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4 years ago

The new senator from MA Eliz. Warren already has started her attack on the banksters and wall st.
That is how she got elected over Brown by promising to get these crooks on trial and jail time.
She wrote the regs on changing banking and stock brokering.
Let's see how many support her in Senate and Congress.

At least she is being productive, while Ted Cruz is acting like a McCarthy by accusing Hagel of unAmerican activities. Wait and see who crashes and burns.

4 years ago

Cruz will prove to be one of the biggest hypocrits and phonies in D.C.

He is all attack dog now against Hagel. He has no credibility but being a tea partier.

link above is the real stuff going on about Hagel. The GOP is making stuff up about him and using rumors and jokes as real stories about Hagel and Iran. Breitbart did it and the story carried all the way to Fox when it was invalid and not authentic. The far right look crazy now.
People are not interested in this type of political govt. offered by these people who make stuff up and they accuse MSM of doing such and they can never prove it.

This was a lie made up by breitbart an carried by all radio hosts and fox.

4 years ago
Why Should Taxpayers Give Big Banks $83 Billion a Year?

On television, in interviews and in meetings with investors, executives of the biggest U.S. banks -- notably JPMorgan Chase & Co. Chief Executive Jamie Dimon -- make the case that size is a competitive advantage. It helps them lower costs and vie for customers on an international scale. Limiting it, they warn, would impair profitability and weaken the country’s position in global finance.


So what if we told you that, by our calculations, the largest U.S. banks aren’t really profitable at all? What if the billions of dollars they allegedly earn for their shareholders were almost entirely a gift from U.S. taxpayers?

Granted, it’s a hard concept to swallow. It’s also crucial to understanding why the big banks present such a threat to the global economy.


Lately, economists have tried to pin down exactly how much the subsidy lowers big banks’ borrowing costs. In one relatively thorough effort, two researchers -- Kenichi Ueda of the International Monetary Fund and Beatrice Weder di Mauro of the University of Mainz -- put the number at about 0.8 percentage point. The discount applies to all their liabilities, including bonds and customer deposits.


Big Difference


Small as it might sound, 0.8 percentage point makes a big difference. Multiplied by the total liabilities of the 10 largest U.S. banks by assets, it amounts to a taxpayer subsidy of $83 billion a year. To put the figure in perspective, it’s tantamount to the government giving the banks about 3 cents of every tax dollar collected


The top five banks -- JPMorgan, Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and Goldman Sachs Group Inc. - - account for $64 billion of the total subsidy, an amount roughly equal to their typical annual profits (see tables for data on individual banks). In other words, the banks occupying the commanding heights of the U.S. financial industry -- with almost $9 trillion in assets, more than half the size of the U.S. economy -- would just about break even in the absence of corporate welfare. In large part, the profits they report are essentially transfers from taxpayers to their shareholders.


This post was modified from its original form on 21 Feb, 7:27
4 years ago

Corzine burned an entire state.  I call them our dark ages. 

I'd love to see him endure the same fate we do because of his reign of terror..

Just a dream though, it's only just a dream.

4 years ago

I did not vote for Eliz. Warren; but her mission is to bring big banks and Wall st. accountable and pay for the damages they incurred in this country and make sure they get reigned in from being so damaging and powerful. If she does this, kudoos to her and I had her pegged wrong.

Time will tell who is the right politicians on the side of the people. time always tells the tale when people have their eyes wide open. There was lots of rot in this country stemming from big banks unregulated Wall St. and mega corps wiping out small businesses. How did this all happen, that is what we have to ask ourselves. Jim S. is great with history.

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