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Reply #7: from the link: "So let me see if I get this right." [View All]

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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-03-09 03:59 PM
Response to Reply #4
7. from the link: "So let me see if I get this right."
The Taxpayer hands JP Morgan billions of dollars to bail them out and keep them from potentially being declared insolvent.

In return for this JP Morgan spends that money speculating on the price of oil, and in fact does one better - they take physical delivery and lease a ship to store it in, thereby withholding the oil from the market and propping up the price, hoping to be able to sell that oil at a higher price later.

In the meantime, however, they are partially responsible for the rise in gas prices, meaning that not only did they collect taxpayer money once, but they are effectively partly responsible for you the consumer paying a second tax, this time through higher fuel prices at the gas pump.

Then, when the time is right (for them) they will sell the oil and profit a second time.

You, the taxpayer, will pay for all three of these actions.

And we, the idiots in America, along with a bribed and purchased Congress, will allow them to get away with it.

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