As we head into the next presidential election, campaigning is in full swing for both presidential candidates. While the Great Recession is still fresh in everyone’s minds, the fall out continues from the economic mess created by the nation’s largest banks. In recent news, the banking powerhouse JPMorgan created a $2 billion loss for itself by trading on its own investments and other unacceptable practices. As a result, presidential candidates are being forced to confront Wall Street politics as a campaign issue.
Interestingly, President Obama has raised approximately $7.8 million from Wall Street in campaign funds, while his Republican rival Mitt Romney has managed to raise $18 million from this sector. Despite whether your political leanings may range from far right to far left, one thing is clear: big banks, i.e., Wall Street, will have the ear of whoever is elected as our next president. Even with the advent of the Consumer Financial Protection Bureau established under President Obama’s watch, big banks are still being allowed to gouge its customers with high interest rates and fees. Banks are essentially loan sharks and their actions are being sanctioned by our government. I don’t expect this practice to change regardless who is leading this country. This is why if you find yourself a victim of big bank practices, you should contact a debt settlement attorney to help you fight back. You do have a voice against big bank practices, but you need to seek help in using it.