The megabanks, who are partially responsible for America's financial woes, are howling because their customers are leaving in droves. Well, yes, that's what tends to happen when you abuse people. So now some banks are trying to prevent people from closing accounts. Hey, assholes -- you do not have a captive audience and cannot force people to do business with you. This is your thanks for all those denied loans, rejected accounts, raised fees, shabby protection, and other bullshit. You've made it clear that you don't really want to do business with people. You want to keep some customers? Try the radical idea of actually meeting their needs instead of lining your pockets.
Annoyed with Wall Street and other culpable crooks? There are lots of ways you can support Main Street instead.
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It should be obvious that if graduating college students can't get jobs -- quite good jobs, since part-time or low-wage ones won't foot the bill -- then they will wind up defaulting. Since the same smallish bunch of people controls most of the economy, they must be intending for this to happen, and to profit from it, as they did from the mortgage collapse. Nevermind crippling a generation of what should be America's prime workers.
US Student Debt Impact Likened to Subprime Crisis
By Matt Kennard and Shannon Bond in New York
October 16, 2011
US university students and graduates are facing a
double whammy of ballooning debt loads and high
unemployment, raising worries that a potential
delinquency crisis could bleed into the wider economy.
Student debt has increased nearly sevenfold from $80bn
in 1999 to $550bn at the end of June 2011, according to
the Federal Reserve Bank of New York. Other estimates
from the Department of Education put outstanding
student loans as high as $805bn.
But the unemployment rate for 20- to 24-year-olds is
nearly 15 per cent - higher than the overall 9.1 per
cent rate - compromising the ability of graduates to
pay off their growing debts.
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