How Did a Nation Crippled by Wall Street Billionaires End Up With Them Running the Country?
By Pam Martens and Russ Martens
Posted December 31, 2016
Just yesterday the Government Accountability Office (GAO) released a study showing that there is a growing number of older Americans whose Social Security benefits are being reduced by the government to repay delinquent student loans. The government uses the benign sounding word “offset” to explain these reductions. According to the report, in 2015 there were 114,000 Americans impacted by these offsets, resulting in many living below the poverty level.
When serially charged banks like Citigroup couldn’t pay its bills during the 2008 crash, here’s what the U.S. government did to lend a helping hand: it injected $45 billion in equity into Citigroup; provided asset guarantees of over $300 billion; while the Federal Reserve secretly sluiced over $2.5 trillion in revolving loans to Citigroup for more than three years – much of which was at a loan interest rate of less than 1 percent as the bank charged its struggling credit card customers double-digit interest rates. More…