Why are Municipalities broke?

Discussion in 'General Discussion' started by FluffyMcDeath, Jun 27, 2012.

  1. FluffyMcDeath Well-Known Member

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    Could it be that the Unions charge too much? Or is it because the banks stole all the money?
    Well, yuo probably already know what I think - since the average union worker only makes enough money to live well and will spend most of that money back into their community they can't be the cause of so much money leaving a community. On the other hand, the big banks don't pay back in, they just extract the money and then lend it back at interest. And they don't even play fair when they do it.
    [IMG]
    robert l. bentham likes this.
  2. FluffyMcDeath Well-Known Member

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  3. FluffyMcDeath Well-Known Member

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  4. robert l. bentham Well-Known Member

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    excerpt:
    JPMorgan’s share of the subsidy is $14 billion a year, or about 77 percent of its net income for the past four quarters. In other words, U.S. taxpayers helped foot the bill for the multibillion-dollar trading loss that is the focus of today’s hearing. They’ve also provided more direct support: Dimon noted in a recent conference call that the Home Affordable Refinancing Program, which allows banks to generate income by modifying government-guaranteed mortgages, made a significant contribution to JPMorgan’s earnings in the first three months of 2012.

    :( fawkers!!
  5. FluffyMcDeath Well-Known Member

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  6. FluffyMcDeath Well-Known Member

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  7. FluffyMcDeath Well-Known Member

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  8. FluffyMcDeath Well-Known Member

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  9. FluffyMcDeath Well-Known Member

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    Just wanted to quote from the original article in this thread because it is so illustrative of the underlying problem :

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