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Less Than Year After GOP Tax Scam, Six Biggest Banks Already Raked in $9 Billion in Extra Profits

Less Than Year After GOP Tax Scam, Six Biggest Banks Already Raked in $9 Billion in Extra Profits

Jake Johnson, staff writer

It has been nearly a full year since the Republican Party rammed through its transparent scam of a tax bill in the face of massive grassroots resistance, and the results have been almost precisely what nearly every analyst predicted: Record profits for the rich and massive corporations, little to nothing for American workers.

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What do these behemoths care about fines? It’s just “ordinary and necessary business expenses,” like property taxes or advertising, and so are tax-deductible. Even if that were not the case, the fines are still a mere fraction of the gain from their scams.

The only effective means of government’s correcting their behavior would be hard time for CEOs and directors, or revoking their charters. How we get there in the present political climate is, of course, problematic.

As for private citizens, I would urge boycotting the worst offenders and switching to credit unions where possible.

Ultimately, private banking should be phased out in favor of state banks and/or postal banks.

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As a CA Real Estate Broker I had a duty to be honest with my clients. I also could made loans. Today most selling loans are employees of the Banks or licensed in a way to give the Bank control over what they say. This is what Republicans do to move money into their pockets. Our real estate market was criminally bounced up and down 50% by Wall Street. I would have been put in jail. This is why Trump is in the White House and why known criminals are getting all the money while sheeple get the slave routine.

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Good comment. Even in the middle of the carnage in my area local S&L’s did an honest job and still work for their clients and not the fat cats.

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Time to replace national and international banking with local public banks.

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Hope LRX does not read your excellent post because he thinks posters that use the word “sheeple” should be banned from CD!

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Another CD article today euphemistically characterizes “sheeple” as “distracted drivers”.

I am so relieved to see the swamp drained at last…NOT !

Actually the swamp has added more quicksand for the 99% to sink in during the past two years while Trump and his ilk have benefited more from the swamp culture than they ever did prior to Trump ascending the throne, and they were already benefiting immensely from swamp culture under Trump’s five predecessors.

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If you have any money in any of these institutions, pull it out now, and put it in a local bank or credit union.

Don’t wait another day.

When they ask why you’re withdrawing all your funds, tell them, “because this bank is complicit in the fleecing of America.”

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I thought that was BWilliamson, that believed people who use the word “sheeple” should be banned here.

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Facts like this are making it easier to have a clear conscience when time to vote comes around.

How many CEO’s are Democrats? Not only the Banks raking it in… its all the major Corporations and Congress Nembers as well. The Entire System is Corrupt to the bone while we sit back and watch the show. Is this article supposed to make us feel better about news we already know? Gotta go get some more Popcorn…

Do you honestly believe Voting will solve our problems? I sure would like to believe it, but after the 2016 fiasco, it’s too corrupt to for me to trust.

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So true. Sheeple can be anybody… even a family member. Can’t say one word to convince them on anything rational. It like like a Religious Cult.

I did Real Estate in NY. When I first started, word on the street was everyone hated Realtors. Maybe because most of them did not adhere to the rules like We did? The word still stands as the toxic Mortgages and Loans are still being written, targeting people who don’t understand what they are signing.

Like I have posted before, if voting really mattered to solve problems…it would be illegal!

“Among the greatest beneficiaries of the GOP’s bill have been America’s six largest banks, which this week reported soaring third quarter profits and—according to the Not One Penny coalition—have already raked in a over $9 billion in extra profits as a direct result of President Donald Trump’s $1.5 trillion tax law.”

Does anyone proofread or even fact check these articles?

The link provided shows that the Q3 2018 profits for the six largest bank was about $8.1 billion, virtually equal to the Q3 2017 profits. Now one could say the profit for for Q3 2018 was $9 billion (vs a real $8.1) which would be be close enough for propaganda standards.

Now if someone had done their research and really wanted to rouse the rabble they would have analyzed the 12 months prior profits for Q3 2017 and Q3 2018. The difference is $15 billion extra in Q3 2018. But hey, who checks these things anyway?

Capitalism is founded on greed. It is irrational to expect the oligarchy to limit theirs. The rich will have to be dragged kicking and screaming into a system that addresses inequality.

Between existing corporate tax law, tax cuts for the wealthy, and a $700bn DoD budget, I just don’t understand why we don’t have funds for moving from fossil fuels to alternative energy, climate change mitigation, affordable housing, healthcare, education, infrastructure, etc. /sarcasm

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I resist anyone trying to limit my vocabulary especially an obvious Trumper who would dislike sheeple.

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Yep, local- one that has a reputation for supporting local businesses and of course schools.

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