4 ms·

Where can I go to get such favorable loan terms from the government? Oh, I can’t? I have to get monumentally wealthy by wrecking the economy and driving our soc

by p_j_w 3y ago

Where can I go to get such favorable loan terms from the government? Oh, I can’t? I have to get monumentally wealthy by wrecking the economy and driving our society into its biggest financial crisis in 80 years first?

satvikpendem 3y ago
The PPP loans were literally this. They were even more favorable since most were forgiven.
- ang_cire 3y ago
  And PPP loans were not available (legally) to individual workers, only to the Business Owner class. Sure, it was expanding the criteria of bailout from "superwealthy business owners" to "average business owners" and "politicians playing at business owners who set up a shell company", but that's not really refuting their point that the government only cares about protecting capital. "Here's $600 to live on for 6 months, poors. How much could a banana cost? Oh, also here's $600,000 if you own a small business!"
  - JumpCrisscross 3y ago
    > PPP loans were not available (legally) to individual workers They were available to contractors. Workers got extended unemployment and forebearance benefits. If you have an actual solution to propose, go for it. But complaining with misaligned facts isn’t particularly productive.
JumpCrisscross 3y ago
> Where can I go to get such favorable loan terms from the government? Oh, I can’t? Subsidised student loans, SBA loans, et cetera. It’s also noteworthy that TARP-like bailouts are no longer the precedent: guaranteeing deposits while letting the bank fail is.
- satvikpendem 3y ago
  Indeed, too big to fail is not seen as viable anymore, which should make the parent happy, but I'm guessing they have more ideological issues with these sorts of loans and of capitalism itself, unfortunately.
Vt71fcAqt7 3y ago
The governemnt forced banks to give out loans to people who couldn't pay them in the name of euqality. These banks sold the risk to investors as Mortgage-backed securities because banks aren't in the risk business but risk management: creating the Great Recession. ... Trillions of dollars are given away to the poor every year in the US, with no expectation of getting it back.[0] Adding "favorable loan terms" on top of this will literally lead to the exact outcome you are describing in 2008. We can debate the bank bailouts, which I think is worthwhile, but comparing them to personal loans is naive. [0]https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/ https://fiscaldata.treasury.gov/americas-finance-guide/feder...

by p_j_w 3y ago

satvikpendem 3y ago

The PPP loans were literally this. They were even more favorable since most were forgiven.

ang_cire 3y ago
And PPP loans were not available (legally) to individual workers, only to the Business Owner class. Sure, it was expanding the criteria of bailout from "superwealthy business owners" to "average business owners" and "politicians playing at business owners who set up a shell company", but that's not really refuting their point that the government only cares about protecting capital. "Here's $600 to live on for 6 months, poors. How much could a banana cost? Oh, also here's $600,000 if you own a small business!"
- JumpCrisscross 3y ago
  > PPP loans were not available (legally) to individual workers They were available to contractors. Workers got extended unemployment and forebearance benefits. If you have an actual solution to propose, go for it. But complaining with misaligned facts isn’t particularly productive.

JumpCrisscross 3y ago

> Where can I go to get such favorable loan terms from the government? Oh, I can’t? Subsidised student loans, SBA loans, et cetera. It’s also noteworthy that TARP-like bailouts are no longer the precedent: guaranteeing deposits while letting the bank fail is.

satvikpendem 3y ago
Indeed, too big to fail is not seen as viable anymore, which should make the parent happy, but I'm guessing they have more ideological issues with these sorts of loans and of capitalism itself, unfortunately.

Vt71fcAqt7 3y ago

The governemnt forced banks to give out loans to people who couldn't pay them in the name of euqality. These banks sold the risk to investors as Mortgage-backed securities because banks aren't in the risk business but risk management: creating the Great Recession. ... Trillions of dollars are given away to the poor every year in the US, with no expectation of getting it back.[0] Adding "favorable loan terms" on top of this will literally lead to the exact outcome you are describing in 2008. We can debate the bank bailouts, which I think is worthwhile, but comparing them to personal loans is naive. [0]https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/ https://fiscaldata.treasury.gov/americas-finance-guide/feder...