Why are Municipalities broke?

FluffyMcDeath

FluffyMcDeath

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

So a mere $10,000 bribe to a politician – a couple of Super Bowl tickets and a limo – scored CDR a total of $665,000 of the public's money. If you want to know why Wall Street has been enjoying record profits, here's your answer: Corruption is a business model that brings in $66 for every dollar you invest.
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