4 ms·
It's not just an unfair reading it's a laughably short-sighted reading. These loans are ultimately guaranteed by State and Federal governments (meaning the ban
by dnomad 8y ago
It's not just an unfair reading it's a laughably short-sighted reading.
These loans are ultimately guaranteed by State and Federal governments (meaning the banks take zero risk beyond servicing costs) and yet they magically generate billions in profit. Where do you think those billions come from? What do you think actually happens when this woman effectively defaults on her loans? Who really loses when this woman can't afford to start a family or start a startup because she's paying thousands of dollars to banks and collection agencies who, again, took zero risk?
Really, the American tax payer might be the dumbest type the planet has ever seen. The genius of the student loan racket[1] is that Americans are paying billions to the government to steal billions from other Americans and then give those billions to banks -- who are working full-time to further undermine American democracy. It's a scheme whose boldness goes beyond the outright slavery and peasant-bondage paradigms of the past. The elites have actually tricked their victims into paying for their own chains.
[1] https://abovethelaw.com/2010/09/the-student-loan-racket-now-in-one-easy-to-understand-graphic/ https://abovethelaw.com/2010/09/the-student-loan-racket-now-...