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Modern Day Slavery

May 26, 2013

In 2006 I quit working for the banking industry. Besides the fact that I was completely miserable being indoors all day at a desk, something always seemed wrong with it but I just couldn’t put my finger on it. I remember having a conversation with a customer that had grown up in the great depression (soon to be the second largest financial collapse in American history) and he cleverly said “I don’t have the answers to the world’s problems but I know that loaning everyone as much money as they need right now isn’t one of them!” He was very old and complacent, barely ever said anything nice, so he was shrugged off as just another old complainer. As I sat at my desk for the next six months before I quit I can remember thinking about his comment.

People with blue collar jobs and tiny checking accounts came in by the droves. They kept getting sent upstairs to the loan genies that made it all happen. These loan officers, mortgage processors, and money lords were the ones conducting the no doc loans that were bundled up and sold to Wall Street. Why? Zero accountability! They were told to just lend money and hit the numbers. What was the difference? The money they were lending wasn’t theirs, and it really wasn’t even the banks for very long as the mortgages were quickly bundled up and sold to Wall Street. Later, it would be found that these bundled loans used in credit default swaps were one of the first dominoes to fall in 2008.

As I go to work today at a restaurant, I actually still work for a bank. The banks that hold my debts (car loan, credit cards, etc.) are all constructs of a system that serve to enslave me in the sense that for at least a few hours today I will be earning money that will have to paid back with interest. It’s disheartening, but if I can manage to dig out of my hole I’ll technically be free. That is until I decide to do something else that includes an interest incurring loan. Who knows, maybe I’ll hit the lottery and join the minority of people with more than they can spend. Yeah right.

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