Water and Wall Street and Destruction

[Rebkeh]

March 11, 2016

(TheNation) This problem is not limited to these three cities. Water departments across the country, desperate to raise money to replace and repair deteriorating infrastructure, got entangled in highly risky deals that they did not completely understand. Now they’re stuck diverting resources from infrastructure improvements to bank payments and remain vulnerable to predatory companies dangling well-worn promises of cost savings.

Ultimately, this trend is not just about water. These examples are part and parcel of a cycle of destruction that is a key feature of “modern disaster capitalism.” This occurs when banks and other large corporations use their political clout to cut taxes, leading to big reductions in the revenue necessary to sustain vital infrastructure of all kinds. Elected officials and city staffs must then struggle to find ways to fund projects, becoming easily exploited customers for Wall Street’s risky and opaque financial deals. And when the deals fail and those responsible have collected their payday, there’s always another profiteering company ready with more promises of “cost savings” and “efficiencies.” The most vulnerable among us pay the highest price for their profits.

Read full article:
http://www.thenation.com/article/how-wall-street-caused-a-water-crisis-in-americas-cities/

[AtticusInd]

1. It's all Economic

They are vultures who prey on scarcity. That's how they create value. That's what they call 'wealth generation'.