Republicans obstructing recovery
JP Morgan, the nation’s biggest bank––shepherd to trillions of dollars in consumer deposits––is high-stakes gambling with your money. Morgan’s recent $2 billion dollar loss, on top of the trillion-dollar market crash under Bush, is an alarming reminder that Republicans are still blocking high-risk banking regulations. Romney glosses over the $2 billion loss as “usual” business. “Your money is insured by the Fed,” he blithely spouts. Romney doesn’t tell you that while banks put profit in their pockets, losses devastate the economy, lower wages, cut millions of jobs, and break state budgets. And to top it all off, your taxes fund FDIC bank failure insurance. After the Great Depression, the Glass-Steagle Act prohibited banks from investment trades until repeal in 1999. Your life savings are now being wagered by hedge fund bonus addicts who treat FDIC funds like poker chips. At JP Morgan alone, a handful of opaque gamblers are betting $360 billion in depositor funds that they can make themselves millionaires with your money. Are you willing to risk your savings, your income, your retirement, and even your life voting for Republicans who care not one plug nickel for you or your family and are solely after your bank roll? The recovery is struggling because the Republican Party’s celebrated singular goal is to keep the economy weak in order to defeat Obama. Regaining power is the only Republican agenda. The recovery is headed in the right direction, but every vote for a Republican is a vote for power not progress.
Richard Dorsey, Hacienda Heights, CA