Corporate Greed and Injustice

So in 2008-2009, American taxpayers bailed out too big too fail Bank of America, Wells Fargo, Chase, Citi Bank with hundreds of billion of dollars. Then they come around and kick almost a million families out of their home without proper documentation. Further deepen the housing crisis and caused distress to hundreds of thousands of ordinary American. Purely driven by greed and lack of corporate ethic. CEOs and VPs continues to receives millions in bonuses. While thousands are scrambled without a home.

Today, a landmark settlement with those banks for $26 billions, with $20 billions for loan modification to prevent additional foreclosure and $6 billions for those 750,000 wrongly foreclosed homeowners. A itty bitty $2,000 for each homeowners for the damages that those bank has caused. Nobody is charged, no one is in jail, no full extend of justice is served.

The banks continue to roam and corrupt the political system with big money and exploit American citizen until they are caught. Fannie mae isn't any better with the recent news

It is 2009.3

April 19-23 marks 2009.3, according to Martin Armstrong this is the peak of confidence in the market. Let's see, here i leave you with two cartoons for your entertainment.

Don't believe in those liars. There shall be blood on the street

An little excerpt from Naked Capitalism

We're not quite as healthy as we thought we were. Oops. (WSJ)

J.P. Morgan Chase Chief Executive James Dimon said...that March was a little tougher than the first two months of the year....Bank of America...CEO Kenneth Lewis also said that March had been a tougher month for his bank. [Convenient that they decided to dump this information on Friday afternoon, and at the close of a very good week].

Readers may recall that a few weeks ago, those two CEOs---along with Citi's Vikram Pandit---said the first two months of the year had been very good:

Pandit, March 10th: “We are profitable through the first two months of 2009 and are having our best quarter-to-date performance since the third quarter of 2007.”

Dimon, March 11th: "Jamie Dimon, the chief executive of JPMorgan Chase, said Wednesday that the bank was profitable in January and February..."

Lewis, March 12th: "We have been profitable for the first two months of the year,” Lewis told reporters after a speech in Boston today.

This was possibly the most nakedly self-serving bullshit the big bank CEOs have offered to date. ("bullshit" being a technical term of course, see Harry Frankfurt)

So what's next?

The master plan to privatize profits and socialize losses is now stall. This $700 billion dollar plan is massive. Can you imagine how much that is?

Say you have lots of $100 dollar bills, stack it up in front of you. 

It would be 3.9 inches high to be $1 million dollars. 

It would be 327 feets high to be $1 billion dollars.

It would be 43.4 miles high to be $700 billion dollars

That is about 3/4 of the Washington DC beltway loop or a bit longer than the distance between DC and Baltimore

This will cost every American family $10,000 

WaMu is seized by FDIC and sold off to JP Morgan for $1.9 billions. But the major cost would be the $30-54 billion dollars of write down on toxic loans