Banks spied a vast sea of capital and credit—the U.S. middle class—and paid government for the privilege of looting it. When the banks pushed the middle class too far and began to suffer the consequences, Washington bailed the banks out. It’s really no more complicated than that.
“Can you imagine an America without a strong middle class? If you can, would it still be America as we know it?
“Today, one in five Americans is unemployed, underemployed or just plain out of work. One in nine families can’t make the minimum payment on their credit cards. One in eight mortgages is in default or foreclosure. One in eight Americans is on food stamps. More than 120,000 families are filing for bankruptcy every month. The economic crisis has wiped more than $5 trillion from pensions and savings, has left family balance sheets upside down, and threatens to put ten million homeowners out on the street.”
Read more at The Huffington Post.