Home | About | Donate

Sallie Mae's Hawaii Retreat While Millions Struggle to Repay Loans Bolsters Argument to 'Cancel All Student Debt,' Sanders Says

Originally published at http://www.commondreams.org/news/2019/10/18/sallie-maes-hawaii-retreat-while-millions-struggle-repay-loans-bolsters-argument

“Keep them on the hook
With unsupportable debt…”
–Bruce Cockburn, “Call It Democracy”

3 Likes

Student debtors: Bernie is on your side, please be on his when Bernie is denied the nomination by the DNC for POTUS. AND HE WILL! We cannot allow this corruption again by the DNC in 2020 like it was in 2016.

8 Likes

GREED CAPITALISM MUST DIE!
If not, it will kill us…

3 Likes
5 Likes

Anyone that simply wants to regulate private financial capital is on no more of a sound footing as those that simply want more regulations of private insurance companies. It is weak and will change nothing. Even the damn Minneapolis Federal Reserve says that we should treat banks the same that we treat public utilities. I support full public ownership, the socialization of money creation, and I think that we have to fully confront the fact that private financial interests create almost all the money we use, not the state. We need radical changes in the face of the environmental crisis, but just regulating these rotten companies is pathetically short of what is needed. I’m sorry, but I see Warren as the left flank among the neoliberals, a possible last ditch effort to repair a system that cannot possibly work well in the decades ahead, if we are serious about tacking our largest societal problems.

By the way, Stephanie Kelton, a leading MMT economist and longtime economic adviser to Bernie, has co-published an amazing paper on the various mechanisms that can be utilized to cancel all student loan debt, as well as the macroeconomic impact of doing such a thing. In short, it would not only benefit people, help the economy, it would also majorly help state and local governments, as more money would be freed to spend on stuff, which would generate much needed tax revenues.

Here’s that study, co-published by Kelton, read it and spread the word: http://www.levyinstitute.org/pubs/rpr_2_6.pdf

Bernie 2020.

12 Likes

Trickle down, privatization does not work and it has been obvious for decades. Stats prove that. Where are the great journalists who should be reporting these facts? They all have the facts at the tip of their fingers are digital recording keeping. Yes, republican politicians and billionaires tries to muddy the waters but journalists should not allow them to spew lies. However, these journalists are making huge salaries not to tell the truth, their bosses are the people profiting from monopolies, stock buy backs, and their billionaire friends spending advertising dollars to distort the facts.

3 Likes

for-profit education only exists to place self-enrichment out of the reach of the poor and disadvantaged.

1 Like

The “student debt crisis” is caused by colleges. According to a wide range of studies, the cost of college today has gone up at multiples (anywhere from 1.6x to 3.5x depending on the time period and study) of the CPI in general.

Colleges add frills to pull in students balloon the number of administrators (administrator to student ratio has gone up by 1.5 - 2.0x), passing the cost on to students since they can always borrow more.

By the same token, there are studies that are showing that the relative value of a college degree (both relative to non-degree, and the cost) is decreasing.

Don’t blame Sallie Mae - blame the colleges.

Hi JoanRobinson:
NorthDakota has its own state banks, and California just passed a law for that state to have its own state banks too. : )

1 Like

“The percentage you’re paying is too high-priced
While you’re living beyond all your means
And the man in the suit has just bought a new car
From the profit he’s made on your dreams.”
— Jim Capaldi/Traffic: The Low Spark of High-Heeled Boys

2 Likes

I think you need to blame both.