Home | About | Donate

Thanks to Obama Bailouts and Trump Tax Cuts, Five Largest US Banks Have Raked in $583 Billion Since 2008 Crash

Thanks to Obama Bailouts and Trump Tax Cuts, Five Largest US Banks Have Raked in $583 Billion Since 2008 Crash

Jake Johnson, staff writer

The 2008 financial meltdown inflicted devastating financial and psychological damage upon millions of ordinary Americans, but a new report released by Public Citizen on Tuesday shows the Wall Street banks that caused the crash with their reckless speculation and

3 Likes

If one robs a bank from the outside of a few thousand dollars and is caught, they get a stiff prison sentence, on the other hand, if one robs the bank from the inside, and is caught, he or she gets rich.

The trite and old saying that says: “Crime doesn’t pay” is true for most petty criminals; but crime does pay for most elite criminals!

5 Likes

This is what you’re concerned about as a historic storm is about to devastate the coast of the US?

Wow.

I’m sure your children will be glad to know you’re worried about corporate profits as they run for their lives.

We’ve had fire - nados

Well prepare yourselves for shit-nados.

https://www.bloomberg.com/news/articles/2018-09-10/add-potential-coal-ash-spills-to-hurricane-florence-s-threats

Economy continues to grow at a steady clip…with most of the benefits going to those who need it least. What a fallacy.

3 Likes

So, in other words, the ‘system’ is working as intended.

This country is clearly an oligarchy and both parties serve it.

7 Likes

Really. I didn’t know they lived on another planet.

Looks to me like the habitat is collapsing for everyone.

But putting that knowledge in compartments keeps everyone safely blaming everyone else.

1 Like

Times are good?

Really?

Because when I just checked the map of the Atlantic and Pacific oceans there are historic storms forming.

And then we have the historic fires, droughts, floods, famines.

How do you define good times?

1 Like

Yep.

Here’s a real eye-opener: "Researchers at the University of Missouri found that the Federal Reserve gave over $29 trillion to the banks.

A May 2018 Federal Reserve report found almost 80 percent of Americans are now living paycheck to paycheck. The Federal Reserve reported in 2017 that “two in five Americans don’t have enough savings to cover a $400 emergency expense.” Further, “more than one in five said they weren’t able to pay the current month’s bills in full, and more than one in four said they skipped necessary medical care last year because they couldn’t afford it.” People have survived by going into debt, by the first quarter of this year, household debt was at an all-time high of $13.2 trillion.

We also know the government can afford almost $30 trillion to bail out the banks. One sixth of this could provide a $12,000 annual basic income, which would cost $3.8 trillion annually, doubling Social Security payments to $22,000 annually, which would cost $662 billion, a $10,000 bonus for all US public school teachers, which would cost $11 billion, free college for all high school graduates, which would cost $318 billion, and universal preschool, which would cost $38 billion. National improved Medicare for all would actually save the nation trillions of dollars over a decade. We can afford to provide for the necessities of the people.

We can look to Iceland for an example of how to handle the next crisis. In 2008, they jailed the bankers, let the banks fail without taking on their debt and put controls in place to protect the economy. They recovered more quickly than other countries and with less pain. …"

8 Likes

Yes, but also many Trump supporters have told me the same thing. All they talk about is how good the American economy is doing.

2 Likes

WaPo’s Stein sez: “Ten years after the financial crisis brought the U.S. economy to its knees, about 30 percent of the lawmakers and 40 percent of the senior staff who crafted Congress’ response have gone to work for or on behalf of the financial industry,”

They were always working for the financial industry. Their new employment status merely eliminates the middle man.

4 Likes

When they crash the economy and their praetorian guard goes broke, it will still have guns to turn on the ones that crashed it.

Vulture Capitalism combined with Fascism. What could possibly go wrong…

3 Likes

Socialism (bailouts) is certainly working for the banks.

2 Likes

TARP was voted under Obama? Maybe you also believe that the 9/11 attacks occurred under Clinton? Many Americans do believe that, but I thought they were Fox and Friends viewers. There are far more fundamental issues surrounding the 2008 collapse (and our current “boom”) than the TARP program. Bailouts offer such an easy handle. so little thought needed.

3 Likes

WTF, I guess he can jew gum and walk at the same time. yeah it is a big deal, the storm. What’s gonna kill us first? We can’t drop the ball every time there is a man made disaster which the republicons won’t admit too. All winter, spring, and summer climate change has wreaked havoc in midwest, east, and south.

Too-big-to-fail (TBTF) banks don’t need to make no stinkin loans now that crashing the economy has become a far more lucrative profit center netting them revenues rivaling the military industrial media infotainment complex’s (MIMIC) massive corporate welfare racket that these banks also profit from.

While TARP was actually voted in prior to the November 2008 election Obama zealously championed its passage and no Congressional Republican voted in favor of it because Congressional Democrats provided all the votes needed, thereby handing over control of Congress to the GOP in the 2010 midterm election.

Had Congress taken over the TBTF banks (the way the Ford Administration took over 6 bankrupt northeastern railroads, creating Conrail in 1976, restoring it to health and selling it at a profit) we would not be having this discussion. Railroading is inherently more complex than banking (especially the northeastern network) so rehabbing the banks would have been easier and faster. Yes, I know banking became more complex after New Deal regulations were dismantled, but only because the bankers contrive complexity so they win and we lose.

4 Likes
  1. I love the headline. We need more framing like this.

  2. Never ever forget the victims of Building 7.

  3. Save your money. The big ONE is coming!

Dan, you should know that this is a sloppy, half-true article. Bush started the bail out and Tim Geithner defied Obama’s wishes and set up a bail out on his own. New story at truthdig right now.

1 Like

What happened to the rest of the QE money? It totalled $29TRILLION between 2008 and 2010
$583 Billion is just short change.

And here I thought the bailouts including the auto were Bush’s answer to his crash.