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Will America's Growing Mountain of Private Indebtedness Lead to Another Windfall for Banksters, at Our Expense?

By   Follow Me on Twitter     Message Richard Clark       (Page 1 of 4 pages)     Permalink

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Yes, it will be another windfall for them -- if they manage to get bailed out again by the US government, using the magic money created out of thin air by the US Federal Reserve.    


But how many times can the Fed bail out the banksters (who are getting ever more obscenely rich off this scam), as they continue to collect trillions in magic money from the Fed, . . before this racket cripples our economic system and flattens most of us financially?   In other words, for how much longer are the majority of Americans going to remain deaf, dumb and blind as regards this larcenous scheme that is slowly driving most of them out of the middle class and into poverty?   And as America becomes ever more debilitated as a result of this parasitical "crippling' and decimation of its middle class, at what point are the world's investors going to refuse to fund this larcenous scam any longer, by refusing to purchase the US Treasury bonds whose continuing sales make it all possible?  


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As Richard Escow recently pointed out at the Huffington Post, we've spent hundreds of billions of dollars -- likely trillions -- to rescue big banks.   But instead of dialing back on the risky behavior that shattered the economy in 2008, they are instead doubling down on it.   And when that bill comes due, we won't just be asked to pay it again.   We'll be asked to take the blame for it again, too.


So who are the real deadbeats in this country?   Banks acted recklessly in the years leading up to the financial crisis -- and ran up a bill that the rest of us have been paying since 2008.   And guess what? They're doing it again.  

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Take student loans.   Americans now owe more than a trillion dollars on their student loans, a figure that's growing by $50 to $60 billion every month!   And now we've learned that as many as 27% of these loans are delinquent, meaning they're more than thirty days past due.   That amounts to roughly $270 billion in troubled loans -- most of which have been guaranteed by the US taxpayer.   So who do you think is ultimately going to pay for this?   Three guesses.


We've already rescued American banks with hundreds of billions in public money, saving them from the consequences of their incompetent underwriting of mortgage loans.   Now we're about to do the same thing with student loans, which were part and parcel of a risk-free money-making scheme gifted to those same banks by our bought-and-paid-for Congress, which the banks and Wall Street essentially own.


Politicians "privatized" Sallie Mae, the government-sponsored enterprise (GSE) created to help students borrow for their education.   Sallie's greed-crazed executives promptly went on a spending spree, using their lavish government backing to pay themselves inflated salaries and buy corporate jets so they could travel in luxury.   Yet, without irony, their backers and shills shrieked "socialism!" when wiser heads wanted to stop private-sector skimming at the expense of our nation's students.   (See " Sallie Mae's jets .")

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And now that a shortage of decently paid jobs for most new grads are forcing most of these student loans to go bad, who do you think will pick up the tab?   Well, it won't be those high-flying executives.   And Wall Street certainly won't be held accountable for the fact that today's graduates face the worst employment situation in recent memory (even though that's a direct result of bank malfeasance).   Instead the public will pay this new cost of the banks' behavior, just as it has paid for so many others.


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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)

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