Banks put Americans on the hook for trillions: Restore Glass-Steagall

This clip explains the massive fraud being perpetrated on humanity as we speak.

US GDP is ~$15T;
Entire PLANET GDP: ~$65T;
BofA derivatives total $75T; Wells-Fargo derivatives $73T
And they have moved those phony dollars to their commercial side, making them FDIC insured. WE are now on the hook for their crimes, for more money than the entire world produces over several years. This is the result of the repeal of the Glass-Steagall Act in 1999.

Additionally, the UN estimates that the total cost to END WORLD HUNGER would be just under $200 BILLION per year. JP Morgan could feed the world for more than a decade with the money they currently sit on.

As Hurley would say, "The numbers are bad!"

From The Thom Hartmann Program, Free Speech TV 10/19. (Free Speech TV is channel 348 on DirecTV)

Category:

News & Politics

Tags:

• bank america
• jp morgan
• thom hartmann
• fraud
• derivatives
• fdic
• scam
• bankster
• economic
• crisis
• glass-steagall
• act
• wells fargo
• gross domestic product
• Economy

[bpartoens]

I do not undertand why the US citizens can not have an Icelandic moment and say NO. We the people did not cause this crisis and we the people will not pay for the crisis. Time to hold the supreme court (they ruled the mortgage fraud to legal), the FED (they allowed the derivatives to be placed in the commercial banking arms of the banks) and the elected accountable.

Thom, please ask Bernie at "Brunch with Bernie" , why we the people, should not say NO to this fraudulent debt.

[fmaske]

@bpartoens US citizens have never even been exposed to the Iceland story. COMPLETE NEWS BLACKOUT.

[PatriotReport]

An act of war on the free peoples of the world.

[Ladiestreat]

How is all that money FDIC insured? I thought it was a $250,000 per account maximum.

[mikecorbeil]

@fmaske wrote in reply to bpartoens, "US citizens have never even been exposed to the Iceland story. COMPLETE NEWS BLACKOUT".

True, but there's a sort of analogy going on in the US this year with OWS, etc.  It may not be a perfect mirror image of what Icelanders did, but it's nevertheless movement, action against crony and predatory capitalism, imperialism, et cetera. Not everyone in this nation-wide movement in the US has the same views on everything, but there's enough for common action.

[mikecorbeil]

The Bank of America, the largest bank of the USA, if recalling that part correctly anyway, is "in large part" owned by some Saudi prince, any foreigner for that matter? I don't question whether it's true, or not, for Thom Hartman, who I definitely don't always agree with, surely wouldn't say this unless it was true. It's surely easy enough to verify who the main owners of BoA are.

Not that it really makes much diff. either way. Rich "Americans" prey on the rest of us anyway.

[h4ck]

@fmaske yup. i didn't know anything about it until i heard about it online a few days ago..and i actually follow international news!

[eastcoastfiregal]

i think EVERY SINGLE PERSON WHO OWNS A HOME IN THE USA needs to stop paying their mortgages, get out all of their money out of these evil banks.... and spend it on food and necessities.. it's coming folks... happy that so many are waking up to the evil running the world.. occupy!

[TheMiguelGrande]

FDIC covers deposits only. Executive gambles are not insured. This is an illusion to pacify the foreign entities that they owe the $1.5 quadrillion to. We will not cover their losses.

99%

TOO BIG TO FAIL!!

[anunnaki2006]

Bank of America is only still standing thanks to the evil DVD agent Eijiro Katsu inflating the Japanese Yen with derivatives which have also been used to grab as much cash to cover the losses about to come from Greece. Azumi lowered the Yen monday and if the Crown Maltese/DVD didn't wish for this then expect 3/11 PART II AKA AFTERSHOCK.