Kansas’ three GOP House members voted last week against a bill that
would stop subsidizing private lenders that provide federally guaranteed
student loans, and would use the estimated $80 billion in savings over
10 years to increase student grants and funding for other education
programs. Rep. Todd Tiahrt, R-Goddard, criticized the bill as another
government takeover that would leave families with fewer options and
more red tape. “We need to turn toward proven, free-market principles
and encourage job growth within the private sector,” he said in a
statement.
But Rep. George Miller, D-Calif., argued: “We were paying these
exorbitant subsidies to bankers who were taking government money,
loaning it to somebody else, getting government guarantees that the
loans would be paid back, and then taking all these profits.” Washington
Post columnist E.J. Dionne wrote that the loan program is “already a
government program. The bill simply eliminates corporate welfare.”
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21 Comments
There isn’t any corporate welfare the cons don’t like.
Lets just stop the pretense. Lets go ahead and nationalize everything right now. After all, the government does everything so well.
Something tells me that eight billion a year to run the student loan program would be down right cheap compared to the government bureaucracy that would be put in place to run it. But at least some greedy fat cat baastard wouldn’t make a profit from it, hey mama.
You cut out the banker middleman and there goes our repub leaders kickbacks!
They’ve been milking the medicare the same way, generous to the drug makers and getting their share of the booty.
For repubs, corporate welfare spells Capitalism, with a capital C: welfare for the poor spells Socialism, with a capital S!
Here’s Sarah the financial wonk in Hong Kong:
““It was a great speech,” Jonathan Slone, CLSA’s chief executive officer, said. “People got a lot of information” and “are now fully informed on Sarah Palin’s views.”
Palin criticized Obama’s plan to give the Fed powers to monitor risks to the financial system. A meltdown last year led to $1.6 trillion of bank losses and writedowns and triggered a global recession.
“How can we think that setting up the Fed as monitor of systemic risk in the financial sector will result in meaningful reform,” she said. “The words ‘fox’ and ‘henhouse’ come to mind.”
What’s she proposing more Corporations, police thyselves, repub mentality?
Opps . . . even Kansas is getting straight on Tiahrt’s lying ways: http://rawstory.com/blog/2009/09/kansas-town-hall-erupts-into-laughter-at-gop-reps-health-reform-lie/
They were raising their hands and not shouting out, must’ve been democrats!
Palin, the great white hope of the Republicans, threw the United States government under the bus yesterday in China. Maybe she’ll change her name to “Jane” pretty soon and be done with it:
http://rawstory.com/2009/09/guests-walk-out-in-disgust-at-palin-speech/
Does Sarah know Hong Kong is back to China? I doubt it. Bet they loved to hear that Japan must be the lynch pin in trade. Sarah’s a goober.
No doubt we will discover that Tiarht has taken some
donations from some bankers. Just like he helped get
earmarks for people who used to work for him. His earmarks are ok but not other peoples.
Tiahrt is a disgrace. Subsidizing is in no way free market. It reduces competition and raises costs. No wonder Democrats can blame the free market when something goes wrong. You have the right side of the aisle misrepresenting the free market for all of America to see.
It’s just like the healthcare debate. Government intervention in the market is the reason that healthcare and tuition prices are rising. We just need more Americans to make the connection between the two.
Tiahrt is simply defending the industry that owns him, and much of Congress. It’s pretty damn hilarious, to continue the false pretense these types have been using about supposedly limiting government. In fact, the limits have been one-way: keep government out of business, but under Republican leadership (including Clinton, it must be said, as well as top Obama adviser Larry Summers), the corporations–particularly the finance and defense industries–have gotten to run the government for their own profit.
The Great Meltdown of 2008–and the “gun to the head” bailout–exposed just how bad it really is.
Dick Durbin, the No. 2 in the Senate, recently noted “the banks run this place” but maybe recent events have–finally–loosened their grip on Washington.
Imagine! A GOP lawmaker is against the Facist takeover of another piece of the free interprise system!
Whodathunkit?
“Imagine! A GOP lawmaker is against the Fascist takeover of another piece of the free interprise system!
“Whodathunkit?”
Sometimes, you really can’t fix stupid.
See Austrian Economist’s post above for an ideologically consistent viewpoint on the issue. Because you know, having banks run a system on federal dollars is a curious example of free enterprise.
And the difference between having a “government takeover” of funds they already pay actually increases accountibility versus having government pay funds to a third party that is, at best, only accountible to its stock holders? Not exactly “fascism”.
Truly minutelady, I congratulate you on one of the most politically illiterate posts I have ever seen here, and that is saying something.
Should be:
“And the difference between having a ‘government takeover’ of funds they already pay (which actually increases accountibility) versus having government pay funds to a third party that is, at best, only accountible to its stock holders? Not exactly ‘fascism’.”
minutelady
Posted September 23, 2009 at 11:11 am | Permalink
Imagine! A GOP lawmaker is against the Facist takeover of another piece of the free interprise system!
Whodathunkit?
–
Free enterprise system with taxpayer subsidies? If your Republican buddies want to get rich, then they can use their own money.
Get Republicans OUT of the taxpayer pockets.
The days of the free-for-all at the government trough for all those Republican porkers are gone – and that is what is driving Republicans nuts.
How dare Obama beat the Republicans at their own game.
Christfrommactown, there are all sorts of ways people should and could become fatcats. Determining who lives and dies based on how much money they save isn’t one of them.
I wonder why the government would have to guarantee these loans they are having banks administer? Could it be because these type of loans have an extremely high default rate, are not backed by collateral, and wouldn’t be readily available without the guarantee? Let me answer that one. Yup.
And I don’t know about you , but I know that I’m excited about having the folks who brought us the C4C program and the associated screw ups, taking on the college loan process.
Repubs covered the lenders’ backs with the changes in bankruptcy laws, any other guesses?
Repubs covered the lenders’ backs with the changes in bankruptcy laws, any other guesses?
P.S. – Sorry, forgot to tell you great post!