The opposite of Robin Hood?

[Cthogua]

The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral (http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide)

It's interesting how everyone freaks out the moment anyone speaks of the "redistribution of wealth" in regard to higher taxes/larger share of the financial burden or whatever for rich folks, but when the money flows the other way it's just business as usual.

I heard that BB&T, a bank that's pretty popular around here, and that I in fact bank with, is receiving something in the neighborhood of 3 BILLION dollars in bailout money, despite having stayed out of the sub-prime mortgage market and not really suffered from the investment in bad loans. So that begs the question....why? Now we're just handing out billions of dollars, that were created at our expense, to companies not even in trouble? Does this not seem like we were forced to take out an enormous loan against our own worth, only to hand the money over to people who already make salaries wildly higher than what I'll make in my entire life?

[Anid Maro]

Does this not seem like we were forced to take out an enormous loan against our own worth, only to hand the money over to people who already make salaries wildly higher than what I'll make in my entire life?

At the risk of making a hasty judgement as an economic outsider... YES!!!

This is why I would frothe at the mouth whenever McCain bitched about Obama's "socialism". Spit would fly from my mouth as I yelled "You just voted for $700 billion dollars worth of socialism you hypocritical prick!!"

Edit: As per Craig D's post, and reading the entire article (as opposed to posting prior...), yes loans are seperate from bailouts. The bailout, for example, would not have infuriated me so were it in the form of a loan (with repayment plans and interest, as opposed to simply assuming all the risk after paying face value). However, even in the form of loans, $2 trillion is troubling.

[Craig D]

loans are different from bailout money.
Which is your bank getting?

Many institutions with smaller exposure to subprime loans are
nevertheless affected by the subsequant disappearence of credit.

[Pawkfox]

Stop putting money in banks and watch them freak the fuck out when they go bankrupt.

[tobbA]

I thought that was the american dream... the richer the rich get the better :P

[Elam]

So that begs the question....why? Now we're just handing out billions of dollars, that were created at our expense, to companies not even in trouble?

If you were offered a big chunk of change to boost your finances, even though your finances were solid, would you turn it down out of principle?

Once people start feeding at the government trough, it's hard to say no. That's the nature of welfare( and people ).

Next up: GM, Ford, and Chrysler. Hair salons and day spa's can't be far behind.