In 2008 Wall Street received a bailout to recover from catastrophic losses caused by sub-prime mortgages. The so-called "mother of all bailouts," transferred $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions. Eventually the banks and the markets returned to a somewhat normal state.
Fast forward to 2011 and when the U.S. government is struggling to pay its bills and is facing default. The word on the street is that with the prime rate frozen at an all time low, lenders are sitting on their funds, bloated with cash while borrowers struggle to get funds to grow their businesses and help grow the economy.
Shouldn’t the American public expect some help from these lenders? All I am hearing is that we shouldn’t be raising taxes on the rich. That will hurt the economy. Who’s economy? It sounds like there is one for the rich and one for everyone else!
