"If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.” That is the logic behind the first piece of legislation from Harvard Law School professor-cum-Massachusetts senator Elizabeth Warren, introduced in the Senate two weeks ago. The Bank on Students Loan Fairness Act seeks to extend to students the same loan interest rates allegedly offered to the country’s chief financial institutions. Among the problems with the bill? Said...