The story behind the story- J.P. Morgan & the reverse bailout

If you haven’t heard about the latest news about JP Morgan (Chase Bank) or just don’t understand what went wrong, don’t worry, they aren’t going to close their doors just because of a  minuscule $2,000,000,000 loss (that’s $2 billion in a matter of a few weeks). It’s holding a few trump cards that it has built up over the last century. Anyone who has been on unemployment, welfare or any other kind of US Government benefit get issued a bank card from, guess who? Chase Bank. -D.K.

President Grover Cleveland was getting desperate. The economy had been hemorrhaging jobs since the Panic of 1893; 18 months later, millions of Americans pounded the streets looking for work, huddled around fires in hobo camps against the winter cold, and wondered where they would find food for their crying children. Across the street from the White House, the United States Treasury was on the verge of collapse. Worries among investors that paper dollars would soon be worthless had triggered a run on the Treasury’s gold reserves. Within days, the gold would be gone. The government would be bankrupt. And Cleveland would be blamed.

President Grover Cleveland was getting desperate. The economy had been hemorrhaging jobs since the Panic of 1893; 18 months later, millions of Americans pounded the streets looking for work, huddled around fires in hobo camps against the winter cold, and wondered where they would find food for their crying children. Across the street from the White House, the United States Treasury was on the verge of collapse. Worries among investors that paper dollars would soon be worthless had triggered a run on the Treasury’s gold reserves. Within days, the gold would be gone. The government would be bankrupt. And Cleveland would be blamed.

More.

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