“Small Banks Reel, While Big Banks Steal”

Congress battles over financial reform while four more banks fail!

Congress, in its infinite wisdom, is allowing Big Banks to steal from ‘the people’ while regional and community banks fail at an accelerated rate.

Four more banks were closed by the FDIC last Friday bringing the total lost in the first two weeks of May to 8 and the 2010 total has increased to 72 bank failures.

As bank foreclosures edge closer to costing the taxpayers huge amounts of money, Senators like Judd Gregg, Mark Warner, and Bob Corker help ‘Too Big to Fail’ institutions slide their hands into customer’s pockets to steal their hard-earned cash.

The Big Banks, JP Morgan Chase, Bank of America, Citigroup, and several others borrow money from the Fed at 0%, buy America’s debt from The Treasury earning the spread in interest rates, making easy money at the expense of taxpayers. In return they give their customers very little interest on their savings and charge them outrageous fees after creating bogus, thieving rules designed only to extract money from their customers.

In other times in our history these actions were unethical and even criminal.

Yet our Congressional representatives are reluctant to pass laws to keep the banksters out of our pockets.

Senator Gregg is leaving Congress at the end of this term, but he is hell bent on doing more damage before exiting. Damage ‘to the people’ while benefitting the banks. Gregg has done extreme damage to the American people since he’s been in Congress. He voted for every deregulating legislation since his election in 1992 which has left us vulnerable to another hard crash and economic meltdown.

But he’s not the only one. He, along with Senators Dodd and McConnell, is just one of the worst.

Half of the 8 banks that failed so far this month are from four states with the greatest number of foreclosures. California and Florida each lost a bank on the 7th bringing their 3 year totals to 26 each. Georgia and Illinois each lost a bank last Friday raising their totals during the same time period to 33 and 38 respectively.

One positive, after the disastrous April, is the fact that the 8 May foreclosures will only cost the Deposit Insurance fund $500,000,000. The largest was Midwest Bank and Trust of Illinois which was estimated at $216 million.

Today is another Friday for the FDIC and by this afternoon we’ll find out how many more banks will fail and at what cost.

Big Banks continue to steal from us, gamble with our money, and reap the benefits of easy money with the blessing of the Fed while other banks continue to fall at a yet to be determined cost to taxpayers.

On the issue of re-regulation of the banks and other financial institutions, Congress continues to side with the Big Banks and against the people, influenced by big campaign donations from giant corporations.

In California, Diane Feinstein, continues to screw ‘the people,’ in vote after vote. Likewise in Georgia, the state with the worst banking system in the country. Both Chambliss and Isakson consistently vote against their constituents and for the banks. And in Florida, Senator LeMieux, voted against the people on amendment 3733, the Brown amendment to break up the big banks that would return us to the protections of the Glass-Steagall Act.

As I’ve stated before, our Congress is bought and sold by big business.

Unfortunately, ‘we the people’ are paying a tremendous price for their time in Congress.

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