Friday, August 12, 2011

JP Morgan On Food Stamps!

Oh! What a gross and smarmy milieu the policy junkies in Washington D.C. have concocted!

I know I’m reposting this (I missed is the first time around) and probably beating a dead horse at this point, but check out this clip of Bloomberg interviewing a JP Morgan exec about its “public sector benefit payments” division.

Though by outsourcing (thus privatizing) the electronic payment function of the food stamps program, the government is likely just making a (rare) likely efficient business decision, taken in its totality, the fact that some of JP Morgan’s profits are tied to the expansion of this reckless public policy fiasco is somehow just too nasty to accept as legitimate.

Aside from the interviewee not helping the matter (he came off a little strange), the notion that the food stamps “transaction flow” has been completely digitized from government to recipient through to warehouse stores like Costco and Walmart all via the help of JP Morgan just seems off.

Further, can you count how many times the suit mentioned how “important” the business was to JP Morgan? … the volume having gone “through the roof” in recent years is “good news”?!!

The U.S. is just plainly doomed.