Obama's New Money Maker

I copied this from the Insight news page:

"WASHINGTON (Reuters) - President Barack Obama on Tuesday will sign into law an overhaul of the college student loan program which cuts commercial banks out of the student loan business, drying up a multibillion dollar profit stream.

The student loan overhaul fulfills a long-time goal of Democratic lawmakers to end the bankers' role as middlemen and replace them with direct federal loans and aid to students.

The White House said the change would save taxpayers $68 billion over the next decade. The money saved will help expand and strengthen the federal Pell Grant program for students."

Now the government is in the direct/actual money lending business!! There is a big difference between standing behind or guaranteeing a student loan, or a VA Home Loan, and the government outright loaning the money. Now that the government is in the banking/money lending business, I wonder where it will stop. Answer, it probably won't stop until we become the United Socialist States of America.

Grumpy

No surprise there. Whats next national sales tax? I think it's coming especially if we don't vote as many of those Liberals out during the mid-terms.

Sad times seem to keep on getting more sad with each passing day....

This is nothing new. I got federal direct loans 16 years ago.

Now if they can just help an average white kid with parents that "make too much" get a scholarship or two we'll be in business.........

Sounds different to me. If I read it right the private business is gone it's all gubment now...
So now you can go to school and owe the gubment, get a loan for a house direct from the gubment and buy a car direct from the gubment.:eek:

[QUOTE=Col Forbin;408419]This is nothing new. I got federal direct loans 16 years ago.[/QUOTE]

Yea, but you probably paid them BACK to Sallie Mae or USA Funds or someone like that. The gubment got out of underwriting Student Loans in the 80's because the SUCKED at it.......now I guess they want to **** at it again.

Later,

Geo

There are some HUGE issues here.

I really don't like the fact that the gubment........the same ones that push a LIBERAL agenda, the same ones that want to socialize medicine, energy, farming, etc, etc, will now have a say in how much you get, how much is "authorized" for certain programs, and how much goes to "certain" schools. While those issues don't exist in any existing legislation, I can see it being put in SOON.

Yes my friends, the Obamunists are coming. Communists were bad enough.......now we have to deal with an even WORSE menace, because so many tunnel visioned fools drink the Koolaid and are on the Obama Bandwagon.

It's all part of their Government take over mentality. Obama and his cronies are border line Communists. I'm serious look around you at what's happening he thinks he's Joseph Stalin or something. They want to control litterally EVERYTHING.

[QUOTE=GeoFisher;408461]Yea, but you probably paid them BACK to Sallie Mae or USA Funds or someone like that. The gubment got out of underwriting Student Loans in the 80's because the SUCKED at it.......now I guess they want to **** at it again.

Later,

Geo[/QUOTE]

No, send my checks to the United States Department of Education - government office. The process back then, was apply for federal financial aid, get denied, and they would direct you to the federal government loans. You always had the option to shop around for better rates, but they couldn't be beat, and have been extremely easy to deal with since.

Just seen where Sally Mae announced they are laying off 2,500 employee's as a result of this government takeover. Who wants to be next to vote themselves out of a job? Anyone?.... Anyone?

[QUOTE=bassiusmaximus;408483]Just seen where Sally Mae announced they are laying off 2,500 employee's as a result of this government takeover. Who wants to be next to vote themselves out of a job? Anyone?.... Anyone?[/QUOTE]

Man, you are SO right........I have a TON of friends who are looking for jobs......All my LIBERAL friends I tell them.........you brought this on yourself.

I know that is a tough pill to swallow, but GUBMENT healthcare and Medicare Cuts are key components to my company laying off people, and I know people at UNH, Cigna, etc, etc, who are out of work now.

AND then you look at Doc in the BOX type places.......they are closing left and right. Without a base of people working, these people tend to not get services performed........BOOM, another failure.

AND then you look at the Financial Sector. I know NO ONE who wants to work for any of the big players who took TARP. NO ONE.

AND then you look at this new Sallie Mae issue and the other Student Aid Groups.

Yes my friends..........Obamunism at it's BEST.

Later,

Geo