bank bailout

Media’s Puts Protests Through the Spin Cycle

 

By Bobby James

It’s been an interesting experience watching the protests unfold around Boston in person and comparing it to how they’re covered in the media. To what should be no one’s surprise, the treatments has been anything but objective. Instead, op-eds have been fueled by a ageist dose of condescension, criticizing the protesters as bongo-playing, bong-smoking hippies with no jobs and nothing else to do. While it’s true that young people don’t know it all, does it make any more sense to make the argument that older people do know it all? Didn’t they get us into this financial mess in the first place? Whether you’re of the opinion that it was government, big business or big banks who caused the economic crash, the one thing uniting all of these entities is that very few of these people are under the age of 35.

One of the many examples of media spin occuring lately is CNN’s Erin Burnett’s biased expose where she showed not the down to Earth organizers who mostly populate these protests, but rather the lady with the painted face or the crowd with the zombie mask. Anyone who has spent more than five minutes at one of these protests can attest that this isn’t the prevalent types that have been part of the “Occupy” protests.

But egregious of all of Burnett’s claims was the assertion that the big banks paid back their TARP loans, as if this made the protests null and void. You could see by the smug look on her makeup caked-up face that she thought she popped the whole movement’s bubble in one sentence. Now I’m not denying that the banks paid back their TARP loans because that’s true, even though it should be noted that these loans were given interest free, a luxury any of us in the real world would not enjoy. Even more though, Burnett neglected the fact that in addition to TARP, the Federal Reserved lent the banking industry over $16 trillion in loans from 2007 through 2011. (check out page 131 of the document to see the amount)

That deserves its own paragraph. Our government loaned the banking industry $16 trillion dollars of our money.

Among the recipients were Bank of America, who took the biggest slice of the pie with $67 billion in loans, followed by Citigroup and Royal Bank of Scotland with a relatively paltry $50 billion each. Now keep in mind that these banks got into trouble with their own risky behavior and because…Jesus Christ it just hit me…$16 trillion fucking dollars! Are you serious?!

This is the same Bank of America by the way that just added a $5 a month fee to their customers to recover revenue and who are on a foreclosure binge against many of the same taxpayers who helped prop them up. I know I’ve said it before but, as much as you can pull your money and cut up your credit cards involving B of A, Wells Fargo, Morgan Stanley, Citigroup and JP Morgan Chase, among many others, because they are truly fucking you, whether you realize it or not.

 

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