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Ah well if Italy is doing it, we all should. They manage their economy famously well. Do the banks get a "windfall subsidy" when they have bad years?
by memefrog 3y ago
Ah well if Italy is doing it, we all should. They manage their economy famously well.
Do the banks get a "windfall subsidy" when they have bad years?
- greydius 3y agoYes, but we call them bailouts.
- rje99 3y agotouché
- memefrog 3y agoThe "bailouts" where the government bought shares in the banks and was repaid at a significant markup a few years later? Is that like "windfall taxes" where the banks buy shares in the government and get repaid later?
- piva00 3y ago> Is that like "windfall taxes" where the banks buy shares in the government and get repaid later? If it helps society to be more productive in the long-term, yeah (in an indirect way)?
- sph 3y agoOh won't somebody think of the banks? Where were you in September 2008?
- ffhhttt 3y ago> Do the banks get a "windfall subsidy" when they have bad years? Is that sarcasm? Cause yeah, they generally do…
- belter 3y ago"Emergency Economic Stabilization Act of 2008" - https://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008 https://en.wikipedia.org/wiki/Emergency_Economic_Stabilizati... "Congress approves $700 billion Wall Street bailout" - https://www.nytimes.com/2008/10/03/business/worldbusiness/03iht-bailout.4.16679355.html https://www.nytimes.com/2008/10/03/business/worldbusiness/03... July 20, 2008 -> "...it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation..." - Henry Paulson November 20, 2008 -> "...We are working through a severe financial crisis caused by many factors, including government inaction and mistaken actions, outdated U.S. and global financial regulatory systems, and by the excessive risk-taking of financial institutions..." - Henry Paulson
- memefrog 3y agoThe US got paid back and then some. Not at all the same as an arbitrary ad-hoc tax on success. Should the Silicon Valley banks that have recently failed also pay a windfall tax? And if not, why tax success? Because it's clearly not a 'windfall' if it only goes to people that made good predictions and not ones that made bad predictions.
- belter 3y ago> "...why tax success? " -> That is how Taxes are supposed to work.
- Grum9 3y ago[dead]
- DarkNova6 3y agoYou mean a bank that is "too big to fail" and has to be bailed out? No, never happened as far as I can remember.