Robert Scheer: Elizabeth Warren, a Great Investment
Elizabeth Warren, a Great Investment
"The federal government is profiting off loans to our young people while
giving a far better deal to the same Wall Street banks that crashed our
economy and destroyed millions of jobs. That's why I've introduced the Bank
on Students Loan Fairness Act as my first bill in the Senate: To allow
students to borrow money at the same rate as the biggest banks."
Truthdig: May 14, 2013
Elizabeth Warren does great email. One payoff of my pittance of a
contribution to her grass-roots funded campaign-I regret not contributing
more-is that I am regularly alerted by the new Massachusetts senator to the
favoritism of our Congress toward Wall Street.
That's how I was reminded this week that Congress is about to let the
interest rate charged for new student loans double to 6.8 percent at a time
when the too-big-to-fail banks that caused the Great Recession continue to
be bailed out at the rate of 0.75 percent. Yes, the banks pay less than 1
percent for money that we the taxpayers lend them. I know that such
statistics are thought to be boring, but as Warren explained, the rate that
students will have to pay "is nine times higher than the rate at which the
government loans money to the big banks."