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(Think Progress)   Taxpayers hand $14 billion a year in welfare to people who could pay their own bills. And Congress won't touch it   (thinkprogress.org) divider line 225
    More: Asinine, failed banks, House Financial Services Committee, welfare, taxpayers, capital requirements  
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5941 clicks; posted to Politics » on 27 Jun 2012 at 7:55 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-06-27 08:00:59 AM
Let's see...must be oil companies.

Oh....bankers....just as bad.

/just going by title. not clicking through.
 
2012-06-27 08:05:05 AM
"Government is the worst failure of civilized man." - Henry Louis Mencken
 
2012-06-27 08:06:40 AM
Your creative math isn't helping.
 
2012-06-27 08:07:39 AM
And here come the Republicans defending welfare all of a sudden.
 
2012-06-27 08:08:16 AM
Meanwhile, Obama continues to hammer Bain like a speed bag and Quinnipac has him ahead in the battleground states.
 
2012-06-27 08:08:52 AM

DoctorCal: Your creative math isn't helping.


Care to show the 'creative' math?
 
2012-06-27 08:09:30 AM
That fella in the picture doesn't look urban, it's ok.
 
2012-06-27 08:09:51 AM

wooden_badger: Let's see...must be oil companies.

Oh....bankers....just as bad.

/just going by title. not clicking through.


That's what I was thinking too!
 
2012-06-27 08:10:47 AM
Welfare is only bad when it goes to poor people.
 
2012-06-27 08:12:34 AM
14 billion? What is that compared to actual poor people welfare payments a year?
Anybody know?
 
2012-06-27 08:13:12 AM
They deserve a little help since they have to pay so much in taxes for you poor people who are too lazy to work or get a better job.
 
2012-06-27 08:17:07 AM

LarryDan43: They deserve a little help since they have to pay so much in taxes for you poor people who are too lazy to work or get a better job.


Don't forget refrigerators.

www.politisink.com

Those things are like car elevators for the welfare queen crowd.
 
2012-06-27 08:18:35 AM

Marcus Aurelius: Welfare is only bad when it goes to poor brown people.


FTFGOP
 
2012-06-27 08:18:47 AM

LarryDan43: They deserve a little help since they have to pay so much in taxes for you poor people who are too lazy to work or get a better job.


www.bizbash.com

Finally, one of these street urchins understands. See that his family gets an extra crust of bread.
 
2012-06-27 08:19:41 AM
The financial sector is too big and bloated and needs to be regulated better.

Reinstate the Volcker rule and bring back Glass-Steagall.

/Got to admit watching Dimon get such VIP treatment from the House is some pretty depressing viewing.
 
2012-06-27 08:22:27 AM
That is also a perfect description of Congress.
 
2012-06-27 08:24:23 AM
i.imgur.com
 
2012-06-27 08:25:38 AM
Take all their money. Put their 'company' out of business. Throw every one of these mother farkers we can in jail.

Get outraged people. This is outrageous.
 
2012-06-27 08:26:08 AM
What ever happened to public servants?

Not just those elected to represent people, but the people elected to represent people that have to make the hard choices for the public? It has become hilariously difficult for a person to be elected that is for the people. Not of the persons' interest, but of the people. The climate cries out for such people but we lack the measures to re-calibrate the machine.
 
2012-06-27 08:28:06 AM
 
2012-06-27 08:28:17 AM
While I understand the math behind this $14 billion assertion, I don't really see how the government can do anything about it, except possibly pass a law that prohibits any future bailouts of the financial industry.
 
2012-06-27 08:28:19 AM

Kazujin: 14 billion? What is that compared to actual poor people welfare payments a year?
Anybody know?


it's 14 billion
 
2012-06-27 08:29:28 AM

stoli n coke: www.politisink.com


Note that the use of "have" instead of "own" allows them to include all the renters out there. That's in addition, of course, to all those individuals already included who couldn't possibly afford to replace a refrigerator.
 
2012-06-27 08:29:42 AM

Pronoun: What ever happened to public servants?


they got bought out.
they no longer fear bad press because the media is in on the corruption.
 
2012-06-27 08:30:32 AM

Jim_Tressel's_O-Face: Meanwhile, Obama continues to hammer Bain like a speed bag and Quinnipac has him ahead in the battleground states.


Obama is the goddamn batman?
 
2012-06-27 08:32:04 AM

justtray: Take all their money. Put their 'company' out of business. Throw every one of these mother farkers we can in jail.

Get outraged people. This is outrageous.


One question:
How much will your complacency cost?
 
2012-06-27 08:32:14 AM

jaggspb: Obama is the goddamn batman?


Don't be silly, he's too busy. Obviously, Biden's the goddamn Batman.
 
2012-06-27 08:32:16 AM

DoctorCal: Your creative math isn't helping.


I find it kind of shocking that we can't find out how big the number is, apparently. That it must be "estimated". Just saiyan.

/betcha it's over 9,000
 
2012-06-27 08:33:08 AM

vudukungfu: justtray: Take all their money. Put their 'company' out of business. Throw every one of these mother farkers we can in jail.

Get outraged people. This is outrageous.

One question:
How much will your complacency cost?


About 10% down on the principle at 2.96%APR.
 
2012-06-27 08:34:56 AM

GAT_00: DoctorCal: Your creative math isn't helping.

Care to show the 'creative' math?


If I understand the article correctly, the $14bn isn't so much cash that Congress is physically forking over to the bank, but how much the bank is saving per year due to favored interest rates.

Seems more like a case of multiplication of decimals than a case of addition. Guess that's kind of creative...
 
2012-06-27 08:35:48 AM
Ever notice that when it goes to anything liberals don't like its 'taxpayer money' but all talk of it being 'taxpayer money' goes right out the window the moment its being funneled to something liberals like?
 
2012-06-27 08:36:11 AM

LarryDan43: They deserve a little help since they have to pay so much in taxes for you poor people who are too lazy to work or get a better job.


there are 4 people looking for work for every job available.
most of the jobs that are available require education that isn't available to these people looking for work because we don't have universal higher education. it's very expensive and lines the pockets of "for profit" institutions.

so of the 10% that are unemployed there are only jobs for 2.5% of them and of those only a small fraction of them have the required training or education level.

that leaves very few that fit your "too lazy to work" demographic.
 
2012-06-27 08:37:43 AM

randomjsa: Ever notice that when it goes to anything liberals don't like its 'taxpayer money' but all talk of it being 'taxpayer money' goes right out the window the moment its being funneled to something liberals like?


yeah funny how that works both ways eh? still doesn't justify giving the most profitable companies a handout.
 
2012-06-27 08:37:46 AM

vudukungfu: justtray: Take all their money. Put their 'company' out of business. Throw every one of these mother farkers we can in jail.

Get outraged people. This is outrageous.

One question:
How much will your complacency cost?


As long as I have my Jersey Shore and Skyrim, I don't give a shiat what our government does.

/USA! USA! USA!
 
2012-06-27 08:37:57 AM

Hobodeluxe: there are 4 people looking for work for every job available.


you mean 4 lazy shiftless welfare queens for every job available
 
2012-06-27 08:38:21 AM
i.imgur.com
 
2012-06-27 08:39:46 AM

GAT_00: DoctorCal: Your creative math isn't helping.

Care to show the 'creative' math?


The entire premise is that banks have lower costs because of the expectations of protection from failure. The two cited economists performed a substantial statistical analysis (warning: PDF, but not too big) to estimate the funding cost differential due to that security.

Then the Bloomberg editorial board took that funding cost differential, called it an Implicit Subsidy (which, of course, it absolutely is), and reasoned that, well, that differential applies to all of the money that a bank 'has'. They set out to calculate how much a given institution benefited from that indirect subsidy in a specific year, and settled on the method "multiply the cost differential by the sum of the institutions debts and deposits" (scrutiny of which I'll defer for now to get to the broader point).

The telephone-game-chain then went -> Think Progress -> subby -> fark admin, where suddenly the taxpayers are handing Chase a fat sack of cash, which, obviously, isn't what is represented by the figure presented.

Of course, the U.S. public should be outraged by a lot of things related to the bailout of financial institutions, the greatest of which is the (lack of) regulatory environment that led to the perceived need for such action, and should stay outraged until we 'fix' the system (yeah, I know, never going to happen).

But this kind of hyperbole doesn't improve peoples' understanding of the problems, and it can end up reinforcing the belief by moneyed interests of the status quo that their opposition is poorly informed.
 
2012-06-27 08:40:35 AM
There can't possibly be 4 applicants for every job.

We need open borders and amnesty or our economy will collapse.
 
2012-06-27 08:40:48 AM

Soonerpsycho: [i.imgur.com image 500x350]


WIN.
 
2012-06-27 08:40:50 AM

Hobodeluxe: Pronoun: What ever happened to public servants?

they got bought out.
they no longer fear bad press because the media is in on the corruption.


I cannot believe that, as it is a catch .22. Public servants exist. They may not have been elected, but they do exist. It becomes a question of the voter at that point. A terrible and sad point. So much so that a neglected post on an internet thread is the only mention of true public service. The Pax Americana is at at end. Satirists are the truth Sayers and we have only so much to go, unless a drastic change in political climate allows it. Such will be a tightened grip on propaganda in the guise of balance from foreign interests, as well as balance in reaction towards propaganda.
 
2012-06-27 08:41:10 AM
Corporate welfare: a Republican tradition.
 
2012-06-27 08:44:25 AM

Soonerpsycho: i.imgur.com


Give a man a world, and he can...feed it to Galactus?
 
2012-06-27 08:46:16 AM
Jake Havechek

Corporate welfare: a Republican tradition.


Race Mongering: a Democrat Tradition.
 
2012-06-27 08:47:58 AM

Anonymocoso: There can't possibly be 4 applicants for every job.

We need open borders and amnesty or our economy will collapse.


no what we need to do is reverse some of these trade policies we have with countries that don't operate on the same level as we do.

you can't compete with people making 35 cents an hour who work in sweatshop conditions.
 
2012-06-27 08:49:42 AM

randomjsa: Ever notice that when it goes to anything liberals don't like its 'taxpayer money' but all talk of it being 'taxpayer money' goes right out the window the moment its being funneled to something liberals like?


No.

I remember conservatives crying about signs telling people that projects came from stimulus money though.
 
2012-06-27 08:50:40 AM

kronicfeld: Soonerpsycho: i.imgur.com

Give a man a world, and he can...feed it to Galactus?


Give a man a Galactus, and your petty human metaphors become meaningless.
 
2012-06-27 08:53:39 AM
Yay for free markets!!
 
2012-06-27 08:53:57 AM

vudukungfu: justtray: Take all their money. Put their 'company' out of business. Throw every one of these mother farkers we can in jail.

Get outraged people. This is outrageous.

One question:
How much will your complacency cost?


Haha, about a 0.8% interest rate on as much money as I want will do the trick. Then I'll lend that money out at a commercially acceptable rate and rake in the 14 billion dollars of abitrage. Which accounts for 77% of JP Morgan's annual income, just fyi. I know I went on a tangent there, just throwing this out there to see if there is any sort of retort to this that makes any sense.
 
2012-06-27 08:54:11 AM
Give a man a child, and he can feed a village. Give a man a village, and he can raise a child!
 
2012-06-27 08:55:08 AM
I agree that this subsidy should be terminated immediately... but I also must point out that if this were going to companies like Solyndra then the libs on Fark would be quick to argue that it's a drop in the bucket and therefor not worth considering.
 
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