The democrats have created another bubble which like the housing bubble is about to burst. This time it is student loans. For perspective, there is more money tied up in outstanding student loans than all the credit card debt in this country, over a trillion.|
And like the housing bubble it was created by allowing the gubmint to guarantee student loans with no oversight of the borrower's ability to pay it off. Young Americans have been seduced into borrowing amounts they can never pay off. One anecdotal report has a woman owing over $250,000 in order to get a degree in Social Work, so she can "help society." She will never pay it off.
What you may not know is that in 2009 Obama and the Dems took control of student loans from those evil bankers and we are on the hook for billions, or more.
So now we are finding that they are so risky that no one will buy them from Sallie Mae which pulled its latest offering after two weeks. Is another bubble is about to burst?
PS - I guess it is saps like me that put my kids through college with our own savings. Now I will probably get to pay for that girl's degree in Social Work too.
"If a law is unjust, a man is not only right to disobey it, he is obligated to do so."