It is a bleak irony that the very same regulations which would have prevented the need for a bailout at Silicon Valley Bank were lobbied against in Washington by its CEO, Gregory Becker back in 2018. Join us at www.berniesanders.com!...(read more)
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The 2008 financial crisis brought the global economy to its knees, resulting in widespread job losses, foreclosures, and significant damage to the banking sector. While many financial institutions were hit hard, one bank in particular stood out for its role in the crisis: Citigroup. In the years leading up to the crisis, Citigroup had been a strong advocate for deregulation in the banking industry. They fought tirelessly to eliminate restrictions and regulations that they believed were strangling their business and preventing them from achieving their full potential. However, when the crisis hit and Citigroup found itself in dire straits, they quickly changed their tune. Suddenly, the same bank that had been begging for deregulation was now begging for a bailout. In the end, Citigroup received a staggering $45 billion in taxpayer-funded bailout money, making it one of the largest recipients of government assistance during the crisis. Many people were outraged at this turn of events, pointing out the hypocrisy of a bank that had advocated for deregulation and then begged for a bailout when the going got tough. But the story of Citigroup is not just a cautionary tale about the dangers of deregulation and the need for government oversight in the banking industry. It is also a lesson in the importance of accountability and responsibility. Citigroup had made a series of risky decisions in the years leading up to the crisis, and those decisions ultimately led to their downfall. But instead of taking responsibility for their actions, they chose to blame the government and the regulatory structures that they themselves had worked so hard to dismantle. In the end, the lesson of Citigroup is clear: if we are going to have a healthy and stable banking industry, we need to have both regulation and accountability. Without either of these things, we run the risk of repeating the mistakes of the past and sending our economy into a tailspin once again. As we recover from the 2008 financial crisis and look ahead to the future, we need to remember the lessons of Citigroup and take steps to ensure that our banking industry is strong, stable, and accountable. Only then can we truly build a prosperous and resilient economy that benefits everyone. https://inflationprotection.org/the-bank-that-sought-deregulation-also-pleaded-for-a-bailout/?feed_id=86878&_unique_id=6435eb23ea909 #Inflation #Retirement #GoldIRA #Wealth #Investing #2020 #bankbailout #bankderegulation #bankgreed #bankrun #bankingbailout #Bernie #bernie2020 #berniesanders #democraticprimary #deregulation #doddfrank #election #elizabethwarren #JoeBiden #siliconvalleybank #WallStreet #BankFailures #2020 #bankbailout #bankderegulation #bankgreed #bankrun #bankingbailout #Bernie #bernie2020 #berniesanders #democraticprimary #deregulation #doddfrank #election #elizabethwarren #JoeBiden #siliconvalleybank #WallStreet
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