While most Americans are struggling hard to overcome the hardships of the recession, the profits of national banks continue to rise. JP Morgan is among those cashing-in … and it’s a contract to process food stamp payments that’s helping it on its way. RT’s Maria Portnaya found out how the rich benefit off the back of the poor.
#1 by solusdiver on 11/25/2011 - 2:35 AM
The problem with the American economy is not a product of the corporations. It’s the product of a corrupt federal government and Wall Street investment banks who colluded to derive billions in profit from the stupidity of the average Joe Sixpack.
#2 by freereport1 on 11/25/2011 - 2:51 AM
If JPMorg is doing this – What about JPMorg creating REAL jobs for us too!
#3 by Mr707BAYAREA on 11/25/2011 - 3:46 AM
@DMChoreographer The sad thing is that there are people out there not all but some who dont even know who the illuminati are. Smh…..
#4 by DMChoreographer on 11/25/2011 - 3:47 AM
Yes and we will see how else they tax and spend, wait til you fidn out the illuminati and the fed are behind it all.
#5 by ftboasb on 11/25/2011 - 4:34 AM
Bank of America is doing the same thing with EDD benefits in California. If the unemployed person uses the debit card payment in an ATM they get an ATM payment. Unemployment and poverty is making billions of dollars for banks. This, my friends, is outrageous and just another way the government and the corporate world are teaming up to feed off of the people. I guess this is the zombie apocalypse I have been hearing so much about.
#6 by udibi on 11/25/2011 - 4:55 AM
Ironically, Youtube stuck me with a right-wing apologist commercial praising the Tea Party and Faux News before loading this video.
#7 by Ceraziefish on 11/25/2011 - 5:23 AM
“There’s sort of this perverse incentive for JP Morgan Chase to continue to benefit off of high unemployment.” That perverse incentive is called Capitalism.
#8 by AngeliqueEU on 11/25/2011 - 6:17 AM
@birdliz But this is NOT Socialism!!!
This is pure “greedy” Capatalism … by BIG companies even wanting to make more money over the backs of the ‘normal working’ people …
so I think we could call it the fault of Corporatism .. or something like that.
NOT Socialism for SURE what is happening now!!!
#9 by AngeliqueEU on 11/25/2011 - 6:48 AM
FOODSTAMPS I thought that was something out of WO – II ???
Not anno 2011 for Godsakes ..
#10 by rriverstone1 on 11/25/2011 - 6:49 AM
parasitic capitalism: nothing new
#11 by GrannyTenderstone on 11/25/2011 - 6:53 AM
filthy bass turds. POVERTY IS OFFICIALLY PRIVATIZED NOW! These people need to suffer, learn what hunger is, that’d change their sorry attitudes. WE ARE NOT YOUR GAMBLING CHIPS!!
#12 by smoketreepass on 11/25/2011 - 7:10 AM
Yup, this is me…making a fortune off of my under-employed and unempolyed
#13 by smoketreepass on 11/25/2011 - 8:01 AM
Yup, this is me…making a fortune off of the under-employed and unempolyed
#14 by beerandbanjo on 11/25/2011 - 8:10 AM
this is so fucked up.
#15 by mark621000 on 11/25/2011 - 8:39 AM
sounds like the story in the Bible (The rich man and the beggar Lazarus
#16 by CheekyRoseTx on 11/25/2011 - 9:19 AM
They also process the unemployment payments. Sure would like to know the details on those two arrangements.
#17 by iCriticsRed on 11/25/2011 - 9:33 AM
Why there is enough food, notwithstandg there are people dying owing to hunger and the explanation of other phenomenons of poverty
READ: iCritics.blogsport.de
#18 by geek77rus on 11/25/2011 - 10:21 AM
America should have a special high tax for the extremely rich. Like in France. That would make a difference actually.
#19 by al5mnd9trnksdr745bi on 11/25/2011 - 11:09 AM
“I should point out, when you talk about the SNAP program or the food stamp program, you have to recognize that it’s also an economic stimulus.”
—Barry Soetoro’s Sec’y of Agriculture Tom Vilsack 16 August 2011
#20 by vechorik on 11/25/2011 - 11:31 AM
Everyone should learn about United Nations Agenda 21. “Social Justice” and redistribution of wealth sounds cool to American liberals. Wait until they find that their money is not being redistributed in America, but to other countries. Is that really what they want? I don’t think so. Remember the blacks waiting in line for their “Obama money?” They really thought redistribution of wealth was coming to them. People on welfare in America are richer than many people in 3rd world countries.
#21 by nowthatsinteresting1 on 11/25/2011 - 11:42 AM
@tdot22 Sorry – we’re crossing our comments! The idea of frivolous stuff being on a different basis from basic stuff is very interesting… but I didn’t understand the bit about zakat and 4.5 ounces of gold – can you rephrase? thanks!
#22 by nowthatsinteresting1 on 11/25/2011 - 12:34 PM
@tdot22 I start to see your point about war on islam – I suppose that if western ‘investors’ REALLY invested -ie knew anything at all about what they were putting their money into – we wouldn’t be in the mess we’re in now (and those in the financial industry wouldn’t have made anywhere near as much money as they have…)
#23 by tdot22 on 11/25/2011 - 12:35 PM
@nowthatsinteresting1 .. PART II … Now the second question is “What if it is a PERSONAL loan”, again because no interest is charged you hve to see why the loan is being taken out because all you are going to get back is your principal… if it is for food,shelter,clothing,medical … than the borrower is entitled to charity which must be paid by 2.5% Annually (Zakat) of a person’s savings above 4.5 ounces of gold, if it is for something frivolous..then the lender assumes the risks.
#24 by tdot22 on 11/25/2011 - 12:35 PM
@nowthatsinteresting1 .. You are correct, there is no interest in Islamic system, because money is supposed to be based on gold & silver (which retain their purchasing power). A very legitmate question is “What happens if you lend money to someone?” If you lend money for them to start a business you are then INVESTED in the business, that gives you a share of the profits or loss, this forces lenders to only lend to viable business. (Continued)
#25 by beeeeee67 on 11/25/2011 - 12:45 PM
get these bastards back
GET OFF YOUR LAZY ASS AND GET A JOB!