Quote:
Originally Posted by onwebcam
This trillion dollar budget that Obama is proposing isn't really 1 trillion. It works out to 11 trillion after factoring in fractional reserve banking. 1 trillion is held in reserve and 10x that amount is then loaned out. Then those checks are deposited in another bank and the process continues.
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You really are a fucking tool.
If the banks get $700 billion from the government, they don't keep the 700B and loan out 10 times that much....they keey $70B and loan out the remaining $630B.
Most of the other shit you wrote was really stupid also, but this was the easiest to dispute.
And Obama's 1 trillion is a stimulus package (currently in the 800B range) not a bank bailout...so even if your guerrilla fractional reserve math was correct (which it isn't) it wouldn't apply to the stimulus package.
I love how you think the rest of us are idiots because you think we're blinded by the propaganda put out by all the major networks and news organizations....but you don't even bother to fact-check the way fractional reserve banking really works when one of your sources tells you that the gov't just printed 11.5 trillion dollars because of the TARP program.
