Consolidating Doublespeak

According to an AP article published on Friday, “Goldman Sachs and JP Morgan Chase reported solid earnings for the quarter and Wells Fargo minimized possible future losses on its purchase of failed bank Wachovia. And thanks to a recent rules change, many banks were able to pump up the values of the toxic assets at the heart to the credit crunch.”

Last year the administration told us we had to hurry and pump billions into Wall Street banks or our entire financial system would collapse. But owing to the fact that it was such an urgent nature, we had no time for questions. Subsequently the bail out money was doled out so fast there were no rules and no one kept track of where it was going.

The banks needed the money then, now with this new administration, they’re showing earnings so they can give back the TARP (Troubled Asset Relief Program) money. Yeah they want to give it back now, ’cause the rules changed.

One rule the larger banks are unhappy with is they won’t be able to buy out the smaller banks. Consolidation of wealth into the hands of the few is why we have this recession-depression. Concentration of wealth also means there are fewer and fewer people controlling the influence on our government. The banking industry gives millions in campaign contributions. How can a vote compare with that type of campaign influence? It can’t.

Proof of this influence is the fact that the banks pushed for those rules changes allowing the banks to value their toxic assets at a higher value. Great, now those worthless toxic assets are worth more. Pure Orwellian double speak. Like the double speak when Bear Stearns reported that they were in great shape and had plenty of capital right up to the day they went bankrupt. We even loaned JP Morgan Chase billions at rock bottom interest rates to buy Bear Streams.

So, is it double speak or the truth when the corporate crooks report increased earnings? And if their earnings are increasing then will all those people who lost their jobs in the finance and banking sector get them back? Probably not, their earnings aren’t high enough for that, they’re only high enough to keep the government from implementing rules against banking consolidation.