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View Diary: Explosive Bloomberg Editorial: Bank Profits are "almost entirely" Taxpayer Money (125 comments)

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  •  What subsidies? (2+ / 0-)
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    ozsea1, OllieGarkey
    So how much are we paying the banks? Well, according to the studies Bloomberg is citing, the subsidies only lower borrowing costs for banks by about .8 percent.

    Small as it might sound, 0.8 percentage point makes a big difference. Multiplied by the total liabilities of the 10 largest U.S. banks by assets, it amounts to a taxpayer subsidy of $83 billion a year. To put the figure in perspective, it’s tantamount to the government giving the banks about 3 cents of every tax dollar collected.

    .8 percentage points of what? What are you talking about here? There seems to be a paragraph or something missing.
    I thought banks were getting money from the Fed for zero percent anyway so I don't know what this refers to.?

    "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

    by eXtina on Thu Feb 21, 2013 at 05:47:28 PM PST

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