But the rub is in congressional abuse of accounting practices. A loan guarantee "costs": 1) in reality: the future default rate, times the average loan that g

But the rub is in congressional abuse of accounting practices. A loan guarantee "costs": 1) in reality: the future default rate, times the average loan that gets defaulted on 2) in theory: the past default rate times the average loan amount What's wrong with this: a) default rate : the default rate under very different circumstances: the default rate for guaranteed-by-the-state loans vs the default rate for large-personal-consequences loans b) amount of the loan: average loan amount vs average amount that gets defaulted on. Everyone who's ever had a late credit card bill knows the vast difference here. So congress got to vastly overspend, giving the money to banks (>72% of the dollars spent will be at the banks in the end, according to one study), while pretending to give it to their constituency (students, overwhelmingly democrat), in a way that will drive a wedge between them and republicans for decades ... So of course they did this ! I mean, sure, it will throw a decent number of those people into destitution constantly for decades, but it's not like that's going to make those guys change their vote. Oh, mor... ? M-what ? Oh, morality ? I donate extensively to my self-owned charities ! I mean, let's give credit where credit is due here. Democrat party : I bow to your absolute genius.