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Wealth Redistribution Under Obama


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#1 Delhommey

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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

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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

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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

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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

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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

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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

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Posted 21 November 2012 - 07:34 PM

So, um, hope and change? Right?

#8 Gazi

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Posted 21 November 2012 - 07:41 PM

They built it

#9 pstall

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Posted 21 November 2012 - 08:53 PM

Pell derivs FTL

#10 MadHatter

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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.


#11 Davidson Deac II

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Posted 22 November 2012 - 09:10 AM

From the OP's link.

Neither major party offered a credible plan to reduce the student-debt burden.


I have an excellent plan to reduce student debt burden. Don't borrow money you can't afford to pay back. If you have to borrow money to go to college, then go to a college you can afford (like UNCC or App State). If you do decide to borrow a 160 grand to go to Wake or Duke, make sure you major in something that will allow you to repay the debt in a reasonable amount of time. Don't borrow a 160 grand to go to an expensive school to take political science or french literature.

Do your first two years in community college in a program that transfers to a 4 year college. Get a part time job in the summer to help defray the cost of college. Don't use the money for cell phones or a car. Take the bus. Buy your clothes at Walmart instead of the gap. Do as much as you can to save money for college. I realize that poor kids are less able to do these things, but most of the current college debt comes from middle class kids.

#12 FurdTurgason

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Posted 22 November 2012 - 10:18 AM

Delhommey has a wife? That woman is a saint.

#13 Kurb

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Posted 23 November 2012 - 01:33 PM

From the OP's link.



I have an excellent plan to reduce student debt burden. Don't borrow money you can't afford to pay back. If you have to borrow money to go to college, then go to a college you can afford (like UNCC or App State). If you do decide to borrow a 160 grand to go to Wake or Duke, make sure you major in something that will allow you to repay the debt in a reasonable amount of time. Don't borrow a 160 grand to go to an expensive school to take political science or french literature.

Do your first two years in community college in a program that transfers to a 4 year college. Get a part time job in the summer to help defray the cost of college. Don't use the money for cell phones or a car. Take the bus. Buy your clothes at Walmart instead of the gap. Do as much as you can to save money for college. I realize that poor kids are less able to do these things, but most of the current college debt comes from middle class kids.

That requires personal responsibility.

#14 Delhommey

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Posted 23 November 2012 - 03:39 PM

Seeing as this article was about the government trying to reduce wasteful spending of taxpayer money in regards to student loans, I'm not sure why everyone's immediately snarling and stabbing at the strawman of debt relief.

The banks don't want to comply (the gov is offering to pay the FULL amount of the bond), because they don't want to get out of a system where the taxpayer takes on the risks, but the banks takes the profits.

But let's ignore all that and go after the real problem: young people trying to improve their lives.



#15 FurdTurgason

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Posted 23 November 2012 - 05:16 PM

I agree. Let's.


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