We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Saturday, September 12, 2015

The Student Loan Scam with Alan Michael Collinge

Click here to access article by Catherine Austin Fitts of The Solari Report. 
In 1992, the US Secretary of the Treasury asked me to join the Federal Reserve as a governor. As I had started a company and made numerous personnel commitments, I declined. Shortly thereafter I received a call from the Chief of Staff to the President of the United States. He bluntly shouted, “Did you really just turn down the Fed or am I being lied to?”  When I explained that I was unable to accept a full-time position he said, “OK, I’ll put you on the board of Sallie Mae then.” He hung up.

Shortly thereafter, I found myself on the board of Sallie Mae, the government sponsored enterprise which securitized student loans.
This is a brief introduction and review of a recently published book by Collinge by a reviewer who has inside knowledge of the student loan program. If you wish to delve further into this subject on Fitts' website, I recommend a lengthy article entitled "William M. Diefenderfer: The Financial Hit Man of Student Loans" by Fitts that she wrote in 2011.
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