Taxpayers are rightfully angrier than ever before about the state of the U.S. economy and the government’s handling of the financial crisis; perhaps even more so than the Colonists at the original Tea Party. After all, it appears that the only group benefiting during this painful slide into recession are the very people who caused the crisis — The Banks.
On the verge of bankruptcy in 2008, the banks are now once again making record profits and paying record bonuses, while nearly every other industry struggles to keep their head above water. The banks seem to have designed the system where all businesses and individuals are dependent on them for credit, and without new lending industry grinds to a halt. Given that banks can make risk-free profits by front running the stock market and selling $600 trillion of worthless derivatives for monster gains, there seems to be little motivation for them to lend money at today’s record-low interest rates.
Average Americans continue to be looted by this bank-controlled economic system through taxation and other more subtle ways:
GO HERE to see the list.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
2 comments:
The Banks did not cause the realestate crash. The government regulations forcing the banks to lend to folks who they knew weren't going to be able to repay is what caused the problem. The government is turning right around and trying to force the banks to do the same thing again. How many of the youth who were tricked into buying a house with the $8,000 rebate from the government will be able to maintain the payments when the job market falls off. The government is repeating the same process and not learning from the past mistakes. It is really sad that some folks aren't open eyed enough to see the truth. THE BANKS ONLY DID WHAT THEY WERE FORCED TO DO! Why else do you think they were bailed out? DUH!
2:47....that AIN'T the whole story...the real problem was the banks weren't risking anything at all ---- ANYTHING!!! The loans were all guaranteed by Fannie Mae and Freddie Mac, so the banks got their fees and percentage points right up front and the government (read: taxpayers) got stuck with the loss. The banks KNEW these people couldn't handle the debt load and if it was the BANKS money at stake, these low income and major credit risk customers would have been escorted out of the loan office by a police officer. Instead the banks loaned it out like water from a faucet, collected the fees and laughed like crazy at the scheme. Now, they (bankers) are again reaping huge profits and paying their executives HUGE bonuses. Taxpayers are still taking the hits. Both the politicians (spit the taste out of your mouth now) and the bankers should be in jail, but what jail is big enough to hold all these snakes???
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