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Will big banks need another bailout?

Can you believe it? A billion dollar company needing a bailout? How can that be possible? Remember when banks were going bankrupt and needed bailouts to keep afloat? Well, they just might need another bailout pretty soon.

The government spent 700 billion dollars of taxpayer money in 2008 via the Emergency Economic Stabilization Act. The purpose of the act was to recapitalize the U.S. Financial system that was on the verge of a collapse in large part due to the subprime mortgage crisis that banks and Americans faced at the time. That means that the government spent taxpayer money to bail out billion dollar corporations while Americans faced recession. Why not give Americans that money that they would surely spend to stimulate the economy. Some would spend the money some would make purchases, while others would deposit the funds in the bank. I mean doesn't the American public deserve a bailout more than a billion dollar company?

Now, let's fast forward to November 2014 where big banks are in trouble again. This time they are not in immediate danger of failing, but still in financial trouble having to pay out 3.38 billion dollar in fines due to the manipulation of foreign exchange rates (see: Banks fined more than 3 billion in currency probe). Isn't that the money that the American government bailed the banks out with? These fines aren't even going to the United States government, they are being paid to the United Kingdom's Financial conduct Authority.

So let's break down the whole situation: A few people get rich, by illegally shifting foreign currency prices, then big banks pay a foreign government for the mistake, they lose billions of dollars that they aquired from the US government via American taxpayers while Americans face depression, recession and high unemployment rates. Facing billions of dollars in fines do you think that banks will need another bailout soon? Well how about bailing out Americans first? Do people still wonder why overdraft fees are so high, and also wonder why you have to pay to take money out of your own account? Will Americans have to brace for another billion dollar corporation bailout? What do you think?

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