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And the Phony Outrage Is…

Submitted by on March 18, 2009 – 3:42 pm 6 Comments

Only oil companies give more money to Congress than banks

Big Banks donate MORE to Congress than Big Oil! So far in 2010, Congress has received over $24 million from Securities and Investment Firms, Commercial Banks, and Miscellaneous Finance companies, compared to less than $6 million from Oil & Gas.  And the Finance, Insurance & Real Estate sector outranks Big Oil again when it comes to money spent on lobbying – they spent $464 million in 2009, compared to $409 million from Energy & Natural Resources groups.  See the Center for Responsive Politics for more details.

Naturally, all the money the banks have sunk into the political process has really paid off.  Banking is very lightly regulated – hence the massive economic meltdown we’ve experienced over the past year and a half.  Wall Street freely engages in backroom betting with no referee at all, gambling with regular Americans’ savings to make big money for themselves.  When they win, they win big; when they lose, they force the taxpayers to pay.  And consumer financial protection?  Please.  All those donations to Congress make sure there’s almost none at all.  780% interest payday loans?  You got ‘em.  Subprime mortgages for folks who could have afforded prime ones?  Of course.  Credit cards designed to keep you in debt forever?  You betcha.

Thanks for playing!  Now take action to rein in the big banks.

True Outrages:

Some credit cards charge 79.9% interest. Read all about it from the Associated Press.

There is a new foreclosure every thirteen seconds. See the Center for Responsible Lending for details.

Bankers remove $7 from the economy for every $1 they create. What we always suspected is now empirically proven:  big bankers are a net drain on society.  Bankers don’t have to pay for the economic messes they make (hello, bailout dollars) – so nothing stops them from gambling with our savings while running off with huge bonuses.  See the study about this here (PDF).

You can’t sue your credit card company in court.  You have to use a private “arbitrator” to settle any disputes.  But – surprise – arbitrators side with credit card companies over 90% of the time.  Read more about “Forced Arbitration” in this report from Public Citizen (PDF).

Take Action!

Prevent another bailout, protect consumers, and end the “too big to fail” era.  Tell Congress to enact real financial reform.

Submit YOUR Outrage!

What do you think is the most outrageous thing the banks have done?  Submit your idea below in the comments section.  If we use it in a future quiz, you could win a prize!

6 Comments »

  • janice says:

    Majority of people I believe have been “outraged” about many things for decades.

    We elect people who sometimes have the best of intentions and then become more concerned about getting re-elected and party-lines than they are about the country’s citizens. I don’t see how this can change because there are too few Alan Graysons.

  • Rebecca says:

    We applied for refinance March 09 when my partner was laid off. We got a good deal approved by B of A. They delayed past their own cut-off date. Then they said we no longer qualified since guidelines had changed. I told them I knew they could reduce interest rates to 2% and eliminate second mortgages, getting reimbursed by the government, through the new Obama programs(look it up on Congressional Research Service publications). They said guidelines had not been received; they couldn’t do that. We compromised and in November got less than what they had approved the previous May. I called them again this month since they notified us they could bring interest rates further down and forgive debt. They said we had just refinanced so we were not eligible. My partner has been unemployed a year.

  • NOTsamWalton says:

    Today’s large banks give those with moderate to small wealth a worse option than a matres for saving money.

  • William Sweet says:

    The numerous confusing documents we need sign when taking out a mortgage and insurance premiums, fees, title seaches, and the fact that the documents have to be requested to be seen ahead of the closing. Because this historically happened a few times in a persons life it was easily overlooked. Now in these days of habitual refinancing to cover college or credit card debt, many of us have refinanced many times.

  • Juan Herrera says:

    CORRUPTION, KICKBACKS, CONGRESSPEOPLE ARE ELECTED BY THE PEOPLE TO SERVE THEM, NOT BIG CORPORATIONS AND BIG BANKS.

  • Peter T Kallay says:

    The big banks caused the financial meltdown (“Great Recession” in 2007-2008, yet they used taxpayers’ bailout money to lobby against reform and to buy out their competitors, creating ever larger too-big-to-fail entities.

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