They Are At It Again!

Hi Everyone:

Something is about to happen that should make all of us yell out our windows that we are mad as hell and we aren't going to take it anymore! What I am talking about is that the big banks are about to dole out 140 billion dollars in bonuses. WHAT!!!!!! Yes! JP Morgan Chase, Citigroup and Wells Fargo are about to do just that. Bank of America will not be joining that group due to the fact that they lost a billion dollars. But the other 3 have just made the most money in their history and therefore feel it necessary to pay out huge bonuses.

Let's look at their recent history. Last year these same big 3 banks paid out 130 billion dollars in bonuses. Lest we forget that it was these same banks that thought it was a good idea to sell sub-prime mortgages which broke the camels back and pushed us into the "Great Recession". The same employees that pushed and sold the sub-prime mortgages were the ones who were rewarded with huge bonuses because they made an obscene amount of money for their employers. But wait, then the mortgagees then started to default on their loans and these banks didn't have enough reserves to cover the defaults. Then what happened? They asked for and received bailout money that was in the billions and billions of dollars. Where did all of that bailout money come from? The U.S. government of course, which we all know is made up of all of the hard working tax payers in this country.

Everyone in this country should be extremely outraged. Why? Well it seems that these banks have not fully paid back their bailout loans yet. They do not seem to care about reimbursing us, the tax payers first. What these banks seem to care about is to pay these outrageous bonuses to keep their so-called top performing employees. Top performing employees? These are the same employees who created the idea and then sold the sub-prime mortgages which led to the, (had to be anticipated) loan defaults, which led to our "Great Recession" which then ultimately led to them receiving the bailout money. These are their best employees? You have got to be kidding to me!

These banks have no right, what so ever, to pay out bonuses with our money without paying us back first. How dare they!!!!!!! The very sad and unfortunate part of this continuing saga is that these banks didn't make their most recent obscene profits from doing what banks used to do best and that was making loans. These banks, even with all of the bailout money they received, didn't make credit more available. They did the complete opposite, by making credit less available. First they used the bailout money to shore up their bottom lines and then they made all of these profits by doing anything but giving out more loans. They invested in risking ventures that happened to turn profitable. Good for them, bad for us. PAY US BACK OUR MONEY FIRST YOU SHYSTERS!

Now since they have no intentions of paying back the bailout money first, I have an idea that we should all consider..................... There are thousands of small town banks and who knows how many small investment firms in this country that did not sell sub-prime mortgages and are consequently in great financial shape. Why don't we all take our money out of the big banks and invest it in the small town banks and financially solvent investment firms? This would send a message to the big banks that they will understand and also tell them that we are mad as hell and we aren't going to take it anymore.

Common sense rules and greedy banks don't make any sense.

Til next week.