Every now and then, I come across something that rubs me the wrong way. It happened last night.
I discovered a recent Huffington Post article regarding banks being subsidized with tax dollars. My initial impression was so what! Banks received stimulus monies. The article had to be about that.
It was not.
Turns out U.S. banks are being subsidized by the government. Free handouts. The money comes from tax dollars. Where else? It amounts to 3 per cent of every tax dollar.
The claim is the money is required for research. What research, I could not determine.
The 3 per cent amounts to $87 billion a year. It averages out to $722 per family.
Even the big banks are so subsidized. The five wealthiest banks in the U.S. are J. P. Morgan, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs. It was reported that these five banks receive three quarters of the $87 billion.
Blew me out! It gets worse, however. The article indicated that without the taxpayer subsidy, the banks would not show a profit.
Running at a loss, need a taxpayer subsidy to be profitable, and still pay exorbitant bonus’s to high level management.
I cannot understand.
A busy day ahead. A haircut and manicure this morning. Probably lunch at Blossoms. Tonight, bocce.
Tomorrow morning, my TV/internet show airs. The Key West Lou Legal Hour. In addition to the bank subsidy issue, I will share some large wasteful government spendings, that Lancaster, Pa. was once the capital of the U.S., the recent U.S. arms treaty, Egypt’s Muslim brotherhood, Obamacare, a medical first, Pope Francis, and more.
Join me. Ten in the morning my time. The show airs via television from Key West up through Boca Raton on Comcast Channel 87 and U-Verse Channel 19. It is available world wide via the internet. www.weyw19.c0m.
Enjoy your day!