Word: bankses
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Main Street has paid a price for the ultra-low interest rates the Fed has kept in place to encourage banks to lend and to keep commerce flowing. Cheap money is nice for lenders and borrowers - but it's devastating for savers, especially for retirees who use interest income to...
But if I were a white collar Delphi retiree, I'd be over the moon with rage. Ditto if I'd been a steelworker in Pennsylvania whose health care and pension were eviscerated when Bethlehem Steel failed. If I worked at one of the 106 nongiant banks that the government...
I'm also angry because it's hugely difficult for even the most qualified people to get mortgage loans. Not to mention how hard it is for small and medium businesses. Having lent too much too easily, banks now don't want to lend at all - except to Uncle Sam...
In fact, much of the money that taxpayers have pumped into the financial system has ended up at banks that are lending it back to the government by buying Treasury securities. Isn't that great? We make money available to the banks at 0%, they lend it to the government...
1) Break up institutions that are too big to fail so that we can allow them to fail. I don't know exactly how to do this - does anyone? - but that's how we solve the problem of letting the small fry fail while saving the wounded whales. Perhaps, as...