If the Senate passes a bill to end the big-bank subsidy and nobody notices, does it matter?
America / Economy / Fiscal policy

If the Senate passes a bill to end the big-bank subsidy and nobody notices, does it matter?

Last Friday, among the flurry of amendments that the Senate passed before it adjourned for a two-week recess, the Brown-Vitter amendment, which pledged to end funding advantages to banks with more than $500 billion in assets, passed in a 99-0 vote. Great, right? Senator Vitter, one of the co-authors of the amendment, stated afterwards, “This … Continue reading

Are we giving “too big to fail” banks $83 billion a year?
America / Fiscal policy

Are we giving “too big to fail” banks $83 billion a year?

The short answer is: maybe. On Wednesday, during the Senate Banking Committee hearing, Senator Elizabeth Warren grilled Federal Reserve Chairman Ben Bernanke on the $83 billion implicit subsidy that big banks receive from low interest rates. That night, Fox Business News’ Gerri Wilson misquoted the figure, expressing outrage over the “$83 trillion dollars, you know, … Continue reading

America / Economy / Politics / Tax

Free but Responsible Markets

Occupy Wall Street started with an emotion: anger. As average Americans dealt with an insecure job market, unemployment, underwater mortgages, and overwhelming increases in the cost of education and healthcare they watched as the financial industry was rescued from its own poor judgment by the federal government. What was perceived was a collusion of massive … Continue reading