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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: Wayners who wrote (28718)	4/7/2010 10:35:11 AM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 103300

Yep! And a good thing too that we could eliminate this Corporate Welfare program that had been shoveling money into the hands of the big banks for decades! For decades the banks have been extending student loans (using money borrowed cheaply from the government) and, of course, keeping all profits whenever the creditor paid back the loans --- but whenever they didn't pay them back, when the loans were defaulted, the banks passed the losses off to the TAXPAYERS. That was the worst of all worlds: Private Profits and Socialized Losses! All this bill did here was TAKE AWAY the taxpayer's guarantee on those private loans. The big banks are certainly free to continue making all the loans that they want to, but they won't be able to get a "Free Lunch" any longer. They won't be able to pass the bad loans off to the government and keep the good ones. And... the MONEY THAT IS SAVED by not subsidizing the big banks any more means that the exact same amount of taxpayer money that was going into the old student loan program can now reach millions MORE students. Win/Win/Win.