Yet, as Mr. Mead notes, not everyone’s a loser. Although pensioners and school children may be out of luck, Wall Street has profited handsomely. Since 2005, the city has forked over $475-million in fees to the banks to refinance its debt. “We have no lights, no buses, poor streets and now we’re paying millions of dollars a year on our debt,” David Sole, a retired municipal worker, told Bloomberg.
Yeah, it’s the banks’ fault for properly pricing risky loans to a bunch of lefty crooks who spent most of the public money entrusted to them on vote-bribery and massive corruption.