Banks Profit From Socialization of Losses and Privatization of Gains
Wall Street’s resurgent prosperity frustrates its claims, and Obama’sZachary A. Goldfarb, Published: November 6
"The largest banks are larger than they were when Obama took office
and are nearing the level of profits they were making before the depths
of the financial crisis in 2008, according to government data.
Wall Street firms — independent companies and the securities-trading arms of banks — are doing even better. They earned more in the first 21/2 years of the Obama administration than they did during the eight years of the George W. Bush administration, industry data show...."
MAJIA HERE: At the height of the crisis the too-big-to-fail investment and commercial banks had huge infusions of capital and guarantees from the US government, allowing them to scoop up assets at bargain prices with relatively little competition.
Wall Street firms and the big banks have socialized their losses while privatizing gains.
I am a Professor at a large public university. I study political economy and biopolitics. My interests are diverse but are broadly concerned with economic, social and environmental justice. I have published 3 books: Constructing Autism: Governmentality, Biopower and Everyday Life; Governing Childhood.