Debt Collectors Have Figured Out A Way To Seize Your Wages And Savings

[eppur_se_muova]

12. If corps seem to have disproportionate power, it's the financial corps that have the most ...

Most financial corporations produce no product, only transactions. They do nothing to add to the wealth of the country, though, as one financial collapse after another has shown, they can do much to deplete the wealth of the country. They only function as parasites on the real productivity of others. Yet Congress, in its richly-rewarded wisdom, chooses to grant almost unrestrained power to anyone whose business consists only of moving money from one pile to another, with a little off the top "for services rendered" each time. Why should it be that an "industry" with no tangible output, and a long track record of deleterious behavior, is granted such enormous advantages, not only over ordinary (i.e. non-corporate) citizens, but even over other industries with real, tangible outputs ? The answer, of course, is that this "industry" has the ability to reward its minions in Congress as no other can: with wealth changing hands seemingly magically at the stroke of a loosely-regulated pen, it is no great sacrifice, and imminently practical, to divert a little taste of the profits just "earned" to the campaign funds of its Congressional accomplices. As long as the banksters continue to share the loot, they will suffer no shortage of cooperative and capable getaway drivers.

A tax on financial transactions has been suggested many times ... perhaps a tax on debt sales should be made particularly onerous. At present there is no disincentive to purchase bad debts, with the inevitable consequence that all debt eventually falls into the hands of those who are most willing to be unscrupulous in collecting it -- even when it doesn't actually exist.