In the discussion below banks were originally given some free handouts to join the Federal Reserve system. It was much like perks one gets to join a gym or get a credit card. But unlike the latter, which are only a temporary incentive, the bank handouts have been perennial every year. If anyone no longer needs free handouts out of our tax dollars it's the big banks. So when Congress wanted to cut those freebies--not eliminate, mind you, like they should be--the banks wrote a letter to the Fed claiming it was their constitutional right to get free money! WTF?
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