Now that enough college age Americans have been stuffed with over a trillion dollars in student debt only to get a job a McDonalds and live with their parents, folks in New York City have come up with a brilliant new concept to ensure the production of an entirely new generation of debt slaves. Introducing day care loans...and here's the best part, they are "interest only" from childcare to kindergarden!
Of course it makes sense that these loans would originate in my hometown of NYC, which has in the past 15-20 years fully transformed itself into a corporatized, generic and unaffordable Wall Street whorehouse.
From CBS:
New York (CBSNewYork) - After housing, child care is one of the largest expenses for families in New York City.
But now, there is an option for parents to get their kids into some of the city's top pre-kindergarten programs with loans just for day care.
As CBS 2's Janelle Burrell reported Monday, tuition without room and board for undergrads at Harvard University is $38,891 for the 2013-2014 school year. For Princeton University, it is $40,170.
Pre-school in Manhattan is not far behind, with some elite day care costing families more than $35,000.
The pilot program is the first of its kind in the country, offering a 6 percent interest rate to borrow up to $11,000 for families with kids between 2 and 4 years old.
"The way the loan is structured is that it's interest-only while the child is in childcare through pre-K and then when they enter kindergarten," said explained Justine Zinkin of Neighborhood Trust Financial Partners.
On tap for 2014, student loans for embryos, securitized by JP Morgan and interest only until the umbilical cord is cut.
Full article here.
In Liberty,
Mike
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who grew up in the sixties and seventies, and became a hippy at school rather than a skinhead, all that is happening now is just jaw-droppingly, gob-smackingly un-fucking-believable. How in hell's name did we get to this insanity? (and I've been watching!). Where are those whose charged responsibility is to prevent this sort of brigandage? the politicians, journalists, academics, religious and social leaders, leading scientists, the courts and jurists, the various aristocracies etc etc ad-fucking-nauseum? There all on the gravy train quaffing champagne and splitting their sides laughing at just how much they're getting away with, how well they're fucking the rest of us over, how much they've got and, more importantly, how little the rest of us have. It's enough to turn an aging-ex-hippy away from a belief in non-violent protest
It's time we moved away from Monarchy, Oligarchy and, yes, Anarchy as well (won't work) – we need a Polyarchy