Food Stamps!!! Guess who controls thems and makes big money from them?

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John99's picture
John99
Status: Gold Member (Offline)
Joined: Aug 27 2009
Posts: 490
Food Stamps!!! Guess who controls thems and makes big money from them?

I had assumed the government issued food stamps - wrong!

1 in 8 Americans - 1 in 4 children need them, and they are big business for our friends at J. P. Morgan

Max Keiser discussion

Bloomberg Interview of J.P. Morgan dude

LogansRun's picture
LogansRun
Status: Diamond Member (Offline)
Joined: Mar 18 2009
Posts: 1444
Re: Food Stamps!!! Guess who controls thems and makes big ...

Amazing.  Does anyone know HOW this works?  How does JPM make $ off this?  

John99's picture
John99
Status: Gold Member (Offline)
Joined: Aug 27 2009
Posts: 490
Re: Food Stamps!!! Guess who controls thems and makes big ...

LR,

The implication from Kaiser is that they make big money from food stamps, but I have no details.

poisonivy113's picture
poisonivy113
Status: Bronze Member (Offline)
Joined: Nov 8 2008
Posts: 81
Re: Food Stamps!!! Guess who controls thems and makes big ...

Agreed. The assertion seems to be "because JP Morgan issues the cards, they are making huge profits" 

There isn't enough information to follow the money. 

If food stamp money comes from the pool the government money (ie our tax money, etc), they use that money to purchase the cards. Example: let's say the card is for $100. Then the government would pay JP Morgan the $100 plus the cost of making the card. Unless we have something similar to $15,000 hammers here - which they haven't provided any evidence for.

I also find the comment about prisoner shoveling snow in Washington interesting, called it "slave labor" What do they think prisoners should be doing? Sitting around watching TV? Going to law school on taxpayer money? Oh, wait....

The first clip a very rambling discussion with no data to back up any of the claims made. I would be interested in hearing someone make the case by a logical argument backed up by facts and data. 

It makes more sense to me to say that Walmart is profiting from food stamps as people spend them there and as they decided to start accepting food stamps at Costco. 

And, I have to ask, why is profit bad? 

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