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Amran Gowani's avatar

Profits are for us, losses are for you.

-- Banks

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Doug Rankin's avatar

Could bailouts for the “pull yourself up by the bootstraps but always make sure you have plenty of other people’s money and political power at the ready in case you need it” awaken any of the misguided souls who bathe daily in right wing paranoia anger stew long enough to see who is really swiping the butter from their bread? Dare to hope. Much as I like President Biden and appreciate the political pressure he must be under, increasing FDIC coverage beyond the (agreed upon by every account holder) $250,000 misses the moment, destructively so. We continue to favor “innovators” who love risk (as long as it’s not their money, and it’s not real risk, and they are ultimately not responsible for any downside), while we make the poor beg for scraps. This is not how a great, or decent country acts. I understand those with money and influence are powerful and have many ways to put uncanny amounts of pressure on any President so they would cave to full bailout/systemic risk pressure campaign, but it’s a real political miss for the Democratic Party.

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