Saturday, May 16, 2009

$14 Trillion and Still Counting

The Scam that the banking industry ran from 2003 through 2008 under the authority of the George W. Bush Administration has actually cost the American taxpayers presently more than 60 Trillion Dollars. This does not include lost home equity, savings accounts, 401Ks and other retirement accounts and stock values, and which is still counting. So far, the Obama Administration has managed to guarantee nearly 14 Trillion Dollars of taxpayer money, all of which has been earmarked for the banking system and their insurance carriers such as AIG. This sum is only 20% of the funds necessary to salvage what is left of the most corrupt business in the world, Banking.

While we finance Bank of America, JP Morgan Chase and the other corporate controllers (who all have offshore subsidiaries, registered in the Isle of Man, a tax heaven, for the wealthy, that pay NO taxes to the US Government) they are paying lobbyist over 45 Million Dollars (from our money) and providing senators millions more in contribution money to kill any meaningful oversight of this industry and to defeat all bills that would benefit the taxpayers and borrowers (the very people who have been harmed by the bankers deception, e.g. making loans they knew the borrower would not be able to repay).

Warning, be careful of their media allies, and stewards, they will attempt to take our attention from the real issues and refocus us on red herrings, such as additional Bonuses at the Banks and AIG, these are not the issues, these are distractions! The real issue is that the Banks committed the omnipotent Fraud, a deception so extreme that it caused them to collapse under its weight.

Obama’s student loan program, just one of many affecting the Banks has generated the reprisal of the banking interest, who themselves receive a generous interest rate and a safety net by disallowing these obligations to be discharged in Bankruptcy. They have amassed an army of lobbyists with one aim, kill any legislation aimed at them or their profits.

Where are our lobbyists? Where are the people who are concerned about our welfare?

During his campaign in the fall of 2008, President Obama made a promise to the American people: to remove lobbyist influence and wasteful spending from Washington, yet as this article is written, it is still business as usual on the hill.

Over the next decade, the government could save tens of billions of dollars simply by eliminating the FFEL program and other college tuition and grant programs by cutting out banks as middlemen. The money that is saved can instead be invested in expanding Pell Grants, offering tuition tax credits, and launching college completion programs for any student who needs it.

However, it is unlikely that lenders, who make large profits from our current lending system, will go down without a fight. And they intend to win as usual. Already, bankers and lenders who are completely opposed to President Obama's initiatives are hiring additional lobbyists as they strategically plan to fight back against the Obama Administration. They have already captured at least 12 democrats and all of the republicans in the senate, and they have unlimited funding, our money!

Its time to wake up!

Jack Ferm has written several books which can be downloaded from his web presence at - they include: “Goliath Must Fall”; an expose of the Banking system and the media, “Project MKUltra”; the CIA mind control project, and “Into the Darkness”: an expose of the Bush family.