The only hope for a fair resolution of the student loan crisis is a national campaign of civil disobedience. Without it, the big banks will block meaningful reform. This book describes how to use the Internet and social media to organize a campaign that would force a settlement on Wall Street fair to bankers and borrowers alike.
The book describes the history of the student loan program and how inappropriate governmental actions first established and then protected a risk-free business for the banks. The scope and dangers of the crisis are described, along with the impact on individual families.
Because of unconscionable profits generated by the student loan business, a vast amount of wealth was transferred from student families to bankers on Wall Street, which then became one of the hidden causes of the income and wealth inequality now undermining the American economy.
The power and wealth of the banking industry, and the extent to which they can influence and control congressional action, is evaluated and used to justify the strategy of civil disobedience. A step-by-step plan for implementing this strategy is presented, and the reasons why it is fully capable of overcoming the odds and achieving its goal are explained.
Profound changes in the financing of American higher education have taken place over the past fifty years. The root causes of these changes, both political and economic, are illuminated. The villains in the drama are named and blamed, and the entire process is placed in the context of other forces that shaped our country’s recent history.
The book is neither academic nor journalistic but is intended instead as a call to action for student loan victims. It gives them information needed to understand what happened and who is to blame, and it provides a detailed strategy they can use to win a fair resolution of the crisis.
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