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Congress is holding millions that have depended on student loans hostage, as rates are going to double on GSL from 3.4% to 6.8%. They claim that it is "an economic necessity" to be fiscally responsible. Hmmmmm, I could buy this if the government hadn't bailed out Bear Sterns, AIG, Citigroup, and Bank of America to name a few. I assume that the middle class isn't big enough to be too big to fail....
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Great Matt Taibbi (Rolling Stone) article on how the Municipal Bond Market Auctions have been rigged over the last 10-15 years. Bid rigging scams are probably as old as the oldest profession...and honed by organized crime in the lsst century to an art form. Now the other great criminal institutions of our time, JP Morgan, Bank of America, GE Capital, UBS, Lehman Bros, Bear Sterns and Wachovia to name a few have cheated and stolen millions of taxpayer funds from every corner of the U.S. And this has been standard operating procedure for more than a decade.
"One of the great lies of capitalism is that companies like competition..." Eliot Spitzer http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620
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