What Happened to Protesting With Our Dollars?Submitted by luvdispencer on Mon, 09/23/2013 - 18:21
Remember when a lot of us said we were going to take our money out of the big banks and put it in local credit unions or whatever? Well check out these statistics:
-The assets of the six largest banks in the United States have grown by 37 percent over the past five years.
-The U.S. banking system has 14.4 trillion dollars in total assets. The six largest banks now account for 67 percent of those assets and the other 6,934 banks account for only 33 percent of those assets.
-Approximately 1,400 smaller banks have disappeared over the past five years.
-JPMorgan Chase is roughly the size of the entire British economy.
-The four largest banks have more than a million employees combined.
-The five largest banks account for 42 percent of all loans in the United States.
I heard Peter Schiff say he keeps his money with BoA because it's smart to invest with a bank that is too big to fail. You will be bailed out, right? Bailed out by who? Check out these statistics:
Total Assets: $1,948,150,000,000 (just over 1.9 trillion dollars)
Total Exposure To Derivatives: $70,287,894,000,000 (more than 70 trillion dollars)
Total Assets: $1,306,258,000,000 (a bit more than 1.3 trillion dollars)
Total Exposure To Derivatives: $58,471,038,000,000 (more than 58 trillion dollars)
Bank Of America
Total Assets: $1,458,091,000,000 (a bit more than 1.4 trillion dollars)
Total Exposure To Derivatives: $44,543,003,000,000 (more than 44 trillion dollars)
Total Assets: $113,743,000,000 (a bit more than 113 billion dollars – yes, you read that correctly)
Total Exposure To Derivatives: $42,251,600,000,000 (more than 42 trillion dollars)
There is no way the incoming Fed chairmen will be able to keep a lid on interest rates to keep these derivatives from blowing up if QE continues.
Will the World Bank or IMF come to our rescue? Oh wait, where do they get their money again?