This phrase will always be associated with the 2008 economic collapse that sent America into the deepest recession since 1929. In order to stop the financial bleeding, the U.S. government voted to rescue the big banks rather than allow them to fail and take our economy with them. Ever since, big banks have only gotten bigger on the premise that if they fail again, the government will bail them out. Billions of dollars in taxpayer subsidies have been dealt to those very banks in the years since.
But on Friday, the U.S. Senate did something that it rarely does these days. An amendment was offered as an attachment to the Senate budget bill and it not only gained the support of both Republicans and Democrats, it received unanimous support. By a vote of 99-0, the U.S. Senate voted to strip “too big to fail” banks of the taxpayer subsidies they’ve been getting for far too long.
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