Your Friendly Banker

Source: Common Dreams
by Christopher Brauchli

“The banks remember 2008 because that was the year that the federal government and taxpayers came to their rescue when it seemed many of them would fail because of the 2007 bank liquidity crisis. Thanks to the Troubled Asset Relief Act (TARP), eight banks survived because the federal government made investments in those banks that were to be repaid to the government in future years. As recent events have shown, the banks were outraged when the shoe was, as it were, on the other foot. In March 2021, Congress enacted the $1.9 trillion stimulus package designed to help those who had been adversely affected by the pandemic. That was similar to how TARP had helped banks and certain other industries that suffered during the crisis of 2008. A part of the 2021 stimulus package included a $4 billion debt relief package.” (06/05/21)