The Beginning Of The End
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The Too Big To Fail Banks Are Now Much Bigger And Much More Powerful Than Ever

The Democrats, the Republicans and especially Barack Obama promised that something would be done about the too big to fail banks so that they would never again be a threat to destroy our financial system.  Well, those promises have not been kept and the too big to fail banks are now much bigger and much more powerful than ever.  The assets of the five biggest U.S. banks were equivalent to about 43 percent of U.S. GDP before the financial crisis.  Today, the assets of the five biggest U.S. banks are equivalent to about 56 percent of U.S. GDP.  So if those banks were "too big to fail" before, then what are they now?  They continue to gobble up smaller banks at a brisk pace, and they continue to pile up debt and risky investments as if a day of reckoning will never come.  But of course a day of reckoning is coming, and when it arrives they will be expecting more bailouts just like they got the last time.

The size of these monolithic financial institutions is truly difficult to comprehend.  They completely dominate our financial system and everywhere you look they are constantly absorbing more wealth and more power.  The following comes from a recent Bloomberg article....

Five banks -- JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC), Citigroup Inc., Wells Fargo & Co. (WFC), and Goldman Sachs Group Inc. -- held $8.5 trillion in assets at the end of 2011, equal to 56 percent of the U.S. economy, according to central bankers at the Federal Reserve.

Five years earlier, before the financial crisis, the largest banks’ assets amounted to 43 percent of U.S. output. The Big Five today are about twice as large as they were a decade ago relative to the economy

Despite all of the talk from the politicians, they just keep getting bigger and bigger and bigger.

So why isn't anything ever done?

Well, one reason is because these gigantic financial entities funnel huge quantities of cash into political campaigns.

For example, Barack Obama gives nice speeches about the dangers of the too big to fail banks, but he is also more than happy to take their campaign contributions.  Goldman Sachs, JPMorgan Chase and Citigroup were all ranked among his top 10 donors during the 2008 campaign.

So do you really expect that Barack Obama is going to bite the hands that feed him?

Of course he is not going to do that.

The truth is that the Obama administration and the Federal Reserve have done everything they can to make life very comfortable for the big Wall Street banks.

During the last financial crisis, the too big to fail banks were absolutely showered with bailouts.

Meanwhile, hundreds of small and mid-size banks were allowed to die.

When representatives from those small and mid-size banks contacted the federal government for help, often they were told to try to find a larger bank that would be willing to buy them.

Sadly, the last financial crisis simply accelerated the consolidation of the banking industry in the United States that has been going on for several decades.

Today, there are less than half as many banks in the United States as there were back in 1984.

So where did all of those banks go?

They were either purchased by bigger banks or they were allowed to go out of existence.

This banking consolidation trend has allowed the big Wall Street banks to absolutely explode in size.

Back in 1970, the 5 biggest U.S. banks held 17 percent of all U.S. banking industry assets.

Today, the 5 biggest U.S. banks hold 52 percent of all U.S. banking industry assets.

So where will this end?

That is a good question.

The funny thing is that Federal Reserve Chairman Ben Bernanke and other Fed officials keep giving speeches where they warn of the dangers of having banks that are "too big to fail".  For example, during a recent presentation to students at George Washington University, Bernanke made the following statement about the U.S. banking system....

"But clearly, it is something fundamentally wrong with a system in which some companies are 'too big to fail.'"

So does that mean that Bernanke is against the too big to fail banks?

Of course not.

The truth is that he showered those banks with trillions of dollars in bailout money during the last financial crisis.

The amount of money in secret loans that some of the big Wall Street banks received from the Federal Reserve was absolutely staggering.  The following figures come directly from a GAO report....

Citigroup - $2.513 trillion
Morgan Stanley - $2.041 trillion
Bank of America - $1.344 trillion
Goldman Sachs - $814 billion
JP Morgan Chase - $391 billion

Bernanke has shown that he is willing to move heaven and earth to protect those big banks.

So what did those banks do with all that money?

They certainly didn't lend it to us.  Lending to individuals and small businesses by those big banks actually went down immediately after those bailouts.

Instead, one thing that those banks did was they started putting massive amounts of money into commodities.

One of those commodities was food.

Over the past few years, big Wall Street banks have made huge amounts of money speculating on the price of food.  This has caused food prices all over the globe to soar and it has caused tremendous hardship for hundreds of millions of families around the planet.  The following is from a recent article in The Independent....

Speculation by large investment banks is driving up food prices for the world's poorest people, tipping millions into hunger and poverty. Investment in food commodities by banks and hedge funds has risen from $65bn to $126bn (£41bn to £79bn) in the past five years, helping to push prices to 30-year highs and causing sharp price fluctuations that have little to do with the actual supply of food, says the United Nations' leading expert on food.

Hedge funds, pension funds and investment banks such as Goldman Sachs, Morgan Stanley and Barclays Capital now dominate the food commodities markets, dwarfing the amount traded by actual food producers and buyers.

Goldman Sachs alone has earned hundreds of millions of dollars in profits from food speculation.

Can you imagine what kind of mindset it takes to do this?

Can you imagine taking food out of the mouths of hungry families on the other side of the world so that you and your fellow employees can pad your bonus checks?

It really is disgusting.

But that is the way the game is played.

It is set up so that the big guy will win and the little guy will lose.

The other day I wrote about how this is particularly true when it comes to our system of taxation.

Well, since that article I have discovered some new numbers that were just released by Citizens for Tax Justice.  Some of the things that they have uncovered are absolutely amazing....

Between 2008 and 2011, Verizon made a total profit of $19.8 billion and yet paid an effective tax rate of -3.8%.

Between 2008 and 2011, General Electric made a total profit of $19.6 billion and yet paid an effective tax rate of -18.9%.

Between 2008 and 2011, Boeing made a total profit of $14.8 billion and yet paid an effective tax rate of -5.5%.

Between 2008 and 2011, Pacific Gas & Electric made a total profit of $6 billion and yet paid an effective tax rate of -8.4%.

So why should middle class families continue to be suffocated by outrageous tax rates when hugely profitable corporations such as General Electric are able to get away with paying nothing?

Our current tax system is an utter abomination and should be completely thrown out.

But as is the case with so many other things, our current system is going to persist because the "big guys" really enjoy the status quo and they are the ones that fund political campaigns.

It would be bad enough if the "big guys" were beating us on a level playing field.

But the truth is that the game has been dramatically tilted in their favor and they know that the politicians are going to take care of them whenever they need it.

So what is going to happen the next time the too big to fail banks get into trouble?

They will almost certainly get bailed out again.

Unfortunately, the big Wall Street banks continue to treat the financial system as if it was a gigantic casino.  The derivatives bubble just continues to grow larger and larger, and it could burst and absolutely devastate the entire global financial system at any time.

According to the New York Times, the too big to fail banks have complete domination over derivatives trading.  Every month a secret meeting that includes representatives from JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America and Citigroup is held in New York to coordinate their control over the derivatives marketplace.  The following is how the New York Times describes those meetings....

On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan.

The men share a common goal: to protect the interests of big banks in the vast market for derivatives, one of the most profitable — and controversial — fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential.

When the derivatives market fully implodes, there will not be enough money in the world to bail everyone out.  According to the Comptroller of the Currency, the too big to fail banks have exposure to derivatives that is absolutely outrageous.  Just check out the following numbers....

JPMorgan Chase - $70.1 Trillion

Citibank - $52.1 Trillion

Bank of America - $50.1 Trillion

Goldman Sachs - $44.2 Trillion

So what happens when that house of cards comes crashing down?

Well, those big banks will come crying to the federal government again.

They will want more bailouts.

They will claim that if we don't give them the money that they need that the entire financial system will collapse.

And yes, if several of the too big to fail banks were to collapse all at once the consequences would be almost unimaginable.

But of course all of this could have been avoided if we would have made much wiser decisions upstream.

Our financial system is more vulnerable than it ever has been before, and the too big to fail banks just continue to grow.

The lessons from the financial crisis of 2008 have gone unheeded, and we are steamrolling toward an even greater crash.

What a mess.

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  • http://survive.devhub.com @survivecollapse

    All WILL come crashing down at some point (probably sooner than later) and when it does, I can just hear Obama blaming Bush for it all. Just pray that the collapse happens after O is out of office! Were he to be the person in charge of restructuring our defaulted debt, we would all be paying for our purchases with either the currency of Amereos (N American Union) or with bills that have George Soros’s likeness on them (Soros Bucks?)

    It all stinks to high heaven of the NWO.

    • Jodi

      I pray that the collapse comes after the election. If a collapse comes before, we could see riots in the streets. Then what? Will BO declare it too dangerous for a vote? I’ve seen predictions of a collapse from different experts, some say before election, some say after the election. This president thrives on a crisis, something is not right.

      • Benjik

        I agree, unfortunately I think we may also see massive riots if BO is defeated in November. Has anyone else heard these grumblings of having a dual-presidency?

      • xander cross

        Be careful what you ask for. You might just get it. White people live of the problems of black african americans for decades. In the mad quest of trying to destory a race of people, most white people are seriously afraid that they are going to be destroyed themselves, thus, the raid at the gun shows, the support for Mitt Romney, because Mitt Romney repersents the ultimate fantasy for white people, and that is rich, high class, and own property without paying taxes.

        • jaxon64

          Racist..hate filled racist..at least you’re open and honest about it…….

        • http://www.worldmaker.us Mark Wandrey

          xander cross – new progressive american speak for ‘full of *********’.

        • knightowl77

          You assign motives and emotions to people you do not know and probably will never understand…You assume that people that disagree with you, do so, based on race or some other base motive.
          Xander you have NO idea what my background is, what my life experiences are and what my life is like, nor do you have the slightest clue what I think about. It is foolish to assign motives in a vacuum, but continue to do so if it gives you comfort. You may have a career as a politician looming ahead of you..

          • DownWithLibs

            Notice that he keeps assuming that everyone here is white. Very racist, indeed!

        • Wake up

          you Poor uneducated BLACK man… Nothings stopping you and your from getting the hell out of here!!! That would be a few less “Entitlements” to pay out… Beat it!!!

      • http://theeconomiccollapseblog leonard

        What fat cat doesn’t thrive? The population is pitying the billionaire, whether Obama is in office or not!

    • salvadordaly

      If you want to “SEE” these banks and the derivatives actually look like, check this out.
      http://demonocracy.info/infographics/usa/derivatives/bank_exposure.html
      It is a good visual.
      Now back to your regulary scheduled programming.

    • Joe Shmo

      @survivecollapse – This is where the Mark of the beast will come in (spoken of in revelation) and ”Obama Care” will be mandatory to have this chip in your hand or forehead. They’re totally skipping the Amereo. These “Super Banks” are none other than the illuminati who believe in lucifarianism. Look it up it’s not hard to find. “Seek and you will find”

  • Rodster

    What do you expect? It’s two card Monte. The whole system is rigged. We have been played by the Wall Street hustlers and Politicians on both sides of the isle.

  • Barn Cat

    It used to be that banks weren’t allowed to cross state lines. That limited how much money a bank could lose if it went bankrupt.

    The other thing that’s happening is big banks in bad financial shape are gobbling up small financially sound banks. The result is bigger banks that are still in trouble. They all still own large numbers of toxic mortgages that they aren’t legally obligated to report on their balance sheets. The government changed the law so nobody would know what terrible shape the big banks are in. Not even their stock holders. Nobody with a brain would own stock in one of the big banks.

  • Ya’aqov ben Ya’aqov

    “Quantitative easing” or (“QE2″ as it has come to be known) is a foolish and destructive fiscal policy practiced by our current Administration & the “Federal Reserve”. It was a failed monetary policy, practiced by other Governments in the past such as the “Wiemar Republic” of Germany, Zimbabwe, Yugoslavia as well as many others.

    Simply put, it is a monetary practice of “expanding” (or rather more correctly) “inflating” the money supply by simply printing paper currency and/or digitally adding zeros (i.e. legalized counter-fitting) to our nation’s central bank i.e. the Federal Reserve who then loans that fiat capitol to our Government to increase spending in the federal budget in a futile attempt to stimulate economic growth! Also known as “liquidity”. Since it is fiat money with no backing its consequences are obvious and predictable! Hyper-inflation, soon followed by the total collapse of the national currency!

  • jsmith

    Nice article Michael! They just keep getting better and better. Where did I read that “Shepherds may change, but sheep remain sheep?”

    • Michael

      Thank you for the kind words. Most Americans sadly do not realize that the too big to fail banks are more of a threat to our system than ever.

      Michael

  • davidmpark

    Okay, so now we have a good idea as to why the food prices are higher: bank speculation investing, multiple natural disasters and crop failures, aging farmers, USDA regulations and programs (they still buy food to destroy it), and growers associations (they also destroy smaller or somewhat deformed but still good foods that won’t fetch top dollar).

    I don’t know if I can post here ways to grow crops and livestock anywhere, but Mike probably covered it somewhere.

  • http://EconomicCollapse Already Gone

    so why isn’t anything being done? Well,my question is this,Do the people of this country
    have the heart and/or desire to change the way things are going? Do they have the courage to take the blinders off and look around them and “see” what is going on? Do they really care?
    Do they have the strength and courage to tell the government and wall street and anybody else
    involved to get the @#$% out of Dodge amd not to come back? Are they content to live in poverty
    and rathole conditions so the previous mentioned can live a king’s Life? Do they really care about there kid’s future or is the way they look at it just a smokescreen as they hope and pray things will change for the better? What a Mess,
    Yes it is, But let us remember that as a society there is no to blame but ourselves we allowed it
    to happen,and we must accept the responsibility
    for what it is.The Answer,who knows what can and/or will happen to civilization in the coming days but at some point there will need to be a plan for the reconstruction of society,any ideas?

  • Degruelle

    According to the IMF, there is a way out; the virtuous circle of growth.

    The virtuous circle

  • McKinley Morganfield

    I suspect this is all going according to a plan; a plan of the TBTF, Soros types, and the political class in DC & Brussels. Where does it all lead? To crash and burn with the masses yearning to be saved and Big Brother offering salvation in terms of welfare and repression. Am I paranoid? Perhaps, but I don’t think so.

    However, there is a sliver lining. Unintended consequences are a bitch and Murphy rules. That which can go wrong with their plan will go wrong. Get ready for collapse, chaos, and resurrection. Ashes, ashes we all fall down approaches. Prepare to be among those few who remain standing for someday in the not too distant future there will be a new society to rebuild.

  • marianne

    I have always wondered why the food prices increased so fast and this is the explaination sad

  • gary2

    Michael–you are correct-Obama royally screwed up on this. I am under no illusion ORomney would do any better.

    • ASolution?

      Ron Paul is talking about shutting down all these ***holes Lamestream Media doesn’t want you to know check him out RonPaul2012.com

  • mondobeyondo

    Just goes to show who is really in charge of this country’s affairs.

    “Too big to fail”, indeed. Let everything else fail, but not the institutions “too big to fail”. JP Morgan Chase, Citibank, etc. and their friends and allies.

    Which institutions would be allowed to fail? The Congress? Sure. They can be bought. Most of Congress has been practically bribed and bought anyway.

    The Supreme Court? Yep. They can be bought. Even more so with lesser courts. “Equal justice under law”… Call me cynical if you want, but… do you have enough money to hire a “dream team” of lawyers? You too can get away with murder! Just like O.J. Simpson.

    The Presidency? Ha ha haaaa. Ha. Hee hee!!

    Your local school board? County sheriff? Governor? Name your price. The bankers will make them an offer they can’t refuse.

    It’s the big banks. They have the money to buy everyone else. Oh, but you say that’s corruption! Corruption? Really? Well, who do you think you are? A superstar? Well, right you are!*

    * John Lennon, “Instant Karma”

  • tappedops

    The answer to QE3 is CD3 (civil-dis3)…no guts no glory jellyfish…grow a spine—ya YOUR the problem…

  • chiller

    Save a nation, ******* a bank today!

  • http://goldenladyfun.blogspot.com Pat

    Great Article. As a former banker I completely concur with your assessment. See my blog article “The Burning Match Theory”. goldenladyfun.blogspot.com

  • William

    The failure to reinstate Glass Steagall in the Dodd/Frank bill shows that the big banks totally control the US Congress. Your Representative/Senator does not represent you. They represent big money. Be sure to reelect them.

    • xander cross

      And they will because they are told to do so by television, mainly CNN. Also, many whites see themselves as Mitt Romney and many black see theselves as Barack Obama. When whites see Mitt Romney, they see themselves as rich, powerful, and own everything through theft and greed. The same goes for Ron Paul supporters, who support a politican that does not care about them and is miking the so called “revolution movement” like it’s noting. That is called pimping the game.

      • knightowl77

        ……..yawn

        • DownWithLibs

          LOL!!!

  • Douglas

    Over and over again comments here keep blaming Dems, Republicans, or Obama. Do you really think this mess has happened since Obama took office. This fantasy land has been played out in American’s lives for decades. We buy to much junk, live on credit, allow corrupt politicians to run our government, put up with high taxes which simply pays for more waste. We are lazy and let business go on as usual. We will follow our noses until it leads us off a cliff. The cliff is right around the corner.

  • Mark

    Is anyone else starting to get more anxiety over the news of Spain needing a possible bailout, the Chinese and Japanese currency value dropping, and our media trying to convince us to keep spending? I’m getting really nervous, and starting to worry. I figured that our collapse would be in 2015, but I’m thinking it will be next year in the spring. After a lousy holiday shopping year and unemployment not being able to slow down – I’m getting worried.

    • James

      I’m betting it’s between Springs and Fall 2013.

    • xander cross

      You should be getting worried, people been saying this for years and now, you just realize this? Have you not noticed all of the grocery shopping that is done on credit at Target, Wal-mart, Seras, and Whole Foods? People living lies by living in the department stores, buying up things like easter wrapping paper for $5.00 and continue to do so and you wonder why?

    • DownWithLibs

      I’m more concerned with the other super-powers turning to alternative ways of trade instead of the reserve currency – U.S. dollars. I, of course, don’t blame them, but this would send the price of EVERYTHING through the roof!!!

      • Klean

        it already is through the ************ roof.

        • DownWithLibs

          You haven’t seen anything yet.

  • Ranger

    What was the name of that Clint Eastwood movie? Oh yeah, ***************.

    • Wilson

      It wasn’t ********, it was **** ** high

  • Ranger

    And who do you think the biggest contributors are to Rommney’s campaign are?

    http://www.zerohedge.com/news/presenting-mitt-romneys-top-campaign-contributors

    And if you doubt the banker’s agenda, or think it’s only in the US, just look at the influence of Goldman Sachs over the European central banks:

    http://www.zerohedge.com/news/goldman-path-complete-world-domination-mark-carney-his-way-head-bank-england

  • Professor Gary

    Not just the big “Wall Street” banks but smaller regional banks have taken advantage of Fed Reserve generosity to get very low interest rates to buy treasuries for a nice safe spread. Much better than loaning money to schmucks like you and me to buy a car or house. Ask a small business owner how co-operative their local bank is in extending credit for inventory financing or expansion. We have been exploited legally but not ethically by this corrupt system.

  • Paul76

    Don’t you just love GE? NEGATIVE 18.9% rate. WE gave them money! Last year, as a single, self-employed person (an endangered species!), I had to fork over an effective tax rate of 13.2%. Don’t “qualify” for anything! Get outraged when I see those H&R Block ads where people get “refunds” of $5,000 or $6,000! HOW do they manage that? Is it REALLY A REFUND if you never paid that much in????

    Disgusting. Yet people continue to fall for the baloney spewing from the mouths of politicians–”we’re looking out for YOU!” Right! Sure you are! I’m a “wallet” you’re looking to raid to buy more votes.

    This ship of state is sinking fast. Build yourself a lifeboat before it’s too late!

    • DownWithLibs

      I’ve always wondered about the very large “refunds”, too. Maybe someone can explain.

  • Evie

    They should pay peoples unemployment. They should borrow at the prefitory terms with thr same fees they expect the public to pay.

    We do not get 0 percent if we did there would not be a phony recovery.

  • John Newman

    Wow Ya’aqov, I couldn’t have said it better. Education, that’s the key. Teach our youth (and adults) what money is, teach them economics, the way banks, the Federal Reserve and central banking in general REALLY work etc.

    Then teach them, not indoctrinate them with opinion or bias, civic, political science, different forms of government and most of all…

    That Government should fear its people, the people should not fear its government!

  • JAH666

    The Too Big To Fail giants mentioned in this excellent article won’t be brought under the control of the ‘little people’, they made the rules, run the game and appoint the officials that enforce the rules in the game. Everything is proceeding as they have planned for almost a century, and we who were and are continuing to be “invited” to play, cannot win. Everything in investment financial structures the world-over is designed to benefit the “big-boys” and to drain the money out of the middle-class, creating more ‘poor’ people, and funnel it back to them. (The ‘poor’ will be TOTALLY under the heel of these financial entities, since they will control food, fuel and shelter.) More and more of us “little people” have tripped to this since 2008 (remember Lehmann Bros and Bear-Stearns) and are fleeing the markets in ever-growing numbers. The stats on middle class (or consumer investment as it’s referred to) flight from all levels of the financial markets is out there to be read. The only safe places right now to park assets are US Dollars, physical precious metals and real estate. The Powers That Be will not allow the US Dollar to suffer too badly, they all have too much of their money invested in Dollars and the financial instruments that depend on the Dollar. The crash in the integrated world financial structure is INEVITABLE AND PLANNED. There just isn’t enough money on the planet to keep the vast ponzi scheme going forever. But TPTB will keep it going as long as possible, draining every Dollar and Euro and Pound, etc from the middle class the world over that they can while they convert their holdings into gold and real estate, which are the only things that will have any value once all the fiat currencies collapse in a heap of unsustainable debt. After it all comes crashing down, the Goldman Sachs level players that created this disaster will emerge from their bunkers with a grand new plan to put the world financial system back together, we will all be “invited” to participate, and most of the “little people” the world over will gratefully accept their new scheme. (The ‘poor’ will have no choice.) And it will all start over again… with them in even tighter control of our lives. We are too small individually to hurt the TBTF banks. The best thing the ‘little people’ can do is to get out of debt. Debt is the primary asset of the big banks. If they hold your debt, they control your life. Another well-respected financial advisor has warned his clients THIS WEEK: “If you put all of your money into cash today and don’t look at the market for another decade – you will be better off…”

  • Cinderella Man

    Isnt it amazing how well the stock market does whenever they hear any hint of QE3? This is a total false rally. The market is a nervous wreck I dont know how they were able to keep rallying after last fall’s debt debacle in Greece. And yet it keeps going. The economy is on life support from the FED. I just read an article on Infowars about how the Canadian Central Bank head Mark Carney has been tapped to become the next Governor of the Bank of England! This guy is a 13 year Goldman Sucks veteran who was involved with the 1998 Russian financial crisis which Goldman made worse by betting against Russia’s ability to pay off it’s debt!! So now Goldman will essentially control the entire financial world!! Speaking of Goldman Sucks I talked to an older gentlemen who basically had his ass handed to him over the past 10 yrs, lost money in the dot com bust and in ’08. He made the mistake of investing in Goldman and lost his shirt while Goldman got bailed out. Just makes you sick how the govt. will take care of the fat cats and lets the average investor get screwed. No wonder theyre is not much retail investing activity in the markets now. Fool me once, well you get the picture!

  • Snoopy_The_Economist

    Whatever happened to public ************ of corrupt politicians? When it all comes crashing down maybe that will come back into fasion.

  • Gary2

    Can you imagine what kind of mindset it takes to do this?

    Can you imagine taking food out of the mouths of hungry families on the other side of the world so that you and your fellow employees can pad your bonus checks?

    Michael–the mindset is called capitalism which is why it needs to be tempered with a large dose of socialism in order to save capitalism from itself.

    • knightowl77

      No Gary2 it is GREED and it functions in many of people when the Gov’t is in on the take….As long as the Feds get their cut they don’t care, and in fact they encourage it with the laws and regulations they pass….
      Both parties enable this

    • xander cross

      Hey gary, he loves capitalism because in the mindset of most conservatives, is greed above else. I like this site a lot and recommend it to others whenever I get the chance, but a lot of Ron Paul supporters are also supporters of Mitt Romney and Rick Santourm, and speaking of Santorum, it’s amamzing how someone with a college degree and a politican, would tell his fellow whites, that being educated is bad. That is the purest form of class warfare among whites that I have ever witness, but, of course, you would never hear or see michael make an artile about that. Absoutely stunning.

      • Saq

        are you crazy? Ron Paul supporters support no one but Ron Paul. Goldman sucks, chase, etc… are not Ron Paul supporters. All you need to do is look and see who the largest contributers to a campaign are. Give me a break.

    • DownWithLibs

      Were you dropped on your head when you were little? It would go a long way to explaining things.

    • Mal R.

      Do you even read the articles? You’re responses are so outlandish and ignorant of any intelligent thought.

      Capitalism is merely an engine. If you were to compare it to the socialist economic engine, the capitalist one would have won the race, gone home, showered and put on it’s slippers before the socialist one even thought about crossing the finish line.

      Greed is a human condition. Its reflected in people running the big multi-national outsourcing Cos that have been robbed of their moral value system (read social contract) this country was founded on by people just like you Gary. People that lie, distort, demean, twist, disparage and slander the bible.

      What did you really expect would happen once the tree the democrats planted started to bear fruit? You people are the ones that cant seem to conduct your daily affairs knowing the Bible exists. So what are people left with? Where are they supposed to get their understanding of morals and values – from fist pumpers? People that completely embody greed, envy and jealousy?

  • erheault

    Best bet is to get a Government job as soon as you can as they never get fired just promoted and wages and bennies are good for life.

    • DownWithLibs

      I can’t help but wonder if the Secret Service, who were caught with the hookers and will likely loose their jobs, if they will still get their Cadillac retirements and other benefits.

  • Bob Marshall

    2012 campaign contributions Three main candidates: Mitt Romney $813,300
    Barack Obama $198,974
    Ron Paul $13,104

    Who will Wall St. and the Council on Foreign relations control since almost every member of Wall St. are member of the Council on Foreign Relations as well as almost every president and vice-president as well as member of their cabinet and administration. Some are also members of the BB and the TC.I can’t believe there are those thatstill think that presidents are elected and not selected. i do remember what Noarh Webster, the Father of Education, once said,” If we vote an immoral man into office we are a traitor to our county.Did America do that in 2008 and will they again in 2012? Maybe, money does talk. While Obama suffers from a Narcissistic Personality Disorder, Mitt Romney flip flops on platforms like a fish out of water.In Romney i see the lesser of two evils but i still evil.

    • xander cross

      And by your proving that you support Mitt Romney, you prove that you are the very problem that you claim that you’re against. White people who think that there are mitt romeny, because romeny is white, owns propery, and yes, is one of the memebers of the electorial college. What’s that, you did not know that in order to be an member of the electorial college is that you have to be white, rich, and own lots of property, and I am talking about owning a small plot of land. The signers of the delecrtation of independence wrote this law into existence. So in essence, your founders were rich, white elitist and evil, just like the politicans that you voted for, inclulding the tea party members like Rand Paul.

  • a lot more trouble coming

    Here is an interesting article everyone should read. This is i have been warning evryone to be prepared physically , emtionally and spiriutally
    Becuase this senario is coming to America very soon.
    ersonal situation will become ezxtreme and desparate;

    Increasingly in Europe, Suicides ‘by Economic Crisis’

  • a lot more trouble coming

    Below I have cut and pasted a link to a recent and very interesting article everyone should read.

    This is why I have been advising everyone to be prepared physically, emotionally and spiritually for what is to come.

    Michael the author of the Economic collapse blog has so carefully researched and detailed the coming events in all his articles, so that all of you, rich, poor, middle class can start getting prepared for the floods of economic doom and despair about to hit The United States with a full force like none other ever seen by modern society.

    This scenario written about in the article below with link, is coming to America very soon.

    Personal situations will become extremely desperate, maybe even violent in the very near future.
    ———————-
    Increasingly in Europe, Suicides ‘by Economic Crisis’
    http://www.post-gazette.com/stories/news/world/increasingly-in-europe-suicides-by-economic-crisis-631380/

  • Benjik

    After being shackled to most of these 2-big-banks at one time or another for the majority of my adult life, I can happily say “NO MORE”! No more Citi-Mortgage, no more Chase auto loans, no more BOA “free” checking,(an obvious oxymoron!)……

    Checking/savings and one small auto-loan through our local credit union, couldn’t be happier!

    15-yr mortgage through LOCAL bank(same name and building for 103 years), have had several opportunities to refinance through one of the 2-big-banks for almost 2 whole percentage points less, NOT A CHANCE! Any questions or concerns regarding our mortgage is only a 3-block walk away, and get this, we get to talk to a real live person FACE-TO-FACE! That sure beats the snot out of:

    “Press 1 for English”

    “Please listen carefully as our menu options have changed”

    “Your estimated wait-time to speak to a representative is: (robotic voice) 37 minutes”

    “Please continue to hold, your call is important to us”

    “Thank you for waiting, this is Habib, and you are correct sir, at this moment I am in complete control of the biggest financial liability of your entire life, it matters not that I am in New Delhi. How may I service you sir?” (And you know for a FACT you can hear firecrackers and chickens in the background….)

    If given the opportunity, don’t walk, RUN away from the 2-big-banks and conduct your financial business locally. Credit unions are an excellent venue for checking, savings and small loans. The best part? YOU have ownership and a vested interest. Dealing locally also builds community strength and ties, something I think we can all agree with.

  • Kathy Smith

    “Can you imagine what kind of mindset it takes to do this?” The SATAN mindset. Fortunately God is in control & someday these greedy b****** will have to answer to God for there sick minds.

  • mondobeyondo

    “I’m Mitt Romney/Barack Obama/Newt Gingrich, and I approve this message, and Goldman Sachs paid for the airtime to broadcast this message.”

    • Kevin2

      Ain’t that the truth.

  • http://worldendsat5newsat11.blogspot.com Tony Lamb

    We are ALL headed for a brick wall at over 100 MPH and not to many of us will survive…
    True some are saying to change course or put the brakes on but it’s to few and way to late.
    SO just keep that right peddel firmly planted against the floor and keep er above 120 MPH and
    “you won’t feel a thing”, “I promise, Trust me I’m a politician, I kiss babys”…
    See how to survive the coming Economic CRASH at: http://surviving12-21-2012.blogspot.com

  • DownWithLibs

    Hmmm, I wonder what it’s like to sell your soul to satan for a few measly fiat dollars? Thank goodness I will never be in a position to find out first hand!!

  • Pangloss

    Bow down and worship your gods. Because I believe in the real golden rule: whoever has the gold makes the rules. The natural order of things for those mindless proles too busy watching Snooki and DWTS to notice they are slding down the razor blade of life.

  • slthpd

    Michael, Thank you for all your articles!! I appreciate all the time and effort you put into them. They are very informative and interesting!

    Can you briefly answer a question for me………what are a couple examples of what might cause a derivative bubble to burst?? Or better yet, write an article on that subject!!

    Again, thanks for the articles and I tell other people about them, too!!

    • Michael

      If interest rates or the financial markets were to make a very dramatic move in one direction over the course of a few weeks that could start the ball rolling. :)

      Michael

  • SamColt

    January 3rd, 2007 was the day the Democrats took over the Senate and the Congress. At the time:
    The DOW Jones closed at 12,621.77
    The GDP for the previous quarter was 3.5%
    The Unemployment rate was 4.6%
    George Bush’s Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB GROWTH
    Remember the day…
    January 3rd, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee.
    The economic meltdown that happened 15 months later was in what part of the economy?
    BANKING AND FINANCIAL SERVICES!
    Unemployment… to this CRISIS by (among MANY other things) dumping 5-6 TRILLION Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac FIASCOES!
    Bush asked Congress 17 TIMES to stop Fannie & Freddie – starting in 2001 because it was financially risky for the US economy.
    And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac? OBAMA
    And who fought against reform of Fannie and Freddie?
    OBAMA and the Democrat Congress

    • Gay Veteran

      more right-wing Republican pablum from Sam Colt

      Fannie and Freddie were not involved with sub-prime mortages which cause the housing bubble to inflate

      plus the real estate situation is the same in commercial real estate!

  • BillybonesIII

    Thanks for that Michael
    Only now what happens after these ghouls have caused the food costs to rise and the subsequent drop in food production due to tornadoes and the coming floods in the bread basket of the US.
    We really haven’t seen anything yet!
    I feel sorry for the poor schmuck who get elected after that!

  • WASP

    It’s almost like every government organ and majory business has turned against the people.

  • Jane

    Thanks for this important article. The banking system is set up to consolidate wealth and power – it was created by big bankers to benefit big bankers. If we want to change it, we have to change the overall banking system, which includes auditing and ending the Federal Reserve.

    You should check out the THRIVE movie which explores this topic in great depth. You can watch it for free here: http://www.thrivemovement.com/the_movie

    Highly recommended!

  • http://www.subprimeregulations.blogspot.com/ Per Kurowski

    I just wanted to leave a note on how to break up a too big to fail and too big to capitalize bank in hours! http://bit.ly/M9UNOt

  • joe oberr

    Why should corporations pay taxes? Income taxes corporations pay are another cost line item which is added to the price of the good or service provided to its customers. In other words, its another hidden tax by our selfless politicians who are just about the greediest folks on earth.

  • http://www.infowars.com Anon

    These financial scandals, and the ‘Fed’ won’t be going away anytime soon, UNLESS YOU GET UP OFF YOUR FAT, LAZY A**ES, and DO SOMETHING!

    HR 459 passed by an overwhelming majority in the House, by a vote of 327-98!
    Now, this bill (S.202) needs a vote in the Senate!

    CONTACT YOUR SENATORS HERE:

    AUDIT THE ‘FED’!
    http://www.auditthefed.com/?mode=actionpage

    End the Fed! Whether Congress Wants Us To or Not!
    http://www.lewrockwell.com/boldin/boldin22.1.html
    http://tenthamendmentcenter.com/2012/07/25/end-the-fed-whether-congress-wants-us-to-or-not/

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