In a time when job creation is critical, would you expect Washington to take over an industry and eliminate jobs in the private sector?
- Obama is planning to eliminate an entire industry from the landscape of America, and convert it to a government run entity.
The administration is moving quickly to pass legislation which would take over the Student School Loan program.
- The move according to the administration will save 67 billion over the next 10 years. Those savings amount to fees paid to third party lenders. The third party banks and lenders employ people to process these loans and administer them. The bank is also making profits on interest from a government guaranteed loan.
The savings of 67 billion would then be used to fund more grants to low-income students, who traditionally are minorities.
This is another circus in the making. If you have ever known someone who applied for an SBA loan - the red tape is enormous. The student loan program at present is fairly streamline.
- When the government is in charge - everything gets screwed up. The government never adheres to deadlines. You can just imagine students being left out in the cold because their funding is tied up by some lazy bureaucrat.
Tucked in - or - tacked on, which ever you prefer, to the health care legislation is also the student loan law. The original wording was changed recently to allow only State Owned Banks to be able to handle student loans aside from the federal government.
Are there any state owned banks. You Betcha!.
There is only one single state owned bank in the entire US of A. The Bank of North Dakota. Seems Sen. Kent Conrad (DND) is the chair of the Senate Budget committee through which any reconciliation bill must pass.
- Does it seem strange that the wording of this bill would fortuitously be changed so that his state had the only bank in the US which could qualify?
The deals get bigger and bigger and more disgusting. Latest reports are that amidst public outcry the school loan program "may" be taken out of the health care bill before Sunday.
- Don't count on it. Don't count that those slippery con artists we have in Washington won't come back at 3am and tack it back on.
All the winners in Washington are scooping up their spoils so they can go back home in November and try to appear to be heroes.
- The losers in this sweeping legislation are you, me, our children and our grandchildren.