And that is only for big businesses that are listed in the stock exchanges. All other businesses are left to struggle on their own. Thousands of small businesses are going to have to shut down for good.
Billions will be poured into the SBA, so they can claim billions went to small businesses, but that money will all be given to businesses with political connections.
And they will never mention those thousands of small businesses you reference that will go under, just like politicians never once spoke of American's who lost their homes and became homeless, instead mentioning only the banks problems.
I'm not a fan of the banks, they were encouraged to loan to risky borrowers, people who bought as much as they could with little more than a pulse. This behavior began under Clinton. This was during the era of easy credit where college kids could get massive credit lines. Source: I was one of these kids and I also worked for a Real Estate Web host during the boom and bust.
>I'm not a fan of the banks, they were encouraged to loan to risky borrowers, people who bought as much as they could with little more than a pulse.
There is so much to unpack in this sentence, this alone could be a book about the financial/housing collapse.
Yes, in Clinton's years the banks lobbied and successfully had regulations rolled back so they could underwrite loans on stated income from broker applications. For purposes of culpability/intent, look no further than these lobbying efforts (I am skipping the other deregulations they successfully lobbied for: 103% financing/nothing down/adjustable rate mortgages).
With these new rules its fair to say banks encouraged brokers to in turn encourage borrowers to make up numbers because now they would not be verified.
When it all blew up, the banks blamed the borrowers for lying on mortgage applications, making themselves out to be the victims.
