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Bailout

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A bail-out for IL&FS raises wider worries about non-bank lenders - Lurking in the shadows
The giant infrastructure lender has had to be propped up by India’s government
india  communism  bailout  finance  banking 
3 days ago by soobrosa
Secrets and Lies of the Bailout – Rolling Stone
So what exactly did the bailout accomplish? It built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors. The bailout has also made lying on behalf of our biggest and most corrupt banks the official policy of the United States government. And if any one of those banks fails, it will cause another financial crisis, meaning we’re essentially wedded to that policy for the rest of eternity – or at least until the markets call our bluff, which could happen any minute now.
finance  crash  crisis  bailout  banks  FRB  deception  BernankeBen  PaulsonHank  SummersLarry  reform  regulation  viability  corruption  fraud  secrecy 
8 weeks ago by petej
Tomorrow is the tenth anniversary of the collapse of 2008 and things are much, much worse / Boing Boing
Nobody covered the Wall Street collapse, bailout, and corrupt resurgence better than Rolling Stone's Matt Taibbi, from giving Goldman Sachs its unforgettable epithet to covering the hearings on the bailouts to documenting the foreclosure mills, to deep dives into the sweetheart deals the banks got; to the revolving door between finance regulators and the finance sector to the rise of Occupy; to the consolidation of financial primacy after the collapse; to the double-standard for criminal justice revealed by the collapse; to the frauds that surfaced after the crash; to the tiny bright spots where bankers were brought to justice; all capped by an incandescent, outstanding book about the crisis and the systematic racial and economic justice it revealed.

Tomorrow is the tenth anniversary of the collapse of 2008, and in the intervening decade, Big Finance has gotten bigger, bankers' bonuses have gotten larger, and we are barreling toward another debt crisis that will make 2008 look like a kid's birthday party.

Writing in Rolling Stone, Taibbi lays out the decade's sordid history: the way that Obama's malpractice gave the banks more power, made the rich much richer, paved the way for a donor class that owns politics so thoroughly that they were able to buy themselves trillions in tax-breaks (with more to come).
Wall_Street  bailout  mortgage 
8 weeks ago by Quercki
The bank bailout of 2008 was unnecessary. Fed Chairman Ben Bernanke scared Congress into it
The banking system started to freeze up. Banks typically extend short-term credit to one another for a few hundredths of a percentage point more than the cost of borrowing from the federal government. This gap exploded to 4 or 5 percentage points after Lehman collapsed. Federal Reserve Chair Ben Bernanke — along with Treasury Secretary Henry Paulson and Federal Reserve Bank of New York President Timothy Geithner — rushed to Congress to get $700 billion to bail out the banks. “If we don’t do this today we won’t have an economy on Monday,” is the line famously attributed to Bernanke.

The trio argued to lawmakers that without the bailout, the United States faced a catastrophic collapse of the financial system and a second Great Depression.

None of that was true.
dean_baker  credit_crisis  federal_reserve  ben_bernanke  bailout  banking 
8 weeks ago by perich
The Recovery Threw the Middle-Class Dream Under a Benz - The New York Times
“Ten years after the financial crisis, getting ahead by going to work every day seems quaint…” Isn't late capitalism awesome?
Economy  Wealth  Inequality  Bailout  Taxes 
8 weeks ago by Membranophonist
Ana Kasparian SHREDS Trump's Weak Economy + Trade War Tariffs + Farmers Bailout
US going to run 4-5% budget deficit + debt accumulation + 1% tax cuts AND hourly earnings have not risen June 2017-June 2018! https://twitter.com/MkBlyth/status/1018079719319891968 - From June 2017 to June 2018, real average hourly earnings decreased 0.2 percent, seasonally adjusted.
Combining the change in real average hourly earnings with a 0.3-percent increase in the average workweek resulted in no change to real average weekly earnings over this period. https://www.bls.gov/news.release/realer.nr0.htm
//&! https://www.youtube.com/watch?v=0gomGA1BRkQ & https://www.youtube.com/watch?v=50y463lECNY - $12bn Farmer's bailout (only for this year) to save face in mid-term elections & telling voters 'don't trust what you read and hear.' << https://twitter.com/ianbremmer/status/1021871179181838336 - "The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command." - George Orwell, "1984" - Donald Trump in front of Vets of Foreign Wars: "Just remember, what you are seeing and what you are reading is not what's happening"
DonaldTrump  Donald  Trump  1%  income  growth  working  poor  poverty  trap  stagnation  secular  stagflation  Fed  social  mobility  economic  history  downward  taxcut  mid-term  wage  GDP  recovery  GFC  inequality  election  elections  Farmers  bailout  tradewar  trade-war  tariffs  WTO  Brexit  China  retaliation  EU  UK  freetradedeal 
july 2018 by asterisk2a

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