{"id":17275,"date":"2014-05-30T16:54:32","date_gmt":"2014-05-30T20:54:32","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=17275"},"modified":"2014-05-30T16:54:32","modified_gmt":"2014-05-30T20:54:32","slug":"is-financialization-necessary-for-a-modern-economy-costas-lapavitsas-on-reality-asserts-itself-58","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2014\/05\/30\/is-financialization-necessary-for-a-modern-economy-costas-lapavitsas-on-reality-asserts-itself-58\/","title":{"rendered":"Is Financialization Necessary for a Modern Economy? – Costas Lapavitsas on Reality Asserts Itself (5\/8)"},"content":{"rendered":"

The Real News Network<\/em> has another segment of the ongoing series. This one is Is Financialization Necessary for a Modern Economy? – Costas Lapavitsas on Reality Asserts Itself (5\/8)<\/a>.<\/p>\n

\nLAPAVITSAS: I know. But let me just get this stuff on households a little bit clearer.<\/p>\n

So what have we got here? We’ve got a system in which households have got to depend on private finance, basically, and they’re sucked into the system, and their wages and salaries and savings become a social profit for banks. We’ve got a direct transfer. I would call that financial expropriation. It’s a kind of secondary exploitation of households. Our incomes, our savings become a social profit-making for banks. And predatory lending is just the extreme case of this. Right?<\/p>\n

JAY: So you’re not only making–you’re not only getting taken, if you want, on you buy something, and usually there’s a profit made when you buy the thing; but they’re skinning you twice, ’cause they’re getting you on the credit card interest.<\/p>\n

LAPAVITSAS: Well, that’s it. That’s it. And you’re getting–and there’s interest that comes out of your income, which goes to the private financial system, or other fees, commissions, and so on. For what?\n<\/p><\/blockquote>\n

\r\n<\/pre>\n
\n