10/15/2008
It was reported on the news this morning (Today Show, if I recall correctly) that JP Morgan Chase posted ‘surprise’ profits (Third Quarter 2008). And, the US Government just voted to give the banking / investment community how many hundreds of billions of tax-dollars? What’s more, as citizens of the nation, we are / the government is going to buy stock in these banking institutions with our tax dollars to ‘bolster them-up’??? Treasury Secretary Paulson was also on the news this morning [CNN, I believe] stating the intent of the ‘bail-out’ is ‘not for the banks to ‘horde’ the monies.’ To anyone in the banking community, please forgive this next statement, but, isn’t it the nature / business of the banking industry to ‘horde’ assets? One has to wonder the intent of the government and any members of the executive and legislative branches that supported such a ‘bail-out’ while a major banking institution in this business arena is posting profits. To whom does it appear these members of the legislature / government ally? Have no doubt this blogger supports American capitalism. But, I mean…, is this ‘bail-out’ merely a ‘smoke-screen’ to further devalue the dollar or potentially some other hidden agenda?? In this blogger’s opinion, by its actions, it would appear that U.S. Government seeks to further dismantle the ‘middle-class’ into the ‘working-poor.’ Again, in this blogger’s educated opinion, any ‘knowledgeable’ member of government that supported such a ‘bail-out’ would then appear as no ‘friend’ to the ‘middle-class’ peoples of the United States. This blogger may understand the rationale for devaluing the dollar [to some extent]. However, when no monies are available for valid research ideas, no jobs are to be found for the vast numbers of unemployed workers, school systems are in poor condition, the nation’s infrastructure is often in deplorable condition, and yet our Federal government votes to give billions of tax-dollars to the institutions that have the greatest amounts of assets, something is wrong with such an initiative – if not the entire system. Whether JP Morgan Chase will be ‘cashing-in’ on [or is eligible for] low-cost tax-dollars now available to the banking industry, I don’t know. However the point is if they were able to turn a profit, why is the industry getting a ‘bail-out’? This blogger welcomes anyone’s response and comments concerning this blog entry.
Check it our for yourself:
http://investor.shareholder.com/jpmorganchase/press/releasedetail.cfm?ReleaseID=340523
