Small business rescue earned banks $10B in fees

Every decade this will playout now.

If recessions actually helped reduce income inequality and directly triggered UBI or some other system, more like the types of policies that were enacted after the Great Depression, you can bet there would be many less recessions.

As of right now, it is an every decade, or maybe less now, wealth extraction market raider party. Why wouldn't there be as nothing in the market or policy pushes back on it.

We need a new Teddy Roosevelt or FDR, someone from wealth that will shake it up, break up companies at the top, bring back to markets for all again, FDR's moves (SEC, FDIC, Social Security which buys half of all treasuries) made the most investable market in the world for nearly a century.

The market raiders are back.

What made the Roosevelt's unique was that they were from mega wealth, but they created a market and system that all classes benefitted from. Other wealth hated them [1]. FDR/Teddy put in more safety nets and the market made a great investable area for the investor class. To this day Social Security and the SEC still stand and they were just that, investments in the country and part of fair capitalism instead of Gilded Age type predatory capitalism.

> As the New Deal took hold, and as FDR prepared to run for re-election in 1936, the Liberty League launched a major effort to unseat him. In the end, however, the wealth behind the Liberty League sealed its fate. Never one to shy away from “a good fight”, FDR took on the forces wealth behind the Liberty League and other like-minded groups in a devastating full frontal attack. Characterizing the League as a tool of what he called “selfish big business,” FDR would go on to remind the public that the wealthy interests behind such groups tended “to consider the Government of the United States as a mere appendage to their own affairs.” Indeed, based on the experience of the late 20s and early 30s, he continued, we “know now that Government by organized money is just as dangerous as Government by organized mob.” He then fully acknowledged their contempt, when he famously said:

> Never before in all our history have these forces been so united against one candidate as they stand today. They are unanimous in their hate for me-and I welcome their hatred. I should like to have it said of my first Administration that in it the forces of selfishness and of lust for power met their match. I should like to have it said of my second Administration that in it these forces met their master.

> FDR won the 1936 election in an unprecedented landslide, taking 46 states and more than 60% of the popular vote. The American Liberty League never recovered; and as for fascism, the United States would go on to destroy it, not only through the military might we unleashed during the Second World War, but also through the effective regulation of capitalism that was established in the New Deal.

Social Security buys half of all t-bills while it is regressive so that it flew under the radar more from being cut by wealth but allows many people to have good retirements or people without parents or disabled that need assistance, highly underrated program that Republicans want to get rid of. Social Security is an investment so that the low end is brought up and not a crisis.

SEC made our markets trustable unlike overseas for a long time and even now, who trusts China's market? SEC made US an investable market for the world and all classes. Private equity is killing that off and the public markets are constantly under attack. Wall Street forgot that the SEC is here to make investments sound, which leads to more investment.

We need another FDR or Teddy Roosevelt badly. Teddy would definitely round house kick many 'representatives'. FDR would call us fearful as we vote and do policy based on fear not opportunity anymore.

We need a Newer Deal to defeat fascism and Gilded Age resurgence, like they said it was a national security issue then as it is now "and as for fascism, the United States would go on to destroy it, not only through the military might we unleashed during the Second World War, but also through the effective regulation of capitalism that was established in the New Deal.

Time for a Newer Deal is overdue.

[1] https://rooseveltinstitute.org/how-fdr-took-forces-wealth-an...

To not arbitrarily give certain citizens money. At least now they have to make a private placement offer and jump through a few hoops to get the right bond rating

What went wrong?

> No surprise here. Yes, these programs will help out small businesses. But, the rich need their cut first. Hopefully investigative journalists will be able to find the corruption/fraud in a few years.

I find this perspective interesting. Presumably the fees charged by the banks form part of their revenue and their profits. I would have thought that this funds the salaries and bonuses from the CEO to the janitor and everyone else in between. The bottom line is the people "getting their cut first" could potentially include many people commenting on this thread. Disclosure: I have worked for one or two banks directly or otherwise.

I'm not disputing that there may be corruption/fraud going on. But I see that as a separate issue.

We live in a world where there are huge rewards for anyone with the right connections. Banks provide very little value, they are basically a glorified SQL database at this point. They're not taking any risk, they're not really creating any economic value, and yet the rewards they receive are enormous.

Watching all this going on makes me feel so disillusioned, and I don't want to participate in society anymore.