Saturday, March 14, 2009

The Debts of the Spenders: The Student Loan Scam

Absolutely horrifying.

Apparently option-ARM condo flippers and retards who took out 13% HELOC loans get the benefits of bankruptcy, truth in lending, right to refinance, fair debt and collection practices, adherence to usury laws, and statute of limitation protections.

What do the young people get who are actually supposed to pay for this bailout AND social security, medicare, medicaid, and other baby boomer benefits?

None of the above.

In fact, if yours truly were hit by a car and got S.S. disability, the lender could garnish benefits.

I have never even bought a house before. It is both morally and economically unsound to penalize those who are supposed to support the older generation of spendthrifts at a time when the young need to build their careers and establish their own nests.

Sign the petition here to let Congress know your voice! If moral hazard can be thrown out the window for irresponsible purchases of flat screent tv's, vacations, condos, vacation homes, $200 jeans, and other consumer discretionary items, then there is certainly room for student loan forgiveance. Unlike all of the above, education is an INVESTMENT in the future. Not just on the debtor but those he or she is supposed to support.


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