After causing the 2008 (and, arguably the 2020) financial crises, moderate- and low-income citizens bailed out large financial institutions. They did so again in 2019 and 2020.When all individual transactions are summed across all Federal Reserve credit facilities, a total of $29 trillion dollars was spent, including $16.41 trillion to 14 larger financial institutions. This includes bailing out Goldman Sachs, a firm with a record of unethical behavior:
Now, THIS was truly unfair. Forgiving a small portion of student loans is not.
As to the claim that somehow bailing out banks (and companies via PPP loans) is required, this is false. In 2008 and 2020, “gains..were captured disproportionately by the recipient banks” and their management in the form of bonus compensation. 95% of the benefit went to people making over $250,000 a year. They “ended up getting a subsidy to the tune of” trillions of dollars.