Ellen Brown: Yeah.
Rob Kall: So, are
you saying that the government would pay the banks for the students? Or there would be a law passed that would
eliminate the debt? How would the debt
disappear for the students?
Ellen Brown: That
wouldn't be totally fair, you'd have to jiggle it somehow; but I'm just saying
theoretically, hypothetically. In
Quantitative Easing One [QE1] the Federal reserve bought up mortgage-backed securities
from the banks, right, and just held them on the books of the Fed. Well, they could buy up asset-backed
securities. All that student debt is in
the form of asset-backed securities.
It's sold off to investors. So
they could buy those securities, rip them up, or just keep them on the books of
the Fed, but don't collect on them, or just forgive them, or whatever; cancel
them out. So it's not actually that
money would go to the banks, it's just that the money that was supposed have
gone to the banks will now be owed to the Fed, and the Fed's going to say, "We
forgive you." (laughs)
Rob Kall: OK. It sounds like Ellen Brown just in some way
got disconnected from the radio show. I
have some notes here I want to include.
In her most recent article that she wrote, she had some ideas on putting
the brakes on the Wall Street end game, and she said (and I'm hoping that
she'll call back in a minute or two, but) "Besides eliminating the
super-priority of derivatives, here are some other ways to block the Wall
Street asset grab:
1)
Restore the
Glass-Steagall Act separating Depository banking from investment banking. Support Marcy Kaptur's HR129.
2)
Break up
the giant derivative banks. Support
Bernie Sanders' TBTF legislation.
3)
Alternatively,
nationalize the TBTF banks as advised in the New York Times by Gar Alperovitz.
(Now Gar Alperovitz has a new book that's just come out, What Then Must We
Do? Straight Talk About the Next
American Revolution, Democratizing Wealth, and Building a Community Sustaining
Economy from the Ground Up. I'm
hoping to have Gar on the show soon.) If
taxpayer bailouts to save the TBTFs are unacceptable, depositor bailouts are
even more unacceptable
4)
Make derivatives illegal /
(dinging sound) Ah! She's back.
All right, we'll continue this later.
(To Ellen) You're back!
Ellen Brown: (laughs) OK.
Hello! Yes?
Rob Kall: Hi. I
started reading your list of How to Put the Brakes on the Wall Street End
Game that you published in your last article. There's a lot of good stuff in there, and
there's a link that will be available on the Podcast page to see the full list
(see full list here ). But it seems like
that's your approach. Let me ask you
this, because we're getting close to wrapping up, we've only got a couple
minutes left. What can listeners and
readers do? As individuals, how can they
get involved in this? How can they get
in a conversation? How can they help?
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