Hoarders

  • Aired:  05/13/10
  •  | Views: 161,432

The big banks make money by taking the bailout money we gave them and lending it back to the government with interest. (3:30)

YOU REMEMBER, THINK BACK,

YOU REMEMBER A LITTLE MORE

THAN A YEAR AGO WE GAVE BANK

OF AMERICA, CITIGROUP, JP

MORE BEGAN CHASE AND GOLDMAN

SACHS SOMEWHERE BETWEEN 10

AND $25 BILLION DOLLARS A

PIECE TO STAVE OFF A

CATASTROPHIC IMPLOSION OF

THEIR BONUS SYSTEM-- I

MEAN--

(LAUGHTER)

>> Jon: THE ECONOMY.

WHICH APPARENTLY DEPENDS ON

THEM.

WELL, GOOD NEWS.

ALTHOUGH THE ECONOMY

REMAININGS VOLATILE AS

EVIDENCED BY LAST WEEK'S 20

MINUTE THOUSAND POINT STILL

HAUNTINGLY UNEXPLAINED STOCK

MARKET DROP, ONE SECTOR OF

THE ECONOMY APPEARS TO HAVE

STABILIZED.

>> BANK OF AMERICA, GOLDMAN

SACHS, CITIGROUP AND

JPMORGAN HAVE JUST PITCHED A

WALL STREET EQUIVALENT OF A

PERFECT GAME TO THE BIG

BANKS MADE MONEY EVERY

SINGLE DAY LAST QUARTER.

0 DAYS OF LOSSES.

NO DAYS IN THE RED, EVERY

DAY IN THE BLACK.

>> Jon: YEAH, PITCHED BY

FOUR STRAIGHT TEAMS.

ON 61 CONSECUTIVE DAYS.

THE RULES ARE SET UP TO MAKE

IT ILLEGAL FOR THE OPPOSING

TEAM TO USE BATS.

FEBRUARY 16th,ER EARNINGS

AND MANUFACTURING DATA COMES

IN BETTER THAN EXPECTED.

THE STOCK MARKET WENT UP 170

POINTS, NO SURPRISE THE

BANKS WITH PAGE MONEY ON

THAT DAY BUT ON FEBRUARY 4th

UNEMPLOYMENT NEWS SENDS THE

MARKET DOWN 268 POINTS.

THE BANK STILL MADE MONEY.

MARCH 2nd, THE MARKET DIDN'T

DO ANYTHING, DOWN 2, THE

BANKS MADE MONEY.

JANUARY 25th.

KISS RANG THE OPENING BELL,

WOULD YOU THINK THAT WOULD

GIVE INVESTORS PAUSE BUT NO,

THEY MADE MONEY.

ON MARCH 12th, DRAGONS

ATTACK WALL STREET, THE

BANKS STILL MADE MONEY.

TURNS OUT THE BANKS HAD

CORNERED THE MARKET ON FIRE.

WHAT IS GOING ON!

AND BY THE WAY T WASN'T LIKE

EVERY DAY THEY SQUEAKED INTO

THE BLACK.

>> BANK OF AMERICA MAKING A

GOOD DEAL OF MONEY.

TRY ABOUT $3.2 BILLION WORTH

OF MONEY IN THE FIRST

QUARTER.

>> GOLDMAN SACHS AVERAGED

ABOUT $25 MILLION A DAY.

>> CITIGROUP AT 4.4 BILLION.

>> JPMORGAN MADE AT LEAST

$118 MILLION A DAY.

THAT COMES DOWN TO ABOUT $5

MILLION AN HOUR.

>> Jon: OH, REALLY.

I THINK WE HAVE VIDEO OF HOW

IN THE BLACK THEY ARE.

CAN WE TAKE A LOOK?

(LAUGHTER)

>> Jon: THEY COULDN'T LOSE.

WE COULD LOSE.

WE DID LOSE.

HOW IS THAT?

>> IT'S A REAL UNUSUAL

CREDIT MARKET ENVIRONMENT

FOR TRADERS RIGHT NOW.

>> Jon: YES, IT IS SOMEWHAT

UNUSUAL.

IF BY UNUSUAL YOU MEAN THE

FEDERAL RESERVE IS LENDING

TO THE BANKS AT 0%, YEAH

THAT IS KIND OF UNUSUAL.

AND WHAT ARE THE BANKS DOING

WITH THE FREE MONEY.

>> TREASURIES, TRADING AT A

HUGE VOLUME, WITH THE U.S.

GOVERNMENT SEEKING SO MUCH

MONEY TO FINANCE TARP.

>> Jon: I SEE, SO WHAT IS

HAPPENING IS THEY'RE TAKING

THE BAILOUT MONEY, WE GAVE

THEM, AND LENDING IT BACK TO

THE GOVERNMENT TO PAY FOR

THE BAILOUT.

AND THEN CHARGING THE

GOVERNMENT INTEREST.

(LAUGHTER)

>> Jon: OUR GOVERNMENT IS

THE WORST LOAN SHARK IN

HISTORY.

>>

(LAUGHTER)

>> Jon: YOU GOT MY MONEY.

NO?

WELL, HERE.

TAKE MORE OF MY MONEY.

(LAUGHTER)

>> Jon: NO, YOU'LL TAKE IT.

DON'T MAKE ME BREAK MY

THUMBS.

YOU KNOW WHAT, I ACTUALLY, I

GIVE UP.

YOU WIN.

THE BANKS WIN.

WE'RE WAVING THE WHITE FLAG.

JUST TAKE THE [BLEEP] MONEY,

I DON'T EVEN CARE AT THIS

POINT.

YOU KNOW WHAT, TAKE THE FLAG,

I DON'T CARE, JUST GO, MAKE

THE MONEY, TAKE THE MONEY,

THE REST OF US ARE GOING IT

TO START A NEWS-BASED

ECONOMY.

AND YOU KNOW WHAT, WE'RE

JUST GOING TO HAVE TO PRAY

NOBODY ON

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