Socialism for the Rich and Capitalism for the Poor !

[Cuddles]

Just read the article’s explanation of the bill on its own merits. It makes sense.

Unfortunately The inflammatory headline makes it sound different. And the comment about SVB is laughable. A bunch of rich liberal techies saved and the article tries to blame that on the GOP

I did but remain unconvinced. Inflation's already a regressive tax so you're putting another burden on food budget that's already short for many....and yes curving spending cuts inflation but curve spending elsewhere, defense is ripe for the picking. As I also objected before, states losing autonomy on this given cost of living and min wage seems like a lose lose to me. I didn't see anything on SVB/GOP in the OP's article. Was their blowup not a result of Trump's easing of Dodd Frank's stress test and min. cash on hand requirements after all?

 

[schizo]

No French Revolution and Russian Revolution started because the MAJORITY of the people were poor and were barely surviving not simply because they were staving. The main reason was there was no middle class.

This is why it's so important to have a large middle class and not to have too large of an income disparity.

Please read the title again carefully:
Socialism for the Rich and Capitalism for the Poor !

Protecting the rich while discarding the poor will, by definition, lead to large wealth inequality. That, in turn, will erode the middle class.

This will lead to class war between haves and have-nots. That's what triggered French and Russian revolution.

 

[schizo]

The point of this thread should be about FAIRNESS.

Is it fair to rescue the wealthy while ignoring the poor? Why should the government help those who held more than $250,000 in a failing bank (they don't need any help IMO) but throw those with minimum subsistence under the bus?

 

[zghorner]

“Very fine people”

“Stand back and stand by”

And the whole riots (during which he gassed people so he could get a photo op holding a Bible upside down)

Agreed that Trump was a POS too.

 

[deaddog]

The point of this thread should be about FAIRNESS.

Is it fair to rescue the wealthy while ignoring the poor? Why should the government help those who held more than $250,000 in a failing bank (they don't need any help IMO) but throw those with minimum subsistence under the bus?

It's the trickle down effect. If you shut down the rich, who are the poor going to work for?

 

[notagain]

Economic system is predatory.
Make the middle class great again.
Make the DOD account for every dollar.

 

[zghorner]

It's the trickle down effect. If you shut down the rich, who are the poor going to work for?

I don't think the argument is necessarily to shut down the rich...that is sort of an extremist viewpoint. More so that they can take a hit...capitalism will survive and a more efficient thing will fill the void.

A better use for this type of bail out money would be equiping public schools with some actual financial+accounting education.

I would have taken classes in high school called "wealth 1 and wealth 2" lol.

 

[Cuddles]

The point of this thread should be about FAIRNESS.

Is it fair to rescue the wealthy while ignoring the poor? Why should the government help those who held more than $250,000 in a failing bank (they don't need any help IMO) but throw those with minimum subsistence under the bus?

bank wasn't really failing (until it was). While I think depositors do share some of the responsibility for not insuring depos past the 250k threshold or structuring in multiple accounts, I can't really put the poor hedging of the bank on them. Many small/mid businesses would be gone over night and plenty w/o a job as a result.

It's the trickle down effect. If you shut down the rich, who are the poor going to work for?

unironically?

 

[deaddog]

I don't think the argument is necessarily to shut down the rich...that is sort of an extremist viewpoint. More so that they can take a hit...capitalism will survive and a more efficient thing will fill the void.

A better use for this type of bail out money would be equiping public schools with some actual financial+accounting education.

I would have taken classes in high school called "wealth 1 and wealth 2" lol.

In this case, there would have been a run on the banks. Get your uninsured cash out and somewhere safe. The result would have been a tightening of credit, small business that needs to finance inventory and payroll would have suffered. In the end it's the little guy who gets hurt.

What bail out money? The government is guaranteeing the deposits. The deposits are covered by bonds and T bills that will eventually mature at par. The problem is short term liquidity.

 

[gkishot]

For you who don't know your history, this was one of the main causes of both French Revolution and Russian Revolution. It rarely ever ends well.

Where does the FED get the money from? What is its money generating business?