Friday, July 19, 2013

Fixed Class, America

Poorer U.S. students are being told by wealthy officials they're being 'saved' from high interest rates on student loans. But in fact, they're being screwed -- in comparison to friendly agreements with crooked banks. How can this be?

U.S. government funds are loaned to the biggest banks at below 1%, though most such banks have been in default and have troubled histories. Clearly, the Federal Reserve is comprised of bankers who largely help themselves and their industry.

A Congressional "bipartisan compromise" for student loans would lend initially at 3.86% for undergraduates (capped to 8.25%). Ten years of this program would earn the national government an estimated $184 billion. Massachusetts Senators Elizabeth Warren & Edward Markey support legislation pegging student rates to the rate granted banks, presently 0.75%

But -- Don't hold your breath waiting. Agitate. Vote Green Party, or for those resisting the banker cabal. Poor students - thanks to Washington you'll remain poor.

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