Move Your Money BEFORE Wall Street Steals It Again = Smart Thinking

[Steelplate]

Face it Bank of America should be subject to an FBI investigation and Grand Jury probe now over the home loan scandal. Goldman-Sachs should also.

The banks should be nationalized and executives sent to prison!

10 reasons NOT to bank with Bank of America
http://www.truth-out.org/ten-reasons-not-bank-or-bank-america/131

Where did the Bush/Cheney/Paulson Bailout Money Go? Not much is known
"Good Billions After Bad" - One Year After Wall Street Bailout, Pulitzer Winners Barlett and Steele Investigate Where All the Money Went


Move Your Money - To local institutions and do your community a large favor.

A database to assist those wishing to move their money out of big banks that took taxpayer money and used it to pay themselves large bonuses:

Move Your Money Project

Arianna Huffington: Move Your Money: A New Year's Resolution

Move Your Money: Project Urges People to Transfer Money Out of Nation's Largest Banks Into Local Community Banks

I love how people just blame the banks and not the evil tyrannical government...

Progressive fucks sit there and spew how great Keynesian economics are and then bitch about the banks????

I love how other people just blame "evil tyrannical government" for everything but not the entities themselves... Much easier than thinking I guess... At least that's what Fox and the AM radio brigade are banking on.

Conservative fucks just sit there and spew how great the supposedly "free Market" is, but ignore it's role in the demise of this country.

 

[g5000]

Move your money? Where, under your mattress? In the pockets of crooked democrat politicians? Invest in solar energy and hope Barry bails your ass out? The hypocrite socialists ain't got a brain in their collective heads. Every pension system, public or private is invested in Wall Street and doing OK. How is government controlled Fannie Mae doing?

Every pension system, public and private, lost their ass on Wall Street.

Thank Congress and the Presidents, dem and pub, for that.

Yes. Thank Congress and the Presidents for creating an unregulated derivatives market.

Don't forget to thank the ratings agencies, too, for giving AAA ratings to products they did not comprehend.

As well as all the foreign banks which participated. And don't forget to thank the various other nations which also participated in their own real estate booms which also have blown up in spectacular fashion.

Add a few hundred (thousand?) criminals who created fraudulent derivative products.

Throw in irresponsible borrowers, mostly middle class, who bought the lie told to them by their mortgage broker and bank lender and real estate appraiser and AM radio shills that the cost of houses would keep going up forever, who then added to their debt load by piling on home equity loans on top of their negative amortization loans. The bigger your income, the bigger your debts, the more profits for Wall Street!

Throw in those who still worship at the alter of "risk management" who actually increased the amount of risk by increasing the amount of money lent and yet brainwashed themselves into believing they had eliminated risk through the magic of structured finance products.

And don't forget to toss in your pension fund manager, sovereign wealth fund, and city treasurer without whom there would not have been an unquenchable market for all these credit derivatives.

But, by golly, most of the blame for this astronomically disastrous global credit crisis is the fault of some nickel-and-dime earning negroes, surely! It just HAS to be!

 

[Mr.Nick]

Anyone ever hear of the Community Reinvestment Act and the amendments that were made to that act under Clinton???

WTF...

Jesus H. Christ. Here we go again.

It's a perfect example of how banks are manipulated by our government though legislation.

In blunt language it was "racism" that banks didn't shell out high risk loans.

Therefore banks were forced to lend to minorities on welfare....

Bill Clintons welfare reform consisted of forcing banks to provide for the entitled instead of the federal government or the state (which they do anyways)...

Of course then that homo Barney Frank was like "theres not a problem" when he was warned there was a massive problem and the second the shit hit the fan that little fag started crying BOOOSH when it was Bush who warned him...

Progressives are evil irresponsible assholes that blame their failures on everyone else but themselves.... It's disgusting.

 

[JakeStarkey]

Nick is right there with the progressive right wingers that broke the economy. Good heavens!

 

[merrill]

And the whole process about deciding who got it and so forth was one of the most complex, murky processes we have ever encountered.

The beginning banks, the first nine, the big banks, they all got their money one day after a meeting with Henry Paulson, in which he told them, “You’re taking this money.” But after that, the process was much more convoluted. And some banks lobbied for the money. Others banks didn’t lobby for the money but were told they were taking it.

It all — what we basically concluded early on, that there was really no plan to this at all. While Treasury said that the purpose was to get credit flowing back into the system, the fact of the matter is, the way they went about this made no sense at all.

JUAN GONZALEZ: Well, what about that big meeting that you talk about — I think it was October 12th — the nine big banks? Eight of those banks, as you reported, ended up getting two-thirds of all of the money, 67 percent. How did that meeting come about, and who was there?

JAMES STEELE: Paulson actually called that meeting. He called the heads of those banks the night before and said, “I want you here tomorrow in Washington.” He was very vague as to what the purpose of the meeting was. But once they got there, he told them, “You are taking money. We are going to buy stock in your banks. And we need to get this economy going again.” Some bankers objected, saying by accepting this money it would look like they were weak. Others simply said they didn’t need it.

The fact of the matter is, one of the things we concluded very early on in this whole process is that while Treasury was trying to create the image that there was widespread weakness in these banks — and then there was a credit freeze, there’s no doubt about that — the way they went about this, just throwing the money out there in hopes that that would get the economy going, is not really what this was all about.

There were just a handful of institutions that were terribly weakened. AIG the insurer, Bank of America, Citigroup, those three were clearly in very weakened form. So, many of the other big banks were not. And the best example that they didn’t need this money in the beginning was that many of them, within just a very few months, paid everything back.


"Good Billions After Bad" - One Year After Wall Street Bailout, Pulitzer Winners Barlett and Steele Investigate Where All the Money Went

 

[merrill]

Too-big-to-fail banks are profiting from bailout dollars and government guarantees, and growing bigger.

Last week, over a pre-Christmas dinner, the two of us, along with political strategist Alexis McGill, filmmaker/author Eugene Jarecki, and Nick Penniman of the HuffPost Investigative Fund, began talking about the huge, growing chasm between the fortunes of Wall Street banks and Main Street banks, and started discussing what concrete steps individuals could take to help create a better financial system.

Before long, the conversation turned practical, and with some help from friends in the world of bank analysis, a video and website were produced devoted to a simple idea: Move Your Money.

The big banks on Wall Street, propped up by taxpayer money and government guarantees, have had a record year, making record profits while returning to the highly leveraged activities that brought our economy to the brink of disaster.

In a slap in the face to taxpayers, they have also cut back on the money they are lending, even though the need to get credit flowing again was one of the main points used in selling the public the bank bailout. But since April, JP Morgan/Chase, Citibank, Bank of America, and Wells Fargo -- all of which took billions in taxpayer money -- have cut lending to businesses by $100 billion.

Meanwhile, America's Main Street community banks -- the vast majority of which avoided the banquet of greed and corruption that created the toxic economic swamp we are still fighting to get ourselves out of -- are struggling. Many of them have closed down (or been taken over by the FDIC) over the last 12 months.

The government policy of protecting the Too Big and Politically Connected to Fail is badly hurting the small banks, which are having a much harder time competing in the financial marketplace. As a result, a system which was already dangerously concentrated at the top has only become more so.

We talked about the outrage of big, bailed-out banks turning around and spending millions of dollars on lobbying to gut or kill financial reform -- including "too big to fail" legislation and regulation of the derivatives that played such a huge part in the meltdown.

And as we contrasted that with the efforts of local banks to show that you can both be profitable and have a positive impact on the community, an idea took hold: why don't we take our money out of these big banks and put them into community banks? And what, we asked ourselves, would happen if lots of people around America decided to do the same thing? Our money has been used to make the system worse -- what if we used it to make the system better?

Arianna Huffington: Move Your Money: A New Year's Resolution

 

[Mr.Nick]

Face it Bank of America should be subject to an FBI investigation and Grand Jury probe now over the home loan scandal. Goldman-Sachs should also.

The banks should be nationalized and executives sent to prison!

10 reasons NOT to bank with Bank of America
http://www.truth-out.org/ten-reasons-not-bank-or-bank-america/131

Where did the Bush/Cheney/Paulson Bailout Money Go? Not much is known
"Good Billions After Bad" - One Year After Wall Street Bailout, Pulitzer Winners Barlett and Steele Investigate Where All the Money Went


Move Your Money - To local institutions and do your community a large favor.

A database to assist those wishing to move their money out of big banks that took taxpayer money and used it to pay themselves large bonuses:

Move Your Money Project




Arianna Huffington: Move Your Money: A New Year's Resolution

Move Your Money: Project Urges People to Transfer Money Out of Nation's Largest Banks Into Local Community Banks

I love how people just blame the banks and not the evil tyrannical government...

Progressive fucks sit there and spew how great Keynesian economics are and then bitch about the banks????

I love how other people just blame "evil tyrannical government" for everything but not the entities themselves... Much easier than thinking I guess... At least that's what Fox and the AM radio brigade are banking on.

Conservative fucks just sit there and spew how great the supposedly "free Market" is, but ignore it's role in the demise of this country.

Oh so the government is innocent despite their legislation and manipulation - not to mention the FED.........

You're an ignorant person...

The federal government is just as bad if not worse than the banks...

I'll invest in whatever I feel like investing in.

You belong in prison on charges of tyranny.

 

[g5000]

Anyone ever hear of the Community Reinvestment Act and the amendments that were made to that act under Clinton???

WTF...

Jesus H. Christ. Here we go again.

It's a perfect example of how banks are manipulated by our government though legislation.

In blunt language it was "racism" that banks didn't shell out high risk loans.

Therefore banks were forced to lend to minorities on welfare....

Please provide evidence that Bear Stearns, Lehman Brothers, Goldman Sachs, JP Morgan Chase, Morgan Stanley, UBS, Allied Irish Bank, Deutsche Bank, or Northern Rock, to name a few, were forced to lend to minorities on welfare.

 

[Ed Spacer]

Face it Bank of America should be subject to an FBI investigation and Grand Jury probe now over the home loan scandal. Goldman-Sachs should also.

The banks should be nationalized and executives sent to prison!

10 reasons NOT to bank with Bank of America
http://www.truth-out.org/ten-reasons-not-bank-or-bank-america/131

Where did the Bush/Cheney/Paulson Bailout Money Go? Not much is known
"Good Billions After Bad" - One Year After Wall Street Bailout, Pulitzer Winners Barlett and Steele Investigate Where All the Money Went


Move Your Money - To local institutions and do your community a large favor.

A database to assist those wishing to move their money out of big banks that took taxpayer money and used it to pay themselves large bonuses:

Move Your Money Project

Arianna Huffington: Move Your Money: A New Year's Resolution

Move Your Money: Project Urges People to Transfer Money Out of Nation's Largest Banks Into Local Community Banks

I love how people just blame the banks and not the evil tyrannical government...

Progressive fucks sit there and spew how great Keynesian economics are and then bitch about the banks????

Let me say this much. I support big business. Businesses create jobs.no defense for any illegal actions,but if the damn socialist government didnt overregulate every damn level of profitability the propencity for those business tactics would be less likely. If people sign a contract,and break it,they cant cry about the consequences.

 

[Mr.Nick]

Nick is right there with the progressive right wingers that broke the economy. Good heavens!

It was the fucking progressives that were labeling republicans racist if they didn't approve the CRA amendments...

The RINO's gave in and signed a bill that forced banks to lend to the impoverished, er the indigent...

Now its republicans fault they were guilted into signing a bill???

Republicans were right all along with their objections to the CRA amendments.

Can the poor pay - NO....

 

[OohPooPahDoo]

Jesus H. Christ. Here we go again.

It's a perfect example of how banks are manipulated by our government though legislation.

In blunt language it was "racism" that banks didn't shell out high risk loans.

Therefore banks were forced to lend to minorities on welfare....

Please provide evidence that Bear Stearns, Lehman Brothers, Goldman Sachs, JP Morgan Chase, Morgan Stanley, UBS, Allied Irish Bank, Deutsche Bank, or Northern Rock, to name a few, were forced to lend to minorities on welfare.

They weren't. But those facts won't matter at all to idiots who've already made up their minds that its - YET AGAIN - the blacks' fault.

 

[Mr.Nick]

Jesus H. Christ. Here we go again.

It's a perfect example of how banks are manipulated by our government though legislation.

In blunt language it was "racism" that banks didn't shell out high risk loans.

Therefore banks were forced to lend to minorities on welfare....

Please provide evidence that Bear Stearns, Lehman Brothers, Goldman Sachs, JP Morgan Chase, Morgan Stanley, UBS, Allied Irish Bank, Deutsche Bank, or Northern Rock, to name a few, were forced to lend to minorities on welfare.

It's sad I have to post common knowledge..

http://www.google.com/search?q=indi....,cf.osb&fp=5ffb088a65f0122a&biw=1280&bih=552

 

[Photonic]

It's a perfect example of how banks are manipulated by our government though legislation.

In blunt language it was "racism" that banks didn't shell out high risk loans.

Therefore banks were forced to lend to minorities on welfare....

Please provide evidence that Bear Stearns, Lehman Brothers, Goldman Sachs, JP Morgan Chase, Morgan Stanley, UBS, Allied Irish Bank, Deutsche Bank, or Northern Rock, to name a few, were forced to lend to minorities on welfare.

They weren't. But those facts won't matter at all to idiots who've already made up their minds that its - YET AGAIN - the blacks' fault.

Fitting that it is MLK's day.

 

[JakeStarkey]

Nick is right there with the progressive right wingers that broke the economy. Good heavens!

It was the fucking progressives that were labeling republicans racist if they didn't approve the CRA amendments...The RINO's gave in and signed a bill that forced banks to lend to the impoverished, er the indigent...Now its republicans fault they were guilted into signing a bill??? Republicans were right all along with their objections to the CRA amendments. Can the poor pay - NO....

Both parties, Nick, both parties.

 

[g5000]

Seven million families have lost their homes so far, and another three million foreclosures are expected through 2012.

http://www.nytimes.com/2011/03/04/opinion/04fri1.html


10 million foreclosures.

I defy anyone to show me those are 10 million minority families on welfare.

Also, I doubt the Irish property bubble was caused by the CRA.

Nor was the Icelandic financial crisis.

Nor was the nationalisation of Northern Rock.

And so forth and so on.

You think it was a coincidence these all occurred simultaneously?


Thinking the CRA and a bunch of American negroes was a root cause of the global property and credit derivatives speculation bubble is incredibly myopic, illogical, unscientific, narrow-minded, and just plain stupid.

 

[merrill]

It's a perfect example of how banks are manipulated by our government though legislation.

In blunt language it was "racism" that banks didn't shell out high risk loans.

Therefore banks were forced to lend to minorities on welfare....

Please provide evidence that Bear Stearns, Lehman Brothers, Goldman Sachs, JP Morgan Chase, Morgan Stanley, UBS, Allied Irish Bank, Deutsche Bank, or Northern Rock, to name a few, were forced to lend to minorities on welfare.

They weren't. But those facts won't matter at all to idiots who've already made up their minds that its - YET AGAIN - the blacks' fault.

The banks made the decision to ignore good loan policy:

1. Gainfully employed

2. 10%-20% down

3. Loan based on documented salary

4. Don't loan 120% of loan value

5. Verify that property is worth amount requested

6. DO NOT LOAN based on wild inflated values

 

[Mr.Nick]

Nick is right there with the progressive right wingers that broke the economy. Good heavens!

It was the fucking progressives that were labeling republicans racist if they didn't approve the CRA amendments...The RINO's gave in and signed a bill that forced banks to lend to the impoverished, er the indigent...Now its republicans fault they were guilted into signing a bill??? Republicans were right all along with their objections to the CRA amendments. Can the poor pay - NO....

Both parties, Nick, both parties.

Correct, one party pushed the CRA amendments and then other was guilted into signing the thing into law.

If I was in congress at that time I would have voted "nay" on the CRA amendments. They could call me a racist all they wanted, I wouldn't care.

It was a bad idea and now we're paying the price...

Our present economy is a fantastic example of what compromise gets you....

 

[g5000]

The banks made the decision to ignore good loan policy:

That's exactly correct. I've said it many times over the past few years, they threw the underwriting laws of the Universe out the window.

All to meet the insatiable demand for structured finance products they sold to the rubes managing your money.

 

[merrill]

Move your money because of so many fees that you do not understand which seem to be many.

Move your money because of outrageous interest rates = theft

Move your money because banks provide golden parachutes = reckless

Move your money because of outrageous executive salaries = reckless

Move your money because of special interest political campaign spending = reckless

Move your money because your bank participated in the reckless lending that brought the economy down = fraud and bank officials should be in prison

 

[Mr.Nick]

Please provide evidence that Bear Stearns, Lehman Brothers, Goldman Sachs, JP Morgan Chase, Morgan Stanley, UBS, Allied Irish Bank, Deutsche Bank, or Northern Rock, to name a few, were forced to lend to minorities on welfare.

They weren't. But those facts won't matter at all to idiots who've already made up their minds that its - YET AGAIN - the blacks' fault.

The banks made the decision to ignore good loan policy:

1. Gainfully employed

2. 10%-20% down

3. Loan based on documented salary

4. Don't loan 120% of loan value

5. Verify that property is worth amount requested

6. DO NOT LOAN based on wild inflated values

The banks had no choice (which is highly unconstitutional) given the governments tyrannical ideas that they could just regulate in an attempt to dictate an economy..

The government failed and now it's the banks fault???

It's the governments fault.....

Not only that but those who never repaid loans and took advantage of the opportunity to receive "free money" or free credit without establishing a history or without even having a job......