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Recommend "Sarah Jaffe" - They Got Bailed Out, We Got Sold Out -- How the Banks Profit from the Lack of Jobs (Email)

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By Sarah Jaffe, AlterNet
Posted on August 11, 2011, Printed on August 14, 2011
http://www.alternet.org/story/151963/they_got_bailed_out%2C_we_got_sold_out%3A_how_the_banks_profit_from_the_lack_of_jobs

Amidst a lot of indicators that say we could be heading for another round of recession—before the so-called recovery even reaches most people, let alone our millions of unemployed—June saw a jump in consumer borrowing, three times as much as expected, according to Bloomberg News. The $15.5 billion increase in credit was the biggest since August 2007, and revolving debt, which includes credit cards, was up by $5.21 billion, the most since March 2008.

In a consumer-dependent economy, that's a good thing, isn't it? After all, borrowers must have some confidence in their ability to pay back their debt, right?


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