Did you catch the new bill being introduced for new legislation surrounding student loans? The bill where student loans (possibly $1,000,000,000,000.00) can be defaulted on through bankruptcy now?
The problem is that once again these loans are government guaranteed, in other words the tax payer is on the hook again for predatory lending. See there is no risk to the student if they can default (except credit score), no risk to the lender who should never of made these loans to students in the first place, and all the risk on the government; who doesn't really exist, as "the government" simply means our tax dollars.
The irresponsible student and their parents win.
The university who recieved the money in exchange for a useless education wins.
The lender who shouldn't of loaned the money wins because their risk was eliminated.
The politicians win because they are giving away free money as usual.
The only losers are the people employed who will eventually pay for these bad loans through taxation.
It always goes this way, institutions love capitalism when they are profit taking, but demand socialism for losses. This is a deformed type of capitalism called "crony capitalism" that is responsible for the criticism of free markets and real capitalism.
The banks, the mortgage industry, the auto industry - all take the profits on the upside and demand the Government socialize the losses on the downside.
When will people wake up to this reality?
Will the people wake up? I believe they are beginning to - Trump's election was evidence of that. Whether or not enough will awaken before all liberty is lost is another thing entirely. Upvoted, Followed
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Meh. The collapse is coming. All this will seem like puppies and kittens.
I fully agree!