Monday, January 30, 2012

Making Money On Poverty: JP Morgan Makes Bigger Profits When The Number Of Americans On Food Stamps Goes Up

I've personally witnessed the EBT transactions going down in a grocery store.  It was over 50% of the customers in a large store which I was shopping at and most of these individuals just left their grocery carts in the aisle for the baggers to clean up.  And now I realize JP Morgan is making 5.47 billion dollars to handle the transactions, potentially taking money from the "neediest" of individuals and using it to smack down the silver market.  No wonder why there has not been reform on making sure qualifications are met to qualify for Medicaid and food stamps.  I have a novel idea, how about we mandate community service for those indviduals who want extra help but who haven't had a job for 6 months.  Volunteering through community service would chase those free loaders right back to work and decrease unemployment faster than a rat up a drain pipe.  You mean we don't have to print more money?

Now back to JP, JP (who runs the show) doesn't care if you figured out the loop holes in the system to obtain "free money".  JP only cares that we get you a EBT card so you can go around swiping the card and earning them $$.  Unfreaking believable! 

How would you feel if someone told you that one of the largest banks on Wall Street makes more money whenever the number of Americans on food stamps goes up? Unfortunately, this is something that is actually true. In the United States today, one out of every seven Americans is on food stamps. In fact, the number of Americans on food stamps has increased by a whopping 14 million since Barack Obama entered the White House. All of this makes JP Morgan very happy, because JP Morgan has been making money by the boatload on food stamps. 

 Right now, JP Morgan Chase issues food stamp debit cards in 26 U.S. states and the District of Columbia. The division of JP Morgan Chase that issues these debit cards made an eye-popping 5.47 billion dollars in net revenue during 2010. JP Morgan is paid per customer, so when the number of Americans on food stamps goes up, they make more money. But doesn’t this give JP Morgan an incentive to try to keep the number of Americans on food stamps as high as possible? Of course it does. JP Morgan is interested in making money as rapidly as possible. If JP Morgan can get more Americans enrolled in the food stamp program and keep them enrolled in it for as long as possible, that is good for business.

Read More @ The Economic Collapse