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Jesus Malverde

(10,274 posts)

54. SNAP is also welfare for the wealthy

Mon Jul 15, 2013, 09:49 AM

Jul 2013

Every time an American signs up for food stamps in one of 23 states, JPMorgan Chase & Co. (NYSE: JPM) adds to its revenue stream.

That because JPMorgan Chase contracts to operate as the processor of the Electronic Benefits Transfer (EBT) cards in those states. JPMorgan earns a fee for each recipient, ranging from 31 cents to $2.30, depending on the state, every month for the term of the contract.

JPMorgan's seven-year Supplemental Nutrition Assistance Program (SNAP, the official name for the federal food stamp program) contract with New York state, for example, brought in more than $126 million of revenue to the big bank.

Florida has paid JPMorgan more than $90 million since 2007. Pennsylvania's seven-year contract exceeded $112 million.

It brings a whole new meaning to "corporate welfare."

http://moneymorning.com/2013/04/09/why-jpmorgan-wants-to-see-more-americans-on-food-stamps/

Money for the needy, used up by the greedy.

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CBS host confronts Republican rep.: House farm bill is ‘welfare for the wealthy’ [View all] Galraedia Jul 2013 OP

It's not "almost like" - it IS "welfare for the wealthy" polichick Jul 2013 #1

Wish I could have said it as well, for it is indeed sociopathy on raging 'roids indepat Jul 2013 #4

Absolutely agree! Owl Jul 2013 #5

Schieffer always is careful not to stomp too hard on the 1% while pretending he cares. liberal N proud Jul 2013 #38

Why do we need ANY subsidies for the farming corporations? BlueStreak Jul 2013 #51

Same reason we have subsidies for big oil... polichick Jul 2013 #59

The oil subsidies are relatively small, I think. BlueStreak Jul 2013 #61

I'm glad somebody asked this question perdita9 Jul 2013 #2

Bob Schieffer is old school. He asks questions that matter. Faygo Kid Jul 2013 #3

But do you remember when Schieffer dissed Snowden? alp227 Jul 2013 #10

And yet he's acting surprised at "welfare for the wealthy." Orsino Jul 2013 #60

GOP, party for welfare of corporations, for forced births and make damn sure the children starve, Thinkingabout Jul 2013 #6

I've never understood why they won't allow birth control. Frustratedlady Jul 2013 #7

"I've never understood why they won't allow birth control." hopemountain Jul 2013 #17

Agreed, we have to get our grassroots campaigns at full speed and get this crazy bunch out. The Thinkingabout Jul 2013 #19

"voting against themselves" hopemountain Jul 2013 #21

Let me see if I can explain, poor people are voting for politicians who have no interest in Thinkingabout Jul 2013 #22

yes! i have family who think & do exactly this very thing hopemountain Jul 2013 #25

I deal with many family members like that and even some who thought they knew so much as to get Thinkingabout Jul 2013 #27

right on. i use du and msnbc for the same hopemountain Jul 2013 #31

Because it isn't really about abortion, truebluegreen Jul 2013 #30

Eric Cantor (Rat-VA) Hubert Flottz Jul 2013 #8

mean spirited little bastard Va Lefty Jul 2013 #37

That's what he is. Exactly. Enthusiast Jul 2013 #49

I feel your pain Lefty. Hubert Flottz Jul 2013 #50

And these huge subsidies for agri-corporations are so damaging to farmers in poor countries. n/t pampango Jul 2013 #9

He wants to know why 1 in 6 are receiving food benefits? Asshole! Look in the mirror! CurtEastPoint Jul 2013 #11

Welfare for Big Agribusiness including Members of Congress stuffmatters Jul 2013 #12

Conflict of Interest??? kracer20 Jul 2013 #26

numerous Congresspeople hold stocks in agri-corporations wordpix Jul 2013 #52

Well thats a shocker Iliyah Jul 2013 #13

Eric Cantor.... TinkerTot55 Jul 2013 #14

"in future legislation".... Marie Marie Jul 2013 #40

you beat me to it.... yonder Jul 2013 #46

Pass SNAP and dump the Farm Bill. Owl Jul 2013 #15

YES YES YES Thinkingabout Jul 2013 #20

Republicans greazing the skids Berlum Jul 2013 #16

... hopemountain Jul 2013 #18

The farm bill has been welfare for wealthy agro-business for the past 30 years. Dawson Leery Jul 2013 #23

Eric Cantor is going to introduce a separate bill funding SNAP? Jack Rabbit Jul 2013 #24

Great question Bob, good on ya ! Now KEEP doing that with Republicans !!!! nt steve2470 Jul 2013 #28

I predict Schieffer will be forced to apologize within 48 hours. kestrel91316 Jul 2013 #29

Hope he says something like, "Sorry I strayed from the corporate press release." SunSeeker Jul 2013 #35

Like that? question everything Jul 2013 #32

It's not Welfare for the Wealthy DWinNJ Jul 2013 #33

Thank you for showing a bit of journalism, Bob Schieffer. nt SunSeeker Jul 2013 #34

Increase food stamp benefits and cut junk food out of it. ErikJ Jul 2013 #36

I don't know anyone... davidthegnome Jul 2013 #67

Junk food is anything high in salt, fat and/or sugar. ErikJ Jul 2013 #68

So Rep Kelly, if that is true, why wouldn't the House take up food for the needy FIRST? AllyCat Jul 2013 #39

I'm a farmer and can't think that I've ever heard of, or discussed with another farmer, toby jo Jul 2013 #41

Farmers Took A While Treant Jul 2013 #58

Same here. JoeyT Jul 2013 #66

Subsidies my ass, fat checks to a few large corporations. Problem going on for far too long too. Coyotl Jul 2013 #42

Kelly is a lying sack of shit. blackspade Jul 2013 #43

Riceland Foods got $110,000,000 in 2002, more than 11 states combined. Coyotl Jul 2013 #44

Overhauling the Farm Bill: The Real Beneficiaries of Subsidies Coyotl Jul 2013 #45

future legislation rpannier Jul 2013 #47

Yeah. They'll fund food stamps in future legislation. Enthusiast Jul 2013 #48

I figured it was Cantor atreides1 Jul 2013 #53

SNAP is also welfare for the wealthy Jesus Malverde Jul 2013 #54

grrrrrr. mountain grammy Jul 2013 #63

Big corn, big oil, the defense industry. The welfare queen trio that sucks up about 70% of our taxes marble falls Jul 2013 #55

SOCIALISM! SOCIALISM! SOCIALISM! SOCIALISM! Festivito Jul 2013 #56

Bwahahahahaha! Lemme clean this one up for 'ya.... Grins Jul 2013 #57

“I’m not a politician, I’m an automobile dealer" liberaltrucker Jul 2013 #62

Wow, golly gee whiz, "it's almost like welfare for the wealthy. mountain grammy Jul 2013 #64

Welfare for Wall Street. But no money for Main Street. blkmusclmachine Jul 2013 #65