Hey! Where the hell are my Lobbyists???? That was my reaction when I read this article about how Sallie Mae is lobbying the shit out of the Government to counteract everything Obama seeks to do regarding Student Loans, as stated in the State of the Union.
"President Obama called the idea a “no-brainer” last fall, predicting it would take billions of dollars from the profits of private lenders and give it directly to students, and many colleges were already moving to get loans directly from the federal government in anticipation of the next move by Congress."
"But an aggressive lobbying campaign by the nation’s biggest student lenders has now put one of the White House’s signature plans in peril, with lenders using sit-downs with lawmakers, town-hall-style meetings and petition drives to plead their case and stay in business."
Who in the heck is going to sign a petition agreeing that students should be screwed because they irresponsibly went to school and incurred debt instead of becoming a compulsive gambler or shopaholic--let's say. The Private Lenders are the evil middlemen... And the government would be in a better situation to give kids a break, than heartless Sallie Mae. Reps of Sallie Mae probably attend your funeral to make sure you're dead before they stop calling you for your payments.
"Sallie Mae, a publicly traded company that is the nation’s biggest student lender with $22 billion in loans originated last year, led the field in spending $8 million on lobbying in 2009, more than double the year before, and other lenders spent millions of dollars more, according to an analysis prepared for The New York Times by the Center for Responsive Politics."
How many students' loan payments did it take to pay for $8 million dollars worth of lobbying efforts? This is worse than buying sneakers made by child laborrrs in Indonesia. At least the child laborers don't have a vendetta against you. Sado-Masochist takes your money and flogs you with it until YOU DIE.
"The student loan industry, which would be forced out of the loan origination business if the proposal became law, is seeking to cast the administration’s plan as an ill-conceived government takeover that could put thousands of people out of work at private lending centers around the country at a time when unemployment is hovering around 10 percent."
For some reason, I don't give a shit. I don't care if we put the producers of child porn out of business either. Nor do I care if drug traffickers join the realm of the unemployed. If you are in an evil business that makes money off of the torture of innocent people, then you deserve to be out on your ass, joining the bread line.
“We anticipated this,” Arne Duncan, the education secretary, said of the lending industry’s lobbying efforts. “They’ve had a sweet deal. They’ve had this phenomenal deal that taxpayers have subsidized, and that’s a hard thing to give up.”
Bravo! Calling a spade a spade. The jig is up, fellas. I hope to God your evil scheme of buying our legistlature doesn't make our elected officials blind to the fact that students are defaulting left and right and there is no where for people to go.
"At the same time, Sallie Mae and other lenders have staged a series of town-hall-style meetings at their job centers around the country to help mobilize opposition to the White House plan and collect thousands of signatures for a petition drive in support of their own plan."
WHO THE FUCK IS GOING TO THESE MEETINGS? ARE THEY DEAF, DUMB OR STUPID??? This is not a socialist agenda put out by Obama.. this is Corporation that is on welfare from the government, screaming entitlement. I wouldn't want to give up those perks either. They are worse then big business, they are big business--minus risk.
Look, I don't like Obama's plan either. But something needs a'fixin. In fact, if my plan for education went through, it would be the end of education and lending as we know it. So, until my liberatarian principles are followed.. let's do something different, PLEASE!
Open Thread - Round two of shuddery-cold fever has me in its grip, so please use this threat to talk among yourselves, should you so wish.
10 hours ago