The Clermont Sun: Ensuring Ohioans don’t pay for Wall Street’s failures

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The Clermont Sun: Ensuring Ohioans don’t pay for Wall Street’s failures

Most Ohioans would be surprised to know that the same Wall Street megabanks which received bailouts from taxpayers in 2009 also receive taxpayer-funded advantages today simply because of their “too big to fail” status. This taxpayer-supplied subsidy is wrong, and it puts community banks in Ohio at a competitive disadvantage.

This gives them access to cheaper funding and more favorable borrowing terms than dependable Main Street institutions – like Huntington Bank or The Peoples Bank in Coldwater, Ohio – simply because the market knows that the government would choose to bailout the Wall Street megabanks if they again reach the point of collapse.

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