click on graphic to enlargeThe above graphic shows the rise in student lending starting in 2010 – the year that BO nationalized the student loan industry meaning that the federal government took over student lending from private lenders like Sallie Mae & commercial banks. Since 2010 all government student financing has originated in the Department of Education through the Federal Direct Loan Program.
Today over 44 million people collectively hold $1.56 trillion in student debt - roughly one in four American adults are paying off student loans.
Now the magnitude of the problem was not missed by Congresswoman Maxine Waters (D–CA), Chairwoman of the House Financial Services Committee, when she questioned bank CEOs @ a committee hearing on April 10.
What Maxine did miss, as she embarrassingly went through her incriminating line of questioning @ the hearing, is that the federal government is responsible for the student loan rise shown on the above graphic - not the bank CEOs. Finally, after two CEOs told her the respective year prior to 2010 that each of their banks stopped making student loans Jamie Dimon told her that JP Morgan Chase stopped all student lending in 2010 when the the federal government took over the program. Maxine then moved on to the topic of small businesses with similar humiliation for her before she pathetically said "my time is up."
Now just like man on the street interviews that have comparable momentary funny moments the above account from the hearing soon passes the amusement stage when you realize that Maxine Waters is the top finance regulator in the House of Representatives – & she knows nothing about the topic.
Maxine is much more comfortable mindlessly yelling "impeach 45" or ginning up people to push back on cabinet members to make their lives miserable @ restaurants, department stores, & gasoline stations by telling them that "they are not welcome."
Maxine Waters has been @ the forefront of the incivility shown against President Trump since November 8, 2016. It is one thing for Maxine to be a leader in this incivility but quite another, we should all hope, for Americans to tolerate the total lack of understanding, preparation, & integrity she showed @ the above hearing.
Doug Re: Maxine Waters
ReplyDeleteYour short post very succinctly underscores few key points.
1- Waters is not a member of the Elite Left. . Rather she may have become a major proponent and spokesperson of Elites tactics & strategies due to an internal intense dislike of entrepreneurs, most businesses, banks, etc, while falling for the Elite propaganda early in her life. She, as majority of Dems, are useful tools for promoting Elites end game. These Elites include George Soros, BO, MO, Valerie Jarrett, Susan Rice, Samantha Powers, Peter Strzok, Andrew Weismann. Their end game is a new World Order that destroys capitalism and freedom of speech and thought. Calling them Marxists is too kind. Their drive for totalitarianism comes closer to Stalinists.
2- nationalizing student college loans was a major milestone to reach this new World Order. The $1.56 trillion debt, almost 10% of our GDP, is part of a huge debt ticking time bomb that can tank the dollar and our economy. But this is what the Elites May want, then blame capitalism and thus accelerate drive to New World Order.
3- the Elites are masters of using their policies to further increase income gaps. Hence they constantly protest any pro growth policies like Trump tax cuts & deregulation as factors for economic plight of many, some real but many manufactured by Elite propaganda
So what are we to do?
AG Barr better move quick. With preponderance of Deep evidence of crimes by many of the Elites, he should have few grand juries set up against Comey, Strzok, Clapper, Brennan, McCabe, Clinton .... so many ... by end of July. If not then the Elites are closer to a nearly unstoppable momentum.
We must strongly support Trump and all Constitution loving conservatives for public office and pray for them.
Finally in a civil way challenge any of your friends or family members support of Socialism.
Outstanding post!
Economics501
More on Maxine. Click here.
ReplyDeleteOh my. The irony. IF you read Trumps tweets, which you told me you don’t -THEN you might think twice before complaining about incivility against our terrible President. I guess you are also totally unaware of the death threats people receive after Trump maligns them on twitter?
ReplyDeleteI just wish you weren’t so biased in your thinking Doug. What if you are wrong? What if the 1000+ prosecutors are accurate in their assessment that Trump is a criminal who broke the law? Judging by your writing I guess you are never worried. Can’t imagine that.
Enjoy your day of rainbows and roses. Maybe a unicorn too.
It is unbelievable that people vote for her! (I think they should check the veracity of the Count!!!!!)
ReplyDelete