Bankers hate our guts!

How Bankers Make Gangsters Look Like Choir Boys

Bankers were meant to be our friends. They're not. They hate our guts. They love our money but they hate our guts. They could be growing the economy and creating jobs by lending us money at reasonable rates to start a business, or to expand a present business, or to buy a home, or a car. They are not. They are accepting huge piles of new money freshly printed courtesy of the Federal Reserve System (and us, the U.S. Taxpayers), and they are diverting that money into their own pockets, and to the pockets of their 63,000 corporate friends. That money has caused the value of stocks to go up about 150 percent in the past 5 years. It has created very few jobs.

Here is the plain truth of those statements:

The top 10 banks have assets of $10 trillion. Here are their names: J.P. Morgan & Chase, Bank of America, Citigroup, Wells Fargo & Co., Goldman Sachs Group, Morgan Stanley, Bank of New York Mellon, U.S. Bancorp, HSBC North American Holdings.

How much is $10 trillion? Here is a visual picture. A stack of one hundred $100 dollar bills laid flat equals $10,000. It is 0.75 inches thick. It would take 750 million stacks to equal $10 trillion. That stack would be 1.2 million miles high, or 2 and ˝ round trips to the moon. That's what they have, and you are not going to see any of it.

If they put just $2 trillion of that money into circulation by way of loans to you and me, it would create $6.5 trillion in new GDP. That's because every dollar in circulation is spent 6.5 times per year. That amount of new GDP would generate $5.5 trillion in new incomes. And that level of new income would create 15 million new jobs at $50,000 each, and give every taxpayer in America a raise of $7,900 per year. It would also generate $2.2 trillion in new tax revenues at the local, state, and national levels.

Think about those numbers for a moment. Just 20 percent of the assets of the top 10 banks would be enough to solve all our economic problems. But here is the kicker: Since 2009, banks have accepted more than $4 trillion from the Fed—twice as much as is needed to restore our economy and bring about more prosperity than we have ever realized.

Bankers are not stupid. They know all this. But instead of reviving the economy, they have chosen to ignore the 140 million Americans who must work for a living, and make the ultra rich ignominiously rich.

I have an extensive vocabulary, but words escape me that might describe the contempt bankers have for us—and that I have for them.