In my family, as far back as the 1880s, the word "Banker" has meant crook. Thanks to that tradition in my family, to this day I don't trust bankers and their banks. Just think, what would you do if people started coming by in the droves bringing their monies to you for safekeeping and you woke up one morning with your safe filled to the brim with bucks. Those bucks become your assets when you are a banker. Let's say your community has given you 500,000 bucks. A banker can't just let that money sit in his vault. Why, hell, with that much capital behind him, the banker starts loaning out that money, the community's money, reaping fairly large interest payments off his loans. He's banking on the community not hitting him all at once for their money back. The percentages are in his favor that this is not going to happen so loaning out the money carefully becomes the essential way banks make money. When the interest off the loans accumulates in their coffers, then the bank suddenly becomes not a commercial bank but an investment bank. Same thing happens with stock brokerage houses, like Merrill, Lynch, Pierce, Fenner, and Bean. Once they begin buying and selling stocks they soon will accumulate huge funds in their coffers--funds which soon they are speculating with. One thing most people don't realize when they invest in the stock market: the stocks you buy are not your stocks--you are buying stocks brokerage houses are given to sell by the corporations or the bonds they are given to sell by the governments. (Also, what ever happened to Shearson-Lehman?)
Here's what happened to Shearson-Lehman:
Shearson Lehman Brothers
Part of a bewildering M&A trail. American Express acquired Lehman Brothers Kuhn Loeb & Co. in 1984 for $360M, becoming Shearson Lehman/American Express. Internally the company merged with E. F. Hutton in 1988, becoming Shearson Lehman Hutton. But Hutton was pried off once again and this entity became Shearson Lehman Brothers, which American Express sold to Travelers Group in 1993. Travelers then spun off Lehman Brothers without Shearson in 1994.
|Peter A. Cohen||CEO of Shearson Lehman, 1983-90|
|James M. Cracchiolo||CEO of Ameriprise Financial|
|Jay S. Fishman||CEO of Travelers|
|Richard S. Fuld, Jr.||CEO of Lehman Brothers|
|Daniel J. Good||Good Capital Co.|
|J. Tomilson Hill||Vice Chairman of Blackstone Group|
|Jonathan S. Linen||Vice Chairman of American Express, 1993-2005|
|Richard Spring||British MP, West Suffolk|
PAST BOARD MEMBERS OR DIRECTORS
|James R. Boris||CEO of EVEREN Securities, 1990-99|
|Peter A. Cohen||CEO of Shearson Lehman, 1983-90|
|Sanford I. Weill||CEO of Citigroup, 1998-2003|
You want to break the banks, then run down right now and take all your money out of them.
I've often wondered why communities or trade unions, folks like that, don't start their own banks (like the merchants of old). Every government agency I've ever worked at had huge credit unions and huge pension fund accumulations. Or, hell, like Alexander Hamilton recommended, and he was a banker, why not a Central Bank?
We the People of the USA are such uninformed boobs we let our government and all these speculators rule us as lords and ladies rather than as our representatives. To me, this country bailing out these banks and investment houses is a Constitutional sin. 600 billion dollars of bailing out--100 billion going to save FOREIGN BANKS! Couldn't the government take that 600 billion bucks and pay off every Americans's foreclosure debt; their credit debt; wipe out debt in this country and let these banks and investment houses go to HELL! But then, the USA is a trillion and some-odd dollars in debt itself--so isn't this bailout money simply just more debt for us as a country?
The Neo-Con Manifesto proclaims its intention to drive the dollar down as low as it can go, which they've successfully done. The Neo-Con Manifesto also proclaims its intention to put the nation into debt, which they have successfully done also. Why? Because their goal is CHEAP LABOR! This is the whole schmeer, folks, CHEAP LABOR--and it's working. The hourly wage increase in this country at the present is the lowest ever! The GNP is dropping like a Mafia victim wearing concrete overshoes drops when he's flung into the East River. More than 12 million homes will be foreclosed on this year. More local banks, like the Silver Bank of Nevada, will be going belly up.
Such bullshit--and it's arm-in-arm bullshit, because there was Nancy Pelosi standing up there with the Neo-Cons praising this 600-billion-dollar bailout as salvation for all! By the bye, don't go by the stock market--the stock market doesn't represent the truth--the stock market goes up and down due to speculations--on futures, on warrants, on sells and buys! Wall Street, to me, is the same as Las Vegas.
In the meantime, New Orleans still suffers from neglect, and now, they have almost all the Gulf Coast needing billions of dollars of attention--the Mayor of Galveston, Texas, is pretty much saying Galveston is a lost city now--worse than New Orleans--even Houston, the home of most oil conglomerates in this country, the fourth largest US city, will be in need of billions of dollars--as will Beaumont, Port Arthur, Bolivar Island, plus the coast of western Louisiana. Where will we come up with these dollars? Exxon-Mobil could bail out Houston with just a smidgen of the enormous profits they've made over the past two years. And also, wouldn't it be nice if we weren't spending like 20 billion dollars a day in Iraq and Afghanistan--and now it looks like we are at war with Pakistan and Pakistan has nuclear weapons thanks to us--and so here go the Neo-Cons still looking and hoping for World War Three!
We've all been robbed. No jobs. No manufacturing. We depend on imports for everything now. Even the new television technology being forced on us, television technology manufactured by Asian Rim conglomerates that we gave our television industry to back when the Japanese business model was the model of the future--that came tumbling down when Japanese banks bought Rockefeller Center and then failed to make any payments, the Center reverting to the criminal Rockefeller family--and according to the teevee industry, this new digital teevee technology is now forced on us due to a government decree, as teevee talking heads keep explaining over and over--I'd like to know who wrote that law? I smell a lobbyist in the woodpile. What if none of us converted to high-D teevee? Of course, like the lemmings we are, every one will convert--and just think of the boon to the teevee manufacturers--everybody will either have to buy new teevees or converter boxes--what a boondoggle for the teevee industry, the industry already with the lowest overhead of all industries.
And lobbyists are our downfall.
And downfall is inevitable.
Study the Theory of Chaos.
for The Daily Growler