Tag Archives: Financialiation

Overspending or Overempowered? Part II – The Transfer of Income from Taxpayers to Banks

By Amanda Page-Hoongrajok

Part II of of a two part series. Here’s Part I.

The implication of banks’ power over state and local budget management is that money is effectively being transferred from residents of the locality to big banks.  Public schools are being shut down, social services to the economically most vulnerable are cut while banks take in millions of dollars in fees and interest payments.

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