Part 3- Banks

"Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the
bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when
you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I
shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will
ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out,
and by the eternal God, I will rout you out." –Andrew Jackson to a delegation of bankers in 1832

This was part of President Andrew Jackson’s veto to the Bank Renewal bill, he saw then that the
banks played with the people’s money and when advantageous to the bank kept the profits but
when they lost their bets they sought relief from the government. This is oddly similar to the
Bank Bailout which according to Simon Johnson, the former Chief Economist at the
International Monetary Fund, will cost the US Government, and ultimately the taxpayers, $4
TRILLION!!!!
And more recently than President Jackson’s referral we have the 1989 collapse of the savings
and loan industry. In 1989 Congress gave $50 Billion to its newly created Resolution Trust Corp
to resolve the troubled savings and loan institutions debacle. That $50 Billion “gift” ultimately
cost the taxpayers $124 Billion after 6 years! Haven’t we learned enough from history to prevent
us from repeating it? Who is running the banks anyway, Henry F. Potter?

"The money powers prey upon the nation in times of peace, and conspire against it in times of
adversity. The banking powers are more despotic than a monarchy, more insolent than
autocracy, more selfish than bureaucracy. They denounce as public enemies, all who question
their methods or throw light upon their crimes.” – Abraham Lincoln

Now, as the Bank Bailout has begun to lose its headline steam we read that 6 Wall Street giants
have already set aside $39.2 Billion for 1st quarter payouts alone! Among them is Goldman
Sachs, which has set aside $5.5 Billion to pay 33,100 employees (2% less employees than last
year) in quarter 1 of 2010! Now, on April 16, 2010, the SEC charged Goldman, Sachs & Co as
well as Fabrice Tourre, a Goldman Sachs VP, for defrauding investors! The SEC basically
alleges Goldman Sachs permitted a client who was betting heavily AGAINST the housing
market to influence which mortgage securities would be placed into a particular investment
portfolio then told the investors that the securities were picked by an objective and independent
3rd party!

Knowing this and every other way banks usurp the laws and bend the rules with their lobbying,
is there any reason for the people to voluntarily turn over even more money to them? Does all of
our control over money have to be forfeited? I say NO!

To wrap up Part 3 I will leave you to ponder an excerpt from the St. Louis Federal Reserve Bank
“Review” from November 1975:
"The decrease in purchasing power incurred by holders of money due to inflation imparts gains
to the issuers of money ..."

Darren Cannao
President, Matter Of Change
Darren@MatterOfChange.com