Andrew Yang and Congresswoman Elissa Slotkin (D-MI) join Bill to discuss the banking scare that’s currently sweeping the nation….(read more)
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In 2008, the world witnessed one of the worst financial crises in history. It was a period when Wall Street, the epicenter of global finance was hit by a wave of failures, bankruptcies, and bailouts; which almost brought the global economy to its knees. One of the most controversial measures adopted to keep the economy afloat was bank bailouts. In a recent episode of the TV show “Real Time with Bill Maher,” the host criticized the bank bailouts and its aftermath.
The bank bailout was a program instituted by the US government and a few other countries around the world, to rescue the banking sector from going bankrupt during the 2008 financial meltdown. The banks were facing heavy losses due to the so-called toxic assets, which were primarily made up of subprime mortgage loans that went bad. The government intervened by buying out these toxic assets and providing capital injections to banks that were on the brink of collapse. In return, the government obtained equity stakes in these banks.
The bank bailout plan was met with mixed reactions. Some argued that it was necessary to save the global economy while others saw it as a reward for banks’ reckless behavior. Bill Maher belongs to the latter group, and he manifestly criticized the bailout program during the show, stating that it was an unfair move that enabled the banks to gamble with taxpayers’ money and suffer no consequences.
During the show, Maher also pointed out that the banks were bailed out, but people who lost their homes were not. Homeowners who were struggling to make ends meet, mostly the middle and lower-class citizens, were left with no support. The banks who were, in large part, responsible for the financial crisis were handed out billions, but the people who paid for their actions bore the brunt.
Furthermore, Maher argued that the banks are now bigger than ever and that they pose a greater threat to the economy than before. The banks have become “too big to fail,” and if they were to fail again, it could have far more severe implications than the 2008 crisis.
In conclusion, the bank bailouts were controversial and continue to be contentious. Some argue that it was needed to save the global economy, while others see it as an unjust reward for reckless behavior. Bill Maher’s critique offers a glimpse into how the bailout program has impacted people and the economy. The long-term effects of the bank bailouts are still being felt, and it remains to be seen how it will shape the future of the financial sector.
Andrew Yang is the ultimate politician, 24/7 pandering to the audience closest to him.
That is straight trash. The FDIC say what "250k is insured for all bank accounts , that is it!" All those people with more than 250k in their bank accounts should have lost their money. Once the bank went under, the people with 250k or less would be fully reimburse. Those with more than 250k in the bank accounts, was suppose to loose that extra above 250k and try to get most of their money back in bankruptcy court. That what should have happen. The Fed said "Nobody over 250k will loose not 1 dime… That is a bailouts period….and this is NOT CAPTIALISM.
That proves a theory i heard someone say.
We live in a "Capitalist Socialist society"
meaning
If you have the right amount of Money, you get the benefits of Capitalism (No taxes, Poltical power to write laws for your own good, bailouts from Gov/Fed)
If you do not have enough money ie poor you get the benifits of Socialism (Section 8, Ebt, grants, free food, free phone, free gas cards etc)
If you in the middle class you get screwed.
Why??
You do not make enough money to get Capitalist benefits
You make too much money to Socialist benefits.
have a nice day!!
Too big to fail = Too big to exist. Yellen & Powell bailing out one big bank and telling everybody with more than $250k that they pretty much have to move their money into one of the 5 or 6 biggest banks or risk losing it will naturally cause everybody with more than $250k to move their money into one of those "safe" big banks. Which will then proceed to take even bigger risks with their depositors' money than they're doing now. Because they're Too Big to Fail. Until they end up failing so badly that even the FED can't stop it.
I would rather let the system die and fail then let it go. I've been rooting for the complete collapse of the US soon.
A hundred million dollar fund is backstopping multi billion dollars in losses, what is she smoking
Is still a bailout. Yang is full of bs.
rev. William barber should be the president of America. If the church has to be involved with politics then put the best man for the job.
It's the fed that's at fault, taking too much duration risk isn't something that should land ppl in jail. A lot of banks did the same thing, and the fed should have considered that before raising rates.
And who pays those Bank fees the people that bank with them which are taxpayers
they're trying to get rid of regional Banks so the big Banks can buy up all of their assets at a cheap price and then become monopolize
I don't know why government takes credit for bail out there using our money to bail out people they shouldn't get and applause when it's a successful bailout but if it was up to us nobody be bailed out if you're ignorant and stupid you deserve what comes
The sad part about it was the treasury already knew about it and warn but nobody did anything and guess what happened
banks learnt nothing from 2008, and they all shouldve been prosecuted and thrown in jail
Maybe end this alchemy magic system of fractional reserve banking that just keeps creating money out of nothing
100 million dollars? That doesn’t cover all of the deposits. People running for office should know how math works.
We should still go after the bank execs in their fancy, upscale, multi-million dollar homes — In Hawaii, in the Caribbean… ANYWHERE & EVERYWHERE .
democrats are awful with money
Dang, did I miss a good one?! Anyone willing to share their streaming password on whatever I can watch this on?
Give it 6 months, $3 trillion in bailouts across the economy, and facing a depression thanks to the highest rate of federal reserve increase in US history. We ain't seen nothing yet! Buckle up fellas and ladies!
might actually need to eat the rich soon…
Elissa Slotkin, is a CIA operative who was advocating for debanking Americans & who supported Trump. She is a snake and don't belong in Congress. But she will get in and things will continue to get worse.
Yes in a capitalist society you let the failures fail and move out of the way so that a stronger more solvent entity can take their place. Of course no golden pair of shoots no dividends paid only the customers get their money out of the bank. And then the bank should have to sell off all their assets to make sure their customers are covered.
Let's send another 100 million to Ukraine, that should help the situation.
SVB run by Democrats! The poster child for Democratic policies.
I'd like to see him bring Tulsi Gabbard on his show
history repeating – corporate capitalism is a pyramid scheme which enriches the minority at the expense of the majority. This will never end well.
It's really unfair how Yang is treated in this conversation, as the other two keep bringing up multiple criticisms before he can respond to one. It's perfectly fair to criticize the Forward Party for it's lack of platform. What's not fair is blatantly mischaracterizing UBI as "free money" when Yang's UBI policy was paid for with a VAT. Also, one-off stimulus checks are not the same thing as UBI, nor where they the cause of inflation. These are things that Bill is objectively wrong about, and he should know better.
Found out today the fed borrowed to make the depositors whole- they didn't use the FDIC money.
The fees that pay into the system to now backstop all deposits of infinite amount aren’t just magically created out of fairy dust by banks. They come from all the BS fees banks charge their customers for services.
2:45 There is little difference in a bailout using taxpayer money or a "bank fund". Bank fees are paid by every citizen that has funds in a bank, which is basically everyone. We are all paying for the bailout of depositors, just like always. The only difference is, if they used taxpayer funds to do it, the government would have less dollars to waste on nonsense. This way it's like an additional tax we all get to pay. Yay.
Its a lot like cheering for a higher corporate tax rate, without even stopping to consider that the consumer pays all taxes.
CitiBank screwed me over 30 years ago, I haven't given them a penny since then!
The FDIC will fully insure all deposits at the SVB's 2 banks, including those above the 250,000-dollar limit covered by traditional FDIC insurance. The additional protection will be paid for out of a special fund made up of fees levied on all FDIC-insured institutions. That's what it's there for.
Not sure letting them fail wouldn't of caused a run on mid-sized banks around the country with investors fearing contagion.
The Fed then loaned $160 Billion to Banks and $142 Billion to the FDIC with 'collateralized' loans at 4.75%. These are all good moves. SVB CEO & CFO are going to be sued by shareholders for fraud. SVB executives and directors cashed out of $84 million worth of stock over the past two years- likely insider trading, so I doubt they are 'off the hook'.
They guy that went to Hawaii should go to prison. Preferably ADX Florence
Bill sounded like Scrooge when exclaimed “People aren’t starving because they’re places that they can go!” Meaning shelters, food handouts etc. This from a man who has never been to a Cracker Barrel.
I guess I have to agree to disagree. And that is not a “Woke”statement! I heard that my whole life. You know back in the day when Bill Maher was perusing an acting career!
Now talk about how alot of the depositors in SVB were Chinese companies, and how those companies got made whole with American tax dollars. Also that Americans are still waiting to be made whole in East Palastine Ohio…
This fund that was generated from fees? Whose fees? And sure sounds a whole lot like "It's TOTALLY DIFFERENT this time, honestly everyone! Instead of calling it a "bail out," we're going to call it an "outside bucket," totally different! Except for the fact that all of this "money" is [fig]minted into existence through an evil system called fractional reserve banking (that currently uses the fraction called zero) to back only some of peoples' deposits. Therefore, when the house of cards crashes–which it must and always will do, mathematically–new dollars must be created to "make people whole." This means they are NOT WHOLE because new currency units dilute everyone's purchasing power.
We pay for it one way or another.
This bank was poorly run and ignored underwriting and sound banking practices in favor of being the wokest bank in the world… Former Senator Frank (of Dodd Frank infamy) was on the board of directors. Regional banking institutions aren't the problem… it is the largest banks pushing unsound practices and the federal regulators prioritizing politics over doing their job that is causing this problem.