Archive for the ‘ Banks and their greed ’ Category

More Bank Bailouts In Our Future?

It’s being reported by infowars.com that there may be a new round of bank bail out’s in the works under the guise of QE3.

While Ben Bernanke’s announcement that the Federal Reserve will embark on an open ended scheme to purchase $40 billion in mortgage-backed securities each month has been touted by the establishment media as the beginning of “QE3″ it is in fact nothing less than another banker bailout in disguise.

While many have rightly attacked the Fed’s policy of printing money as a band aid that does little to solve the economy in the long term, this new move isn’t even about that. The policy announced yesterday will merely see the Fed use taxpayer money to purchase more bad debt in the form of junk mortgage-backed derivative based securities that have been sold over and over again.

This has nothing to do with getting the economy going again and will only serve as yet another huge wealth transfer from the middle class to the elite.

Read full article

In light of this information I decided to go see which banks that previously received a bailout have actually paid back what they received. You can view a full list HERE but we’ll cover some of the banks here as well. This is just a small portion of the banks that are in default right now….

Fannie Mae still owes $90,617,000,000
Freedie Mac still owes $51,199,000,000
AIG still owes $2,609,686,768
General Motors still owes $27,197,156,843
GMAC (now Ally Financial) still owes $10,752,090,618
Chrysler still owes $1,315,061,737
CIT Group still owes $2,286,312,500

If an American owes back taxes you better bet the IRS will be seizing anything and everything they own in order to recoup that money but what’s been the penalty for these banks? Our incredibly thoughtful government never bothered to stipulate ANY penalties therefore there are NONE! They can just keep right on doing business, paying their CEO’s billions in bonuses and thumb the American public that had their money stolen in order to ensure the rich would continue their wild spending. Absolutely disgusting!

Jailed for $280: The Return of Debtors’ Prisons

I just came across this article and I could not believe my eyes. People that have life threatening/debilitating illnesses and injuries, the unemployed and the mentally ill are being put in DEBTOR’S PRISON for not being able to pay. The big banks can’t pay and they get a loan from the tax payers…. This simply makes no sense! The federal government can’t pay up so why the hell aren’t all of our representatives being thrown in jail??

By Alain Sherter | CBS MoneyWatch

How did breast cancer survivor Lisa Lindsay end up behind bars? She didn’t pay a medical bill — one the Herrin, Ill., teaching assistant was told she didn’t owe. “She got a $280 medical bill in error and was told she didn’t have to pay it,” The Associated Press reports. “But the bill was turned over to a collection agency, and eventually state troopers showed up at her home and took her to jail in handcuffs.”

Although the U.S. abolished debtors’ prisons in the 1830s, more than a third of U.S. states allow the police to haul people in who don’t pay all manner of debts, from bills for health care services to credit card and auto loans. In parts of Illinois, debt collectors commonly use publicly funded courts, sheriff’s deputies, and country jails to pressure people who owe even small amounts to pay up, according to the AP.

Under the law, debtors aren’t arrested for nonpayment, but rather for failing to respond to court hearings, pay legal fines, or otherwise showing “contempt of court” in connection with a creditor lawsuit. That loophole has lawmakers in the Illinois House of Representatives concerned enough to pass a bill in March that would make it illegal to send residents of the state to jail if they can’t pay a debt. The measure awaits action in the senate.

“Creditors have been manipulating the court system to extract money from the unemployed, veterans, even seniors who rely solely on their benefits to get by each month,” Illinois Attorney General Lisa Madigan said last month in a statement voicing support for the legislation. “Too many people have been thrown in jail simply because they’re too poor to pay their debts. We cannot allow these illegal abuses to continue.”

Debt collectors typically avoid filing suit against debtors, a representative with the Illinois Collectors Association tells the AP. “A consumer that has been arrested or jailed can’t pay a debt. We want to work with consumers to resolve issues,” he said.

Yet Illinois isn’t the only state where residents get locked up for owing money. A 2010 report by the American Civil Liberties Union that focused on only five states — Georgia, Louisiana, Michigan, Ohio, and Washington — found that people were being jailed at “increasingly alarming rates” over legal debts. Cases ranged from a woman who was arrested four separate times for failing to pay $251 in fines and court costs related to a fourth-degree misdemeanor conviction, to a mentally ill juvenile jailed by a judge over a previous conviction for stealing school supplies.

According to the ACLU: “The sad truth is that debtors’ prisons are flourishing today, more than two decades after the Supreme Court prohibited imprisoning those who are too poor to pay their legal debts. In this era of shrinking budgets, state and local governments have turned aggressively to using the threat and reality of imprisonment to squeeze revenue out of the poorest defendants who appear in their courts.”

Some states also apply “poverty penalties,” including late fees, payment plan fees, and interest when people are unable to pay all their debts at once, according to a report by the New York University’s Brennan Center for Justice. Alabama charges a 30 percent collection fee, for instance, while Florida allows private debt collectors to add a 40 percent surcharge on the original debt. Some Florida counties also use so-called collection courts, where debtors can be jailed but have no right to a public defender.

“Many states are imposing new and often onerous ‘user fees’ on individuals with criminal convictions,” the authors of the Brennan Center report wrote. “Yet far from being easy money, these fees impose severe — and often hidden — costs on communities, taxpayers, and indigent people convicted of crimes. They create new paths to prison for those unable to pay their debts and make it harder to find employment and housing as well to meet child-support obligations.”

Such practices, heightened in recent years by the effects of the recession, amount to criminalizing poverty, say critics in urging federal authorities to intervene. “More people are unemployed, more people are struggling financially, and more creditors are trying to get their debt paid,” Madigan told the AP.

Source

 

Corporate Tax Rate Too High? Not for GE…2.3% over 10 Years

The argument to not raise taxes for big businesses and corporations is now null and void. Big business needs to pay their fare share and the loopholes they have been using to get out of paying their portion need to disappear!

Noel Brinkerhoff, David Wallechinsky
allgov.com
Thursday, March 01, 2012

Indicative that something is amiss with the corporate income tax system, General Electric over the last 10 years paid only 2.3% tax on more than $81 billion in profits, according to the advocacy group Citizens for Tax Justice.
It was revealed last year that GE paid no federal income taxes in 2010. In fact, it received $3 billion in net tax benefits for that year. GE officials insisted the company didn’t owe anything for 2010, but added that for 2011, things would return to “normal” come tax time.
But what’s normal for GE is different from what’s normal for most Americans. Citizens for Tax Justice claims the corporation’s “effective federal income tax rate” was only 11.3%, less than a third of the official 35% corporate tax rate.
“I don’t think most Americans would consider 11.3%, not to mention GE’s long-term effective rate of 2.3%, to be ‘normal,’” said Bob McIntyre, director of Citizens for Tax Justice. “But for GE, taxes are something to be avoided rather than paid.”
Citizens for Tax Justice studied 280 major corporations and discovered that, for the years 2008-2010, the average effective tax rate was 18.5% rather than the 35% that big businesses and their Congressional supporters have been complaining about. Twenty-nine of the companies actually had a negative tax rate over the three-year period. This was most often the case with companies in the energy industry, such as Pepco, PG&E, NiSource, CenterPoint Energy, Atmos Energy, Integrys Energy and American Electric Power. Wells Fargo, Verizon, Boeing and DuPont also had negative tax bills.

Inflation Is A Tax And The Federal Reserve Is Taxing The Living Daylights Out Of Us

We keep printing more and more money which keeps the value of the dollar going down with each passing day. We pay our taxes but the government keeps increasing its spending so we pay more and more each year. Keep making more agencies to “protect us” from ourselves you morons.

The Economic Collapse
Thursday, March 1, 2012

Ronald Reagan once famously declared thatinflation is a tax, but sadly most Americans did not really grasp what he was talking about.  If the American people truly understood what inflation was doing to them, they would be screaming bloody murder about monetary policy.  Inflation is an especially insidious tax because it is not just a tax on your income for one year.  It is a continual tax on every single dollar that you own.  As your money sits in the bank, it is constantly losing value.  Over time, the effects of inflation can be absolutely devastating.  For example, if you put 100 dollars in the bank in 1970, those same dollars today would only have about 17 percent of the purchasing power that they did back then.  In essence, you were hit by an 83 percent “inflation tax” and all you did was leave your money in the bank.  So who is responsible for this?  Well, the Federal Reserve controls monetary policy in the United States, and the inflationary monetary policy that the Fed has gotten all of us accustomed to is taxing the living daylights out of us.  This is madness, and it needs to stop.

In previous articles I have discussed how the Federal Reserve creates money.  If you have not read those articles yet, you can find a few of them herehereand here.

The Federal Reserve system is designed to have the U.S. money supply expand indefinitely.

And that is exactly what has happened since 1913.

But when the money supply expands, there are very serious consequences.

Every time more money comes into existence, the dollars that you and I are already holding become less valuable because now there are more dollars chasing the same amount of goods and services.

Right now, the U.S. government says that the annual rate of inflation is somewhere around 2 percent.  Those of you that have to buy food and gas on a regular basis realize how much of a joke that is.

Thankfully, there are others out there that keep track of these statistics as well.  According to John Williams of shadowstats.com, if inflation was measured the same way that it was back in 1980, the annual rate of inflation would bemore than 10 percent right now.

But let’s use the doctored government numbers for a moment.  Using the doctored numbers, what inflation has done to all of us is still absolutely horrific.  Just check out the chart below.  This is what the Federal Reserve was designed to do.  It was designed to constantly expand the money supply and create inflation that never ends….

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17 States Considering State Banks

i have to wonder if there are many states considering their own currency as well; currency that would be, once again, backed by gold. It’s a breath of fresh air to see states taking some responsibility and showing the fed’s that their greedy banks are the only option.

Noel Brinkerhoff
All Gov
February 29, 2012

Taking a cue from North Dakota, a large number of state governments are considering the establishment of a state bank. bank of North Dakota

In the wake of the financial and mortgage crises, proponents are pushing for states to rely less on large national private banks and establish state-run financial institutions.

North Dakota serves as the model for this new experiment that 17 states are looking at. However, the state bank in North Dakota, the only one of its kind in the U.S., is not new, having been in operation since 1919.

With the Bank of North Dakota, financing is made available to support loans to students, farmers and others, while the bank’s profits go into the state budget to help provide more revenue for government programs.

Some states, such as Idaho and Vermont, have introduced legislation to study the idea of starting a state bank. Other states, like New Hampshire, Virginia, Hawaii, Washington and California, are debating bills that would create a state bank.

Source

Banker’s Insulting Waitress Tip Incites Class Warfare Between the 1% and the 99% **UPDATE!*

This is absolutely disgusting. I am hoping the name of this “banker” will come out.

By Melissa Knowles | Trending Now

Just when you may have thought the ongoing battle between the 99% and the 1% was dying down, it may have been reignited. A wealthy banker left a $1.33 tip on a $133 lunch at the True Food Kitchen restaurant in Newport Beach, California.

To add insult to injury the word “tip” was circled on the receipt, and the banker wrote “get a real job” on the bill. The picture of the receipt was taken and uploaded to the blog Future Ex-Banker by a person who was dining with the anonymous banker. As expected, the blog received a lot of attention and has now been taken down. The author of the blog wrote, “mention the 99% in my boss’ presence and feel his wrath. So proudly does he wear his 1% badge of honor that he tips exactly 1% every time he feels the server doesn’t sufficiently bow down to his holiness.”

People online who had a chance to see the blog post before it went offline and those who have been made aware of it on social media outlets are outraged. One person called the tip a “tale of greed and contempt,” and another referred to it as “arrogance personified.” The Web’s general reaction to this story is eerily similar to an almost identical 1% vs. 99% scenario that took place last fall. In Washington state, a waitress received a tip of no money and advice scrawled on the receipt that told her she could “stand to lose a few pounds.”

Source

****UPDATE***

It’s been found that this was a HOAX. Apparently the “receipt” that was originally posted was Photoshop edited.

Banker’s 1% Tip is a Hoax; Real Receipt Obtained

By Mike Byhoff | Trending Now

A copy of the altered receipt (left) and the original receipt (right) courtesy of True Food Kitchen

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Yesterday we reported a story about a banker who allegedly left a $1.33 tip on a $133 lunch bill at True Food Kitchen in Newport Beach, California. In addition, he added a ‘tip’ to “get a real job.” It was meant to be a dig from the 1% to the 99%, and the story, as well as the image, were shared all over the Web. We posted it on our show and received thousands of comments about the insulting remark written on the receipt. real receipt

After contacting the restaurant, its spokesperson Jami Reagan told us the receipt was Photoshopped, and they have the original receipt to prove it. Trending Now has received the original copy of the receipt, and we can confirm that it was in fact digitally altered. Reagan said the reason that the issue was not corrected quicker is because the corporate offices were closed over the weekend.

The original receipt does not contain the tip “Get a real job.” Also, the real bill was for $33.54, not $133.54, and the tip given was $7, not $1.33.

The blog that originally posted the receipt, Future Ex-Banker, was taken down Friday as well. True Food Kitchen also says that  the receipt was not altered by anyone on their staff, adding that they would never post any guest’s personal information.