We Are the 99.9%!

[mookiemookie]

Originally Posted by tater

We were talking about bail outs. That's government money (taken form people that actually pay taxes***8212;or borrowed (to be paid back later by... people who actually pay taxes)) given to wall street, et al.

I know very well what we're talking about, and there's no need to get patronizing. And I repeat, you ignore the greater macro repercussions of the bailouts. You're so myopically focused on this "the poor don't pay taxes" canard that you fail to recognize the moral hazard implications of bailouts, how it makes the playing field uneven for community banks and how keeping zombie banks going prolongs the inevitable deleveraging that's necessary for the economy to recover. So yes, the bailouts are a tremendous transfer of wealth upwards, not sideways as you argue.

[Gerald]