Bfgrn
Gold Member
- Apr 4, 2009
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- #61
Like we're spending less for Fannie and Freddie right? If you don't count all the losses, government mortgages are a great business!
Exactlly. It's a brand new GSE like Freddie and Fannie. Except this time the taxpayers will get creamed for a subprime student loan program.
We are already getting creamed by the GSE Sallie Mae student loans. They were giving student loans to bums with a pulse. Who cares if they didn't pay the government was backing them 100%. This is why education cost went through the roof just like housing. Now we have colleges full of liberal arts professors demanding more entitlements.
No, it is the "privatization" mantra we keep hearing from the GOP, consider this: The government created and funded Sallie Mae to help students get these government loans, and then privatized it. The result was a taxpayer-created and financed company that bought itself three private jets, paid bloated executive salaries, and threw government money at Washington pols (including a quarter of a million dollars for George W. Bush's inauguration).