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(Think Progress)   Taxpayers hand $14 billion a year in welfare to people who could pay their own bills. And Congress won't touch it   (thinkprogress.org) divider line 225
    More: Asinine, failed banks, House Financial Services Committee, welfare, taxpayers, capital requirements  
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5929 clicks; posted to Politics » on 27 Jun 2012 at 7:55 AM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-06-27 08:55:21 AM
Leader O'Cola: Soonerpsycho: [i.imgur.com image 500x350]

WIN.


Indeed.
 
2012-06-27 08:55:33 AM
Really?!

I had to file for a Chapter 7 bankruptcy as a result of my daughter's car accident. Despite the fact that I was already paying nearly $900 a month for self-employed health insurance, let's just say that 20% of a million dollar bill is still enough to break most people's finances.

So the medical debts, along with other debts, get discharged. We immediately get offers after our discharge saying that we're pre-approved for 30k+ car loans, no questions asked.

But god forbid if we try to apply for a home refinance. "Your credit score and bankruptcy invalidates your application right off the bat."

Despite the fact that our cash flow is actually positive these days!

Fark you, Dimon. And, more importantly, I hope BofA drowns with its shaky finances as they are now. I hope the "too big to fail" banks DO fail.
 
2012-06-27 08:58:24 AM
RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

The government has long invested in development of new technologies in all sectors of the economy. It has nothing to do with liberalism of conservatism.
 
2012-06-27 08:58:45 AM
RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

Not analogous.
 
2012-06-27 08:59:03 AM
Let's watch Congress give Mr. Dimon one of those awesome porno style blowjobs. The kind where they pull it back between the legs and kinda rim you at the same time.

Daily Show(pops)
 
2012-06-27 08:59:16 AM
RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

By which you mean, of course, that if companies like Solyndra got 1% of a subsidy like that, people like you would be forced to bring it up as a false equivalence.
 
2012-06-27 08:59:24 AM
It's far past time to break up these banks into smaller entities, reinstate the banking regs that kept this shiat on lock for 70 years, and string up these bastards on the light poles in DC.

But that would be socialist, or some tripe.
 
2012-06-27 08:59:49 AM
In other news,

Over 3 billion is spent every year on lobbying: Link

The financial sector has contributed approximately 285 million to political candidates in 2011-2012: Link

And lawmakers' stock trades seem to magically coincide with legislation. Link


But yes, the poors are totally gaming the system with all their free welfare. We're such chumps.
 
2012-06-27 09:00:29 AM
kronicfeld: RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

The government has long invested in development of new technologies in all sectors of the economy. It has nothing to do with liberalism of conservatism.


Well to be fair, this is a government investment in a permanent plutocracy.
 
2012-06-27 09:00:30 AM
rudemix: Let's watch Congress give Mr. Dimon one of those awesome porno style blowjobs. The kind where they pull it back between the legs and kinda rim you at the same time.

Daily Show(pops)


Well, you know, he has a *lot* of 'free speech' on his balance sheet.
 
2012-06-27 09:02:07 AM
RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

I've never seen a liberal call 14 billion a drop in the bucket, but those that remain retardedly on the right do it with regularity when Tax increases for the disgustingly rich are mentioned. These same people that say that the greedy people will stop being greedy if we raise their taxes. The same ones that love to brag that many of these rich people make more money on the interest on their money in a week than the combined, lifetime earnings of their employees.

Fnck You.
 
2012-06-27 09:02:56 AM
Wretschko: I hope BofA drowns with its shaky finances as they are now.

Don't worry, their $3.50 ATM fees will keep them afloat.
 
2012-06-27 09:03:22 AM
DoctorCal: rudemix: Let's watch Congress give Mr. Dimon one of those awesome porno style blowjobs. The kind where they pull it back between the legs and kinda rim you at the same time.

Daily Show(pops)

Well, you know, he has a *lot* of 'free speech' on his balance sheet.


Good point.
 
2012-06-27 09:06:14 AM
kronicfeld: RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

The government has long invested in development of new technologies in all sectors of the economy. It has nothing to do with liberalism of conservatism.



Investment banks invest in technology, too. Those rat bastards.

The Solyndra case, and others recently, point to very poor investment choices by the Government that seems to be following its heart more than its head.
 
2012-06-27 09:07:40 AM
s2s2s2: RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

I've never seen a liberal call 14 billion a drop in the bucket, but those that remain retardedly on the right do it with regularity when Tax increases for the disgustingly rich are mentioned. These same people that say that the greedy people will stop being greedy if we raise their taxes. The same ones that love to brag that many of these rich people make more money on the interest on their money in a week than the combined, lifetime earnings of their employees.

Fnck You.


This was all that needed to be said. It's astounding to me that people with billions of dollars fight tooth and nail to make sure they get even more money, and today it's almost exclusively at the expense of the poorest people in our society.

At least some of them realize that nobody makes it out of this place alive, and you can't take your money with you when you go.
 
2012-06-27 09:08:54 AM
Jackson Herring


Wretschko: I hope BofA drowns with its shaky finances as they are now.


Don't worry, their $3.50 ATM fees will keep them afloat.


Use a BofA ATM (and there are literally hundreds of them in my city) and you don't pay a dime.

Only 2.00 if you use another ATM.
 
2012-06-27 09:09:03 AM
RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

If an energy company like Solyndra was getting $14 billion dollars in government subsidies, they'd be an oil company.
 
2012-06-27 09:09:17 AM
randomjsa: Ever notice that when it goes to anything liberals don't like its 'taxpayer money' but all talk of it being 'taxpayer money' goes right out the window the moment its being funneled to something liberals like?

Yeah, like Planned Parenthood and NPR. Those damn things shouldn't get any money cuz they don't do any good for anyone. But let the billionaires keep their stipend.
 
2012-06-27 09:11:12 AM
25.media.tumblr.com
 
2012-06-27 09:12:22 AM
RolandGunner: kronicfeld: RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

The government has long invested in development of new technologies in all sectors of the economy. It has nothing to do with liberalism of conservatism.


Investment banks invest in technology, too. Those rat bastards.

The Solyndra case, and others recently, point to very poor investment choices by the Government that seems to be following its heart more than its head.



Nobody on capitol hill is immune from the influence of money. Virtually any legislation nowadays is the product of special interest lobbying. So, it's a combination of them trying to do the right thing (invest in green energy), but doing so in a way that just feeds the machine.

The only way to reform government for the better is to severely limit the influence of money in politics. That's all the more difficult today because of Citizens United -- I'm sure the founding fathers would be spinning in their graves. American decline isn't because of liberals or conservatives. If they're honest (and not just pundit blowhard corporate shills), then liberals and conservatives each have some good ideas and thoughts, and could work together to make those ideas work. But instead, we're having greed take over every level of government, enabled by out of control legalized bribery.
 
2012-06-27 09:13:08 AM
RolandGunner: kronicfeld: RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

The government has long invested in development of new technologies in all sectors of the economy. It has nothing to do with liberalism of conservatism.


Investment banks invest in technology, too. Those rat bastards.

The Solyndra case, and others recently, point to very poor investment choices by the Government that seems to be following its heart more than its head.


You are so right. We need a hard headed investor in the Oval Office, a man who knows that profits trump all other concerns. We need a man who has proven that they will invest without thinking for a second about the impact of his decisions on the people. We need a man who has a proven track record as a heartless corporate machine.
 
2012-06-27 09:14:56 AM
randomjsa: Ever notice that when it goes to anything liberals someone doesn't like its 'taxpayer money' but all talk of it being 'taxpayer money' goes right out the window the moment its being funneled to something liberals they do like?

FTFY
 
2012-06-27 09:17:19 AM
Philip Francis Queeg: RolandGunner: kronicfeld: RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

The government has long invested in development of new technologies in all sectors of the economy. It has nothing to do with liberalism of conservatism.


Investment banks invest in technology, too. Those rat bastards.

The Solyndra case, and others recently, point to very poor investment choices by the Government that seems to be following its heart more than its head.

You are so right. We need a hard headed investor in the Oval Office, a man who knows that profits trump all other concerns. We need a man who has proven that they will invest without thinking for a second about the impact of his decisions on the people. We need a man who has a proven track record as a heartless corporate machine.



Well, government should be run like a for-profit company. Because government has the exact same role to play in our society.

"They have business experience" is one of the most overused and retarded arguments for why someone is competent to run a government, enact public policy, defend the country, and justly enforce the law.
 
2012-06-27 09:19:07 AM
If it is republican pork barrel spending then it isn't welfare....it's jobs.

/subby needs to learn his doublespeak or the thought police will come for him
 
2012-06-27 09:19:34 AM
It's cheaper than locking all of them up, right?

Hey, wait a second... that $14billion is the estimated difference between being fallable and infallable as a bank. No money changed hands, it's just the expectation of being bailed out knocks two tenths of a a percent off your borrowing rate.

I thought this would be something like the time the Fed opened a discount window, lending dollars at 0.1% interest which resulted in banks borrowing hundreds of billions to buy federal debt at 1.9% interest. Now that was welfare.
 
2012-06-27 09:23:41 AM
Big banks these days are basically legal crooks, but you have to put your money somewhere.
 
2012-06-27 09:26:45 AM
Chummer45: Well, government should be run like a for-profit company

That's already been tried. It was called Fascism.
 
2012-06-27 09:27:21 AM
randomjsa: Ever notice that when it goes to anything liberals don't like its 'taxpayer money' but all talk of it being 'taxpayer money' goes right out the window the moment its being funneled to something liberals like?

Ever notice that when it goes to anything Contards don't like its 'taxpayer money' but all talk of it being 'taxpayer money' goes right out the window the moment its being funneled to something Contards like?
 
2012-06-27 09:28:46 AM
Ishkur: Chummer45: Well, government should be run like a for-profit company

That's already been tried. It was called Fascism.


And the Nazism. Nazism is bad for your health.
 
2012-06-27 09:31:50 AM
Jake Havechek: Ishkur: Chummer45: Well, government should be run like a for-profit company

That's already been tried. It was called Fascism.

And the Nazism. Nazism is bad for your health.


Leads to smoking weed (taken from Main tab)
 
2012-06-27 09:32:12 AM
Jake Havechek: Big banks these days are basically legal crooks, but you have to put your money somewhere.

Credit Unions.
 
2012-06-27 09:35:47 AM
Marcus Aurelius: Welfare is only bad when it goes to poor BROWN people.

You left a ward out.

/Ever hear some cracker on welfare biatching about welfare queens? I have. I also know people who think unemployment benefits are whatever your salary was when you got laid off.
 
2012-06-27 09:36:44 AM
Marcus Aurelius: Welfare is only bad when it goes to poor people.

And bankers.
 
2012-06-27 09:38:23 AM
ghare: Marcus Aurelius: Welfare is only bad when it goes to poor BROWN people.

You left a ward out.

/Ever hear some cracker on welfare biatching about welfare queens? I have. I also know people who think unemployment benefits are whatever your salary was when you got laid off.


What I love is how the same people extol the virtues of our insurance-based health care "system" while simultaneously claiming unemplyment insurance payments are handouts.
 
2012-06-27 09:40:46 AM
doyner: ghare: Marcus Aurelius: Welfare is only bad when it goes to poor BROWN people.

You left a ward out.

/Ever hear some cracker on welfare biatching about welfare queens? I have. I also know people who think unemployment benefits are whatever your salary was when you got laid off.

What I love is how the same people extol the virtues of our insurance-based health care "system" while simultaneously claiming unemplyment insurance payments are handouts.


Stop saying we need to consider whether financial institutions need more regulation and less subsidies and PEE IN THIS CUP, YOU farkING DEGENERATE!
 
2012-06-27 09:41:59 AM
wildcardjack: It's cheaper than locking all of them up, right?

Hey, wait a second... that $14billion is the estimated difference between being fallable and infallable as a bank. No money changed hands, it's just the expectation of being bailed out knocks two tenths of a a percent off your borrowing rate.

I thought this would be something like the time the Fed opened a discount window, lending dollars at 0.1% interest which resulted in banks borrowing hundreds of billions to buy federal debt at 1.9% interest. Now that was welfare.


Well I would like the shareholders and CEOs of banks to at least be drug tested.
 
2012-06-27 09:44:38 AM
Hobodeluxe: LarryDan43: They deserve a little help since they have to pay so much in taxes for you poor people who are too lazy to work or get a better job.

there are 4 people looking for work for every job available.
most of the jobs that are available require education that isn't available to these people looking for work because we don't have universal higher education. it's very expensive and lines the pockets of "for profit" institutions.

so of the 10% that are unemployed there are only jobs for 2.5% of them and of those only a small fraction of them have the required training or education level.

that leaves very few that fit your "too lazy to work" demographic.


WTF, ever heard of student loans?
 
2012-06-27 09:44:41 AM
ghare: Marcus Aurelius: Welfare is only bad when it goes to poor BROWN people.

You left a ward out.

/Ever hear some cracker on welfare biatching about welfare queens? I have. I also know people who think unemployment benefits are whatever your salary was when you got laid off.


Dude, I have a distant cousin with 4 kids who has been on welfare more than a decade and is still a complete dyed in the wool Beckerhead.

Even worse, she wants to homeschool them, so I know that eventually, my tax dollars will go to pay for their incarceration.,
 
2012-06-27 09:45:20 AM
Anonymocoso: There can't possibly be 4 applicants for every job.

We need open borders and amnesty or our economy will collapse.


Don't silly. It just shows there are too many Americans, so at age 60 send them up a mountain to die of exposure like in the good old days and we can always do a Jonathan Swift on the children.
 
2012-06-27 09:46:05 AM
randomjsa: Ever notice that when it goes to anything liberals don't like its 'taxpayer money' but all talk of it being 'taxpayer money' goes right out the window the moment its being funneled to something liberals like?

ever notice that when republicans are defending spending it's always going toward some giant corporation that could certainly do without the help. A corporation that just happens to donate piles of cash to republican politicians?
yet when the democrats want to spend money on public assistance for the poorest people they cry foul and pretend there's some sort of scam?
 
2012-06-27 09:46:34 AM
jodaveki: Yay for free markets!!

Lol, we dont have a free market in the US, especially in the banking sector.
 
2012-06-27 09:47:05 AM
Dr Dreidel: RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

If an energy company like Solyndra was getting $14 billion dollars in government subsidies, they'd be an oil company.


^^^^^
 
2012-06-27 09:48:14 AM
Wretschko:
Fark you, Dimon. And, more importantly, I hope BofA drowns with its shaky finances as they are now. I hope the "too big to fail" banks DO fail.


I also welcome the day that we move back to the barter system. :)
 
2012-06-27 09:50:56 AM
Lost Thought 00: We need to start killing people. Nothing will change until these farkers start dying at the hands of the general population.

As long as I get to kill the farkers I dont like too, then we have to let everyone kill everyone they dont like. It will be like Mad Max and I will be ruler of Barter Town!
 
2012-06-27 09:51:34 AM
Privatize profit, nationalize risk. Makes perfect sense.
 
2012-06-27 09:58:20 AM
RolandGunner: I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.

The ratio is about 25 to 1, Mr. False Equivalence.
 
2012-06-27 09:58:28 AM
derpdeederp: Lost Thought 00: We need to start killing people. Nothing will change until these farkers start dying at the hands of the general population.

As long as I get to kill the farkers I dont like too, then we have to let everyone kill everyone they dont like. It will be like Mad Max and I will be ruler of Barter Town!


Doubtful.
 
2012-06-27 09:59:43 AM
derpdeederp: Lost Thought 00: We need to start killing people. Nothing will change until these farkers start dying at the hands of the general population.

As long as I get to kill the farkers I dont like too, then we have to let everyone kill everyone they dont like. It will be like Mad Max and I will be ruler of Barter Town!


I have it on good authority than a gentleman by the name of Master Blaster is the king of Bartertown.
 
2012-06-27 10:00:54 AM
This amounts to: "if you harmonize the statistical quirks, big banks get a benefit of 0.8% in lower interest costs"

Bullshiat. These guys have no farking clue what the benefit, if any, of perceived "too big to fail" is on bank costs.

It also ignores that every person in America gets a benefit from the implied assumption that the government/fed will step in when things go south. How much lower is my monthly mortgage payment because lenders know the government would do all it could to prevent a deflationary spiral?
 
2012-06-27 10:00:58 AM
andomjsa: Ever notice that when it goes to anything liberals don't like its 'taxpayer money' but all talk of it being 'taxpayer money' goes right out the window the moment its being funneled to something liberals like?

Ever notice that when a thread points out reality that is uncomfortable to andomjsa's worldview, he immediately tries to turn it into a p-ssing contest instead of adding to the discussion?
 
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