Elizabeth Warren
Related: About this forumElizabeth Warren: Give students the same deal as big banks [WITH EDIT]
This discussion thread was locked as off-topic by MannyGoldstein (a host of the Elizabeth Warren group).
Last edited Wed May 8, 2013, 06:03 PM - Edit history (2)
EDIT: I am a nitwit. Unbelievably, I missed that this story had already been posted in the EW group. So go kick, rec, or damn that one.
(Now I have the distinct privilege of locking my own post...)
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Sen. Elizabeth Warren introduced her first standalone piece of legislation Wednesday, calling for the government to give student borrowers the same deal it gives big banks when they need a loan.
The measure would allow students who are eligible for federally subsidized Stafford loans to borrow at the same rate that banks get from the Federal Reserve when they need a short-term infusion of cash from the central bank’s discount window.
“If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class,” Warren (D-Mass.) said on the floor of the Senate Wednesday.
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Patrick Sims, a director in policy research at Hamilton Place Strategies, argued a short-term loan from the discount window during a time of crisis is not at all comparable to a long-term student loan.
EDIT: I am a nitwit. Unbelievably, I missed that this story had already been posted in the EW group. So go kick, rec, or damn that one.
(Now I have the distinct privilege of locking my own post...)
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truebluegreen
(9,033 posts)but students should get free education, for as far as they can go...
It is what civilized nations do.
DesertFlower
(11,649 posts)truebluegreen
(9,033 posts)
I aspire one day to live in one...oh,wait....
Scootaloo
(25,699 posts)When asked what he thought of Western Civilization, Gandhi is said to have replied, "I think it would be a good idea."
think
(11,641 posts)
MANative
(4,142 posts)I'd go one step further on those loan terms - what about extending those sweet deals to everyone who borrows?
truebluegreen
(9,033 posts)except for maybe the Big Banks...they should PAY, and not on our dime.
Mr. Evil
(2,988 posts)I hope she runs for president. Students should get free education. We should also strive to become a civilized nation.
BlueStreak
(8,377 posts)see http://www.staffordloan.com/stafford-loan-info/interest-rates.php
while the federal funds overnight rate is -- well it is as close to zero as you can get.
http://www.moneycafe.com/library/fedfundsrate.htm
The TARGET rate is ZERO to 0.25%. That's one quarter of one percent on an annual basis. In other words, if the banks ever had to pay that at the top of the range (and they don't), Stafford loans still cost TWENTY-SEVEN TIMES MORE than the deal we give the banksters.
BlueCaliDem
(15,438 posts)and they need to do it over and over and over again until it finally sinks in with the American electorate that we've paid much too much deference to Big Banks and completely neglected our future taxpayers. Hopefully this will force Congress to finally do something for the average American.
Democrats need to use this simple but to-the-point sentence again and again, and stop with the long diatribes that make the average American's eyes roll over. We are not a nation of readers, let alone thinkers. Most don't have time for it. Some are just too lazy to apply themselves.
I like that line . . . "Give Students the Same Deal As Big Banks".
Politicub
(12,288 posts)
bvar22
(39,909 posts)This is what a "DEMOCRAT" should sound like.
How embarrassing to the rest of our Party of the Working Class.
She needs to be careful, and stay out of small planes.
MannyGoldstein
(34,589 posts)How can she be serious? Not a single common-sense belt-tightening solution from this one.
bvar22
(39,909 posts)Doesn't she know that the only sensible thing for the Democratic Party is to follow Reagan and the Republicans off the Right Edge of the map!
I mean, THAT is the only way we can make any "progress" at all.
NOW, the Republicans are going to say bad things,
and Rush is going to get all pissed off,
and its going to be ALL her fault!
Mr. Evil
(2,988 posts)Wouldn't want her to be "Wellstoned."
LuckyLib
(6,892 posts)through email. 
think
(11,641 posts)I'd say 99 but Bernie's awesome too!.....