Wednesday, August 22, 2007

Let me get this straight

posted by The Vidiot @ 4:21 PM Permalink

Because of the credit crunch, if a person has a problem paying their bills and debts, they won't be able to take out a loan.
Excerpt: The global credit crunch will see a sharp rise in the number of Britons put on a debt blacklist and denied mortgages, loans and credit cards, experts claim.
(I know, it's Britain, but it's the same here)

But a BANK that's having problems can just sashay up to the Fed window and withdraw a HUUUUuuuge loan to manage their bills and debt.
Excerpt: Four major banks said Wednesday they each borrowed $500 million from the Federal Reserve's discount window, lending weight to its efforts to restore liquidity to tight markets.
(Believe me, "restore liquidity" is just capitalist code for "paying off debt".)

Now, I don't think robbing Peter to pay Paul is a good idea for anybody, but doesn't this scene just scream capitalism gone bad?



At 5:10 AM, Blogger Sabretache said...

Capitalism for the masses; Socialism for the Banks.

At 9:40 AM, Blogger The Vidiot said...

Well put, indeed.


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