Why the Government Is Good at Helping Banks but Not People

Posted on AllSides April 7th, 2023
From The Left
Federal State and Tribal Powers, Banking and Finance, Federal Government
Illustration by Daniel Zender / The Atlantic; Getty

We are really very good at helping banks. Last month, in no time at all, the federal government calmed a crisis that began at just a few institutions but threatened to spread throughout the financial system.

According to CNBC, within four days, banks had borrowed roughly $12 billion from a fund set up to give financial institutions access to favorable loans. Through more traditional borrowing routes, banks were able to acquire more than $300 billion. All this without endless political hemming and hawing from Congress, without the president’s signature, without action by...

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