I couldn’t agree more. An honest broker is the last thing the large banks can stand. They want the status quo of unaccountability to continue forever. We’re just sheep to be sheared under current law. Even knowing what shenanigans the industry is up to is very difficult.
Let’s get Elizabeth Warren confirmed.
From around the web.
From the web site, leaf – stitch – word. (An unusual endorsement. jp)
I’m really glad she won the November 2012 Senate race against Scott Brown.
And I’m really glad that Jimmy had the presence of mind to make a
contribution to her campaign and ask volunteers to install one of her
giant signs in our front yard. The sign came on a giant wooden stake
that, since mid-November, has been resting against the wall of our
garage, too tall to put in a trash barrel. Today I cut and drilled that
scrap to make a hanger for bike helmets on the garage wall.
From the web site, The Web of Debt Blog.
On July 1, interest rates will double for millions of students – from 3.4% to 6.8% – unless Congress acts; and the legislative fixes on the table are largely just compromises. Only one proposal promises real relief – Sen. Elizabeth Warren’s “Bank on Students Loan Fairness Act.” This bill has been dismissed out of hand as “shameless populist demagoguery” and “a cheap political gimmick,” but is it? Or could Warren’s outside-the-box bill represent the sort of game-changing thinking sorely needed to turn the economy around?
Warren and her co-sponsor John Tierney propose that students be allowed to borrow directly from the government at the same rate that banks get from the Federal Reserve — 0.75 percent.
From the web site, Politics USA.
Sen. Warren said, “Some people say that we can’t afford to help our kids
through school by keeping student loan interest rates low,” said
Senator Warren. “But right now, as I speak, the federal government
offers far lower interest rates on loans, every single day – they just
don’t do it for everyone. Right now, a big bank can get a loan through
the Federal Reserve discount window at a rate of about 0.75%. But this
summer a student who is trying to get a loan to go to college will pay
almost 7%. In other words, the federal government is going to charge
students interest rates that are nine times higher than the rates for
the biggest banks – the same banks that destroyed millions of jobs and
nearly broke this economy. That isn’t right. And that is why I’m
introducing legislation today to give students the same deal that we
give to the big banks.”