.

Forgive me, I don't want to dominate patch, but the time has come.

The too big too fail banks, the government, and you, dear readers.

I will continue to blog regarding JP Morgan Chase.  But right now, I want you to know that the monetary system itself is intricately involved with the great inequities we are now witnessing.  It is important not just to understand the arcane investment vehicles invented and utilized by the too-big-to-fail banks like JP Morgan Chase and Goldman Sachs.  It is also necessary to understand what the Federal Reserve Bank is, and how they are effecting all of us right now.  Let's start with their manipulation of interest rates.  In a normal interest rate environment, the people of the United States would be earning a half a trillion dollars in regular savings accounts.  However, as the Federal Reserve has  mandated interest rates to near zero, the common man has no returns on savings.  He is forced to invest in riskier assets...while the too big to fail banks, like JP Morgan Chase, are able to borrow money from the feds at these near zero rates, only to gamble that money in casino grade trades called derivatives.  JP Morgan has said it's in trouble, $ 2bil...now according to the NYTimes, it's $9 Bil...guess what?  No one knows what it is.  But rest assured, the government, which is actually owned by these big banks, will get you, the tax payer, to bail out the banks who have taken free money from the feds and gambled it in the wildly profitable, until it's not, derivatives market.  More to come, dear readers, who have the desire to stay with me on this.  Not pretty, not for the faint of heart.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Jim June 29, 2012 at 04:43 PM
June, why are you surprised? The financial shenanigans you are talking about is what happens when 1. Money becomes the center of everything and 2. Those who are wealthy enough don't give a hoot for anyone else. It is not this bank or that bank. It is a cultural malaise and a symptom of the decine of society.
june shellene July 01, 2012 at 04:07 PM
Seemingly intelligent, decent people (bankers) purposefully fleecing us all? Yes, this was a surprise, but for me, it is NOW an urgent call to action. That is to alert everyone else to what's happened here, and what will become much worse if we don't stand together and fight.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »