The adjustable rate mortgage debacle has been discussed extensively in the April 2010 posts in this blog. Fortunes were made by the top percents and the Federal Government is paying their profits, through a whole array of programs and federal guarantees. As you may know, the government is the rest of us. The most important factor, which many overlook when making comparisons of one administration to another, is that when you severely damage a country's economy, tax revenues go down significantly, even if all other components remain constant. Hence, the deficit went up as a result of the extrapolation by the top percentages.
In Florida, newly elected governor, Rick Scott, an "outsider", is trying to exorcise teachers of their collective bargaining rights. Teachers in Florida are already 47th in terms of pay and benefits. You see paying teachers a living wage will leave less public monies for the top 2% to extrapolate. And we really don't want an educated population anyway.
As previously mentioned in this blog, Scott made his money the old fashioned way. He stole it from the Federal Government and your children's futures. His company, Columbia, HCK, pleaded guilty to Medicare and Medicaid fraud and paid a 1.7 billion dollar settlement, the largest fraud settlement in US history at the time.
The "best and the brightest" are at it again. Now pay attention to this fact. In the United States, student loan debt currently exceeds credit card debt. Republican private sector wizards are working on a scheme whereby students do not have to repay their loans. They take a hefty fee for helping the students and grads stiff the Federal Government, which again is you and me. The punch line is, because the loans were given by private sector entities, and were merely guaranteed by the government; and then traded and sometimes packaged as derivatives, the loans are not valid. The private sector caused the problem and is now profiting again from the situation that it created and already profited from. There is one thing the Tea Party is right about. America is running out of blood. It's time to get out the wooden stakes.