Our politicians have given a massive 700 billion gift to the major Wall Street banks.We were told that we "had" to pass the bailout bill "or else" we would face serious consequences.
And so how is all of this money being spent?
Much of it is going to executive bonuses and "picking off" smaller banks.
The Wall Street Journal is reporting that the major Wall Street banks owe their executives more than $40 billion in pay and pensions that these firms fully intend to deliver to them.
Here are just a few examples of what these firms owe to their executives:
Goldman Sachs $11.8 billion
J.P. Morgan Chase $8.5 billion
Morgan Stanley approximately $10 billion to $12 billion
The American people should have stood up and DEMANDED that NO taxpayer money go to these executives. Instead, Barack Obama and John McCain pushed through a bill loaded with pork that will end up benefitting Wall Street executives more than it will benefit the average guy on main street.
The bailout bill contains "some" restrictions on future bonuses, but according to the Wall Street Journal, "the rules won't affect what the banks already owe their executives."
Wall Street executives also are admitting that this bailout money is not going to go for loans, but rather to pick off smaller banks.
Just listen to what one JP Morgan executive said about the bailout money during a recent conference call that New York Times reporter Joe Nocera was listening in on:
“What we do think it will help us do is perhaps be a little bit more active on the acquisition side or opportunistic side for some banks who are still struggling. And I would not assume that we are done on the acquisition side just because of the Washington Mutual and Bear Stearns mergers. I think there are going to be some great opportunities for us to grow in this environment, and I think we have an opportunity to use that $25 billion in that way and obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backstop.”
Did you get that?
JP Morgan is talking about using 25 billion in bailout money to acquire more banks.
It is supposed to be used to loan money to regular Americans!
But this is what the same executive said about that later on in that conference call:
“We would think that loan volume will continue to go down as we continue to tighten credit to fully reflect the high cost of pricing on the loan side.”
Do you get that?
JP Morgan has NO INTENTION of increasing loans!
Do you understand?
"Continue to tighten credit" means that they intend to loan LESS money.
So why in the world is the U.S. government giving them bailout money?
The truth of the matter is that we are not in a financial crisis.
The banking elite has turned off the flow of credit on purpose.
The reality is that we are in a manufactured financial consolidation - a high level financial war that will result in the Federal Reserve and the international bankers of the global elite having more power and more assets after this is all over.
This kind of financial consolidation has happened many times before. In 1815, Nathan Rothschild was able to learn the outcome of the Battle of Waterloo before anyone else in the entire financial community. When he started selling shares like mad, the financial community feared that Wellington had lost and they started selling too. The market went completely mad with selling. At the end of the day, Rothschild and his agents reversed course and bought up everything at dramatically reduced prices. Rothschild induced the panic so that he could buy up as much as he could and consolidate his power.
At the start of the Great Depression, the major Wall Street banks turned off the flow of credit dramatically. All of a sudden nobody in America could get loans for anything, and the great credit bubble that fueled the prosperity of the 20s totally collapsed. The stock market tanked, and the value of homes, farms and businesses went through the floor. The greedy bankers of the global elite came along and bought up whatever assets they wanted for a song.
So now the financial experts are telling us that we are facing another "credit crunch". Yeah - a manufactured one. For the past two years the Federal Reserve has been slowly constricting the money supply and banks have been beginning to reduce the flow of credit. Of course that was going to result in economic dominos starting to fall - especially in our overleveraged society.
One of the first dominos to fall was the investment bank Bear Stearns - the last somewhat "independent" investment bank. Oh, the international bankers have wanted to get their hands on Bear Stearns for a long, long time. And they did just that when JP Morgan was able to scoop up the shattered remains of Bear Stearns for pennies on the dollar.
Next there was the whole Lehman Brothers debacle.
What most people do not know is that JP Morgan has been accused by Lehman Brothers of dealing the critical blow that forced Lehman Brothers to collapse. JP Morgan is alleged to have frozen $17 billion dollars of cash and securities belonging to Lehman Brothers on the Friday night before the failure of Lehman Brothers. Lehman Brothers subsequently collapsed, and many of its assets have been sold to buyers including Barclays.
So let's review some of the consolidation activity that has been going on:
Bear Stearns - purchaed by JP Morgan
Lehman Brothers - many of its assets have been sold to buyers including Barclays
Merrill Lynch - purchaed by Bank of America
Washington Mutual - purchaed by JP Morgan
Wachovia - Wells Fargo and Citigroup are currently fighting over it
As if it wasn't enough that the international bankers crashed our financial system so that they could consolidate their power - then we were being told that we had to give them 100s of billions of dollars or else we were going to have another Great Depression.
Most Americans think that the "bailout" is only going to cost taxpayers 700 billion dollars. Most Americans would be wrong about that. Let us take a look at what all of these bailouts are really going to cost the taxpayers of America:
Pelosi’s latest economic-stimulus package: $300 billion
Paulson’s Bank Nationalization package: $250billion
Bailout to the American car companies: $25 billion
Nancy Pelosi’s bailout of the state and local governments: $150 billion
Financial “bailout” bill: $700 billion+
Bear Stearns financing: $29 billion
Fannie Mae and Freddie Mac nationalization: $200 billion
AIG loan and nationalization: $85 billion (+ extra request of $35 billion)
Federal Housing Administration housing rescue bill: $300 billion
Mortgage community grants: $4 billion
JPMorgan Chase repayments: $87 billion
Loans to banks via Fed’s Term Auction Facility: $200 billion+
Loans from Depression-era Exchange Stabilization Fund: $50 billion
Purchases of mortgage securities by Fannie/Freddie: $144 billion
POSSIBLE TOTAL: $2.56 trillion+
POSSIBLE COST PER U.S. HOUSEHOLD: $24,269
The look on the face of an American taxpayer when they realize their children have been sold into economic slavery to pay for a big 2.56 trillion dollar gift to rich bankers: PRICELESS
So where in the world is all of this money going to come from that the American government is promising to the Wall Street bankers? The United States government is already completely drowning in debt. Just check out this chart:
But the chart above is already out of date.
Add a couple more trillion in debt to the chart above and you will have a picture of where we are at now. Is a nation with so much debt in a strong position?
Absolutely not.
The truth is that we have sold our children into an economic future of misery, where the best case scenario is that they work night and day for the rest of their lives to pay interest on that miserable debt.
So who is getting the benefit out of all this?
The international bankers who own the private Federal Reserve who make money whenever the U.S. government borrows money.
If you do not know that "The Federal Reserve" is a private bank owned by international bankers, then you should watch the video posted below:
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