A New York Fed Economist issued a report proving the top banks, that happen to donate more to Obama and Democrats, get lower Bond cost than smaller regional banks due to their too big to fail status. The five largest banks by assets are JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and Goldman Sachs Group Inc. Instead of allowing these banks to fail in a managed manner, we made them up to five times larger than what they were before the crisis. And, they have created more debt than ever before. In addition, due to the perception by investors around the globe that we’ll print more dollars should they fail, their borrowing advantage is reported to be 40.6 basis points. If you’re not in banking, know this, THAT IS A MASSIVE ADVANTAGE. Ask yourself this question; “How did we go from the brink of financial ruin in 2008 and then suddenly, inexplicably, everything was okay?” We simply created more debt and printed more US Dollars. The top five banks took much of this money from the Federal Reserve they borrow at zero percent and then invested it in commodities and the stock market which drove up prices across the board. This caused you to pay more at the pump and more at the grocery store. In conclusion, you bailed the banks out under Obama, not Bush (Bush was TARP only which was paid back) and you’re now in much deeper debt. Plus, you’re paying more for everything you need to survive and giving the banks massive returns. Feels good doesnt it?
Posted on: Wed, 26 Mar 2014 13:46:13 +0000
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