Obama Trying To Buy A Few More Votes

Discussion in 'Politics' started by Vel, Jul 21, 2012.

  1. Vel
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    Vel Gold Member

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    Looks as if Obama is once again trying to pander for votes by using taxpayer dollars.
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    Obama Administration Backs Bankruptcy Option for Some Student Debt

    By JOSH MITCHELL

    The Obama administration urged Congress to make it easier for people to discharge a portion of certain student debt by filing for bankruptcy protection.

    The recommendation, in a report by the Education Department and the Consumer Financial Protection Bureau, wouldn't affect the vast majority of student debt, which is issued by the federal government. It would apply only to the roughly $150 billion, or 15% of total outstanding student debt, issued by private lenders such as SLM Corp.'s Sallie Mae and Wells Fargo & Co.

    Consumer bureau chief Richard Cordray said Congress should consider modifying a 2005 law that, except in rare circumstances, prohibits discharging private student loans through bankruptcy.

    "It would be prudent to consider whether they wish to modify the code in light of the impact on young borrowers in challenging labor-market conditions," Mr. Cordray said. He added that the law doesn't appear to have met its objectives of bringing down borrowing costs and expanding access to private loans.

    Expanding the concept to federal loans would be politically controversial given that it would likely result in taxpayer losses, and Republicans have expressed reservations.

    Obama Administration Backs Bankruptcy Option for Some Student Debt - WSJ.com
     
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  2. Matthew
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    Matthew Blue dog all the way!

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    Our entire election system is all about WHO has the most money. MONEY is all that matters anymore!
     
  3. candycorn
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    candycorn Alis volat propriis

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    A good idea by Mr. Obama. Bankruptcy protection shouldn't be only for some persons with a certain type of debt obligation in my view.
     
  4. Vel
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    Vel Gold Member

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    This is just another ploy by Obama to pander to the young people who are no longer enthralled with him. The only way that they should allow bankruptcy on student loans is if the student loses any degree gained with the borrowed money.
     
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  5. Trajan
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    Trajan conscientia mille testes

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    I was wondering when this penny would drop.

    this is why giving way to the student loan interest rate reduction was a bad idea, there is never an end to the giveaways....ever, you just make them hungry for more.

    Consumer bureau chief Richard Cordray , of course, a 'recess appointment'....he fits right in, whether he was told to or not.
     
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  6. Vel
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    Vel Gold Member

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    Yep, Just tell them that those rich people owe them that education because after all, their success isn't really theirs. It was the community that allowed those rich people to have all that money and they owe it to the community to pay all the bills.
     
  7. Trajan
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    Trajan conscientia mille testes

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    yes well all those rich endowments by the evil rich made it possible for Obama to 'lecture', not that he'd admit it....
     
  8. francoHFW
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    francoHFW Platinum Member

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    Yup, only the rich should prosper and be pandered to...
     
  9. Vel
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    Vel Gold Member

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    How about we have a government that doesn't pander to anyone?
     
  10. tererun
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    tererun BANNED

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    You cannot blame Obama for a credit system made long before he was in any office that makes fiscal sense to declare bankrupcy right out of college. This is just obama bringing to light an idea that would benefit many college kids looking to their future.

    You graduate, you get a job, you get hit with the loan payments, and then you declare bankrupcy and never pay. It is a system made long before most people in our government were here. The only people this really damages are those who were planning on running themselves deep into debt before they are ready to pay for things. A frugal person realizes unless you are extremely lucky right out of school you will not need big credit until your thirties anyway. Deal with a used car, renting a cheap appartment, and by the time the bankrupcy falls off your record you have years of earnings, a bank account, and smaller credit cards so you can go get a car loan or a mortgage. By then you have work experience and hopefully a job in your field, and you are ready for these things.

    I always thought that system was made for the rich to allow their kids to avoid paying off loans they took while the family gave them the credit to overcome the time it takes for the bankrupcy to fall off your record. I didn't learn this shit from the poor or democrats, this was taught to me by well off white people on how to avoid spending money on a college education.
     

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