Big Banks Just Claimed A Constitutional Right To A Taxpayer Subsidy

WASHINGTON -- Big banks get a lot of free money from the federal government. And their lobbyists think they have a constitutional right to it.

Each year, the government pays billions of dollars to banks to thank them for being part of the Federal Reserve system. These payments aren't structured to influence or encourage any particular business activity -- banks just get straight cash, no matter what they do. The subsidy is economically useless. It doesn't push interest rates lower or boost pay for bank tellers or help more farmers qualify for loans. The money just goes straight to the bottom line, boosting bank profits.