GOP's Secret $90 Billion Gift to Wall Street by raising cost of student loans

Discussion in 'Politics' started by Bfgrn, Oct 23, 2010.

  1. Bfgrn
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    Bfgrn Gold Member

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    GOP candidates are making a point of running against "bailouts" this year. Yet even as they rail about rescuing big banks, they're working on a plan that would slip those same banks an estimated $90 billion in taxpayer money...and that's just in the first ten years.

    "Fiscal conservatism," anyone?

    It was always hypocritical to slam a bailout that they and their party initiated. But it turns out they were just warming up. Now they're trying to pull a fast one on the American public, tapping Tea Party rage about big government spending even as they prepare to slip the big bankers some big bucks. They're planning to siphon off $90 billion meant for America's college students and their families and give it to Wall Street.

    Any Tea Partier who votes for these guys is being played for a sucker.

    The Republican repeal plan wouldn't just put tens of billions of public dollars in bank coffers. It would also raise the maximum amount a graduate is forced to pay each year from 10 percent to 15 percent of income. And it would extend the length of time before their debt is forgiven from 20 to 25 years.

    Your GOP: Sending billions in taxpayer money to rich bankers, and squeezing young people starting out in life. Call it the New Populism.

    Small government? Less spending? The Republican Party's backdoor bailout of wealthy bankers is bigger than the auto-industry bailout. It's bigger than the home-loan program. It's bigger than the lending program for small businesses. And unlike those programs, it serves no social purpose at all:
    More...
     
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  2. bigrebnc1775
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    bigrebnc1775 Diamond Member

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  3. kyzr
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    kyzr Gold Member

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    I don't see any $90b "give-away"?! The student loans are still with taxpayer money, its just that the banks "administer" the loans.

    Fannie & Freddie as the dem's cash cows, and the corruption there in the $500b range is the real mess. These other red-herrings are nothing but a smoke screen.
     
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  4. California Girl
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    California Girl BANNED

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    So this is, in fact, not a 'gift' at all.
     
  5. editec
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    editec Mr. Forgot-it-All

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  6. Bfgrn
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    Bfgrn Gold Member

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    It was conservative icon Edmund Burke who said: "Education is the cheap defense of nations."

    The $90 billion dollar give-away is the ADDITIONAL COST to taxpayers for banks to 'administer' loans. Not only will it cost taxpayers more $$$ for student loans, it will cost those students more $$$ FOR the loans.

    The Republican repeal plan wouldn't just put tens of billions of public dollars in bank coffers. It would also raise the maximum amount a graduate is forced to pay each year from 10 percent to 15 percent of income. And it would extend the length of time before their debt is forgiven from 20 to 25 years.

    You right wing vultures even circle our young people starting out in life!

    HERE is the leading private company providing student loans and how they 'administer' those loans:

    Sallie Mae cuts student loans

    Sallie Mae cuts student loans - CollegiateTimes.com

    Sallie Mae's the poster child for the moral and operational bankruptcy of the 90's privatization craze. Created and funded entirely by the taxpayer, it went private in the late 90's and immediately went on a greed binge. It started throwing mad money at Presidential and Congressional candidates, then kicked in the maximum allowable amount - $250,000 - to George W. Bush's inauguration.

    [​IMG]

    One of Sallie Mae's corporate jets: Model IAI-1125A Astra SPX, registration #N188AK
     
  7. code1211
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    code1211 Senior Member

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    When I went to school, I worked a couple jobs at the same time and there were quarters when I was not a full time student. I just kept grinding along though, and after short of 6 years, I graduated with 3 degrees and no debt.

    This method was my choice.

    Taking loans is the choice of others. If they take the loan, they need to pay that loan back. I understand that many do not. I think that I've read on this board that people have graduated with 400 grand of student loan debt.

    First, how could get these loans? Second, they have no intention of paying these off. They are, in effect, stealing and everyone knows it.

    If you're gonna play, you gotta pay. If anyone takes a loan, they are at the mercy of those that have it to lend. It's the Golden Rule. Who has the Gold, makes the Rules.
     
    Last edited: Oct 23, 2010
  8. Bfgrn
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    Bfgrn Gold Member

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    No one is talking about not paying off their loans. But feel free to beat your chest and vent simultaneously. That 'vent' would probably manifest as a FART.
     
  9. KissMy
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    KissMy Free Breast Exam

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    From your rant in the OP.

    You are all about loan forgiveness. Not paying loans back is a hell of a message to send to someone who is starting out in life.
     
  10. Bfgrn
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    Bfgrn Gold Member

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    Is this really THAT hard to understand?

    'And it would extend the length of time before their debt is forgiven (PAID OFF) from 20 to 25 years.'

    WHY? Because the loan 'administered' by the private banks COSTS MORE. Not ONLY will it cost more for the students, it will cost taxpayers MORE.
     

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