Jon Stewart Rant on Bank Bonuses

Jon Stewart on the Daily Show said what many of us are thinking: what is wrong with these banks awarding themselves billions right after nearly collapsing the economy. He points out the hubris of the bankers to be giving themselves billions in bonuses right after taking government aid.

Now, the banks will point out that they paid all of the money back, with interest, and they should now be allowed to do whatever they want. But it's not as simple as that. The banks are profitable today not because of their own intelligence, but because the Fed has created a super low interest rate environment. The low rates that are savaging savers are bolstering bank profits. So savers, if you enjoy subsidizing bank profit and large bonuses, then go ahead and clap the banks on the back for a job well done.

In the meantime, I'm going to watch the video again.

 

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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