Matt Taibbi: From an Unlikely Source, a Serious Challenge to Wall Street

[jtuck004]

66. Our dad's dads paid the car company, the builder (who got a loan, but his money was on the line),

the doctor. Far more direct, and much more local.

Today we pay the banks. If (and they try very hard) they can do nothing about any being left over, someone else may get some.
So we pay our debt, which is paying other debt...etc. At every step paying fees to the banks.

There is so much debt out there, with so little demand that would create the funds to pay it off with, WE could very easily stay in servitude to the banks in perpetuity. (Home loan, car loan, food stamps - banks make money on any of that). Slowly but surely the millions who are underwater or supported by the debt that is still out there will lose what they have, while we put up with little scraps of populist programs. People might get upset, but we have at least 2 or 3 generations who have been taught that someone else is always the best judge of what they should do. Kinda like slaves. And look how long it took to get enough black folk on board to just get them the civil rights act.

Most people I talk to really, really don't understand they they are living a life that has been restructured by the banksters\wealthy for their own profit at the expense of others.

I was watching CNN while ago, the newscaster was going on about the huge increase and problem with student loan debt, but then said something stunning:

"Students are making the same mistakes homeowners did with housing"

WHOA, NELLIE!!!!

It's damn clear that the banks, with help from the people in power in our government, lobbied for laws that were passed to enable them to hide transactions, that they solicited very large sums of money to be offered as mortgages with no underwriting standards, used fraud to market those same assets in a variety of instruments in clearly illegal ways, etc, etc. They destroyed, and are destroying, this economy.

Blaming the borrower is like blaming rats for putting the stinky cheese in the trap that snapped their neck.

The students are just doing what they have been programmed to do since birth, and the banks know that barely half are getting jobs. They don't care, the government guarantees the loan, even if they have to tap your social security. Homeowners not only were encouraged to action, but told that it was safe for the future by the Federal Reserve Chairman in the year the first crash of the housing market hit.

If CNN can come on the air and blithely announce that the financial crisis was the fault of homeowners, (in essence what was said) I have to believe that tens of millions of soccer-moms and dads probably are right on that newscasters wavelength.

Great Scott!

We are in trouble if people don't know they are slaves.