Not only did the federal government make $9 trillion in previously undisclosed loans to various banks to get through the financial crisis a few years ago, but it gave those banks a significantly better interest rate than it's giving state governments borrowing money to pay unemployment benefit payments.
According to CNN the interest rate on the bank loans was .5 to 3.5 percent. Loans to the states carry rates higher than 4 percent.
2 comments:
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No surprise here. The Feds believe that banks are the cornerstones of the US economy, so of course banks get special favor.
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