4 ms·

How did the rich get trillions to prop up their assets?

terminalcommand 5y ago
Tax cuts for companies, increased government spending to boost stock markets, state subvenventions, significantly lower interest rate than inflation.
- devcpp 5y ago
  That's all from the government, and by extension from the population at large, not from any set of rich people.
  - hattori_hanzo 5y ago
    Well yeah. From the government, for rich people. I don't know any poor people who can directly profit from corporate bailouts, tax cuts or has access to loans with such low interest rates. Even though as you say it comes from the population at large.
    - devcpp 5y ago
      I'm the last person to defend welfare for the wealthy. I'm saying you're blaming the player rather than the game, which is an understandable feeling but is not productive to your goals.
- kkjjkgjjgg 5y ago
  Tax cuts are perhaps a bit questionable, giving them trillions by not taking away the money they earned?
jjoonathan 5y ago
Wasn't that the point of the PPP? Give companies loans that are really grants that find their way back to asset holders through buybacks?
ralph84 5y ago
Trillions: https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm https://www.federalreserve.gov/monetarypolicy/bst_recenttren... The rich: https://www.cnbc.com/2021/09/17/fed-officials-owned-securities-it-was-buying-during-pandemic-raising-more-questions-about-conflicts.html https://www.cnbc.com/2021/09/17/fed-officials-owned-securiti... - Powell held between $1.25 million and $2.5 million of municipal bonds. They were just a small portion of his total reported assets. While the bonds were purchased before 2019, they were held while the Fed last year bought more than $5 billion in munis, including one from the state of Illinois purchased by his family trust in 2016. - Boston Fed President Eric Rosengren held between $151,000 and $800,000 worth of real estate investment trusts that owned mortgage-backed securities. He made as many as 37 separate trades in the four REITS while the Fed purchased almost $700 billion in MBS. - Richmond Fed President Thomas Barkin held $1.35 million to $3 million in individual corporate bonds purchased before 2020. They include bonds of Pepsi, Home Depot and Eli Lilly. The Fed last year opened a corporate bond-buying facility and purchased $46.5 billion of corporate bonds.

Tax cuts for companies, increased government spending to boost stock markets, state subvenventions, significantly lower interest rate than inflation.

devcpp 5y ago
That's all from the government, and by extension from the population at large, not from any set of rich people.
- hattori_hanzo 5y ago
  Well yeah. From the government, for rich people. I don't know any poor people who can directly profit from corporate bailouts, tax cuts or has access to loans with such low interest rates. Even though as you say it comes from the population at large.
  - devcpp 5y ago
    I'm the last person to defend welfare for the wealthy. I'm saying you're blaming the player rather than the game, which is an understandable feeling but is not productive to your goals.
kkjjkgjjgg 5y ago
Tax cuts are perhaps a bit questionable, giving them trillions by not taking away the money they earned?

jjoonathan 5y ago

Wasn't that the point of the PPP? Give companies loans that are really grants that find their way back to asset holders through buybacks?

ralph84 5y ago

Trillions: https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm https://www.federalreserve.gov/monetarypolicy/bst_recenttren... The rich: https://www.cnbc.com/2021/09/17/fed-officials-owned-securities-it-was-buying-during-pandemic-raising-more-questions-about-conflicts.html https://www.cnbc.com/2021/09/17/fed-officials-owned-securiti... - Powell held between $1.25 million and $2.5 million of municipal bonds. They were just a small portion of his total reported assets. While the bonds were purchased before 2019, they were held while the Fed last year bought more than $5 billion in munis, including one from the state of Illinois purchased by his family trust in 2016. - Boston Fed President Eric Rosengren held between $151,000 and $800,000 worth of real estate investment trusts that owned mortgage-backed securities. He made as many as 37 separate trades in the four REITS while the Fed purchased almost $700 billion in MBS. - Richmond Fed President Thomas Barkin held $1.35 million to $3 million in individual corporate bonds purchased before 2020. They include bonds of Pepsi, Home Depot and Eli Lilly. The Fed last year opened a corporate bond-buying facility and purchased $46.5 billion of corporate bonds.