U.S. Sanctions against China: How China Can Stop Them
Its understood that our Congress is going to attempt to punish another country for our own stupidity: Bill Punishing China for Currency Manipulation Moves Closer to Senate Vote
Our lawmakers seem to think, that after all the recent financial disasters in America, it is time to blame it all on someone else. The evidence of foul play is in the ink from their own hands. Congress is the bad guy here. Congress has the lawmaking ink trail that proves that they are not only controlled by banks, but are singularly focused on the welfare of banks instead of the American people. Just take a look at this bailout history. You can see where bailouts have gone from troubling to insane….and from manufacturing to banking.
● Penn Central Railroad 1970 $3.2 billion
● Lockheed 1971 $1.4 billion
● Franklin National Bank 1974 $7.8 billion
● New York City 1975 $9.4 billion
● Chrysler 1980 $4.0 billion
● Continental Illinois National Bank and Trust Company 1984 $9.5 billion
● Savings & Loan 1989 $293.3 billion
● Airline Industry 2001 $18.6 billion
● Bear Stearns 2008 $30 billion
● Fannie Mae / Freddie Mac $400 billion
● American International Group (A.I.G.) 2008 $180 billion
● Auto Industry 2008 $25 billion
● Troubled Asset Relief Program 2008 $700 billion
● Citigroup 2008 $280 billion
● Bank of America 2009 $142.2 billion
The idea that JP Morgan, Citigroup , or Bank of America need this money is ridiculous. These are the banks that get FREE federal money on a daily basis in the form of loan funding. This “bailout money” was just more free money loans to help them make their highest profit margins ever.
The banks reporting record-breaking 2010 profits:
JP Morgan Chase Posts $17.4B Profit for 2010: An increase of 48 percent compared with $11.7 billion for the prior year.
Citi Reports Profit of $10.6B in 2010: That compares to a loss of $1.6 billion for the 2009 fiscal year. During the last three months of 2010, Citi posted net income of $1.3 billion.
The only reason why Bank of America was not on this list is because they made the insane purchase of Countrywide Loans which is going to hurt their published American bottom line for a few years.
So it comes down to this. Our Government is going to attempt to push through penalties on imported chinese products. This will most likely occur because of upcoming elections and the positive spin that the news media will put on “anti-Chinese” actions by our government.
I think it is a bad direction for our country, so I have some advice for China. China can stop this activity with a few calls. Don’t call the State Department. Don’t Call anyone in Congress. Don’t call Obama. They do not have any real authority. Call the people in power. Call the people who dictate all Congressional lawmaking activity to our Congress.
Place calls to the heads of JP Morgan, Morgan Stanley/Smith Barney, Bank of America, and Citigroup. Over the past 5 years they have made major moves to take advantage of your marketplace. They have many new offices and are spending hundreds of millions of dollars to establish the political and business relationships for their future in China. Let THEM know that you will tie their hands in China if America ties your hands in international trade.
Then watch how fast these Bills disappear from the Congressional agenda.