The new and dark BAILOUT is coming soon: STUDENT LOANS
TARP was the name of the first bailout program that corrupt boy-genius Bush used to cover up all the bakster losses during his regime. That program started off with about $700 Billion in “emergency” tax payer funds to select banks. Who knows how much additional money they have received since then. The FED likes bailouts with creative names like movie titles or something, ex “Operation TWIST” and “Quantitative Easing” they like sequels and abbreviations too, like “Quantitative Easing 2″ or QE2.
What name do you think they will give the next bailout? You know, the student loan bailout that is fast approaching like an earthquake driven tidal wave. What will they call it this time?
Blake Ellis’ article brings attention to the $150 billion in private student loans alone that are currently outstanding or facing default. Kelly Evans points out the total of the outstanding student loan debt is already past $1 Trillion dollars. However, it’s Scott Cohn’s write up that explains the real impact these loans are having on people’s lives.
The sad truth is the current student loan scheme is the most shameful loan sharking scandals in our society. It effectively punishes those who are trying to improve their lives by LEARNING and rewards those who take careless risks for money, Banksters.
Visit any college campus this fall and you will see the bankster blood sucking credit card stands set up offering students free t-shirts and food and drinks and whatever to get them to apply for a credit card. They say how easy it is to get a $5000 or $10,000 credit line. They say yeah you can use it for books or whatever its awesome.
They don’t talk about the crazy interest-rate tricks and the fact that if you pay the minimum balance you can never repay the loan back by design. They just continue each semester to hook new “fish”
freshmeat freshmen into their fast money tax-payer funded ponzi scheme.
The good news for the student who many times is just turning 18 is that the credit card debt is unsecured so worst case it will fall off of their credit report in 7 years or so if they can’t pay it back. It is an unsecured loan so the lender knows they are taking a risk so if they lose its on them. Worst case still the student can file bankruptcy and get a judge to discharge the debt.
Enter the Student loans. Many of the same banking institutions who have credit card loans also offer student loans but now they have schemed to get the government to buy the bad loans whenever these UNSECURED loans default. This makes the banks winners for writting bad loans and makes the student borrower a life-time loser-slave who is subject to FORCE GOVERNMENT COLLECTION OF DEBT and CANCELLATION OF SOCIAL SECURITY BENEFITS as well as ISSUES WITH THE IRS if they don’t pay. The student loses rights as they are now unable to file bankruptcy to remove student loans as the lender is now the GOVERNMENT.
This system’s net effect is to hurt young people while helping old banksters. Sure there are a few students that make it through college and land a job before their student loan payments are due but how many of them keep their jobs? How many never find a job in this shrinking job market? How are these people who can’t find a job going to pay back $25,000+ in loans when they don’t even have a job? How is it morally acceptable to garnish an ex-student’s meager wages when they are working hard just to pay the damn light bill?
How do you think people will respond to the announcement that the student loan system will be bailed with over $1 Trillion dollars in fresh tax-payer money to the banksters? What do you think they will name this bailout? QE5 The Dark Bailout Rises?
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