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The problem is not whether it was a success or not, the issue is you removed the penalty for failure. Have we just kicked the can down the road a little? If a company, bank or whatever is too big to fail it's too big to exist.
Many of the protests are only asking for the same interest rates the mega-banks get. Why should students pay 7-8% interest when the Federal Reserve loans money to their favorite banks at much lower rates-who can then loan out and make more than 10x what is actually in reserves by charging exorbitant interest rates?
Actually the Fed PAYS the banks to take their money.
The problem is not whether it was a success or not, the issue is you removed the penalty for failure. Have we just kicked the can down the road a little? If a company, bank or whatever is too big to fail it's too big to exist.
I don't disagree but my post was in response to the money amount.
Anybody paying 18% interest has to be moron. There is only a few things you should be taking loans out for. House, business loan and education. Those are investments into the future, the latest Igadget isn't going to return anything to you. If you can't pay for it you can't afford it
I propose taxing all income, including all retained corporate earnings as corporations are now treated as legal citizens, from all sources, wage, inheritance, interest, dividends and even illegal (why should dope manufacturers, smugglers and distributers get away without paying taxes) income with a single deduction set at the 90th percentile of all income.
This would allow the majority of us to go about our business and not worry about taxes until we were already well off. This would also place the burden of paying for the cost of government on the very people and organizations that benefit most from the protection of civil law and, supposedly, our military presence in other countries protection their investments.
Note: I use percentile as it varies with inflation instead of being a fixed amount or percent.
No. I can take care of me with my money and not some over-bloated government entity with a vacuum attached to my back pocket.
LOL...just write off $1.2 trillion ?
Imagine the cost if that became reality ? Everyone and their brother would be going to college, the most expensive college at that.
From your link.....now note....this is your link.
Altogether, accounting for both the TARP and the Fannie and Freddie bailout, $617B has gone out the door—invested, loaned, or paid out—while $390B has been returned.
So, by your own link a little over half has been paid back and from the other links I've posted that is misleading. Paying back money with other money the Fed gives you is not exactly the way it is supposed to work, is it?
Altogether, accounting for both the TARP and the Fannie and Freddie bailout, $617B has gone out the door—invested, loaned, or paid out—while $390B has been returned.
So, by your own link a little over half has been paid back and from the other links I've posted that is misleading. Paying back money with other money the Fed gives you is not exactly the way it is supposed to work, is it?
Still a loan, not a handout. That was my point.
And all of us do that with credit cards..spend the bank's money for the month and then pay it back.
That is called "playing the float".
Well, yeah, but look at the million student march organizer in the video in the OP.
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