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Yep and it wouldn't even be a bailout that was repaid like banks did. Its more like GM and Chrysler which I was against because bondholders paid a dear price to save them beyond government.
The GSEs bought the substandard loans (dictated by HUD requirements) from the originators who were cooperating with HUD Affordable Lending goal agreements, repackaged them as GSE-issued MBS, and misrepresented those products as prime when they were not.
And absolutely no one was charged with this.
Quote:
Because the federal government itself is complicit. They will neither police nor prosecute themselves.
The government didn't only "agree to" Mozilo's and Countrywide's acts, it dictated them via HUD's Affordable Lending agreement.
Think? It's been my argument all along. Nowhere have I argued differently.
In a culture in which nobody wants to be accountable for their monetary decisions, living up to the consequences of one's actions is so Old School, isn't it? Only suckers do that.....
Curious if you would use that same argument in regards to what we spend on wars.
In the Old School, tuition would not be what it is today.
What about all the people who don't have children? Why should their taxes be raised to pay for everyone else's bad choices?
For the same reason we are having this entire discussion. Someone in a large city that doesn't own a car could just as well argue that their taxes shouldn't go to build interstates.
That wouldn't work would it?
When you treat one person or group in a special way it's natural for others to question why they are being excluded.
I don't want to finance it... the problem then is our elected leaders... if you don't like it stop electing the same people who do it... last time, I checked, they are still in office... I would love to see Harry Reid and Nancy Pelosi get outed... Obama is still in the White House... the people responsible are still there... so I won't hold my breath...
This is the reason it will not stop. The other side has no intentions of stopping it either but yet you only complain about one side.
All citizens could be issued a college diploma from Harvard along with their Social Security card. That piece of paper isn't worth much these days anyway. Dilute its value completely. Problem solved. Equality for all.
Warren is very Progressive, but this news article is a hit piece by the Daily Caller.
Warren wants to pass a law to let people with older studen loans with interest rates normally near 7% (I have one from my Master's near this range), to refinance down to the current rate of 3.86% for all new loans.
She does want to refund the paid interest, back dated to the loans issuance, so the loan would in the end act like it was always a 3.86% loan, instead of near 7%.
And honestly, for a loan you can NOT get rid of in bankruptcy, it is crazy that I pay a higher interest rate on that loan then I do on my primary credit card (6% flat). I have no idea, when rates were so low on the open market, why student loans, with all their security for the lendee, are so high.
Basically is a tax on education in a way since it doesn't match the true market rates.
I honestly hope this bill does pass because a rate near 3.86% is what most students should've been paying for (super) secured debt several years ago, instead of this crazy interest tax.
P.S. I'm fine if student loans went to the private market to provide competition (not this sallie mae crap we had) with the same "no bankruptcy" guarantee as long as the interest rates followed the suit. A 10 year Treasury rate is around 2.6% right now, so a student loan should be between 3.3 and 4% with the implied debt security for a 10-year repayment schedule.
All citizens should be issued a college diploma from Harvard along with their Social Security card. That piece of paper isn't worth much these days anyway. Dilute its value completely. Problem solved. Equality for all.
Not all students with debt go to Harvard. It is really an overrated institution.
As far as a diploma's only use, being as toilet paper
Isn't it rather sad for a couple of generations that won't be able to profit from education like their
parents and their parents did....
I mean, it's not like we have an agricultural base anymore, and everyone can be a farmer.
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