But, do you know who did not lose 20% of "their" money? Why the casinos we refer to as Banking Firms. These racketeers, gamblers, cheats, swindlers and criminals all reported Record Profits for the 3rd Quarter of 2011:
Bank of America: $6.2 BillionWhere is all this money coming from? The Giant Banking Casinos are not investing in technology, they are not investing in small start-ups, they are not moving funds into the depressed areas of the United States.
JP Morgan Chase: $4.3 Billion
Wells Fargo: $4.1 Billion
Citigroup: $3.8 Billion
What they are doing playing games shuffling electronic figures from one column to another and calling it business, conducting millions of stock-trades a second in High-Frequency Stock Trading, they're gouging people with transaction fees, they're placing "bets" and taking out hedged insurance claims on derivatives and commodities. If they guess right about a drop in the price of corn, they make money! But, no tangible good is produced. Additionally, BofA provides no benefit to the average American with his small savings account because BofA is currently providing an interest rate of 0.05%. As of the 11Q3, BofA has $53 Trillion in Total Derviatives and $1.5 Trillion in total assets.
But, wait a moment! Wow! It's appears, Bank of America has moved it's derivatives from Merril Lynch to a FDIC insured subsidiary Now why would they do that? Perhaps, because when the scope of their criminal toxic asset peddling and credit default swaps becomes known and the reckless gambling they've engaged in bottoms out, the Banksters will be bailed out once more by the American Taxpayer. Reagan Be Praised, for Government Bailouts of the criminal financial sector.
Just remember whom BofA has pledged, "to help out", with it's considerable profits : Meanwhile, at the Legion of Doom, errr... I mean Citigroup has agreed to pay a $285 Million dollar fine to the Security and Exchange Commission (SEC) to settle a Fraud Complaint for their toxic housing market rebuilding scheme. Please scroll back up the page to refresh your memory that Citigroup posted a $3.8 Billion dollar profit in the 3rd Quarter alone.
Last year, Goldman Sachs paid a record $550 Million Dollar fine to the SEC.
It seems, part of the problem is the Banksters are still treated with respect because they wear sharp suits and cutting edge business fashion, we would all be better off, if Banksters had to wear the traditional garb of the people they are behaving like; The Yakuza. Wouldn't you be more wary of the corrupt gambling banking institutions if they were sitting around in the elaborate ceremonial diapers.
But, listen! A few Republicans say Homeowners should get some help. What a crock of shit! After transferring Trillions of tax payer dollars upwards to the off-shore bank accounts of Warmongers, Thieves and Murderers. The Republican Party and the Business Friendly Democrats are trying to avoid the backlash of the 99%, by throwing the Middle Class a gnarly, cracked, meat-stripped bone, in the hopes the people will continue to support the Wall Street Swindlers and the Yakuza-Banksters who have nearly sucked all the marrow out of the bones of the USA.
It's because the 1% desire that last little bit, the last morsel, Social Security and the Post Office. If the Republicans succeed in taking control of the White House and the Senate the push to privatize the money-making aspects of the Post Office will be un-stoppable, and the Trillions of Social Security will be neatly rolled into Wall Street where the natural flucuations of Free Market will ensure a few thousand people can steal those funds and funnel them into a secret UBS account in Switzerland.
No more Bank bailouts. Bring back the SEC transaction tax, you make Hedge Bets, you conduct High-Frequency trades you pay a fee per each stock moved, each commodity leveraged. Move Your Money to Your Local Credit Union or Small Town Bank!
Related - Here's what I had to say about Wall Street, the Republicans and the 99% in April 2010:
Capitalism is... Socialism for the Rich.
Now the American people want Banking Reform and who stands with the Wall Street Thieves and against Main Street Americans? The Republicans. The Republicans will not let Congress and President Obama endanger the institutional Thievery which the Republican Party was created to cement into law and protect at all costs.
This is fortunate because since the Reign of Chickenhawk Reagan the Republicans have gotten away with their anti-human plans of financial deregulation to destroy and Impoverish the American Middle Class. Because the Klepotcrats in America who control the Republicans want all American workers ground down to the level of the powerless in Indonesia or Guatemala. Republicans want Americans to work and die once their "productive" years are done.
Ask yourself: Who wanted to roll Social Security into Wall Street? The Republicans. Why? So Wall Street could steal those funds as well. Who during the midst of the Bush/Cheney Depression wanted to destroy Social Security and Medicare? Michele Bachmann and the Republicans. Why? Because Michele Bachmann wants Americans to die when they get old.
Republicans act as the attack dogs for the Wealthy and their conservative slime merchants gleefully absorb the message and willfully propagate it to delude themselves and others.
How do the Republicans get away with their anti-human plans? They've done an excellent job of dividing Americans by religion and race and by non-stop lying.
For years the demographics allowed Republican victories but now more and more Americans are aware there is a club and 99% of the American People aren't in it. The American People have seen that the Republicans serve a gaggle of Kleptocrats who view their supporters as nothing more than paving stones for their luxuries.