Boehner Claims Student Loan Reform Will ‘Eliminate Every Bank In The Country’

[babylonsister]

Oh my! Grasping, again...


Boehner Claims Student Loan Reform Will ‘Eliminate Every Bank In The Country’


This weekend, Democrats plan to vote on their health care reform reconciliation package, which also includes student loan reform. The Student Aid and Fiscal Responsibility Act (SAFRA), which would cut billions of dollars in senseless subsidies to private student lenders, passed the House last year. As of yesterday, it has a corresponding senate counterpart, which will be included in the reconciliation bill.

Currently, the federal government gives billions of dollars to student lenders to originate loans, and then guarantees loan repayment up to 97 percent, so the lenders are essentially useless middlemen that aren’t exposed to any of the loan risk. This is corporate welfare at its finest. So in order to build opposition to the bill, both the lenders and Republicans in Congress have been borrowing a tactic from the health care debate by falsely characterizing student loan reform as a “Washington takeover” of lending.

But House Minority Leader John Boehner (R-OH) took this a step further last night, saying that student loan reform would actually “eliminate every bank in the country and all student loan lenders,” replacing them with the government:

Well, if you look at this student loan provision in there, they eliminate every bank in the country and all private student loan lenders so the government can do it instead.

This is just astoundingly wrong. On a very basic level, it could only be true if the sole thing banks did was make student loans, which is obviously not the case. The day after student loan reform passes, banks will still be there, cashing checks, taking deposits, making home loans, and on and on.

more...

http://thinkprogress.org/2010/03/19/boehner-eliminate-bank/

[spanone]

1. the party of absolutely nothing.

[Owl]

15. I concur.

[HopeHoops]

2. "The sky is falling, I need to change my Depends and put Kraft Mac&Cheese powder on my face."

[Turbineguy]

3. If Boner stops

visiting tanning salons, every tanning place in the country will go under!

[luckyleftyme2]

6. ha ha what a turkey

WHO can believe this bonehner? he should carry the media monicker of "BONEHEAD" but
my favorite I use in my blogs for him is "JOHN(I'LL BONEYA) BONHNER!
HE'S ONE OF THOSE SLICKY BOYS TRYING TO SAVE YOUR MONEY FOR HIS FAVORITE PROJECTS!
WHEN YOU SEE HIM COMING HOLD ON TO YOUR POCKRTBOOK!

[livetohike]

4. He is such a joke. Such an embarrassment to his constituents

I had a National Direct Student Loan all through my college years 1970-1974. Apparently, the banks did not disappear since then :rofl:. I paid every cent of it back too.

[Toots]

5. Clinton did the same thing and the banks actually flourished during his term.

In fact the entire economy flourished under Clinton, and almost overnight, went in the opposite direction under Republicans and Bush*.

[OffWithTheirHeads]

7. Eliminate every bank in the country? Works for me!

Lomg live the credit unions!

[liberal N proud]

8. Bank did just fucking fine before they controlled student loans

You could get 1% loans from the government for college education.

[Chipper Chat]

9. Boner also said that if every American starts collecting all the runoff water

from storms then God will make it stop raining.

[laughingliberal]

10. Heh! He's still mad we're going to tax orange people.

That said, we'd be a lot better off it would eliminate a few of them (the banks, I mean). And if I had my way about it they should take GS out the door with them.

What a dick he is.

[eShirl]

11. The Oompa Loompa Who Cried Wolf.

[FSogol]

12. FSogol Claims Boehner's greasy orange runoff will "‘Eliminate All Clean Water In The Country’

Oh the hyperbole!

[yellowcanine]

13. Hogwash. The student loan program is a cash cow for banks. They get the interest, the government

takes the risk. Win for the banks - lose for the taxpayers. Let's go back to the good old days when the government loaned the money directly. At least then the people taking the risk will get paid for it. Anyway the banks did fine before the student loan program was given to the banks.

[safeinOhio]

20. Socialism for banks and

capitalism for students.

[aquart]

14. Oh, if only.

[Dappleganger]

16. Washington is taking back only what was their's in the first place.

When Boner called it 'government takeover of student loans' I LOL'd.

[CanonRay]

17. Sounds good to me

LOL

[47of74]

18. When do we get to the part where the Boehner throws the bill on the floor?

And spins on his back?

[rucky]

19. I never knew college students had so much power.

[Schema Thing]

21. Hate to be seen defending boner, but...

I think it's pretty obvious he was not in fact saying "Student Loan Reform Will ‘Eliminate Every Bank In The Country’.



He was saying it eliminates banks from being any part of student lending. He misspoke. He may be wrong even so, but he just phrased his point awkwardly in this case.

[City Lights]

22. Fine by me.

Too bad it's just more hysteria from the orange Boner.

[WCGreen]

23. Hyperbole, thy name is Bonner....

[branders seine]

24. slippery slope fallacy, a lie,

but even more inexplicably he says it like it's a bad thing.