The Hypocrisy of US Banks: Socialism for Themselves, Capitalism for Others.

The recent collapse of Silicon Valley Bank has led to depositors fleeing to the safety of "too big to fail" banks like JPMorgan, which have already received a hidden federal subsidy estimated to be $83bn annually. Meanwhile, almost 30 million Americans still lack health insurance, most workers who lose their job aren’t eligible for unemployment insurance, most have no paid sick leave, child labor is on the rise and nearly 51m households can’t afford basic monthly expenses such as housing, food, childcare and transportation. The result is socialism for the rich while everyone else is subject to harsh penalties: bankers get bailed out and the biggest banks and bankers do even better.