After SVB, the Fed just created a whole new bailout system to ensure banks don't lose money on bad bonds. It shows the banks rely on “big government,” while demanding austerity for the rest of us. BT's Kei Pritsker explains the new special entitlement program for Wall Street:
You forgot the mic drop at the end ✊
However I would replace the word "working class" with "majority":
This is for Psychological and preferential reasons.
Most people are pro most people. But as soon as they are called working class (which they arguably are), many of them start to wonder if they are or want to be considered as working class and therefore they will distance themselves from you.
Margaret Thatcher once said ‘the problem with socialism is that eventually you run out of other peoples money’ how long before capitalism runs out of other peoples money?
Thank you (for this truthful bummer)
What is it going to take for the 99% to do something? They aren’t even hiding it anymore. It’s in our face.
But it only applies to big boys, aka furthering the entrenchment of monopolizing the banking industry. Which is a shitty industry even if it's not monopolized
I'm guessing the gov is using those bonds as collateral based on their worth at maturity, like they tagged the bonds as theirs at maturity until the loans are paid back. If this is the case, it makes sense giving them par value.
The whole western finacial system is corrupt .
Not just bankers, but almost across the board. Every sector of so-called big businesses or corporations gets this treatment. If you are a monopoly you get even better treatment. Like the East Palestine train wreck debacle. Where the railroad barons got to cause a social and environmental catastrophe. And we're allowed to socialize the cost. Or the 2008 crash. Or the current collapse of banking. Or the toxic dumping by such industries as Dow Chemical, DuPont, Fracking Energy sectors, fossil fuels, and so on. Or even the so-called subsidies to pro sports, which gives money and tax breaks to build stadiums and other such "creations" tied to the building of sports complexes or professional teams. Then there is Walmart and the like. Or Amazon and so on. These are all socializing profits for the ultra wealthy, while stealing from the many. With outfits like Walmart who do this at local to state to federal levels. The same with Amazon. Or the so-called telecommunication companies, like Time Warner, ATT, Verizon, Comcast, and so on. Which also comes into play with the Tech sector internet and smartphone providers. Like Verizon, ATT, T-Mobile, and so on. All get monopoly control from the local to State, to federal levels. Just like how the corporate media are only 5 Corporations owned. And how every single one of them actually owns the other "competition. Like how the major cellar companies own the smaller companies. For instance how T-Mobile owns MetroPCS,. Or ATT owns Cricket. This is the same dynamic across everything I brought up in this comment thread. Ultimately it is Monopoly that is the cause of the "problems" which tie into what the Banking crisis is just a large but part of the wider "problems". All of which punishes us the peons who aren't wealthy shareholders, owners, political traitors, and media disinformation propagandists. Or in the industry that is paraded as being the experts which the media and others foist upon us.
Spot on my friend. Capitalism couldn’t function without government intervention.
Every day the cause of the bank failure is different.
"The FED manipulates the economy to benefit the banks at the expense of poor people."
That's the entire purpose of western capitalism, so the rich can get richer and the poor get poorer.
There is socialism in US, designed to give hand outs to the rich
We live under a dictatorship of capital..
They do whatever they want & do not care what we say or think
When it comes to the working class, it's always "Save/Manage/Budget your time/money better! Get a better job!"
It's pretty clear who owns and rules the country.
I wouldn't go as far to say Socialism is a centrally planed economy..
That's like saying Fascism is a Privately planned economy.
It isn't. It's all about who owns the means and how's its done.
Fascism = Private ownership organized by a centralized government.
Communism = Public ownership organized by a Centralized government.
Capitalism = Capital owns the means of production and the fruits of labor.
Socialism = Workers own the means of production and the fruits of labor.
Fascism seeks selective privatization through government action.
Communism seeks Socialism through publicizing/nationalizing through government action.
Excellent story, thank you. Capitalism must be subordinated to meet socialist objectives eg; China.