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Forum Post: Elizabeth Warren: Students Should Pay What Bankers Pay

Posted 10 years ago on May 11, 2013, 1:58 a.m. EST by quantumystic (1710) from Memphis, TN
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http://www.youtube.com/watch?v=dS_EXZRPEAw Published on May 10, 2013 "Senator Elizabeth Warren (D-MA) has just introduced a new bill, the Bank on Students Loan Fairness Act, to offer student loans at the same rates that the Federal Reserve charges big banks through its discount window lending program. At the moment, that rate is about 0.75%. The rates on federally guaranteed student loans, meanwhile, is set to double to 6.8% this summer."*

Elizabeth Warren introduced her first bill as senator-- and it would effectively make the student loan interest rate the very same rate bankers enjoy. Could this draw more attention to the big banks?



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[-] 1 points by OccNoVi (415) 10 years ago

What are we investing in ???

Massive, generational dynasties? Or higher education for the masses?


[-] 1 points by DebtSUSPENSIONRights (181) 10 years ago

This is the baby step to actually having Debt Suspension Rights in this country.

[-] 0 points by highlander21 (-46) 10 years ago

The big banks are like stores. They get products for a price. They then mark it up to earn a profit. Banks get money from the Fed at an interest rate. They then mark it up to make a profit. That is it. Those who cannot pay the student debt are a liability for the bank, and they have to make it up on those who have the decency to pay back the debt.
Elizabeth Warren (what part indian is she?) should be congatulated for another useless piece of legislation.

[-] 2 points by OccNoVi (415) 10 years ago

That's not competent for what happens at the Federal Reserve's discount window.

Banks are not paying a market price for these funds. There is no "seller" in the transaction. Instead, the banks' own NGO-with-government-powers is printing new money and handing it out at rates equal to or below inflation rates.

Effectively, this is charity. What else?

The excuse that Bernanke repeats for this charity is that it bumps up the economy. He has pumped out $16-trillion of it, including gifts to foreign banks to support continuation of the USD as the main international trade currency.

But it's nothing but charity. A grand welfare system. The largest in history.

Together with "austerity" for the Middle Class and the poor with fiscal policy, this charity/welfare for the banks in the shadows of the monetary system has produced redistribution of wealth to the wealthy beyond anything seen since the Norman Conquest, when prime tenancy for all of England went over to the conquerors.

"Decency to pay the debt" ????? Back in the 1950s, 1960s, 1970s we still taxed the wealthy. Students graduated with no debt whatsoever, because they had given up years earning money to obtain education. The Middle Class and poor students supported themselves in school with part-time jobs, living in slums and the shacks that had been constructed for veterans after WW II.

Today ????? Debt slavery is the rule. Yes, slavery.

Because what the very rich want is slaves. Through all time. Every century. Every millennium.

[-] 1 points by quantumystic (1710) from Memphis, TN 10 years ago

you clearly are in the pocket of the 1%. when the shtf you will be the first to get you just deserts.

[-] 0 points by Kavatz (464) from Edmonton, AB 10 years ago

Phenomenal. I love her strategic plays. Great link, they nail everything I thought of and more.

[-] 2 points by quantumystic (1710) from Memphis, TN 10 years ago

it is politically brilliant.

[-] -1 points by justiceforzim (-17) 10 years ago

Yes it is. What a softball for her.

[-] -1 points by OTP (-203) from Tampa, FL 10 years ago

It would draw a fuck ton of attention if she put together a platform and toured all the colleges this fall.

Im picturing her creating a PSA group on this, and then teaming up with Move to Amend and FoodandWaterWatch.org. Add Jill, Rocky and Gary to the mix and we are now well on our way to creating that option that actually represents the generation that is going to have to clean up this mess.

[-] -1 points by justiceforzim (-17) 10 years ago

A good start. I have wondered why .gov didn't just make these loans straight up and cut out the middleman banksters. As it is, these loans are guaranteed by .gov, so there is NO RISK. For the banks to make 3-4x;s the going rate is ridiculous. I'll give a nod to FAUXAHONTAS on this one, but then again, it's just part of the DC game and she is playing her part....they are ALL crooks.

[-] 2 points by quantumystic (1710) from Memphis, TN 10 years ago

yes i agree. i need to see more. much, much more before i say i support her. i doubt the system can be reformed from the inside. let us see if she can prove me wrong.

[-] 0 points by Nader (74) 10 years ago

I believe Stafford loans are now direct loans from the government. You no longer go through a bank.