Robert ReichThe Federal Reserve's disastrous interest rate hikes won't hurt corporate executives, Wall Street, or big investors.
Those who will bear the most economic pain are low-wage workers.
🐦🔗: https://twitter.com/InequalityMedia/status/1603843907435040776
Bobr@rbreich And, interestingly, such rate hikes never “trickle down” to bank savings and checking account which are still accruing interest at something like 0.0025%! Banks take deposits from consumers, pay them little to hold the mmo ey, then lend it out at 7%. Great deal for the banks, but fucks the little guy!
Lloyd@bobr @rbreich the disparity between the rates for borrowers and savers has never seemed so large. We're still in the post-2018 world where "too big to fail" turned into "big enough to prop up at taxpayer expense" where many lenders can afford to be very choosy in their lending as they have cash in the vault