Monday, November 7, 2011

This is not a test

Remember the other day how I was saying that even the richest 1% do better under Democratic administrations? Come on remember? I had a cool graph and everything? Anyway, read this and just try not to throw up all over yourself [refused to link because under normal conditions the Washington Post is a piece of dogshit]:

The largest banks are larger today than when Obama took office and are returning to the level of profits they were making before the depths of the financial crisis in 2008, according to government data. Wall Street firms — either independent companies or the high-flying trading arms of banks — are doing even better. They’ve made more profit in the first 2½ years of the Obama administration than they did during the entire Bush administration, industry data show.
....A recent study by two professors at the University of Michigan found that banks, instead of significantly increasing lending after being bailed out, used taxpayer money to invest in risky securities to profit from short-term price movements. The study found that bailed-out banks increased their returns by nearly 10 percent as a result.
....“The too-big-to-fail banks got bigger profits and avoided failure because of trillions of dollars of loans directly from the Federal Reserve,” said Linus Wilson, assistant professor of finance at University of Louisiana at Lafayette. “Today their profits are boosted by lower borrowing costs because their managers and creditors expect a Fed lifeline when markets get jittery.”
Banks have also benefited from the massive increase during the recession in unemployment insurance, which is a joint federal and state program. Increasingly, banks offer debit cards to the unemployed to collect their benefits. These debit cards carry a range of fees that bolster bank bottom lines.

But remember - Obama is a super, duper secret double dog sochalist because he wants to increase the marginal tax rate for the top one percent from 35% to 39.6%.

These besieged assholes in  the banking industry are going to donate all of their money to Herman Cain or whatever other crazy asshole the Republicans nominate.  But its the OWS protestors that are dumb...

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