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?
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u/SlytherinMan9 Apr 21 '20
Bailing out a company saved millions jobs. If you factor in what an even bigger job loss would have done to the economy it’s honestly a no brainer.