Monday, November 5, 2012

Who Would You Vote For, JPMorgan Chase Or Goldman Sachs?

I have been asked numerous times during the past few weeks if I will vote for Obama or Romney.  My close friends know me as somewhat Republican-leaning, but many others assume that one who represents the interests of many "common people" such as homeowners, would likely be Democratic.

Without getting too much into the politics of things, I'd like to share that my answer to the question "Who will you vote for?" has consistently been this: "Who would you vote for, JPMorgan Chase or Goldman Sachs?"  Is there really a "lesser" between these to "evils"?  Now, to be sure, I am picking these two particular names just for illustration purposes.  But the point remains: the Government is the head and the Big Money is the neck.

Needless to say, I am excited to see others with a similar point of view, and I was very happy to come across the following post a few days ago: Before the Election was Over, Wall Street Won.  Notably, the post is written by a former banker from Goldman Sachs, so presumably she really knows, by virtue of first-hand experience, what she is talking about.

The bottom line is, Main Street didn't get a bailout, and all the so-called "relief" programs from the government were just for show.  They contained tricky language making them unenforceable and allowing easy limiting construction by the courts.  The banks have been methodically tightening their stranglehold over Washington, lobbying for and passing national laws that distort federalism (the balance of power between the States and the Fed Gov) and otherwise increase the banks' power in almost every single area of activity.

That is why, for instance, ReconTrust, an arm of Bank of America, was chartered as a national "bank" even though it does not make loans and does not take deposits, specifically for the purpose of conducting foreclosures all across the country without regard to State laws.

As an entity completely owned by BOA, ReconTrust bulldozes over homeowners in various states and disregards state laws designed to protect such homeowners.  The power of the Establishment Banks is indeed being centralized even further, and we ain't seen nothin' yet...

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