Romney Pledges to Simplify Federal Student Aid and Revive Bank-Based Lending

Discussion in 'Political Discussions' started by StefanM, May 23, 2012.

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  1. StefanM

    StefanM New Member

    Romney Pledges to Simplify Federal Student Aid and Revive Bank-Based Lending - Government - The Chronicle of Higher Education

    Just a few comments:

    Eliminating FFELP (the bank-based lending program) actually saved money. The federal government was paying money to banks even as it was guaranteeing the loans in case of default. Socializing the risk, privatizing the profit.

    The elimination of FFELP actually saved government money by reducing the administrative costs of the program.

    Also, student loans are in no way "nationalized." Private student loans are still available for those who qualify. Why do lenders not want to loan money this way, though? Because if they loan money as private lenders, they do not have guarantees from the government in case of default. All the elimination of FFELP did was to eliminate wasteful spending on a reliable stream of revenue for banks that were essentially taking no risks at all.
     
  2. 03310151

    03310151 Active Member

    I take these kinds of promises from presidential candidates with a salt lick. They don't mean squat. Just like Obama's promise to close Gitmo, allow perscription medicine to come to the US from other countries, create a mortgage interest credit for non itemizers, end no bid contracts over 25 thousand, etc, etc, etc.

    Liars, each and every one of them.
     
  3. StefanM

    StefanM New Member

    You got that right!
     
  4. Kizmet

    Kizmet Moderator

    I don't know that they are liars, per se, but I agree that it's deceptive to make promises that they do not actually have the power to fulfill. The President might promote certain attitudes, might introduce specific pieces of legislation but they rarely have the ability to actually force specific changes to occur. People who don't know this should return to their high school civics text books.
     
  5. Bruce

    Bruce Moderator

    To be fair, I've seen candidates from both parties say something like "If elected, I will introduce legislation to outlaw the color purple", and the lemmings in the media report the next day "Candidate Throckmorton promises to outlaw the color purple if elected".

    Sometimes, it's the media that needs the civics lesson.
     
    Last edited by a moderator: Jun 13, 2012
  6. Ian Anderson

    Ian Anderson Active Member

    I've seen this statement before but never checked out what it is referring to. Did the FDA ban importation of prescription drugs into the USA?

    I have been supplied with prescription medicines in the past that were manufactured in Ireland, Germany, and Canada. My current medications are generic and no country of origin is shown on the labels.
     
    Last edited by a moderator: Jun 13, 2012
  7. Ian Anderson

    Ian Anderson Active Member

    I had a few minutes of free time so I googled this question. As far as I can tell the issue is whether consumers can fill prescriptions in other countries. The FDA law was written by Congress and attempts to change the law have occurred since at least 2003.
     

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