.”
The legislation makes its intended purpose clear, “Notwithstanding any other provision of law, beginning 1 year after the date of enactment of this Act, the Secretary of the Treasury shall break up entities included on the Too Big To Fail List, so that their failure would no longer cause a catastrophic effect on the United States or global economy without a taxpayer bailout.”
Too big to fail banks and financial institutions, which tanked the economy, are using their size as a defense against criminal prosecution. According to Sen. Sanders, the legislation would give the Treasury Department 90 days to identify commercial banks, investment banks, hedge funds and insurance companies whose failure would have a catastrophic effect on the stability of either the financial system or the United States economy without a government bailout.
This is a matter of both economic security and justice. The six largest financial institutions in the US control 2/3 of the country’s GDP. They hold 2/3 of all credit cards, half of all mortgages, and more than 40% of all bank deposits.
The same people who crashed the economy in 2008 now find themselves richer and bigger than ever. While people who now find themselves in poverty because of the Great Recession are being thrown into jail for missing a payment, the rich have gotten richer.
Sherrod Brown Goes After the Big Banks. He is introducing legislation, co-sponsored by GOP Senator David Vitter, to break up the half-dozen mega-banks, setting a hard cap on their size.
(The Nation) - In olden days, it used to be that the bad guys robbed the banks. Now it seems the bad guys are running the banks, at least the big ones, and robbing the rest of us. Nearly every day, newspapers have another disturbing report about how the largest and most influential banks managed to escape prosecution for their blatant fraud or else finagled outrageous subsidies and profits from their monopolistic dominance of the financial system. The worst that happens to privileged bankers who are “too big to fail” is an occasional scolding lecture from angry members of Congress.
Great gesture, I wonder if it will actually go anywhere.
Bernie Sanders - 'If an institution is too big to fail, it is too big to exist'
(commondreams.org) - U.S. Sen. Bernie Sanders (I-Vt.) said today he will introduce legislation to break up banks that have grown so big that the Justice Department has not pursued prosecutions for fear an indictment would harm the financial system.
The 10 largest banks in the United States are bigger now than before a taxpayer bailout following the 2008 financial crisis. At the time Congress, over Sanders’ objection, approved a $700 billion bank rescue because of concerns by some that the financial institutions were too big to fail. Another $16 trillion from the Federal Reserve propped up financial institutions.
Attorney General Eric H. Holder Jr. now says the Justice Department may not pursue criminal cases against big banks because filing charges could “have a negative impact on the national economy, perhaps even the world economy.”
“In other words,” Sanders said, “we have a situation now where Wall Street banks are not only too big to fail, they are too big to jail. That is unacceptable and that has got to change because America is based on a system of law and justice.”
This is a step in the right direction. I just hope actually it goes somewhere.
We need to make the Fat Cats Bleed NOW!!
Over 1,000 cities in the world are completely upset at the banks that horde money and leave average working and poor people footing the bill. In order to bring a real message to the big banks we must withdraw our money out of the banks and go with more local banks or credit unions. The Time is Now. Thats how you send a Big Message that the 99% are for real.
