cross-posted from: https://lemmy.ml/post/7715830
The Federal Home Loan Banks (FHLBanks) were created by the US government during the Great Depression to “provide liquidity to their members to support housing finance and community development through all economic cycles”, ie, to help low-income workers get mortgages to buy homes for their families.
But instead of doing that, these public institutions were used to bail out private banks and their rich depositors.
The US banking system is privatized and run for profit, yet relies on the state to constantly prop it up. It’s the worth of both worlds: privatization of profit but socialization of risk.
3 of the biggest bank failures in US history happened this year and fuck all has been said about it and even less has been done to address the problem
welcome to the wonderful world of Bidenomics
I can’t believe his campaign is marketing that term unironically — why would he advertise the 💩 economy like it was selling point?
I think it’s because these people don’t understand anything about how the economy actually works, and they’re completely insulated from the problems large portions of the populations are now experiencing. It’s basically this