Kendrick Meek: “I have a Bachelor of Science Degree, and I am not an economist, but one would argue, well, if we take the banks out of…”

“I have a Bachelor of Science Degree, and I am not an economist, but one would argue, well, if we take the banks out of it, what kind of effect will it have on the economy? And I think very little. If any of us that have gone to banks knowing the kinds of praying at the alter, at the end of the day to be able to get money, for them to trust us enough to pay them back, it reminds me of the pharmaceutical companies in the prescription drugs. I think the pharmaceutical companies are doing good things in America, in research, things of that nature, but when you look beyond the blankets of all of that we are paying, it is subsidized research. With the banks we are guaranteeing their loans. So the real issues for that individual that is trying to educate him- or herself, this feeds also to the parents that we are talking 30- something, but individuals that are 50- or 60-something, high 40s, they are picking up the slack, and they are paying the interest 9 times out of 10 for young people because they cannot afford it.”