Word: walles
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...biggest cause of complaints - is an effort to reignite the process by which most banks get the money they use to make consumer loans. To fund credit-card, auto and education lending, banks typically gather up loans they already have made and pass them off to an investment bank. Wall Street firms then package these into bonds that pay interest based on borrowers' loan payments. Completing the money-recycling loop, investors buy the bonds, and investment banks pass most of that money, minus a fee, back to the lenders. The lenders can then use that money to make new loans...
...wasn't always so blessed. Out of office, Thomas Jefferson found himself buried under crippling debts; James Monroe died destitute; and Ulysses S. Grant, scammed by a Wall Street grifter and battling cancer, hawked his memoirs to Mark Twain to keep his family afloat. Not until 1958 did the Former Presidents Act award ex--Chief Executives a pension and staff...
...Wall Street tries to right itself, the global economic crisis is punishing many of the youngest Americans. Preliminary nationwide figures indicate that there were nearly 16% more homeless students in the 2007-08 academic year than in the previous year. And the number of homeless students continues to climb as more parents face foreclosure or the unemployment line. Of some 1,700 school districts surveyed this fall in a separate study, 69% said they had already counted at least half as many homeless students during the first few months of this academic year as they...
...pictures of TIME's Wall Street covers...
...this is affecting real people's lives. We did that last week with "So You Think You're Insured?" and the week before that with our special economic package "Holding On for Dear Life." And we've been defining this economic crisis since our signature cover story "How Wall Street Sold Out America" the week Lehman Brothers went under. We captured the mood of the nation with our "The New Hard Times" cover in October, not to mention channeling a sense of the public anger in our much discussed "25 People to Blame" package last month...