Contact: Bob Harris

No Wall Street investment portfolio would be complete without a “too big to fail” bank. Senator Hagan's selection is Wall Street mega bank JP Morgan.

In the Senate, she's helping JP Morgan with more than “too big to fail” designation. She's also helping them expand their $560 million food stamp processing business.

You see, Washington long ago lifted the stigma attached to food stamps by replacing stamps with a handy Electronic Benefit Transfer card, just like a debit card. JP Morgan just happens to be the biggest EBT card processor, holding $560 million in contracts. JP Morgan makes money off food stamps 4 different ways according to the Government Accountability Institute

    First, they get a monthly fee per recipient, often up to $1.45 a month for every card.

    Second, they own the terminals at the store where food stamp recipients can shop, renting each machine for say $15 a month.

    Third, they can get 25 cents for every service call a beneficiary makes to replace a lost card or correct some other card problem. A new card is $5

    Fourth, JP Morgan can get ATM fees when welfare recipients swipe their cards for cash. That can be 85 cents

    A top executive said “This business is a very important business to JP Morgan,”

    Enter Kay Hagan. Working with President Obama, she voted in 2009 to increase benefits and suspend the work requirement for able bodied recipients ( Roll Call 64). She even voted to relax eligibility standards so more people could sign up. Boy they did. The rolls have exploded over 50% even with the so called Obama economic recovery.

    In 2010, Senator Hagan expanded the use of EBT cards. She required states to use EBT cards for Supplemental Nutritional Assistance for Women, Infants and Children (WIC) , waiving it through without objection on August 5That's more business for JP Morgan.

    To top it all off, believe it or not, Washington doesn't allow the same kind of fraud detection card companies use for credit cards or ATM cards. The liberals don't really care if people are ripping off the system.

    Under Obama and Hagan, food stamp benefit increases have risen nearly 3 times more than Social Security cost of living raises ( 6.9% for Social Security and 16.7%). Senator Hagan just voted to cut military retirement COLAS.

    In President Obama's economy, JP Morgan and the rest of Wall Street are doing fine. President Obama's massive deficits are being financed by Federal Reserve money printing which has driven interest rates near zero for Wall Street speculators. Cheap money produces huge stock buybacks, paper shuffling and asset inflation.The wealthy prosper.  Meanwhile, the small business sector, which traditionally did the hiring, is shellacked by ObamaCare

    Yep, Wall Street is fine and the people at the bottom are being taken care of with unprecedented welfare spending on 72 programs . It's not a great existence but it sure beats working for some people.

    It's the people in the middle who don't have enough money to speculate who are getting crushed. Real median household income has dropped more during Obama's recovery than it did during the recession.

    The middle class doesn't get a handout from Kay Hagan. They get a tax bill from her.

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