Making Fortune on Poverty: JP Morgan's Big Food Stamp Business

While most Americans are struggling hard to overcome the hardships of the recession, the profits of national banks continue to rise. JP Morgan is among those cashing-in ... and it's a contract to process food stamp payments that's helping it on its way. RT's Maria Portnaya found out how the rich benefit off the back of the poor.

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• food stamps JP
• poverty
• unemployment
• America
• US
• United States
• bankruptcy
• foreclosure
• JP Morgan chase
• Crash JP Morgan buy silver
• Goldman Sachs
• J.P. Morgan
• IMF
• economy
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[mnc303]

If JP morgan gets 100% of the food stamp industry they will get $40 per person equivalent to 1.6 billion per year of income.

[AngeliqueEU]

@birdliz But this is NOT Socialism!!!

This is pure "greedy" Capatalism ... by BIG companies even wanting to make more money over the backs of the 'normal working' people ...

so I think we could call it the fault of Corporatism .. or something like that.

NOT Socialism for SURE what is happening now!!!

[yinzjagoffs]

@AngeliqueEU Corporatism can not exist without Government. Venture Socialism or Crony Capitalism. Call it what you want, but neither would exist in a true free market.

[gamble777888]

@AngeliqueEU Corporate Socialism - The Corporations are the government and they are deciding who gets what. (We get - Television, McDonalds) (They Get - Our Souls)

[AustrianEconWilliam]

Hmmm... Lets see JP Morgan helped create the federal reserve. Helped put in many politicians (both parties). Has a monopoly on food stamps. Yet we want to blame free markets and believe that more government will stop them. Get real. Competition in the market place is the only way. Just think if we ended the regulations that help these giants maintain their power, and ended the subsides and bailouts maybe we wouldn't have these problems. oh yeah end the FED as well.

[CodebluestaT]

dont like the situation? take back control of Govt.. the provision is contained within the declaration of independence, just a shame most americans are to ignorant to evoke its power, why? because media, tv and govt keep everyone racially motivated against one another.. how dare americans stop fighting each other long enough to see the truth.. hungry? plant a garden like your grandparents did, stop relying on profit driven companies, invest into your community, invest into yourself!

[ethangirlsmom]

@mannhuhn The false story that unions are big bullies that interfere with YOUR access to business is booming. I attribute it to their need for obfuscation because the info about their destroying the economy and the workers keeps coming out, faster and faster.

[ethangirlsmom]

@sidstille You do understand this is crap, right?

[sidstille]

@BatmansArse How else would a company make money? If I go to walmart and buy a TV, they took my money. That's the point of a company. If you think companies should "make" money, go try to buy something in the real world with monopoly money and you'll find out what that's like.

[sidstille]

JP Morgan's profits last year were 17 Billion dollars. Doing calculations from what this video claims they are making, their yearly profits from food stamps would be just under 60 million dollars. That is 0.35% of their profits. This isn't greedy capitalism. This is a business covering the cost associated with having to deal with a government program forced upon them.

[mannhuhn]

I find it HILARIOUS that they have an anti-union ad at the beginning of this video. The American ruling class is super-classy.

[BatmansArse]

These huge corporations are not making money, they are taking money AWAY from people. If they want money they can just print it, they OWN the fucking monetary system!