Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

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Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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nobody knows who obama is

“Usury used to be illegal in the United States but it was “decriminalized” in 1980–the dawn of financial deregulation. A Democratic president and Congress repealed all interest-rate controls and the federal law prohibiting usury.

How many of you fell for Obama’s attempt to silence the outrage coming from all sides of the political spectrum with his Financial Transaction Fee plan??

Any financial institution that received TARP money or government guarantees of their debt and has $50 billion in total assets will be taxed. That includes banks and brokerages but also insurance companies and General Electric.

The new tax exempts General Motors and Chrysler. The administration says this exemption is fair because those companies collapsed by the financial crisis it blames on banks. That’s a bunch of baloney. The real reason is we are already stuck paying for them. Hooray no Triple Dipping right now the $68.5 billion already lost by the Taxpayers on this exemption and the Half Trillion lost on Fannie and Freddie  will do for a while.

“The new tax will be levied against bank assets. The banks will pay a tax of 0.15% of their total assets minus their deposits, high-quality assets such as common stock and retained earnings.

This is wrong on so many levels, it’s hard to know where to begin. Let’s start with a point made by Jamie Dimon, CEO at JP Morgan Chase:

“Using tax policy to punish people is a bad idea…All businesses tend to pass their costs on to customers.”

Exactly. But don’t worry, the Administration thought of that. They have a plan: But by imposing the tax on only the largest firms, government officials said, they hope to protect consumers. Firms that raised prices would give smaller rivals a competitive advantage, creating an incentive for companies instead to swallow the cost, potentially by reducing employee pay.

Oh, now I see.

You can read the Article by John Stossel titled “I Will Tax You to Punish the Banks” in full here but I wanted to stop it right there to make a point. The point being this is a Joke and once again the Joke is on us because as you can see Obama’s favorite banker just told you right out YOU will pay for it.

Who in their right mind would believe the Banksters will take it out of there bonus’s? Remember Dirty Dodd’s plan to limit the interest payments on Credit Cards and how that worked out? Fee’s as high as 79%. He gave his contributors (the financial sector) plenty of time to implement the higher fee’s before the law goes into effect helping them by further ensuring less competition for lower rates. Usury used to be illegal in America before the Democrats changed all that.

“Usury used to be illegal in the United States but it was “decriminalized” in 1980–the dawn of financial deregulation. A Democratic president and Congress repealed all interest-rate controls and the federal law prohibiting usury. Thirty years later, American society is permeated with usurious practices–credit cards charging 30 percent and higher, subprime mortgages and other forms of predatory lending, the notorious “payday” loans that charge desperate working people an effective interest rate of 500 percent or more. Businesses, especially smaller firms, are also prey to usury in less direct ways.”

Thanks but no thanks I know Obama said his biggest accomplishment was the bank bailouts but he can Keep the Change for the Worse! As one of the banksters said when they were called for the Fat Cat Bankers meeting by Obama….

“It’s a p.r. stunt,” says an executive at one of the banks that will be getting a dressing-down at the White House meeting”

While it may be a “p.r. stunt to the banks”  it will be real money to you.


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