Obama Care

[12thMan]

Originally Posted by GMScud

First the health care industry. Now with the changes being made to federal student loans, lots more young Americans are going to be carrying financial debt with the US of A as the lender. Awesome decision given the crapper the banking industry is already in. And it further expands big government. Blech.

I'm all for education, but our banks are hurting too much right now for another multi-billion dollar blow.

New rules streamline student loans, eliminate some pitfalls - USATODAY.com

You don't think it's a good thing that the banks, who have been and are still making money hand over fist, are essentially cut out as the middle man? This sounds like an all around win. If the bank lobbyists hate it, then it must be good. It appears to be a win for the students and a win for cutting the deficit in the long run. These loans were subsidized and 100% backed by the government anyway. Now the government can actually save a huge sum of money and charge reasonable rates.

[saden1]

Originally Posted by 12thMan

You don't think it's a good thing that the banks, who have been and are still making money hand over fist, are essentially cut out as the middle man? This sounds like an all around win. If the bank lobbyists hate it, then it must be good. It appears to be a win for the students and a win for cutting the deficit in he long run. These loans were subsidized and 100% backed by the government anyway. Now the government can actually save a huge sum of money and charge reasonable rates.

It's a government takeover of, I have no idea of what seeing how they have always been involved, but if the government is involved it's a government takeover.

[GMScud]

I totally get what you and 12th are saying. I have NO issue whatsoever with the federal gov't lending money to students. In fact I think it's great. Just as far as the United States banking industry is concerned, I don't think we should kick it when it's already down.

[12thMan]

Originally Posted by GMScud

I totally get what you and 12th are saying. I have NO issue whatsoever with the federal gov't lending money to students. In fact I think it's great. Just as far as the United States banking industry is concerned, I don't think we should kick it when it's already down.

I can live with that.