Did You Know: Big Banks Are Getting A $780 Billion Subsidy Each Year?Submitted by Reconstituter001 on Fri, 03/15/2013 - 21:02
What’s particularly interesting about that figure, $780 billion, and something no one has yet noticed, is that it’s almost the exact size of the fiscal stimulus that was passed in early 2009 to save the economy: $787 billion. Except that the bankers’ stimulus is being spent every single year again and again and again. The Republicans, and some Democrats, never cease to talk about “how much money” we “wasted” on the supposedly “failed” stimulus. But you never hear them talking about the same amount of money that’s been actually wasted on their bankster friends.
The analysis is done by Chris Whalen, who is a top banking analyst. Washingtonsblog, that looked at Whalen’s analysis and did a great job translating it into basic English, notes that Whalen has been praised by Nouriel Roubini, so he’s the real deal.
Whalen’s analysis shows that the big banks are actually getting the equivalent of at least $780 billion a year from the feds. Per Washingtonsblog, the subsidies include:
#360 billion in Federal Reserve subsidies;
$120 billion in federal deposit insurance;
$100 billion in government-guaranteed loans;
“At least $100 billion in monopolistic advantages in the secondary market for home mortgages.”
More than $100 billion in fees in the over-the-counter (OTC) derivative market.
The total? More than $780 billion a year.