Banking Challenges

President Obama told us we had to pass the 787 billion dollar economic stimulus on top of the 700 billion we’ve already given to the banks with little in return. But wait there’s more…

The Federal Reserve is going to lend out trillions in car loans, student loans and small business loans, which is kinda scary considering the Federal Reserve is a bunch of bankers who control our currency. The Federal Reserve Chairman controls inflation and deflation by setting the interest rate banks charge to one another called the Federal Funds Rate.

Thomas Jefferson said “I believe that banking institutions are more dangerous to our civil liberties than standing armies”. “If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

The president tells us we are entering uncharted financial territory which call for drastic changes to the entire economic system. Considering what Thomas Jefferson had to say about banks, how uncharted is today’s financial situation when greed is its lifeblood, no matter the century?

Our currency has been turned into credit, and because the Federal Reserve failed to control the dot com and housing bubbles with the proper interest rates, the banks and corporations parasitically grew up around our economy choking the life out of it, so that now we the tax payers now have to bail out the banks with many of us ending up without a home because the Money is now gone because the bankers stole it! These bankers have ruined our economy, and many people's lives, and have no remorse having done so.

The attitude of the greedy bankers is one of arrogance and entitlement, evidenced by CEO salaries, and AIG’s trips to resorts in Colorado and California after receiving government bail out money. Northern Bank received 1.6 billion in bail out money and still went on their golfing trips because they had already been planned. Many Americans had also made plans, like staying in their homes and investing in their retirement, their plans were curtailed by the arrogant greed of the financial industry.

This is the challenge, tackling the unfettered greed of the few, the rich the powerful, and only one of many challenges this president faces. During Jefferson’s time they had men who were willing to risk their lives and their fortunes to take on the bankers. Today our politicians owe their fortunes to the wealthy few and dare not risk their “elected positions” of power by taking on the bankers.