Blog on the Run: Reloaded

Monday, February 22, 2010 5:41 am

And speaking of banksters …

Filed under: I want my money back. — Lex @ 5:41 am
Tags: ,

… a meme has been circulating recently on Facebook urging us to require welfare recipients to submit to drug testing. I’ve announced there and here that I’ll support that right after we start drug-testing recipients of federal bailout money. All irony aside, I oppose drug testing in both cases, but the truth is that bailout recipients, as measured by their burden on the taxpayer, are a substantially bigger problem.

Economist Dean Baker points out (via Firedoglake) that the 18 largest banks, the “too big to fail” ones, are currently enjoying a lower rate of borrowing from the federal government (1.15%) than their smaller brethren and sistren (1.93%). That 0.78% difference amounts to a taxpayer subsidy of about $33 billion a year. That, he points out, is more than twice as much as the Temporary Assistance to Needy Families program and about 20% more than the total we spend on foreign aid, even after all the direct bailout money is paid back.

Your tax dollars at work … helping the banksters to screw you even more.

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