Monday, April 9, 2012

On the Recent Retreat of US Bank and US Bancorp



These days, US Bank is retreating on multiple fronts. First and most immediately, protesters at UC Davis recently won an important victory in the battle against the financialization of public education when the bank decided, following a blockade that lasted an entire quarter, to close its on-campus branch. While it remains unclear whether the new ID cards that UC Davis students were forced to obtain, which double as US Bank ATM cards, will be phased out ("Your Aggie Card. Your ATM Card. All in one."), the bottom line is that a central and high-traffic space on campus has been stripped from the bankers' hands. The administration and the Regents will continue their search for "new, fun sources [of revenue]," as UCD Associate Vice Chancellor Emily Galindo described the US Bank deal (at approximately minute 2:30 in the linked video), but this space is ours -- it belongs to the students, workers, faculty, and community -- and we won't let them sell it off (or, for that matter, sell us off) again in backroom deals to their fellow 1%-ers.

Second and in the bigger picture, it's being reported today that US Bancorp (the parent company that owns US Bank) is exiting the private student loan market. According to the Minneapolis/St. Paul Business Journal, the corporation held about $4.66 billion in student loans at the end of 2011. JP Morgan Chase also decided recently to "sharply reduc[e] its lending." For these lenders, dealing in the student loan market is apparently not worth the risk. (It's worth noting that this trend is by no means absolute. Other lenders, like Discover Financial Services, are "ramping up their participation in the [student debt] market" just as US Bank is pulling out. Similarly, according to UCD spokesman Barry Schiller, other banks have "informally expressed an interest to step in" to replace US Bank.)

All of this is taking place in a context of increasingly apocalyptic discussions about the possibility that the student debt bubble is about to burst ("This could very well be the next debt bomb for the U.S. economy"). We don't want to get into that debate here. All we want to do is offer some brief thoughts on the possible intersection of the parallel retreats of US Bank/corp we identified above. The imbrication, that is, between two levels of scale: the blockade and subsequent decision of US Bank to abandon its Memorial Union branch; and the strikingly coincident decision of US Bancorp to abandon its financial position in the student debt market.

In a recent op-ed in the California Aggie, UCD professor Joshua Clover argued that "The university is selling students to the bank because it’s the only way to generate more income from students who don’t otherwise have it." He continued:
This is why shutting down the bank of campus is not just a sensible idea but an obvious first step in reclaiming education. The bank is not only profiting, but it is also the emissary of the profit motive; it does nothing else. Perhaps the closing of this small branch is purely symbolic; it won’t end global capitalism, after all.

But perhaps it’s something more. Everybody starts small. You fight where you can. The fact that there are ten thousand banks doesn’t mean you don’t begin with one -- it means you do. Closing a single recruiting center wasn’t going to end the military, but one by one, such closings helped end the war. The bank is fighting a war on your future, and for the moment the university is collaborating -- on the wrong side.
While there's no question that the bank blockade directly caused US Bank to withdraw from the campus of UC Davis, it would be absurd to suggest that the same blockade was responsible for scaring US Bancorp into deciding that student debt was no longer worth it. It's not just a question of scale. For the bank's financial managers, student debt simply wasn't generating enough profit to justify the expense. And with defaults rising, those same profits may appear increasingly risky in their speculative eyes.

In other words, US Bancorp's withdrawal from the student debt market was a result of the crisis. That crisis, however, takes many forms: it is a crisis of profitability, of course, but it also appears as precarity in its multiple economic and affective senses; as austerity and the regime of state violence on which it depends; and as the global waves of outrage, protest, and insurrection that more than anything characterize our historical moment. It is out of this last formation of crisis that the slogan emerged during the California student movement in the fall of 2009: we are the crisis. If the bank in Memorial Union is "the emissary of the profit motive," as Clover suggested, then it also constitutes a localized, concrete form into which this abstract phenomenon had congealed. We should understand the blockade, likewise, as a small but significant drop in a much larger wave that not only forced US Bank off campus but also pushed US Bancorp out of student debt.

12 comments:

  1. Great. Now if a student wants to take out a private loan they can use shady student loan mills and not a legitimate and well established institution like a national bank. Herp derp

    ReplyDelete
  2. uhhh, you clearly know nothing about student loans. the worst loans are private loans, i.e. loans that come from what you call "a legitimate and well established institution like a national bank." they have higher interest rates and less protections than public loans from the federal government.

    In other words, banks are shady student loan mills.

    ReplyDelete
  3. our company offers cheap loan at a low interest of 3%, we are legit and

    reputable company and our vision for you is to get a loan is our

    mission. we offer loan ranging from 1000usd to 10,000 000usd. contact

    us via our email: michellenellyloanfirm01@gmail.com

    ReplyDelete
  4. Are You seeking of urgent loan?
    Have you be denied of a loan from your bank or any Financial Firm?
    Do you need financial assistance Do you need a loan to pay off your bills or buy a home, or Consolidate your debt and be debt free? Do you want to have a Business of your own and you need Financial Loan Help? Contact us for your fast reliable loan at a low interestrate of 4%. We are willing to help you out, either Business or Personal Loans, affordableb repayment plan...Contact Email: meganloan@gmail.com

    ReplyDelete
  5. Goodday To EveryOne,


    I am Alan Pratte and am 33years old, You Know there are so many of us that are in dire need of financial help and it just doesn't seem that people understand our lives and financial situations what ever each of ours are! Do they?they dont I guess !! I was in very chronic financial and terminal health situation some few months ago after all my search for assistance from friends and neighbours proved abortive and due to this I had to swallow my pride by asking, searching, and always praying for a kind soul out there to help me and my kids who were droving outta school as a result of my inability to take up with their tuition fees properly since their dad was also late and due to this financial stress and rejection Sometimes I feel there is none who really truly cares. I wish that I could win some money so that I could solve my entire immediate family problems but it was all a mere dream as reality became so real to my face when I was unable to pay my light bills, and my food stuff bills and as a result I had no choice but to search for reputable loan agencies online that lease loans out to the needy but all I got was a bunch of scammers as I believed the very second lender I communicated with due to my desperation to get money ASAP and that made me send to him the only one money I had both on earth and in heaven which is $310 usd and after I sent this , they kept on asking for more and this made me mad that i had to shut down that email because i realized shits and i didn't bother going online to get any help anymore , because I didn't trust it anymore . I became so emaciated due to lack of good food and my 2 kids age 5 and 8 were not also good looking due to lack of proper care as a result of finance and one morning I saw an old time family fiend of my husband and I told him all I have been through and he said the only way he could help was to direct me to a good loan agency that also helped him and he explained too on how he was financially down and how he got boosted by this loan agency CALLED SLIVINUS MARKO LOAN FOUNDATION: slivinumarko@yahoo.com who gave him loan at an affordable rate and he further assured me that they were legit and not scammers and he also told me what was needed to be done { THE COMPANY ADMINISTRATIVE PROCEDURE} and he also gave me the email address of the SLIVINUS MARKO LOAN AGENCY: slivinumarko@yahoo.com and I contacted them as instructed and by the grace of GOD ALMIGHTY I was also granted my loan funds within 2 days without any stress or problems and this is why I have come here to give out my testimony and to let the people know that there are still real and reputable loan agencies online: slivinumarko@yahoo.com .... COntact this great man now using this email address: slivinumarko@yahoo.com and tell him that I Luz Williams gave you his email address to contact as he IS REAL, EFFICIENT, DYNAMIC AND 100% RELIABLE.......

    ReplyDelete
  6. slivinumarko@yahoo.com

    Are You seeking of urgent loan? Have you be denied of a loan from your bank or any Financial Firm? Do you need financial assistance Do you need a loan to pay off your bills or buy a home, or Consolidate your debt and be debt free? Do you want to have a Business of your own and you need Financial Loan Help? Contact us for your fast reliable loan at a low interest rate of 4%. We are willing to help you out, either Business or Personal Loans, with an affordable repayment plan...Contact Email: slivinumarko@yahoo.com

    ReplyDelete
  7. Good Day !! I am Slivinus Marko, Working as a Reputable, Legitimate & an accredited money Lending company. I want to use this medium to inform you that we render reliable beneficiary assistance as we'll be glad to offer loan at 2% interest rate to reliable individuals. slivinumarko@yahoo.com Services Rendered include: *Home Improvement *Inventor Loans *Car Loans *Debt Consolidation Loan *Line of Credit *Second Loan *Business Loans *Personal Loans *International Loans. Please write back if interested. Upon Response, you'll be mailed a Loan application form to fill. (No social security and no credit check, 100% Guaranteed!) I Look forward permitting me to be of service to you. You can contact me via e-mail: slivinumarko@yahoo.com Yours Sincerely, Joshua Brown

    ReplyDelete
  8. Goodday To EveryOne,


    I am Alan Pratte and am 33years old, You Know there are so many of us that are in dire need of financial help and it just doesn't seem that people understand our lives and financial situations what ever each of ours are! Do they?they dont I guess !! I was in very chronic financial and terminal health situation some few months ago after all my search for assistance from friends and neighbours proved abortive and due to this I had to swallow my pride by asking, searching, and always praying for a kind soul out there to help me and my kids who were droving outta school as a result of my inability to take up with their tuition fees properly since their dad was also late and due to this financial stress and rejection Sometimes I feel there is none who really truly cares. I wish that I could win some money so that I could solve my entire immediate family problems but it was all a mere dream as reality became so real to my face when I was unable to pay my light bills, and my food stuff bills and as a result I had no choice but to search for reputable loan agencies online that lease loans out to the needy but all I got was a bunch of scammers as I believed the very second lender I communicated with due to my desperation to get money ASAP and that made me send to him the only one money I had both on earth and in heaven which is $310 usd and after I sent this , they kept on asking for more and this made me mad that i had to shut down that email because i realized shits and i didn't bother going online to get any help anymore , because I didn't trust it anymore . I became so emaciated due to lack of good food and my 2 kids age 5 and 8 were not also good looking due to lack of proper care as a result of finance and one morning I saw an old time family fiend of my husband and I told him all I have been through and he said the only way he could help was to direct me to a good loan agency that also helped him and he explained too on how he was financially down and how he got boosted by this loan agency CALLED SLIVINUS MARKO LOAN FOUNDATION: slivinumarko@yahoo.com who gave him loan at an affordable rate and he further assured me that they were legit and not scammers and he also told me what was needed to be done { THE COMPANY ADMINISTRATIVE PROCEDURE} and he also gave me the email address of the SLIVINUS MARKO LOAN AGENCY: slivinumarko@yahoo.com and I contacted them as instructed and by the grace of GOD ALMIGHTY I was also granted my loan funds within 2 days without any stress or problems and this is why I have come here to give out my testimony and to let the people know that there are still real and reputable loan agencies online: slivinumarko@yahoo.com .... COntact this great man now using this email address: slivinumarko@yahoo.com and tell him that I Luz Williams gave you his email address to contact as he IS REAL, EFFICIENT, DYNAMIC AND 100% RELIABLE.......

    ReplyDelete
  9. Goodday To EveryOne,


    Hello friends!!! My name is Stella Jones. I want to testify of the good Loan Lender who showed happiness to me after been scammed by 2 different Internet international lender, they all promise to give me a loan after making me pay alot of fees which yield nothing and amounted to no positive result. I lost my hard earn money and it was a total of 4,000USD. One day as I was browsing through the internet looking frustrated when I came across a testimony woman called Susan Allen who was also scammed and eventually got linked to a legit loan company called Slivinus Marko Loan Company and email ( slivinumarko@yahoo.com ) where she finally got her loan, so I decided to contact the same loan company and then told them my story on how i have been scammed by 2 different lenders who did nothing but to course me more pain. I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also i have made the right choice of contacting them. i filled the loan application form and proceeded with all that was requested of me and to my shock I was given a loan amount of $60,000.00 Dollars by this great Company { Slivinus Marko Loan Company } she was the Savior GOD sent to rescue my family and at first i thought it was not going to be possible because i have been scammed by 2 different lenders until i received my loan of $60,000.00 USD and now i and my family are back on feet, i will advise anyone who is in genuine need of a loan to contact Mr Slivinus Marko a God Fearing man via email at: { slivinumarko@yahoo.com } because he is the most understanding and kind hearten lender to ever seek loan from... His email address is: slivinumarko@yahoo.com

    ReplyDelete
  10. Attention:

    We at Slivinus Loan Finance we offers loans at 2% interest rates to all our clients around the whole world, we are 100% guaranteed loan company that can deliver what we promise to our clients. With the track record that we have we can ensure you get the best of our service, we are proud to say that we help hundreds of thousands of people out that can't get help anywhere in the country, we can proudly say that we extended our business and it is as follows:

    We do Business Finance (Business Loan) for up to $9,000,000.00 and Above
    We do Consolidation Loan up to 5,000,000.00 even if you are blacklisted or under debt review
    We do home loans even if you are blacklisted or under debt review
    We do personal loans for up to $87,000.00 even if you are blacklisted or under debt review
    We do Car finance even if you are blacklisted or under debt review
    We do 2nd Bonds, Home Improvement and consolidation loans
    We do Wedding Finance loan well as well.
    We offer the above kinds of loans all at 2% interest

    That’s why we are proud to say we are the best and the only company that can assist and will help you. I hope and believe that you will find us and our company and our work to your satisfaction. Have you being declined because of your credit history contact us today for your speedy loan Approval and transfer, You can Apply today irrespective of your location or race so far you meet our criteria, Contact us today via email: ( slivinumarko@yahoo.com )

    ReplyDelete

  11. Hello

    Apply for a quick and convenient loan to pay off bills and to start a new financing your projects at a cheapest interest rate of 3%. Do contact us today via: slivinumarko@yahoo.com with loan amount needed as our minimum loan offer is 1,000.00 to any choice of loan amount . I am certified ,registered and legit lender . You can contact me today if you are interested in getting this loan, contact me for more information about the loan process, process like the loan terms and conditions and how the loan will be transferred to you. I need your urgent response if you are interested.

    LOAN APPLICATION FORM

    (1)Full Names:
    (2)Amount Needed as Loan:
    (3)Phone Number:
    (4)Duration:
    (5)Country:
    (6)State/Province:
    (7)Monthly Income:
    (8)Marital Status:
    (9)Have you applied before:
    (10)Loan Purpose:


    NOTE:All Responses should be forwarded to: slivinumarko@yahoo.com for quick processing. Thank You,

    Mr Slivinus Marko

    ReplyDelete

  12. Good day.

    I can’t hide this great testimony that took place in my life I will love everyone to know it and be partaker that is why I want to share it to the whole world by placing this advert on classifieds, I am Mrs Luz Morales by name, I live in Chattanooga, Tennessee United State, I want to thank Slivinus Marko for his kindness upon my family life, I never knew that there is still a sincere and trustworthy lender like this on the internet and on earth. Just some days I was in search for a loan of $ 100,000.00 Dollars, As I was running out of money for feeding, School fees, My business was really going out of capital and my rent. I was scammed about $15,000.00 dollars and I decided not to involve my self in such business again. But a Friend of mine introduced me to a loan firm due to my appearance and doings and also my complains to her. And I told her that I am not interested in any loan deal anymore but she told me that there is still a sincere lender who she will recommend me to, And she gave me the details of this man who is called SLIVINUS MARKO. And I really put a trial and I am most greatful and lucky today, I was given a loan amount of $95,000,00 Dollars by this great firm CALLED MR SLIVINUS MARKO FINANCIAL FIRM. If you are in need of a genuine, Sincere, durable and a truth worthy loan lender or financial assistance and also you know you can be reliable and trusted, capable of paying back at the due / duration time of the funds I will advice you to send your contact to them via email on : slivinumarko@yahoo.com . And you will be free from scams on the internet. My lovely wife extend her greetings to you also if not for you I can't imagine the way life should be for my family today. Please I am begging everyone on earth to help me thank Mr SLIVINUS MARKO. And I will always being sharing this great surprise and testimony that happened in my life everyday to all that need loans. Again there contact email is as follows: slivinumarko@yahoo.com .. CONTACT THEM NOW VIA EMAIL FOR LOAN: slivinumarko@yahoo.com AS THEY ARE EFFICIENT,DYNAMIC AND RELAIBLE....

    ReplyDelete