The Banks ARE responsible for the economic collapse

According to Proessor Alan Nasser, Professor Emeritus of Evergreen State University, the US banks have been squeezing the consumer for years with higher interest rates on loans to consumers, plus fees, fines and penalties--all of which are illegal.

Apparently the US banks have put pressure on the President AND the federal reserve to raise the fees, fines, penalties and interest to take what they can from the consumer.

There has been a huge backlash with consumers shutting down on credit cards and turning to debit cards.

Home loans and refinancing are all but gone.

25% of all payments on student loans are now fees, fines and penalties and it turns out that the banks have squeezed Congress on the student loan program and laws prohibit normal consumer protections, such as filing bankruptcy, truth in lending and other consumer protections.

During the bailout, banks promised Congress they would use the money to loosen up on consumer credit, lower rates and fees--all of which they never did.

What they did instead was continue to clamp down on credit to consumer, raise fees and rates and they bought up many smaller banks to eliminate competition.

see

http://www.globalresearch.ca/index.php?context=va&aid=10724

http://dissidentvoice.org/2011/02/the-student-loan-swindle/

http://smirkingchimp.com/thread/mike-whitney/34172/the-student-loan-swindle-an-interview-with-professor-alan-nasser

and of course google "professor alan nasser" for updated articles.

no one is telling the truth about this, but ask around and you will find the following:

1) loans to students come with high rates and onerous contracts and are limited;

2) credit cards routinely ask for 33% interest and have $35 to $50 overlimit rates--overlimits the companies allow, further they have the same fines for being one day late!

3) home loans and refi's have all but vanished, causing a complete collapse in home loans and sales.

no one else but the banks can charge these excessive fees, fines and penalties.

when there is breach of contract for any other business, the small business is limited to "actual damages" while the banks add on 20 to 25% fees for 25 cent transgressions.

the wealthy are getting wealthier, congress and the presidents--both obama and bush--have sold out and now it's up to the lawyers and courts to start fighting this insanity.

note that sales of ultra luxury items and homes are up. $100,000 cars, tens of millions of dollar homes--all going up.

a great way to ruin the US economy!