“1. Banks took $700 billion in bailout money and paid off their high-interest debt. That included FDIC-insured CDs, which they called in, leaving seniors and savers without many viable alternatives for safe investing. 2. Banks stopped lending to the public because they found a better deal. If you could take billions of dollars from the government and lend it back to them by buying US bonds, wouldn’t you do the same thing? 3. Banks turned a big profit and paid out handsome bonuses to their higher-ups. 4. By reducing interest rates in the public sector, the Treasury reduced the cost of its own massive debt.[…]”
formerly https://www.millersmoney.com/money-weekly/the-case-of-the-missing-700-billion
