It was a lot more than $700 billion that was handed to banks. With Q.E --a fancy word for printing money--to the tune of several TRILLION dollars, apart from new yachts for banker CEOS, where did the money go?
One answer is that banks set up real estate consortiums that bought up all the foreclosed real estate.
I witnessed this in parts of Florida.
I had hoped to get a loan to purchase a simple cement block home in the range of $75,000-80,000 (which became the going post-foreclosure rate in places like Clearwater) for my daughter and grandchildren. My credit is very good; I had 20% down, but as a self-employed writer, I don't show much income.
In short, I could not get the loan.
I tried a few different realtors and most told me that consortiums had come in and were buying entire BLOCKS of homes with CASH.
I believe that same cash was what citizens/taxpayers were forced to hand over.
So this is a triple whammy.
First THEY get OUR money.
Then they give themselves obscene gifts and bonuses (when not purchasing lobbyist power and through it, future policies)
Then they buy up the properties their own malpractice helped to send into foreclosure.
Oh, and then they raise the rent on these properties!
As the Piketty Study explained, there has been a huge TRANSFER of wealth since the 2008 Recession/Depression.
Catherine Austin Fitts thinks those trillions could come back to We, the People, and finance our nation's decrepit infrastructure, bridge by bridge.