In addition to students, their elderly parents who co-signed their loans.
The indentured class
2 thoughts on “The indentured class”
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In addition to students, their elderly parents who co-signed their loans.
Comments are closed.
beforeiwastemytimefurther
Let’s travel back nearly 200 years to 1837 and visit “wild-cat” currency. This currency took the form of unsecured bank notes—not unlike the derivatives of today thanks to the elimination of Glass-Steagal. “Wild-cat” currency was used primarily by speculators to fund risky land deals and even risker consttruction projects. By issuing these unsecured bank notes the banks put themselves in the position of having inadequate reserves on hand. That forced them to call in outstanding loans and to stop issuing new loans. The “Panic of 1837” resulted in the suspension of public improvements, shuttered factories and high unemployment. (Does any of that sound familiar?) The laissez faire Capitalist policies of pro-business president Andrew Jackson (1829-1837) caused the “Panic of 1837.” It wasn’t caused by the 99%. It was caused by the 1%. Go ahead my foolish friends and keep supporting Capitalism.