If further proof is needed that the mainstream media are in the tank for Hillary, look no further than the student loan debt crisis facing many of our youth, who cannot find good jobs to pay back the massive pile of debt required to pay for runaway tuition prices. It was Bill Clinton who handed the students head on a platter to his bankster donors, when he signed the Higher Education Amendments in 1998, which made it virtually impossible to discharge student loan debt in bankruptcy. Only a person who participated in the MKUltra project could believe that Hillary is for the little guy.
The bankruptcy process is the free market’s way of protecting against imprudent lending. If banks must suffer the consequences of making bad loans, they will conduct the proper due diligence to maximize the probability of getting their loans repaid. However, if lenders can make loans that the govt backs with the promise to hound the borrower until they die, then the consequence for imprudent lending is reduced, resulting in loans being made to anyone with a pulse. As long as we have career politicians like the Clinton’s and Bush’s, banksters and anyone looking to eliminate the competition (i.e. healthcare industrial complex) will find it easy to buy the perfect, risk-free trade.
When ignorance gets started it knows no bounds – Will Rogers
Just as this imprudent lending produced the real estate bubble and mortgage crisis, the over-abundance of student loan money has driven tuition costs beyond what can be afforded by a part-time job, as was the case before the financialization of America and explosion of debt that started in the early 80’s. Just like all subsidized industries (i.e. healthcare), universities are more than happy to take the money to pay for unsustainable pensions, without any incentive to actually graduate kids with the skills needed to obtain a job they went to school for, which now applies to 60% of graduates. BTW, these same negative consequences would result with Bernie’s plan to make Wall Street and tax payers pay for a free ride, except his plan insures there will be less jobs available for the unprepared graduates. The lessons from our grandparents still apply – you get what you pay for, and there’s no such thing as a free lunch.
Pictured above includes, infamous insiders Larry Summers (far left) and Boehner (far right). Who you don’t see is McCain (between Greenspan and Phil Gramm).
It just so happens that this unbridled, imprudent lending practice was also unleashed by the Clintons when Bill signed the Gramm-Leach-Bliley Act in 1999, which dismantled Glass-Steagall, the legislation that was put in place in 1933 (after the 1929 crash) to separate traditional (relationship) banking from commercial (transactional) banking. Once commercial banks could use grandma’s savings for their PROPrietary trading, and get their too-big-to-fail losses covered by the tax payer, well, as they say, the rest is history.