Payday Loans in California: School Districts Owe $1 Billion on $100 Million Borrowed

Submitted by Michael Krieger of LibertyBlitzkrieg.com

This story here, as much as any I have ever read, perfectly exemplifies the complete parasitic, ponzi and entirely unsustainably criminal carcass of an economy that remains in the United States today. This is devastatingly frightening reading. The state of California is completely finished. From NPR:

Collectively, the districts have borrowed billions in loans that defer payments for years — leaving many districts owing far more than they borrowed.

In the West Contra Costa Schools’ case, that $2.5 million bond will cost the district a whopping $34 million to repay.

Read more here.

7 comments on “Payday Loans in California: School Districts Owe $1 Billion on $100 Million Borrowed
  1. MirrorMirror says:

    Again , Politicians & Bureaucrats take the short-term easy way out and fall prey to the vultures… who were licking their lips and waiting for them.
    Politicians & Bureaucrats normally have immunity against “mistakes in office” ….. seems they have also extended this principle to the TBTF banks.
    Partners is crime except that the Politicians & Bureaucrats have a responsibility to the public, while the banksters do not.

  2. Marc Authier says:

    10 times on your funny money invested by the lenders. And they got the money free courtesy of the FED. ZIRP money lended to the same slaves to make a cool 1000% and certainly even more a couple of months from now. Welcome to the slave plantation USA !

  3. Bruce says:

    government = irrelevant.
    government = wasteful bs
    government = will always short-change you
    government = institutionalised fraud

  4. Marc Authier says:

    Great idea specially when everybody knows today that Googles workds with the CIA and the US government to filter and censure information about whats going on. Secondly Google behaves as a nasty Microsoft monopoly. The internet they pretended in USA was supposed to be a space of freedom and perfect competition. It is quite funny that you have this coming from a place like Iran. But why not ?

  5. OlympiaLogger says:

    LOOK – LOOK – LOOK !

    AMAZING NEW DISCOVERY
    IN ADVANCED MEME SCIENCES !!

    SEE IT NOW!—> http://tiny.cc/ska3ow <—LOOK !!!

  6. EmeraldTriangle says:

    How about borrowing 14 million only to repay 85 million 40 years later? It doesn’t get more ponzi than this when it comes to school bonds. Keep stacking the silver!!!
    http://lostcoastoutpost.com/2012/dec/5/mckinleyville-union-superintendent-its-capital-app/

  7. Flopot says:

    @MirrorMirror

    “Partners is crime except that the Politicians & Bureaucrats have a responsibility to the public, while the banksters do not.”

    Aye, there’s the rub. And you would also expect the one to apply the law and other to follow.

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