“The president assured Americans that anyone who wanted to go to college would be able to get a loan.”
My how history repeats itself. This is a carbon copy of what the libs did to the housing market starting in the mid 90’s when they called loaning agencies in and threatened them with special taxes if they didn’t start giving loans to high risk clients based upon race. The libs then further destroyed the market by lying about the liquidity of Fanny and Freddie, two of the main loaning recovery funds to cover the expected foreclosures mainly done by Barney Frank and Chris Dodd. The selling point during the Clinton administration was the same as the student loan situation now: anyone can own a house (go to college). Funding is available. Exact same situation with exact same results. And if these people who took the loans are consistent, they will need further government programs to protect them from their stupidity. In rides the libs on their white steed to do that. So the action required is the government has gotta keep them in office to save the day for the thousands that failed on their loan. Votes, votes, votes.....
rwood
The housing stuff started with CRA, under Carter. Kind of withered away until Clinton and his enforcer at HUD, Cuomo, started threatening banks and lending institutions. They caved but then learned that they could use Wall St to protect themselves by selling the mortgages, even though the paper wasn’t worth anything. Then it crashed.
How is all that similar? Kids are getting degrees in, NOTHING. But, they throw money at them, like they threw mortgages at them, and they rack up debt. Then they get into the real world. Suppose they’re in IT. Now they have to compete against and H1B visa holder, who will work for nothing.