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Title: J.P. Morgan is getting rich off of poverty...
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Published: May 5, 2011
Author: http://dailybail.com/home/jp-morgans-foo
Post Date: 2011-05-05 07:16:43 by tom007
Keywords: None
Views: 293
Comments: 7
J.P. Morgan is getting rich off of poverty... Guest post from the Economic Collapse Blog JP Morgan is the largest processor of food stamp benefits in the United States. JP Morgan has contracted to provide food stamp debit cards in 26 U.S. states and the District of Columbia. JP Morgan is paid for each case that it handles, so that means that the more Americans that go on food stamps, the more profits JP Morgan makes. Yes, you read that correctly. When the number of Americans on food stamps goes up, JP Morgan makes more money. In the video posted above, JP Morgan executive Christopher Paton admits that this is "a very important business to JP Morgan" and that it is doing very well. Considering the fact that the number of Americans on food stamps has exploded from 26 million in 2007 to 43 million today, one can only imagine how much JP Morgan's profits in this area have soared. But doesn't this give JP Morgan an incentive to keep the number of Americans enrolled in the food stamp program as high as possible? There are just some things that are a little too "creepy" to be "outsourced" to private corporations. The JP Morgan executive in the interview below does his best to put a positive spin on all this, but it just seems really unsavory for a big Wall Street bank to be making so much money off of the suffering of tens of millions of Americans.... So if unemployment goes down will this ruin JP Morgan's food stamp business? Well, apparently not. In the interview Paton says that 40% of food stamp recipients are currently working, and he seems convinced that there could be further "growth" in that segment. So is this what America is turning into? A place where tens of millions of the unemployed and the working poor crawl over to Wal-Mart and the dollar store every month to use the food stamp debit cards provided to them by JP Morgan? It turns out that JP Morgan also provides child support debit cards in 15 U.S. states and they also provide unemployment insurance benefit debit cards in seven states. Apparently states have found that they can save millions of dollars by "outsourcing" the provision of these benefits to big financial firms like JP Morgan. So what happens if you have a problem with your food stamp debit card? Well, you call up a JP Morgan service center. When you do this, there is a very good chance that you are going to be helped by a JP Morgan call center employee in India. That's right - it turns out that JP Morgan is saving money by "outsourcing" food stamp customer service calls to India. When ABC News asked JP Morgan about this, the company would not tell ABC News which states have customer service calls sent to India and which states have them handled inside the United States.... JP Morgan is the only one today still operating public-assistance call centers overseas. The company refused to say which states had calls routed to India and which ones had calls stay domestically. That decision, the company said, was often left up to the individual states. JP Morgan has been moving some of these call center jobs back inside the United States due to political pressure, but this whole situation is a really good example of what the "global economy" is doing to middle class Americans. Just try to imagine the irony - a formerly middle class American that has lost a job to outsourcing calls up to get help with food stamp benefits only to be answered by a call center employee in India. Welcome to the global economy, eh? But wait, there is more. It has just been announced that JP Morgan has admitted that they wrongly foreclosed on over a dozen military families and that they have been overcharging "thousands" of other military families on their mortgages. Ouch. It is a really bad public relations move to mess with military families. Is anyone over at JP Morgan even paying attention? JP Morgan has also been one of the primary financial institutions involved in the foreclosure "robo-signing" scandal. They just seem to be having all kinds of problems lately. But they are not alone. The truth is that we have gotten to the point where big Wall Street banks such as JP Morgan, Goldman Sachs, Citibank and Morgan Stanley just have way, way too much power. The biggest Wall Street financial institutions had no trouble begging for bailouts from the U.S. government during the financial crisis, but when the American people have needed a little grace and mercy from them they have been less than helpful. So what do you think about how the big Wall Street banks have been behaving? Feel free to post a comment with your opinion below.... ##
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#1. To: tom007 (#0)
Tom, reading this article reminds me of the artificial world we're living in and how the salt of the earth are being taxed to supply the weapons that will destroy them. There's only one way out of this circumstance and that's for the productive class to withdraw their participation, otherwise the PTB will simply continue to use and abuse the productive to destroy everything necessary to freedom, prosperity, and what once was the American way.
Democracy: “a government of the masses. Authority derived through mass meetings or any other form of direct expression. Results in mobocracy. Attitude towards property is communistic-negative property rights. Attitude toward law is that the will of the majority shall regulate, whether it is based upon deliberation or governed by passion, prejudice and impulse, without restraint or regard to consequences. It results in demagogism, license, agitation, discontent, anarchy.” The 1928 Army Field Manual
From the many to the few seems to be our government.
Decades ago, William Buckley's Conservative Book Club put out "Poverty is where the money is." Seems to still be true today.
Death is a one-off.
"Whatever we do, it doesn't matter - they are animals," he cried in Spanish, when asked why the peacekeepers were not trying to explain anything in French or Creole. I got all the dominoes and you ain't got none this seems to be a very slow fix - doubt they noticed at all that I dropped out 5 years ago, live on less now than I used to pay in taxes - the landlord n grocery store do not accept my defiance to the system as payment though, I still have to work for someone or stop eating ... a few of us at a time making a big move hurts them very little ... just weakened me more imo, in hindsight at least
Take heart, someone has to set the example. Why not you or I ? Secondly, you may have been financially weakened (as I have too) but I am much stronger and more defiant than ever and so should you be. Building character by resisting tyranny is righteous, keep it up. We can know that it's not us supporting genocide or building a war machine that goes around the world bitching, bullying, and bombing. I'm not involved in killing little kids and their mom's and dad's. This life is a mere vapor in time ... and I have to be nearing the last 1/3 of my vapor. My biggest regret is not having come to my senses and this decision earlier in my life.
Democracy: “a government of the masses. Authority derived through mass meetings or any other form of direct expression. Results in mobocracy. Attitude towards property is communistic-negative property rights. Attitude toward law is that the will of the majority shall regulate, whether it is based upon deliberation or governed by passion, prejudice and impulse, without restraint or regard to consequences. It results in demagogism, license, agitation, discontent, anarchy.” The 1928 Army Field Manual
yes, we do have that satisfaction ... they're not making a nickle off me anymore in payroll taxes and I ain't on their dole ...
#2. To: noone222 (#1)
living in and how the salt of the earth are being taxed to supply the weapons that will destroy them.
"Satan / Cheney in "08" 
#3. To: tom007 (#0)
#4. To: tom007 (#0)
Frisk'im sergeant Deo frisk'im
#5. To: noone222 (#1)
There's only one way out of this circumstance and that's for the productive class to withdraw their participation,
~ the truth will set ya free, but only after it pisses ya off ~
#6. To: Amandil (#5)
a few of us at a time making a big move hurts them very little ... just weakened me more imo, in hindsight at least
#7. To: noone222 (#6)
We can know that it's not us supporting genocide or building a war machine that goes around the world bitching, bullying, and bombing. I'm not involved in killing little kids and their mom's and dad's.
~ the truth will set ya free, but only after it pisses ya off ~
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