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Don’t let student loan plan change

July 26, 2013

A compromise on student loans that Sen. Joe Manchin helped craft was approved this week in the U.S. Senate and sent to the House of Representatives....

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Jul-26-13 3:53 PM

I really didn't want to touch on the GM bankruptcy but after some thought, it occurs to me that it is relevant. As Random, GM did indeed file bankruptcy and as he also pointed out, it was a manipulated bankruptcy that s c r e w e d secured stakeholders in favor of those who contributed financially to the Obama campaign.

Had the bankruptcy worked, then maybe those who supported it could make some sort of honest claim but the fact that despite the fact the Government “invested” millions into GM, they still face the same legacy cost that led to their insolvency in the first place, thus the US branch of GM will soon face insolvency once again and will require ANOTHER bailout. If one can say that is kosher then I would say that person was a partisan hack with an agenda.

This is what happens when the government tries to act in a reasonable manner. Student loans should be strictly controlled with all funds put back into future loans and not financing other doomed legislation.

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Jul-26-13 12:36 PM

Forgot to add that the American taxpayer is still on the hook for $18 billion in GM debt for the stock we "bought".

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Jul-26-13 12:34 PM

What many fail to realize is GM DID go bankrupt. The resulting terms of that bankruptcy rewrote the prevailing settlement laws and favored his constituents, the UAW, but left the bondholders with the losses. It also preserved the union's retirement packages but wiped out many nonunion pensions. This new package pretty much follows the "do nothing" House plan with caps added that would allow rates to rise to almost Carter rates of interest. When the QE3 stimulus does slow or stop those rates will be here before you can say "Jimmy Carter".

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Jul-26-13 11:29 AM


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Jul-26-13 10:24 AM

I firmly believe that if anyone should get a break in interest rates it should be "The Student." An education, is the greatest investment in our nation's future. I also believe that our government should "SOMETIMES" loan money to corporations such as General Motors and some banks at a reasonable rate, along with severe controls and restrictions on how that loan is utilized. Those that opposed the saving of GM, fail to recognize the financial devastating ripple effect that would have happened to millions of Americans. The entire state of Ohio is so dependent upon the auto industry that had GM went into bankruptcy and shut down, even for a brief period of time, the entire state government may have been bankrupt as well.

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Jul-26-13 9:25 AM

While I agree with the two below in that our government shouldn’t be giving away money to giant corporations, my beliefs are not as dimwitted as theirs in that I believe our government has no business trying to prop up private industry. We have no more business investing in Sunoco then we do Solyndra and if our government is going to loan money, it should be at viable interest rates. There is no such thing as too big to fail, whether it’s the bank that carries Congressional retirement funds or an automaker that’s been around for a while.

I also do not believe government should try to make money off students to prop up other government programs as Obama has in this case. The interest rate should be set conservatively as to cover administrative cost and any profit earned from repaying student loans should be returned to the student loan program. No one, including the federal government, should be profiting off of students trying to better themselves.

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Jul-26-13 9:17 AM

denver, you are picking up something that your buddy manydems talked about a few days ago. Banks go to the discount window for short term collateralized loans at the current market rate which is now very low. Hardly comparing apples and oranges here. But don't let facts get in the way of trying to make your point.

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Jul-26-13 5:25 AM

I wonder what the author of this editorial thinks about the Banks borrowing money from the federal reserve at .75% interest??

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Jul-26-13 12:28 AM

It makes little sense to keep providing billions of free dollars to the oil industry each year while charging out future educated citizens billions of dollars in interest who are struggling to pay off education loans. Corporations buy our politicians while students are too poor to have any influence at all... Politicians in Washington, D.C. are little more the street walkers...prostitutes

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