Jump to content


Photo
- - - - -

Wealth Redistribution Under Obama


  • Please log in to reply
124 replies to this topic

#1 Delhommey

Delhommey

    Moderator

  • Joined: 24-November 08
  • posts: 12,711
  • Reputation: 2,351
Moderators

Posted 21 November 2012 - 03:57 PM

Enter Senator Sherrod Brown of Ohio. The Democrat proposed the Student Loan Debt Swap Act, which would allow students caught in the old lending scheme to move their debt into a direct deal with the federal government, which would in turn pay off the private obligations ahead of schedule. When officials at the Congressional Budget Office scored the 2009 version of the bill, they found it would save the government more than $9 billion in lender subsidies and payments.

Yet Senator Brown’s bill failed in the Committee on Health, Education, Labor, and Pensions and has languished there ever since.

For banks, the FFELP was the best of both worlds while it lasted: private loans, government guarantees. And they made the most of it, relying on the government to backstop a huge amount of risk. In 2008 testimony before the Senate Banking Committee, Tom Deutsch, then deputy executive director of the American Securitization Forum (ASF), a trade and lobbying association for the securitization industry, claimed that a startling 85 percent of loans issued under the program were financed on the global market.


http://www.bostonrev...s_education.php

Once again, the banks find a way to get the Government to take the risk (and the potential losses), while pocketing the profits, all on the backs of America's youth.

There's no welfare like corporate welfare.

#2 MadHatter

MadHatter

    The Only Voice of Reason

  • Joined: 30-November 08
  • PipPipPipPipPipPipPipPipPip
  • posts: 19,920
  • Reputation: 5,441
  • LocationDark Side of the Moon
HUDDLER

Posted 21 November 2012 - 05:18 PM

http://www.bostonrev...s_education.php

Once again, the banks find a way to get the Government to take the risk (and the potential losses), while pocketing the profits, all on the backs of America's youth.

There's no welfare like corporate welfare.


What do you mean in the backs of America's youth?

You borrow money, you have to pay it back.

#3 stirs

stirs

    I Reckon So

  • Joined: 01-December 08
  • PipPipPipPipPipPipPipPipPip
  • posts: 12,073
  • Reputation: 1,997
HUDDLER

Posted 21 November 2012 - 05:31 PM

What do you mean in the backs of America's youth?

You borrow money, you have to pay it back.


Nah, that is the way it used to be.

Now, they borrow, we pay back.

#4 NanuqoftheNorth

NanuqoftheNorth

    Frosty Alaskan Amber

  • Joined: 09-November 09
  • PipPipPipPipPipPipPipPipPip
  • posts: 5,380
  • Reputation: 2,008
  • LocationAlaska
HUDDLER

Posted 21 November 2012 - 05:32 PM

http://www.bostonrev...s_education.php

Once again, the banks find a way to get the Government to take the risk (and the potential losses), while pocketing the profits, all on the backs of America's youth.

There's no welfare like corporate welfare.


Socialize the losses, privatize the profits, the banks have made a killing off the taxpayer with this scheme.

They have instructed their lackeys in Congress to make the sure the good times don't end.

Nothing more than Crony Capitalism.

http://finance.yahoo...-120004233.html

#5 Delhommey

Delhommey

    Moderator

  • Joined: 24-November 08
  • posts: 12,711
  • Reputation: 2,351
Moderators

Posted 21 November 2012 - 06:52 PM

What do you mean in the backs of America's youth?

You borrow money, you have to pay it back.


It's your folksy ol' wisdom that keeps this place in order, Hatter.

#6 YourMomsLover

YourMomsLover

    SENIOR HUDDLER

  • Joined: 15-February 10
  • PipPipPipPipPipPipPipPipPip
  • posts: 3,899
  • Reputation: 229
HUDDLER

Posted 21 November 2012 - 07:08 PM

It's your folksy ol' wisdom that keeps this place in order, Hatter.


And it's your Obama jock sniffing that prevents you from smelling the complete aroma of your wife's poon. Happy Thanksgiving Delhommey! :)

#7 FireMarshallBill

FireMarshallBill

    MEMBER

  • Joined: 19-September 12
  • PipPipPipPip
  • posts: 529
  • Reputation: 66
  • LocationTexas
HUDDLER

Posted 21 November 2012 - 07:34 PM

So, um, hope and change? Right?

#8 Gazi

Gazi

    SENIOR HUDDLER

  • Joined: 07-December 08
  • PipPipPipPipPipPipPipPipPip
  • posts: 7,831
  • Reputation: 311
HUDDLER

Posted 21 November 2012 - 07:41 PM

They built it

#9 pstall

pstall

    Gazebo Effect

  • Joined: 24-November 08
  • PipPipPipPipPipPipPipPipPip
  • posts: 23,137
  • Reputation: 2,954
  • LocationMontford
HUDDLER

Posted 21 November 2012 - 08:53 PM

Pell derivs FTL

#10 MadHatter

MadHatter

    The Only Voice of Reason

  • Joined: 30-November 08
  • PipPipPipPipPipPipPipPipPip
  • posts: 19,920
  • Reputation: 5,441
  • LocationDark Side of the Moon
HUDDLER

Posted 22 November 2012 - 08:11 AM

It's your folksy ol' wisdom that keeps this place in order, Hatter.


So I guess actually being responsible for paying money back when you borrow it is "folksy".

Unlike your generation....which seems to believe that someone else is responsible for your debt.



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users