Taxing Grandma to Subsidize Goldman Sachs
The circle is now closed: banks get cheap loans from the Fed and they use it to pay back the TARP funds. So they take money from one pocket of the government and they put it in the other, freeing themselves of federal restrictions on compensation. Brilliant!
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"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." |
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