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The government made a nominal profit on the bank bailout.
https://en.m.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008
You can call it an inefficient use of money if you want to account for inflation, but all in all, preventing a complete collapse of the banking industry while not directly losing any money isn't the worst deal in the world, and certainly wasn't the runaway heist by the banks.
So the banks basically paid a .6% interest rate on a $426b loan? I'd say they got the better end of the deal.
I'd hardly call the safeguarding of an establishment that has, and continues to, provide predatory services to the American people a resounding success. At best its a minor victory of the shareholders of the banks.
Change is painful. But is quickly painful, like the setting of a broken bone. As it stands we have the aching pain of an improperly healed bone, as these institutions continue to break them unabated. Are we meant to thank them for the privilege?
I think not. I'd rather we fix the root cause of the problem and see a little short term pain than to maintain the status quo of slower more enduring suffering.
Except they didn't fix the root of the problem, they just kicked the can down the road and made big banks even bigger. Some bigger than the Treasury itself. They set up a bigger ticking time bomb for someone else to worry about when they're gone.
My problem with the bailout isn't the fact that they kept banks open, but that they didn't require the firing and legal prosecution of those who caused the issues
Yes, by all means, don't let the banks crash!
Any more poor kids we can steal school lunches from though?
Maybe a homeless tent city we can send police in to tear down and fuck with?
This system is working exactly as intended and should be destroyed for there to be hope for a decent future for most, but lets face it, we're a bunch of cowards and beaten dogs. So lets sacrifice any and all to keep the banks going!
Collapse would be painful. This system is pain by design. Generational, increasing pain without end for the people the owners don't consider people. They feel their ego scores aren't metastasizing fast enough, they use their levers of power to turn the screws harder. We must protect our beloved ~~society~~ economy!
What a weird quote to use for your argument. The quote says it is a loss when adjusted for inflation. That is not a profit in any meaningful sense. When money is leant with interest below the inflation rate that is not making profit.
Plus a return rate of .6% is awful. The same banks would demand at least 5%
And on the Covid loans to businesses?