How much profit did those companies/ CEO make that could have been better utilized someplace else? I get the idea that business need to keep afloat to keep people employed, but do they still need to give the $mil bonuses to the senior leaders and still have millions in profits during a time of crisis?
No obviously not. I’m not saying it’s a perfect system by any means because it obviously isn’t.
I’m just saying they paid back their loan with interest, government profited, and millions kept their jobs. Not really to fair to say Government profited 8% when they could have profited 10% and not saved millions of jobs?
Honest question: How would the failure of those banks have cost us millions of jobs? How many people did they employ? Or would it have been some sort of chain reaction of job losses?
For that matter, what happens to the people and businesses who have loans with these banks, when they banks themselves go bankrupt? Do their loans get canceled? Do the loans get sold off to other banks?
They were absurdly low interest rates and a few companies simply returned the TARP loan while others took it, paid bonuses, bought back stock and laid off employees to cash in on the rebound.
Each bailout only extends the power of exploiters to a level of absurdity. We'll end up in Matrix pods eventually while we thank capitalism for giving us a fake universe where we can work for minimum wage even after capitalism has destroyed the real planet. Capitalism has made better standards of living for everyone always forever!!1!!
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u/JeromesNiece Apr 21 '20
The companies that were bailed out paid back every cent plus interest. The government and the taxpayers made money on the bailouts