09-11-2019, 12:16 PM
(09-11-2019, 10:24 AM)bfine32 Wrote: The article stated the debt program was nationalized in 2010. Now you may suggest that's a lie, but if it is true I'm pretty sure the Dems controlled both houses of Congress.
Sure they are. They have saved them from incurring the costs of a record number of defaulted loans. They American People must now pay that cost. The difference is: The private leaner got to select to whom they lent money; unfortunately, the American public does not
Of course you can continue to do what you do.
If pointing to the content of the article is "Taking the High Horse" then guilty as charged.
Okay, let's point to the content of the WSJ article . . .
https://www.wsj.com/articles/the-great-student-loan-scam-11566343674
Quote:Congress created these nifty plans in 2012
So they nationalized the market in 2010 two years before these nifty plans were created? And they got the Republican controlled House of Representatives to approve a college loan plan that would retroactively fund Obamacare as these same Republicans were trying to get rid of Obamacare? That's complete BS.
Nationalized what markets? And how does that specifically pay for Obamacare instead of anything else our taxes pay for? Don't bother answering because I know you don't know because the WSJ just stated it was fact without any supporting evidence to explain that opinion.
The American people aren't paying the cost of these loans because they are student loans. Not consumer debt which can be discharged during bankruptcy. It's almost impossible to get rid of student loan debt. Less than 1% of bankruptcy filings include student loan debt because it is so difficult to have discharged most people don't even try. Which leaves the student loan borrowers with some options: 1) pay voluntarily, 2) pay involuntarily via wage garnishment or withholding of tax returns, 3) die. But, you're not paying off their debt.
Lastly, you see that bold part? So you're point being the government bailed out the private lenders from making loans. Loans that they wouldn't have made in the first place. To summarize: you want me to believe the government bailed out lenders by preventing them from making loans they wouldn't have made. That's F'n brilliant. Except for the fact you've already mentioned these private lenders knowingly agreed to mortgages they knew would fail and Wall Street sold derivatives based on these bad loans IOT profit in the short term. Leaving the taxpayers to bail them out. It was the single greatest redistribution of wealth from the poor and middle class to the wealthy ever in the history of the world. That was the greatest accounting scam ever. Bar none.
Let's take this one step further and connect some dots the editorial board of the WSJ never will. What's the conservative mantra anytime anyone mentions increasing wages . . . ever? "Oh, we can't increase wages because businesses will just pass the cost along to the consumer and then we'll have the $2 menu instead of the $1 menu at McDonald's. AND I'M NOT PAYING $2 FOR F'N McNUGGETS SO SOME LOSER CAN LIVE ABOVE THE POVERTY LINE!" Right? When consumer debt to private lenders is discharged in bankruptcy they lose money. What do you think happens there? Private lenders pass those losses on to the consumer, you. Damn, those lenders are making you pay for other's bad debt and bad decisions. That sounds like some sort of accounting fraud; shifting their debt onto you. But, the WSJ editorial board isn't going to mention a capitalist screwing you. Why? Because they don't want you to realize they're screwing you.
If the WSJ wants to change my mind, show me some evidence. Not unsubstantiated claims.
