Originally posted at Stockmarket-Implosion.
Nothing better illustrates the snake eating its tail that has become the American economy better than the news that the nice boyz and girls over at J P Morgan has a food stamp monopoly in 26 states and the District of Columbia. Since Morgan gets a cut of each transaction the bank only stands to profit from hungry Americans. Given that 37 million hungry Americans use food stamps all those little cuts add up to quite a gouge. And what about the future of food stamp users in the country? Well if a high percentage of food stamp usage is good for Morgan you already know the answer to that. In fact in the video Morgan executive Christopher Paton ghoulishly admits that this is “a very important business to JP Morgan” and that it is doing very well.
So, the bank which was a major in imploding the economy, and became a victim of its destructive derivatives, and forced itself upon the taxpayer for $45 billion big ones dines now at the carcass of it’s saviors who can’t afford to eat what they want. Just to rub salt into the wounds Morgan is saving a penny by outsourcing the food stamp customer service calls to India.
And how is all that cost cutting paying off for the creature of Morgan? Silly, its CEO Jamie Dimon got a fat wad of stock worth $ 17 million dollars for 2010, the biggest CEO score on Wall Street so far this season. And don’t you fret your little self the bonus scraps that fall under the table won’t leave board members or senior management on food stamps.
Meanwhile Americans in Wisconsin and Ohio fight among themselves over manufactured issues of labor unions and state budget cuts as the Dimon crew makes off with its haul. Conservatives and liberals equally don’t get it. Conservatives don’t get that you can cut food stamps, pensions, teachers’ salaries, and everything to zero and it wouldn’t put a dent in debt because we are still repaying the Fed and banksters loans on money from thin air and that the amount is greater than the GDP, and therefore unpayable. Liberals don’t get it that because government serves only its special interests and that the resulting lack in competition is what drives prices skyward.
Unfortunately these students cannot think.
Neil Graupner, a 19-year-old technical college student from Madison, said he was planning to stay until the matter is settled.
“The fact that the Democrats have walked out, it shows they’re listening to us,” he said late Thursday as he prepared to spend the night at the Capitol.
There is nothing like complete fools needing lower costs of education then directly begging for higher costs.
So, while ungrateful overpaid unions riot, and well intentioned people with similar interests line up on opposite sides of the false left right divide to devour each other oblivious to the real threat we scream as if into a roaring jet engine, for them to wake up and take notice. JP Morgan is feeding on you.