It’s time for Americans to stand up and declare shenanigans!!! Enough is enough!!!
Isn’t it amazing that, after the monumental collapse of the world economy in 2008, most major businesses have not only recovered their losses but they’re also raking in record profits??? One would think that the hard work that’s being done by the working class would result in rewards that would help them recover their losses. Sadly, that isn’t the case. If you want to know why, you have to look behind the curtain to see what’s really going on.
MOUNT CLEMENS, Mich. — Hundreds of millions of times a day, thirsty Americans open a can of soda, beer or juice. And every time they do it, they pay a fraction of a penny more because of a shrewd maneuver by Goldman Sachs and other financial players that ultimately costs consumers billions of dollars.
The story of how this works begins in 27 industrial warehouses in the Detroit area where Goldman stores customers’ aluminum. Each day, a fleet of trucks shuffles 1,500-pound bars of the metal among the warehouses. Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again.
Only a tenth of a cent or so of an aluminum can’s purchase price can be traced back to the strategy. But multiply that amount by the 90 billion aluminum cans consumed in the United States each year — and add the tons of aluminum used in things like cars, electronics and house siding — and the efforts by Goldman and other financial players has cost American consumers more than $5 billion over the last three years, say former industry executives, analysts and consultants.
The maneuvering in markets for oil, wheat, cotton, coffee and more have brought billions in profits to investment banks like Goldman, JPMorgan Chase and Morgan Stanley, while forcing consumers to pay more every time they fill up a gas tank, flick on a light switch, open a beer or buy a cellphone. In the last year, federal authorities have accused three banks, including JPMorgan, of rigging electricity prices, and last week JPMorgan was trying to reach a settlement that could cost it $500 million.
And people talk about all the hard work being done by “job creators”??? The “work” that’s being done is the mass pickpocketing of America that’s being allowed by the very people who America votes to protect us and our interests. Thanks to the lack of enforcement and regulation of corporations that’s championed by our elected officials, we have pretty much turned back the hands of time in America to the turn of the century, the 20th century that is.
You have states stomping on voting rights of citizens making it harder for certain groups of people to cast votes. You have government eviscerating regulations that allows corporations to basically do as they please without fear of punishment. All that’s missing is the dirt roads and wagon trains crossing the plains.
If a person/company is doing something that they feel is right and just, they would not have a need to change or cover their tracks. These companies know they’re doing wrong and are trying to cover their tracks before being exposed for the crooks they are.
Mounting regulatory and political pressure has already forced Morgan Stanley, Goldman Sachs Group Inc, and JPMorgan Chase Co, the three Wall Street banks known for their commodities trading prowess in the past decade, to openly consider exiting key businesses.
Morgan Stanley explored selling its vaunted commodities trading desk last year; Goldman Sachs has already sold off its power plant division, and both Goldman and JPMorgan Chase are now considering a sale of their metal warehousing firms, sources said.
Wall Street firms have also adopted more subtle maneuvers, reconfiguring operations to placate regulators, expanding into new markets, and trying to find ways to preserve the value of their investments if they are forced to sell or spin them off, according to a Reuters review of regulatory filings and more than a dozen interviews with top traders and bankers.
You can’t simply blame the corporations though. They’re only reaping the bounty that they have sown by paying for the best Congress that they could afford. After all, Congress is the one responsible for producing legislation to ensure Americans and out interests are best protected. This current Congress has more than shown that they don’t care about average Americans. If you don’t think so, listen to the words of one of the leaders in Congress: Speaker Boehner said that he wants his group to be judged on the legislation they repeal, and he actually said that with a straight face.
Repealing of regulations that kept these banks in check is what enabled the 2007 crash and the shenanigans that are going on now. If I were to give him a score, he would get a -10 right now. We need common sense regulation, not simply repealing things just to satisfy ideology. If you continue to vote for this crap, you deserve to get crapped on by the money changers. You’re simply selling yourself out for serfdom. You’ll know it’s time when Amazon starts selling burlap pants. If you’re going to be a serf, you have to look the part.
I can’t answer for anybody other than me, but I’m like the people of South Park. It’s quite obvious the game is rigged against us, and it’s time to declare shenanigans on the crooks. Otherwise, you may as well simply sign your paychecks over to them like a good little serf would do.
*UPDATE: Seems like great minds think alike as Mr. Jay Bookman touched on this same topic today. Had I not gotten so sleepy, I may have beat him to the punch on this one as I put much of this together last night. Excellent read Jay, and I agree with you as I’ve about had my fill of Wall Street and their shenanigans.
- Wall Street’s Terrified There Will Be Ugly Layoffs If The Fed Won’t Let Banks Buy Commodities Anymore (businessinsider.com)
- Goldman makes millions every year by shuffling huge amounts of aluminum among Detroit warehouses (business.financialpost.com)
- Fed Reviews Rule on Big Banks’ Commodity Trades After Complaints (bloomberg.com)
- How Goldman Made $5 Billion By Manipulating Aluminum Inventories (and Copper is Up Next) (nakedcapitalism.com)