700 billion is the amount of TARP money given to banks. Just one company JP Morgan Chase received 25 billion, one billion less than the shortfall in California. I'm not suggesting kalifornia should get the money. Frankly, I say let the place burn.July 10, 2009
People holding California state IOUs -- including taxpayers, vendors and local governments -- will soon have a tougher time redeeming them, as most major banks are standing firm on a vow not to cash the vouchers after today.
But think about it.
One shitty company from this list.
Problem; it ain't tax season. Sure, whatever.In the last week, State Controller John Chiang's office issued 91,000 IOUs worth $354 million to people expecting tax refunds, as well as to state vendors and local governments, said spokeswoman Hallye Jordan.
What does JP Morgan produce? Is there some factory somewhere? Some fleet of trucks? You can employ a lot of people for 25 billion. It just doesn't add up.
For a measly $134,764,078.00 the federal government could pay every state obligation, every state function, all the police, schools, everything for one year. The would still have what, 400++ billion?
Nope, instead the state is paying it's bills in IOU's the banks won't cash, and how do you think that will turn out? And now a second stimulus. The banks get loans @ what, 0.25% er something stupid? And then they loan it at 5-12%??? The banks rake in hundred of millions EVERY DAY just from ATM fees. They are making a killing.
"Some days, the people never seem to stop coming," Dann said. "It's really telling when they open the bag of food before they get out of the parking lot to feed their children." This is madness
