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Reply #26: I feel like its a sideshow, an attention trap [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
bhikkhu Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 09:48 PM
Response to Reply #19
26. I feel like its a sideshow, an attention trap
...designed to get people to think they should be protesting in front of the federal reserve instead of congress or the WH.

The key fact that this whole line of crap leaves out - every penny of those trillions was paid back, with whatever interest was required. The majority of those trillions were overnight loans, granted while the banking industry was in a condition near collapse and overnight credit to meet liquidity regulations was unavailable anywhere. The whole program actually turned a profit and was a success by any measure, according to its purpose for existence (to prevent major bank failures), and if you understand that all the money was paid back, then what is the real complaint? All that I have heard is that the interest rate charged on those loans was too low, and the banks profited by paying a lower interest rate on the money borrowed than they paid on the money they lent. That's nothing I would cheer over, but I can live with that.

Now what real issues might this be designed to distract you from? The long-planned gutting of Social Security, perhaps, or another trillion dollar giveaway to the wealthy, perhaps?
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