How did we end up here? Banks and investment banks make a lot of money issuing bonds, Asset-Backed Securities, Mortgage-Backed Securities and stocks. Consequently, there was a concerted effort to siphon off profits from Main Street to Wall Street through such schemes. The big banks have been buying up student loans and selling them as bonds – the same way they did with residential mortgages. What does this mean? The banks will work diligently to lay claim on the earnings of that new grad for years to come - thereby eliminating any prospect for them to save. So, is it wonder how most have no savings and most are mired in debt? The interest-laden debt, the securitizations, derivatives and other 'financial engineering' have been working in the background to hollow out Capitalist society. It is these approaches to the economy that have robbed us of any savings to withstand the economic ravages that are brought about by the pandemic.