Obama Taking Over Another Industry ~ More Layoffs Coming

By
Real Estate Agent

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.

 

School Loan Source

Sweetheart Deal North Dakota Source




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Show All Comments
Rainmaker
222,579
Eric J
Eric J - Dream Home Financing - Freehold, NJ
Dream Home Financing

Bonnie, we are all doomed. Lets see how far this goes before people wake up

Mar 19, 2010 02:17 PM #1
Rainmaker
566,831
Delaware Junk Removal Residential And Commercial Hauling Clean Outs
Delaware Junk Removal 302-530-9186 - Wilmington, DE
Whole House Clean Outs, Basements, Garages, Attics

The mortgage industry is next  then Realtors until we all are owned.  Not such a big stretch is it?

Mar 19, 2010 02:28 PM #2
Ambassador
2,540,880
Steve Hoffacker
Steve Hoffacker LLC - West Palm Beach, FL
Certified Aging In Place Specialist-Instructor

Bonnie,

This bill - which is all about control - couldn't get passed on its own so it's now been tacked onto HR 3590. :)

Steve

Mar 19, 2010 04:11 PM #3
Ambassador
2,540,880
Steve Hoffacker
Steve Hoffacker LLC - West Palm Beach, FL
Certified Aging In Place Specialist-Instructor

Larry,

You are right. I wish that NAR and NAHB would see this coming. It just one domino after another. :)

Steve

Mar 19, 2010 04:12 PM #4
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Eric,  Our country is doomed.  We can't let this continue.  We have to stand and fight for our core values which seem to differ drastically from those currently elected.

Mar 19, 2010 04:30 PM #5
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Larry,  Serfs to the state.  that's where we are headed.  How much more will the American people take before they rise up?

The latest poll shows 76% of Americans are in favor of voting out ALL elected officials regardless of party.  That's a measurable anger that will continue to fester. Wait till they actually find out what is in this bill.

Mar 19, 2010 04:32 PM #6
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Steve,  Tacked on all so quietly wasn't it ?  What else are they slipping in on us?

Mar 19, 2010 04:34 PM #7
Rainmaker
832,238
Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

Congratulations this post is now featured in the Silent Majority Group of Active Rain.

Mar 20, 2010 01:10 AM #8
Rainmaker
832,238
Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

It is amazing to me how many secrets are in this health care bill - what about term limits for presidents?

Mar 20, 2010 01:12 AM #9
Rainer
312,080
Michael Delaware
North Sky Realty LLC - Battle Creek, MI
REALTOR®, CRS, GRI

I have always thought that the practice of adding non-related programs to a bill should be abandoned.  I remember Reagan standing during his State of the Union emphatically saying that the Government spends too much money, and holding up a recent bill he vetoed that contained with 5 billion dollars allocated for 'Blueberry Research' tucked away within it.  The media was of course attacking him for denyng the other items in the bill, and not mentioning the fat.

The recent stimulus package, which was supposed to flank the lending industry, slipped in Mental Health Parity, which gave a free ride to the Psychiatric Industry to receive equal insurance billing and coverage for other forms of medicine, such as Cancer, and Stroke.  Nice free bankroll if you in that business, and all you do is write prescriptions.  Also a nice free boost to big Pharma, and we wonder why medical insurance has gone off balance?

Mar 20, 2010 04:59 AM #10
Ambassador
891,817
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

We are supposed to be shocked that an elected representative has a sweetheart deal hidden in a bill... and that Obama is cool with it as long as he gets the vote for his agenda?  Sorry... 

Mar 20, 2010 12:37 PM #11
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Thanks for the feature Nick

Mar 20, 2010 01:25 PM #12
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Nick, What about firing the President mid-term?

Mar 20, 2010 01:25 PM #13
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Michael, I have never understood how they can bury unrelated bills that way.   If you favor one bill and oppose the other how can you vote?

Mar 20, 2010 01:29 PM #14
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Lane,  what happened to transparency?  I think Obama hid it in the bill.

Mar 20, 2010 01:30 PM #15
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Rainmaker
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Bonnie Vaughan

CNE SFR - Buyers/Sellers - Lackawanna & Surroundin
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