Friday, March 1, 2013

See this graphic on "Big Bank" profits and how much of those profits are from Taxpayer Subsidies. Have a nice Sequestration Day. Meh!!

Bloomberg Online recently published this article and graphic showing "Big Banks" stated profits AND the amount of Federal Government subsidies (money transfers from Govt (Taxpayers!!) to private entities).  Those are the first two bubbles, respectively.

The tiny bubble to the left of the big bubbles represents the difference between the two.  In other words if you subtract the subsidies from the bank profits, you find that MOST of the profits were due to the subsidies.  To put it ANOTHER way, tax money accounted for virtually ALL the profits Big Bank earned.  Meh!

Crony Capitalism.  To make a baseball analogy, the banks listed below form a Farm System for appointees to high level Federal Govt positions--"the Big Leagues".  Unlike baseball, the ones who make it to the Big League of regulation and policy making NEVER forget the farm team. In fact, they are anxious to get back, once their tour of duty is over in D.C. 

Bloomberg Online
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