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Small business rescue earned banks $10B in fees

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Re: Small business rescue earned banks $10B in fees

#341

Earlier quoted context omitted.

How is a 3% fee not outrageous when there is no work being done? If 3% of the $1,200 stimulus checks owed to individual citizens went to private banks, would you say it's not a big deal? (if so I hope you're not running for Congress)

Apparently not, though given our current congressional representatives, are you sure that is a good metric to judge rational decision making? 3% is 3%. It's nonzero, so that's unfortunate. It's not a large fraction, so it's just not a time sensitive problem. Is it worth tying up media, political and financial resources in blaming+lawsuits over the optics of a 3% fee, instead of just waiting to deal with it next year?…

I never said it's "world ending", it's a problem, and we need to fix it. What a moronic thing to say "let's just deal with it next year". If the mafia was extracting 3% of federally guaranteed loan money, your response would be "it's not a big deal, let's just deal with it next year because we can just authorize more loans?" I hope you're never elected to public office.

Re: Small business rescue earned banks $10B in fees

#342

Earlier quoted context omitted.

The one that holds many guns to many heads, and has obtained the monopoly on writing pieces of paper.

Umm, what?

Money is loaned into existence by private banks. See my parent comment in this thread.
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