The Briefing Room
General Category => Editorial/Opinion/Blogs => Topic started by: rangerrebew on April 13, 2019, 02:41:32 pm
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Epic ignorance: Bankers had to remind Maxine Waters her hero OBAMA is responsible for massive student loan debt (Video)
Posted on April 12, 2019
By Jon Dougherty
For most Democrats, serving in Congress isn’t about leadership or solving the nation’s problems, it has become nothing more than a quest to ‘get’ political opponents — the president of the United States, all Republicans, or, in the case of “Crazy†Maxine Waters on Wednesday, “mega-bankers.â€
Waters hauled representatives from five of the country’s biggest banks before her House Financial Services Committee, which she chairs, to berate them over something that neither they nor the Trump administration had anything to do with: Building the country’s massive, $1 trillion-plus student loan debt.
It quickly became apparent that Waters had no clue what she was talking about — and no idea that Obama ordered the federal government to nationalize student loans in 2010, nearly a decade ago.
https://thenationalsentinel.com/2019/04/12/epic-ignorance-bankers-had-to-remind-maxine-waters-her-hero-obama-is-responsible-for-massive-student-loan-debt-video/
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I saw this on TeeVee, and I LMAO.
(https://scontent-sjc3-1.xx.fbcdn.net/v/t1.0-9/934133_480878421985358_1789614560_n.png?_nc_cat=109&_nc_ht=scontent-sjc3-1.xx&oh=5eaf33b428bafaae3db0e6f8839737b7&oe=5D37C9CC)
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Idiots. Every time I hear some millennial complaining about student debt, I tell them how much better it was before the government nationalized the industry. The interest rate on my free market 2005 student loan was 2.34%. Compare that with their monopoly-price 6.78% rate. My rate was set by one of those evil banks. Theirs was set by Big Brother.
These people voted for Obama. Obama campaigned that he was going to nationalize student loans. And these idiots somehow thought that would be a good idea. In the end, they got exactly what they voted for. And we the taxpayer got screwed.
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"Nationalized" student loans have done for the price of education, what 3rd-party health insurance did for the cost of medical care... ;)
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Idiots. Every time I hear some millennial complaining about student debt, I tell them how much better it was before the government nationalized the industry. The interest rate on my free market 2005 student loan was 2.34%. Compare that with their monopoly-price 6.78% rate. My rate was set by one of those evil banks. Theirs was set by Big Brother.
These people voted for Obama. Obama campaigned that he was going to nationalize student loans. And these idiots somehow thought that would be a good idea. In the end, they got exactly what they voted for. And we the taxpayer got screwed.
Me thinks you should express those numbers as % of prime/etc rate at the time of loan.
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Me thinks you should express those numbers as % of prime/etc rate at the time of loan.
Free market
Dec 2005: Prime rate = 7.25%. Student loan rate as percent of Prime = 32%
Government monopoly
Dec 2010: Prime rate = 3.25%. Student loan rate as percent of Prime = 209%
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Free market
Dec 2005: Prime rate = 7.25%. Student loan rate as percent of Prime = 32%
Government monopoly
Dec 2010: Prime rate = 3.25%. Student loan rate as percent of Prime = 209%
Okay, that's a better comparison (7x vs 3x). Even better might be to compare the difference between paying off the loan or keeping your money in savings and making minimum payments. IIRC, I was getting like 5% on savings vs. less than 1% in 2010, which would make student loans about 14x more expensive in 2010 relative.