Posted by
Playful Walrus on Monday, September 21, 2009 3:31:07 PM
Caren Bohan reports in this Reuters piece that Obama is criticizing banks for being against further government involvement in financing higher education.
President Barack Obama criticized the largest U.S. banks on Monday for trying to thwart legislation that would overhaul federal student loan programs.
Of course businesses are going to seek to protect their interests. This is part of a larger problem. The more power the central government has, the easier it will be for the elite to manipulate the system to their advantage. This is why we need limited government with separation of powers.
He singled out in particular banks that have received bailout money from the federal government, saying they want to maintain the status quo on student loans because they get an "unwarranted subsidy" from it.
So what if that is true? Welfare-dependent crackhead Democrat voters do the same thing.
The U.S. House of Representatives last week approved legislation that would cut major banks and student loan giant Sallie Mae out of a large slice of the $92 billion university student loan business, shifting most lending into a program run by the U.S. Education Department.
Where is the Constitutional justification for the federal government being involved in any of this?
"The large banks -- many who have benefited from taxpayer bailouts during the financial crisis -- are lobbying to keep this easy money flowing."
He says that like it was wrong for the banks to take the bailout money, but that's not what he seems to believe, if the rest of his actions are taken into account.
Many U.S. students take on crushing debt loads to pay university bills that can total $50,000 a year or more at the country's private universities.
Why? We are paying so much for public universities and community colleges. Why should we make it easier for private universities to increase tuition rates? Maybe if the federal government wasn’t providing loans and outright grants, the universities would have to keep tuition rates lower or risk not getting enough students. I just don't see the justification for any kind of federal involvement in higher education, except when it comes to military academies and scholarships for military veterans.