Community | May 29, 2011 | 97 comments

Taibbi: 'Nothing stops big banks from ripping off people again'

KB723
"Pull down your pants folks, the worst has just begun!!!"
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97 comments // Taibbi: 'Nothing stops big banks from ripping off people again' // Video

  • noxidereus
    • 0
      noxidereus  

    • Quotes from the video:

      "[Voters] have the ability to not choose politicians who are beholden to wall street, theoretically"

      "Wall street heavily sponsors both the Republican and Democratic parties, so automatically no matter who becomes the front-running candidate for the presidency is gonna be a creature of wall street"

      "I don't see [3rd parties] having a major impact"

      "Your average American doesn't see that [Democrats and Republicans are different sides of the same coin]"

      "... phoney media-created division between blue and red and left and right and Democrats and Republicans"

      "[The media] are for-profit companies and there is no money in doing the right thing so that's how we get the media we have"

      -----

      What to do? Vote for the lesser of 2 evils, ensuring the current status quo, or piss my vote into the wind (by voting 3rd party), ensuring the current status quo? Since both paths ensure the status quo, I'm just going to vote for who I feel is the best candidate, although I can't pass judgment on those who vote for the lesser of 2 evils because that's a valid strategic choice too. Or maybe I'll just stop paying attention altogether. I was happier when I was ignorant of the true nature of American politics.

    • 12 months ago
  • maxindamost
  • Alanb4130
  • KB723
  • jubal
    • +2
      jubal  

    • Moving on is the typical strategy for the criminals to continue covering up their crimes. We have moved on from so many things that should have been investigated and prosecuted that the only conclusion an honest person can deduce is that the government is completely corrupt and doesn't have honesty or conscience at all.

      The people have no confidence in the the leadership in this country.

    • 12 months ago
  • KB723
  • Sinsinamon
  • KB723
  • hoosierdaddy
  • KB723
  • hunzedog
  • KB723
  • PoliticalAmazon
    • +2
      PoliticalAmazon  

    • If it is of any comfort, the LATimes last week published an article stating that bank stocks have gone steadily downward, long term, even when there were stock-market rallies.

      It appears, when it comes to investments, people tend to not be sheeple.

      Wish they could be the same way about voting.

    • 12 months ago
  • KB723
  • PoliticalAmazon
  • KB723
  • Fishinflick
    • +1
      Fishinflick  
    • Image

    • Matt's been on the case for a good while, Rolling Stone still reports real stories.

      Check out the book 'Reckless Endangerment" by Gretchen Morgenson and Josh Rosner as well. It's about time people named names and put the heat on the crooks who caused this shit economy we're struggling to get by in, while the ticking time-bomb of inevitable economic implosion looms.

      People should know who these pricks are by name and target them for campaigns to educate the public. If they can't be brought to justice by our corrupt in bed with Wall street government, they can have their reputations destroyed in the court of public opinion - with populist grass-roots sanctions against their corporations brought to bear. The only thing that will be a game changer is RAGE - not outrage, but in the streets RAGE!!

      1,200 people protested at Wall Street earlier this month and the MSM failed to cover it. If 200 T-buggerers were there it would have been an epic sensational national news story. But if a million take to the streets with placards with the names and faces of these vile sanctified miscreants for the world to see, we can go WI on these white-collar criminals and their cronies in government. Understand that NO ONE in this administration will put them behind bars where they deserve to be.

      No millionaire speculators jumped out of windows at the beginning of this depression, the golden parachute was provided by the feds, our broken bodies and lives provided the cushion... Where's the RAGE?

      http://stopforeclosurefraud.com/2011/05/28/‘reckless-endangerment’-morgenson-rosner-name-names-—-point-finger-at-fannie-mae/

    • 12 months ago
  • hunzedog
  • stubones
    • 0
      stubones  
    • Fishinflick:

      I really like your ideas fishinflick-These bastards need public exposure and the Government agencies and people in charge of enforcement and "Protecting" us all need their shit eating grinning faces publicly displayed at the same time...Both the crimminals and their enablers identified and publicly EXPOSED!!!

    • 12 months ago
  • Fishinflick
  • JanforGore
    • +2
      JanforGore  

    • 10 banks own over 70% of the credit. They are nothing but legalized loansharks. I have no credit cards and no outstanding loans and would never ever do business with these vampires. They took billions of our money on the predication that this economy needed saving and that they would lend it out... instead thery gave out billions in bonuses to their own. I spit on them. But you can bet Goldman Sachs will be donating to both parties this election season and they will take it.

    • 12 months ago
  • KB723
  • JanforGore
    • +1
      JanforGore  
    • KB723:

      Well that's true. We are all victims of them in some way, it's hard to not be. But as far as being a part of any type of lending or credit I have been through enough in my own life to swear them off.

    • 12 months ago
  • KB723
  • PoliticalAmazon
    • -1
      PoliticalAmazon  
    • Image
    • JanforGore:

      If it is well known that there is strong evidence that someone is a credit-card thief, who has already swindled $$$TRILLIONS, and your accountant gives him your credit card information with no restrictions on how it is used, when the thief steals every cent available on your credit limit, don't you think your accountant is also to blame?

      Would you continue to use the same accountant? Would you think someone who continued to use the same accountant was wise? Gullible? A fucking moron?

      The same can be said about this banking debacle. Although these conditions existed before Obama became president, when faced with a near meltdown of our economy, Obama and Congress were the ones who gave the known bank industry thieves $$$BILLIONS, without restrictions, and without regulation.

      Obama, specifically, is to blame because his approval ratings were sky-high and, when GWBush (who was still technically president then) completely disappeared from view and abandoned in his job to pull America through this as long as he was still on watch.

      If ever there was a time for Obama to use the bully-pulpit, it was when the bailouts were being arranged. Obama could have made a case before the American people for new banking regulations to be attached to the bailout.

      The GOP and Democratic banking whores in Congress would not have dared put out any real efforts to fight the regulations. Americans were scared, the horror of what the banks had done was a fresh, gaping, bleeding wound, and Americans would have come after them if they had.

      But Obama didn't. In my mind, that is a strong indication that Obama was in on the bailout scam.

      This is just my opinion here, but I strongly believe anyone who votes for Obama in 2012 is both gullible and a fucking moron. Indeed, I think they probably should live in an assisted living situation, because clearly they are unable to make rational decisions in protecting their own best interests.

    • 12 months ago
  • Arizona_Huey
    • +1
      Arizona_Huey  

    • I'm dealing with these greedy manipulative jackasses right now. They can't STAND it when a normal everyday citizen makes a profit in an arena that they didn't bother to put resources in place to earn the profit themselves. They are livid that people come in and snatch up their short sale and/or lender owned properties and then turn around and sell them at a profit. SO, what do they do? Put in draconian rules that forbid any person from flipping a house within 90 days or 20% above the price the person bought it for, regardless of what the property is valued at. Nothing like being too lazy to put in the effort to get the price yourself - instead, make it damn near impossible for some average person to earn a living in fixing and flipping properties.

    • 12 months ago
  • KB723
  • PoliticalAmazon
    • +1
      PoliticalAmazon  
    • KB723:

      Well, I'm not surprised the bankers put their own best interests ahead of their customers' best interests.

      I'm not even surprised that Obama/Congress put the best interests of themselves and the bankers ahead of the best interests of the people who elected them to office.

      What I AM surprised about is that the Obama and Congress would be so incredibly short-sighted as to not put into place regulations, when they had the overwhelming public support, that would help prevent a repeat of the economic near-meltdown.

    • 12 months ago
  • PoliticalAmazon
  • squarethecircle
    • +1
      squarethecircle  

    • Who holds your loan? Chase...Wells Fargo...JP Morgan? The money is all going to the same place. These "people" have laundered drug money, ruined markets they built, raped the public through bank fees, interest rates and credit cards and never get held accountable for their actions. This is the true power that has carved out a global empire without firing a bullet.
      The government paid the banks for our homes already, stop paying your mortgage. The money should have gone as a simple direct purchase from the banks for people's notes(a direct way to help both parties); however, we just gave them the funds for nothing on the front end and each of us will continue to pay individual loans on the back end. Yes...bend over...or....show them that we see the value of their money. Show them you see through the walls put in your way. If it's not for people or planet knock the wall down.

    • 12 months ago
  • KB723
  • galwayman
    • +3
      galwayman  

    • Yes indeed banks and the rich elite control every country,elect it's leaders,make the laws, and it is we the people who get screwed! Time for a revolution! Time for we the people to rise up and rid our world of the rich elite and their political stooges and bring back social justice and real freedom to the majority!

    • 12 months ago
  • KB723
  • observer2121
    • +1
      observer2121  

    • Yeah, people borrowed hundreds of thousands of dollars to buy homes and then walked away from them leaving the bank no other option but to foreclose. The banks really screwed the people there. Those bankers lent borrowers too much money for their own good, shame on them, banks are supposed to reject people who want to borrow money. Did they really expect the people to pay back their debts and not default, what...do they think we are made of money?

    • 12 months ago
  • KB723
    • 0
      KB723  
    • observer2121:

      I knew after 911 that they were acting shady... I am glad I did not fall into their trap... I knew it was too good to last, and yes, they were giving money to folks that had not or would not find the money to pay them back...

    • 12 months ago
  • treewolf39
    • +2
      treewolf39  
    • observer2121:

      Not only that, the banks knew the people could not pay and they sold them the property at a highly inflated price, and then turned around and sold the mortgages off with an non-vetted triple A rating, and then, bet that the mortgages would crumble. NOW those same banks, having foreclosed, are auctioning off the properties for cents on the dollar, often in back room deals and (Here is the real kicker) the government, using your tax dollars, is paying the bank the difference on the money they lose from the quick auction.Privatize the profits, socialize the loses. That is the corporatist way.

      The bigger problem caused by the bubble is with the people who are paying their mortgages only now they're paying for a property that is worth half the amount they paid for it. It is in their best interest to walk away because no one is putting pressure on the banks to take any loss on the mess THEY created.

    • 12 months ago
  • ROSERITA
    • +4
      ROSERITA  

    • How many times do we have to be told the Banks run the Country, they elect the Pres, and in return he puts CEO'S on his staff.. Its a joke and it on us, and has been for a long long time.. Ask George Carlin... Miss you George. Its even crazier here, since you left us. :(

    • 12 months ago
  • David_H
  • ROSERITA
  • PoliticalAmazon
    • +1
      PoliticalAmazon  
    • Image
    • ROSERITA:

      ITA, the banks do run our country, but for me there is more to that reality.

      The only power we have over the people in office is retrospective: we can vote them out of office if they aren't what we need. If we reelect someone who had the chance to reestablish regulations over the financial industry, then we have given away the one chance we have to exercise our power to communicate to our elected representatives what we think about how they represented us in their last term in office.

      Politicians are like dogs---if they do not receive a message they can clearly understand that communicates they screwed up, and communicates what we demand of them, there is zero reason for them to change.

      The only chance we have to communicate a message they screwed up that the politicians will actually pay attention to is to not reelect them. The best part of this is OTHER politicians will also be put on notice about bad behavior in serving their constituents.

      But to NOT reelect someone in their own political party is hard for many to do. That's because the DNC and RNC (which are now basically one party running two candidates for each position)so shamelessly manipulate us by shameful tactics. The two main political parties have basically brainwashed their voters into voting for anything that has the correct letter, (D or R), in front of their name.

      The sad thing is that the arguments these two parties use to manipulate their voters are invalid arguments. It is pure propaganda/manipulation.

      They manipulate voters by fear tactics ("If you don't vote for our party's candidate, the Boogeyman (GOP or RNC) will eat your children and wear white patent-leather pumps after Labor Day," or whatever. [At this point, the parties are very similar in actions, which is what counts. We all know by now (especially us Obama voters) that words (promises) mean absolutely nothing; it is the actions once they are in office that tells you what kind of representative you will have if you reelect them.

      Another manipulation tactic is guilt: ("You have to vote for our party because if not it will be YOUR FAULT for the other bad party's candidate getting elected"). This really ticks me off because the parties' leadership (DNC or RNC) have a tremendous amount of control over who wins the election primary. This is mainly by their access to the media, especially the televised media (studies have repeatedly shown that a huge percentage of Americans make their voting decisions based on what they see on TV). The two parties' leadership also have a lot of impact on what gets advertised...not only their own advertisement, but also the advertisement of the shadow organizations they control.

      This really ticks me off because it is the party leadership who actually ends up choosing the candidate and then just manipulates us by advertising, slanted media coverage, and propaganda tactics to vote for the jerk they chose for us.

      What the voters want or need is not much of a consideration for the DNC and RNC. I believe their main consideration is what corporate America wants and needs. And they choose their candidates accordingly.

      So if it's anybody's fault for the other party's candidate getting elected, it is the fault of the party leadership.

      They also manipulate us by telling us our vote will be wasted if we don't vote for the candidate of our political party who has the best chance of winning.

      This also really ticks me off because basically what they are trying to do is tell us that if we don't vote for whatever piece of shit they put on the ballot, we are wasting our votes. In reality, if we vote for who the DNC (or RNC) dictates, we are giving up the power of our vote and handing it over to the DNC (or RNC).

      I was taught it is our duty, and honor, to vote for the candidate we think will do the best in the position they are being elected to. That person doesn't even have to be on the ballot. That person certainly doesn't have to have the best chance of one party or another of being elected.

      But we've been so brainwashed now that many voters see their choice as limited to either Democrat or Republican, and if you tell them "I'd rather stick needles in my eyes than to vote for the piece of shit the Democrats have on the ballot," they will assume you will be voting for the piece of shit the GOPers have on the ballot....and, if they are Democrat, proceed to berate you for their own false assumption.

    • 12 months ago
  • gump
  • ROSERITA
    • 0
      ROSERITA  
    • PoliticalAmazon:

      I Agree with every word. The brainwashing is done in such a way they have people actually voting against their own interests. There is a quote can't remember what from but its " What better way to let people think they are actually free, by giving them a vote"
      I'm sickened by this allegiance to Obama, he is a fraud and no better then G.W. The Pres, is a straw man.. Even Olbermann believes in Obama.. ugh!

    • 12 months ago
  • GRC54
    • +2
      GRC54  

    • Great post! Matt Taibbi as always does a great job on reporting the truth.
      Pitchforks and Torches people Pitchforks and Torches, This is what the bankers need from us.

    • 12 months ago
  • KB723
  • nobsartist
    • 0
      nobsartist  

    • By the way, Holder aint, i mean wont help you because he is on my, i mean our payroll now. We told him, i mean someone must have gotten to him, if you know what i mean, and might have told him about dallas and that kennedy thing...
      Dad, can you help me out here by telling me where you was, i mean were when
      that first kennedy was terminated with extreme prejudice, thats u.s. government lingo for murdered by us, i mean the u.s.

    • 12 months ago
  • nobsartist
    • 0
      nobsartist  

    • This explains how people that we elect are shown as "regular people" but they actually live on "Martha's Vineyard" or the Hamptons and they are usually lawyers.

      Listen here my fellow Amerikans. We knew that we wasnt,i mean wernt, smart enough to govern such a complex make-up of poor, i mean middle class citizens so we sort of contracted it out to bankers and generals.

    • 12 months ago
  • Wyley_Wombat
    • 0
      Wyley_Wombat  

    • Give your cash to Wall St.
      Keep capitalism strong
      You don't know what they do with it but they can do no wrong
      Save the Wall St bankers
      They are too big to fail
      Even though an honest man would throw their ass in jail.

    • 12 months ago
  • Franchueler
  • David_H
  • wolfess
  • David_H
  • wolfess
    • +1
      wolfess  
    • David_H:

      That's the way the French Revolution started -- just a group of college kids, but after they were put down the people rose up and actually took control. We need a 'french' revolution. The oligarchs are in control right now, but we 'wolves' have numbers on our side, and actually with the communication abilities that we have now (Current/facebook/twitter) shouldn't we be able to draw the numbers to our way of thinking? Every time some repub/oligarch idiot does something I don't like I call them out for it on fb and twitter (I keep gaining ... then losing followers b/c someone decides they don't like what I post, but hey -- if I'm making ppl angry I'm still getting their attention).
      Fire the oligarchs!

    • 12 months ago
  • noxidereus
  • figgdimension
  • KB723
  • ArchDruid
  • KB723
  • ArchDruid
  • KB723
  • treewolf39
  • KB723
  • treewolf39
  • wolfess
  • KB723
  • KB723
  • stubones
    • +1
      stubones  
    • Image

    • I felt compelled to plagiarize this revealing and indicting chart from "Common Dreams", my favorite PROGRESSIVE site..I am unable to copy and paste the chart but you will find it at the link below..The "Comments" are well worth reading and I truly believe that "Current" posters will find them most appropriate and informative...

      http://www.commondreams.org/further/2011/05/25-0

    • 12 months ago
  • Dusty_King
    • +4
      Dusty_King  

    • And yet the Department of Justice and Eric Holder does NOTHING but sit on their hands and let the banksters go their merry way all the while they are getting away with more and more money and crimes.

      All the while the Middle Class and Working Class burns. The Congress could care less about regulate Wall St. as they are allowed to indulge in insider trading, while the rest of us in the real world have to make do with the LAW.

    • 12 months ago
  • KB723
    • 0
      KB723  
    • Dusty_King:

      And it just keeps going round and round and round and round and round and round and round and round and round and round and round... Gets dizzying doesn't it... It's supposed to... =)

    • 12 months ago
  • telcod
    • +1
      telcod  
    • KB723:

      "Round and round, " indeed. Kinda disturbs the calm and degrades my aim. When the law has been outlawed, only outlaws will have law. Let's be outlaws.

    • 12 months ago
  • KB723
  • letsliveinpeace
  • KB723
  • August_K
    • +1
      August_K  

    • Public state banks like in N.D. is the way to go. Take the power away from the too big to fail banks. Many states are moving to use N.D. almost century old model.

      A lot of the states deficit problems were because the too big to fail banks robbed not only our country but our states too and they're so powerful now that WE bailed these thieves out.

    • 12 months ago
  • letsliveinpeace
    • +3
      letsliveinpeace  
    • August_K:

      Break them up, then run the suits that are running them straight to prison, don't pass go. These people are crooks on a scale that is hard to believe. they steal billions, just let you or I get caught stealing $10 from Target, it's straight to jail real quick in a hurry.

    • 12 months ago
  • wayseeker
  • KB723
  • dalistuff
    • +2
      dalistuff  
    • wayseeker:

      I changed bank once they told me that my free checking is no longer free because it had stipulations I wasn't meeting. Happily I also moved my 401 k thereafter and they asked me why and they wouldn't want me to go. I didn't take it out on the teller but I did say their name was perfect, they literally Chase d me away.

    • 12 months ago
  • wayseeker
    • +1
      wayseeker  
    • dalistuff:

      The banks don't care about losing your business because there will be a new customer to take your place. They know the politicians they buy and own will take care of them so you don't count. But at least by removing your funds from them you are getting the last word in.

    • 12 months ago
  • dalistuff
  • gump
    • 0
      gump  
    • wayseeker:

      I wont live through it to the end . But I agree I 'm in it to my last breath. Regret only that I am not legion. One time at a truck stop a dittohead was railing against Arabs, Muslims , and everything foriegn or brown skined . He said who the hell is stupid enough to blow themselves up on purpose . When I raised my hand and told him if my country was invaded and being destroyed like on the otherside of the world I would strap on a bomb if I could do nothing else. He shut up for awhile. I was raised poor catholic to be cannon fodder and trained to be the same as a marine corpse grunt . So it is not a strange idea to me . Success does not nessesarily depend on or include survival.

    • 12 months ago
  • ThirdSection
  • KB723
  • PressCore
    • +3
      PressCore  
    • ThirdSection:

      You forgot credit unions. Here in New York the Americu credit union
      is FDIC insured. And it's not difficult to join. A $5 deposit buys you in.
      You could pick up redeemable litter in any urban area this Summer,
      and scarf up that much in a week. $5 !!! How cheap is that ! The melt
      value of Silver in a WW2 nickle would cover that.

    • 12 months ago
  • letsliveinpeace
  • ThirdSection
    • +1
      ThirdSection  
    • KB723:

      The key here is to go small. So if it's a small local credit union, then do it!

      It's funny that you should mention the old mattress standby---I've always found it easier to not touch money I want to save when it's in the form of cash stashed somewhere. If I put it in the bank, it's as good as spent!

    • 12 months ago
  • ThirdSection
  • KB723
  • PressCore
    • +1
      PressCore  
    • letsliveinpeace:

      That's one option. By the Karmic principle " you reap what you sow ",
      my preferred option would be to make them eat all the bogus Ponzi
      Scheme currency they've produced. I'd donate the salt & pepper if
      it would make their task more palatible.

    • 12 months ago
  • gump
  • PressCore
  • wayseeker
    • +4
      wayseeker  

    • The more things change the more things stay the same. Our only hope is a third party that truly represents the people but the average American voter is too stupid to know that. I've lost hope.

    • 12 months ago
  • KB723
  • Dusty_King
  • KB723
  • kennymotown
  • KB723
  • KB723
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