Great news: Obama’s student-loan changes puts $8 in borrower pockets per month

posted at 10:05 am on October 27, 2011 by Ed Morrissey

In trying to contrast himself with a supposedly balky Congress, Barack Obama has rolled out the first two in a series of unilateral executive actions to “heal this economy.”  The first attempted to rescue homeowners from foreclosures by refinancing mortgages that are, er, current with their payments.  The second adjusted caps on student-loan payments in an effort to give college graduates more money to spend each month.  More disposable cash means more spending, which in a consumer-driven economy means growth … right?

In theory, yes.  But buying an extra four Slurpees a month probably won’t cut it.  The Atlantic runs the numbers on Obama’s changes, and finds that Obama must have meant change literally.  The most significant change announced was the ability to consolidate balances and trim the interest rates on the loans, a change that applies to all student loans, not just direct loans.  So how much will this consolidation save former students?  Two Starbucks lattes at best (via Instapundit):

 How much would an interest rate reduction of up to 0.5% affect payments?

For the average borrower, the impact would be small. In 2011, Bachelor’s degree recipients graduating with debt had an average balance of $27,204, according to an analysis done byfinaid.org, based on Department of Education data. That average has ballooned from just $17,646 over the past decade.

Using these values as the high and low bounds of average student debt over the last ten years, the monthly savings for the average student loan borrower would be between $4.50 and $7.75 per month. Clearly, this isn’t going to save the economy. While borrowers with bigger balances would save more, this is the average. And even someone with $100,000 in loans would only cut their monthly payments by $28.50.

Obama’s biggest change will, on average, put $8 in the pockets of student-loan debtors.  In contrast, Obama’s Making Work Pay tax cut added about $8 per week to the paychecks of all workers in the US for more than two and a half years.  Did this lead to an economic renaissance?  Not exactly.

The more-discussed change that Obama imposed was a reduction in the cap of disposable income that some former students had to pay.  The Atlantic explains that this modifies a program currently in place to cap some at 15%, which has 450,000 participants at the moment.  However, that program also has a max income cap that participants can’t exceed — and it’s not likely that the expanded program will get expanded participation:

Student loan balances have really only ballooned over the past decade. So this change would affect very few Americans over the age of 32. For the young adults who it may effect, we must remember that educational attainment has some correlation to income. Those with the most debt will have attended business school, medical school, or law school. Most of those people will also have higher incomes, making them ineligible. For a person with the average student debt load, their annual income would need to be lower than $32,000** to qualify. The average income for Bachelor’s degree holders aged 25 to 34 is $40,100.

The biggest problem we face in student loans is their escalating cost to US taxpayers and borrowers alike, especially now that Obama and the Democrats in the previous Congress nationalized the industry.  But the loan program itself has created that escalation by artificially producing demand that pushes prices up for tuition, which then increases the amounts needed for loans.  It’s a bubble with some similarities to the housing markets prior to 2008, where government intervention for a presumed social good (every child should go to college/every family should own a home) transforms into massive market distortion and unsupportable credit burdens relative to value.  The Atlantic includes this eye-popping chart that shows the disconnect:

The loans no longer reflect the gains in disposable income from the benefit of the college education they finance.  In that sense, it’s very similar to the disconnect between inflation and housing prices seen from 1999-2008.  Student loans have become an irrational instrument, with its ability to bury their recipients far more than their education liberates them.  In short, they are unsustainable, and the education bubble will have to burst at some point in the future, probably sooner rather than later.  We should focus, then, on finding ways to move away from this unsustainable model rather than put taxpayers even more at risk for the credit crisis that will shortly arrive on our doorsteps.

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That’s one free trip to Quizno’s a month. You’re welcome America.

Meric1837 on October 27, 2011 at 10:12 AM

We can’t wait to Buy votes!

Chip on October 27, 2011 at 10:12 AM

The president understands that he’s not dealing with people who took out loans for math degrees.

myrenovations on October 27, 2011 at 10:13 AM

Don’t spend it all in one place.

listens2glenn on October 27, 2011 at 10:14 AM

Want to reduce college costs by 25%? Cut the annual federal funding for school loans by 25%.

The only reason college costs are rising is because the govt provides the cash for it.

The same can be said for any federal program.

BobMbx on October 27, 2011 at 10:15 AM

In short, they are unsustainable, and the education bubble will have to burst at some point in the future, probably sooner rather than later.

The really scary thing is that while the housing bubble could be resolved on an individual level through bankrupcy, student loans cannot be disposed of in bankrupcy. You have them forever. So when this bubble bursts, there may be no coming back for everyone involved, taxpayers and those in debt alike.

Meric1837 on October 27, 2011 at 10:16 AM

the coverage yesterday was absolutely unbearable on this issue…

all hail dear leader!

cmsinaz on October 27, 2011 at 10:17 AM

“Letting the Free market correct itself would be bad.” – PBHO

HomeoftheBrave on October 27, 2011 at 10:18 AM

Student loans have become an irrational instrument, with its ability to bury their recipients far more than their education liberates them. In short, they are unsustainable, and the education bubble will have to burst at some point in the future, probably sooner rather than later. We should focus, then, on finding ways to move away from this unsustainable model rather than put taxpayers even more at risk for the credit crisis that will shortly arrive on our doorsteps.

The more the Federal Govt. invades our lives, the worse things get. When are people going to wake up????

Christian Conservative on October 27, 2011 at 10:18 AM

Hey, the government paid 100% of my college tuition. All I had to do was give them 8 years of my life in the Army. It’s a pretty sweet deal and they’re still recruiting.

Trafalgar on October 27, 2011 at 10:20 AM

Not much but we must remember that some of those little parasitic freaks would sell their sister for a joint.

rplat on October 27, 2011 at 10:20 AM

myrenovations on October 27, 2011 at 10:13 AM

True. Wait until they make several months of payments and see literally no difference in their discretionary income. The rude awakening may just be what is needed to get their attention on how bad big government really is for their pocketbooks.

chemman on October 27, 2011 at 10:20 AM

Is there a correlation between the availability of student loans and the rise in tuition and book prices?
i.e. The easier it is to get a loan the quicker the universities have raised costs???

albill on October 27, 2011 at 10:21 AM

education is a racket. A big part of the cost increase has been the many fold increase in administrators…university instructor have increases not so much

basically, a make work program for leftists. Or, what began as an ideal, turned into a business and ended as a racket

r keller on October 27, 2011 at 10:21 AM

@Trafalgar – I only had to pay 4 years of military service for college education….you must have went to school longer.

albill on October 27, 2011 at 10:22 AM

Barry is spit-balling, and praying to Allah God that something sticks. Everything he proposes is such a joke, it’s no wonder he did Leno.

CantCureStupid on October 27, 2011 at 10:24 AM

How much would an interest rate reduction of up to 0.5% affect payments?

I am confused. Aren’t we talking about reducing the max payment from 15% of income to 10% of income? How is that a 0.5% reduction in payment for those who are actually paying 15% of their income to service student loans? Which brings up my second point.

I think this analysis misses the point entirely. Who cares if there are people who will not benefit from this change? Those are not the people this bribe is aimed at. People who will not benefit already have decent paying jobs and are less susceptible to being bribed. This is aimed at the losers out there who are finding out the hard way their degrees are worthless and they earn very little or nothing as a result. They will certainly benefit at a much higher rate than $8 a month.

NotCoach on October 27, 2011 at 10:24 AM

So will the loans be paid off in the 20 year limit? If not it saves the borrower a lot more at the end and sticks the taxpayer with a nice lump sum. Oh, and consolidations where S.O.P. until the government took over student loans, so they destroyed an industry (and my job) just to do what was already being done. That makes sense.

Cindy Munford on October 27, 2011 at 10:26 AM

I almost sort of appreciate this blatant manipulation of his uninformed (D) voter base who admit they suck at math and weren’t bright enough to comprehend the much bigger numbers associated with their student loan.

rogerb on October 27, 2011 at 10:26 AM

albill – probably not, I just stayed in longer.

Trafalgar on October 27, 2011 at 10:26 AM

If Obama is re-elected, it’s going to be Obama-4 more years of stuck on stupid!!!

capejasmine on October 27, 2011 at 10:27 AM

Good lord! Was that all from the Fed’s QE after 9/11? I don’t recall Bush doing anything with student loans until right before he left.

Chuck Schick on October 27, 2011 at 10:27 AM

Hey, the government paid 100% of my college tuition. All I had to do was give them 8 years of my life in the Army. It’s a pretty sweet deal and they’re still recruiting.

Trafalgar on October 27, 2011 at 10:20 AM

No, the taxpayers paid your tuition, the government just wrote the checks. But, your’s is the kind of student loan that I am happy to contribute to, and thank you for your service.

As to those Occupy scrum and all the others looking for Obama stash and handouts, however, I resent paying a single penny.

TXUS on October 27, 2011 at 10:28 AM

Great news: Obama’s student-loan changes puts $8 in borrower pockets per month

What is the price of a caramel macchiato at Star Bucks?

Dr Evil on October 27, 2011 at 10:30 AM

No, the taxpayers paid your tuition, the government just wrote the checks.

TXUS on October 27, 2011 at 10:28 AM

You’re right. I stand corrected. Thank you.

Trafalgar on October 27, 2011 at 10:32 AM

But buying an extra four Slurpees a month probably won’t cut it.

Haaaha. Nice one Ed.

ted c on October 27, 2011 at 10:33 AM

Save that up for a year or two and you could buy a muffler.

CurtZHP on October 27, 2011 at 10:33 AM

You’re right. I stand corrected. Thank you.

Trafalgar on October 27, 2011 at 10:32 AM

Money well spent. And I’d call it part of your compensation package.

VegasRick on October 27, 2011 at 10:34 AM

It’s a bubble with some similarities to the housing markets prior to 2008, where government intervention for a presumed social good (every child should go to college/every family should own a home) transforms into massive market distortion and unsupportable credit burdens relative to value.

masterful analysis Ed.

ted c on October 27, 2011 at 10:35 AM

This would be illegal: “Here’s $8, please remember me on election day,” -Obooba.

This is legal: “Here’s a trillion bucks y’all can split among yourselves,” -Obooba.

Akzed on October 27, 2011 at 10:36 AM

Save that up for a year or two and you could buy a muffler.

CurtZHP on October 27, 2011 at 10:33 AM

for a car that you can’t drive

ted c on October 27, 2011 at 10:36 AM

I am confused. Aren’t we talking about reducing the max payment from 15% of income to 10% of income? How is that a 0.5% reduction in payment for those who are actually paying 15% of their income to service student loans? Which brings up my second point.

NotCoach on October 27, 2011 at 10:24 AM

There are two separate things Obama did. The first is allowing consolidation of federal loans, which should reduce the overall rate by 0.5%. The second is reducing the max payment from 15% to 10%. These aren’t really related to each other, just separate moves that Obama is making.

tneloms on October 27, 2011 at 10:38 AM

That’ll buy them (8) $1 meals a month at McDonalds while their sitting down at Occupy Wall Street…

PatriotRider on October 27, 2011 at 10:39 AM

Friends have thought I’m nuts for thinking the following, but I’m leaning more and more this way as the days go by. For one, the most well-to-do folks I know these days either never finished college or never went. They either worked their way up an organization or went into business for themselves.
I have two sons, age 13 and 11. Instead of paying the stupid amount of tuition “name” colleges are charging, I’ll provide the same amount (or more) in seed money to start their own business (s). I hope to be in a position to also give them managerial advice (if asked.) Don’t even mind if they live at home a while longer while doing this. Worst case scenario, their businesses fail. But they have no debt and valuable experience. Best case scenario, they end up succeeding and eventually giving jobs to their in-debt peers who gave them a 4 to 6 year head start in joining the real world.

Sugar Land on October 27, 2011 at 10:40 AM

This reminds me of the scene in one of the “Rocky” movies where RB gets his locker taken away and says something about not wanting it anyway by saying “over the years I lost over $20 in that locker, it don’t sound like much but it adds up”.

VegasRick on October 27, 2011 at 10:40 AM

Obama is the dumbest SOB to ever draw a breath. 2012 cannot get here soon enough!!!!!!!!

purgatory on October 27, 2011 at 10:42 AM

See?

Now you can get an extra latte at Starbucks. Thank your leader.

VOTE FOR OBAMA, CHILDREN.

Good Lt on October 27, 2011 at 10:44 AM

This $8 per week thing is really not the best way to represent what the savings are. A 0.5% rate reduction will mean you pay something like 8-9% less total interest over the life of the loan (for example, on a $10k loan, you’d end up paying around $3500 in interest instead of around $3800), which is fairly significant.

tneloms on October 27, 2011 at 10:44 AM

There are two separate things Obama did. The first is allowing consolidation of federal loans, which should reduce the overall rate by 0.5%. The second is reducing the max payment from 15% to 10%. These aren’t really related to each other, just separate moves that Obama is making.

tneloms on October 27, 2011 at 10:38 AM

Thank you. Should have read the post more closely. Skimmed some because I assumed this was all about the 15% to 10% of income payment ceiling change.

I don’t have a problem with the consolidation portion though. Seems to me this might save a few dollars in government spending when processing this debt. The other change is a blatant bribe to loser graduates.

NotCoach on October 27, 2011 at 10:45 AM

Mortgage holders and students. Who will The One pander to next?

GarandFan on October 27, 2011 at 10:46 AM

Sugar Land on October 27, 2011 at 10:40 AM

I think this is brilliant. They will learn how to create wealth and what skills are valuable to their needs. No wasted money on useless classes and garbage degrees. Even if their businesses fail they still learn far more than anyone going to school for four years would learn.

NotCoach on October 27, 2011 at 10:47 AM

Reducing all of a self-reliant graduate’s expenditures by $8 a month: rent, car insurance, cell phone, student loan… would come to $32 a month.

Contrast that with, say, working just one hour a week at $8 an hour. That’s also $32.

Obama doesn’t believe in work. It’s as simple as that. He doesn’t do it himself. Why work?

beatcanvas on October 27, 2011 at 10:47 AM

This is “walking around money”, ESPECIALLY for the unwashed Occupier crowd…

Think of it as $24 worth of beads and trinkets for Manhattan… same same but different…

Khun Joe on October 27, 2011 at 10:48 AM

The increase seems to start in 2004/05. Was there some policy change due to the election ?

gh on October 27, 2011 at 10:49 AM

Is there a correlation between the availability of student loans and the rise in tuition and book prices?
i.e. The easier it is to get a loan the quicker the universities have raised costs???

albill on October 27, 2011 at 10:21 AM

This is exactly the problem. Higher education in this country is almost entirely a racket. It is a very sad state of affairs and something does need to be done about it.

athenanyc on October 27, 2011 at 10:56 AM

This is “walking around money”, ESPECIALLY for the unwashed Occupier crowd…

Think of it as $24 worth of beads and trinkets for Manhattan… same same but different…

Khun Joe on October 27, 2011 at 10:48 AM

I don’t think $24 would get you a whole lot of anything in Manhattan. It looks like a parking violation would cost $50 and above.

I really don’t get why those kids aren’t get fined squatting in that park. It’s costing the city, and apparently their parent’s have money so the city could be raising some revenue.

Dr Evil on October 27, 2011 at 11:01 AM

The reform I would want to see in student loans is to base the conditions of the loan on the student’s major field of study.

Getting a degree in engineering, chemistry, medicine, etc? We have very generous loan terms for you.

Getting a degree in art history, feminist liberation history, gender studies? Ah, you better have a rich uncle.

PackerBronco on October 27, 2011 at 11:03 AM

The REAL story on it all:

President Obama Announces Plan To Boost College Tuitions

http://lewrockwell.com/schiff/schiff139.html

golfmann on October 27, 2011 at 11:06 AM

So when this bubble bursts, there may be no coming back for everyone involved, taxpayers and those in debt alike.

Meric1837 on October 27, 2011 at 10:16 AM

Maybe. I would expect that at that point either there will be a massive gov’t bailout or the law will be changed so that student loans can be discharged in bankruptcy.

Either way a bad deal for taxpayers.

Missy on October 27, 2011 at 11:11 AM

I would love to see a breakdown of what types of degrees are earned at U.S. schools, by American-born students. I’m willing to bet that a good chunk of them don’t make the recipient terribly competitive in the job market, even in good times. Does anyone really think that a B.A. in “Gender Studies” or “Art History” makes a person ready for the real world any more than a high school diploma? What’s the point of racking up so much debt so early in life if you don’t get anything in return?

Wingnut Willie on October 27, 2011 at 11:13 AM

What’s the point of racking up so much debt so early in life if you don’t get anything in return?

Wingnut Willie on October 27, 2011 at 11:13 AM

Four years of partying on someone else’s dime (until the bills come due). Duh.

Actually, I do support education for education’s sake and in pursuing my English degree I learned to think and write and enjoyed an experience I wouldn’t trade for the world.

However, that was 20 years ago, and things have changed. I would not favor the idea of my children going to an expensive four-year college to major in something frivolous. It’s not a good ROI, to say the least.

Missy on October 27, 2011 at 11:16 AM

As a worker in higher ed, I look at this as a gift to universities, which are terrified of the demographics and the economy. More and more kids are not ready for college and/or not able to pay for its increasing tuition. For Six Years, the average time it takes to graduate in our state.

Universities have lobbied (successfully) for looser visa requirements for Middle Easterners, for instance. To them, it’s all about the Benjamins–and their cushy jobs.

PattyJ on October 27, 2011 at 11:24 AM

Someone explain to me how Obama can do this to loan repayments for loans that are held by private institutions?

It is my understanding that most of the outstanding student loans were issued by private institutions (banks, etc) with federal guarantees of repayment. That means it is still a private contract, right?

Regardless, much like the home loan “issue”, why are we saving people from their own mistakes? (and, before a lefty argues I am for bank bailouts but not individual bailouts, I’m very much against bank bailouts as well. I was against TARP when Bush was in office and still am).

Monkeytoe on October 27, 2011 at 11:25 AM

Since the President engineered centralized student loans he has to support his machine (I wonder what the kickbacks are) that means those nasty profits.

And students think Wall St is greedy.

Speakup on October 27, 2011 at 11:28 AM

They can spend that money on condoms or birth control. Or flowers for the grandmother they stick in the grave.

tomas on October 27, 2011 at 11:32 AM

PattyJ on October 27, 2011 at 11:24 AM

I don’t see why universities should be terrified of demographics and the economy. Since the federal government now controls student loans entirely and they guarantee every single loan, all the universities need to do is convince naive parents and students to get a loan for their education. All loans are virtually guaranteed, under the current system, to be approved. The money will just keep coming to the universities from the federal government no matter the economy. And if the federal government defaults we are all in very deep do-do, not just universities.

Universities love the current system because they can keep inflating tuition without any fear of reduced enrollment.

NotCoach on October 27, 2011 at 11:37 AM

There is a very small man in the WH… We need to evict his small a** asap…
-
That is all…
-

RalphyBoy on October 27, 2011 at 11:38 AM

What Obama’s executive order does is reduce payback on the loan to 10% of income (previously it was 15%, thanks to Obama & Dems in 2010). Plus it reduces the obligation for paying back the loan from 25 years to 20 years.

What does this mean? Well, if someone borrowed $212,000 to go to George Washington University, for example, and they end up with a degree that makes them essentially unemployable, then they might op-in for an Obama Service Job. Say they do that and they’re making $25,000 a year. Their monthly loan payment for that $212,000 government-backed loan, after subtracting $10,890 of poverty-level income, is a grand total of $117 per month.

Someone asked, Will these loans be paid back after 20 years? Do the math, darlin’. In 20 years, this particular person will pay back a whopping $28,220 on that $212,000 loan. Who picks up the difference? Haha, the joke is on the American taxpayer. The Obama nightmare continues….

labwriter on October 27, 2011 at 11:41 AM

Thank you Obama for fighting the monied interests in education wargarble!!!

-ernesto

stvnscott on October 27, 2011 at 11:43 AM

Can I get a deal like this? I want to buy a $212,000 second home. I want to pay about $100 a month for it, and I’d really like my obligation for paying off the loan to end after 20 years, because after all, by that time I’ll be up in years and I’ll want to be spending my money on other things. I’ll have paid off less than $30,000 on that loan, but I think that should be plenty. So what government program can I sign up for that will cut me that deal?

Ed, I love HotAir, but I really think you missed the point.

labwriter on October 27, 2011 at 11:47 AM

You can buy Michell’s book for you very closest friends.

tomas on October 27, 2011 at 11:51 AM

I think people are being too superficial with their analysis and don’t consider who this is aimed at over the long term.

This is aimed at the professional student class.

Now that the government provides all school loans, all a student has to do is pair up with an institution that covers 100% of demonstrated financial aid and the money train starts rolling.

Commit to 10% of your future disposable income for 20 years (able to be reduced down to about 7.5) and you can get almost unlimited funds from the government through the school (who gets their cut) for a decade or more.

Max out your fee and class schedule, collect your check then drop down to minimal enrollment levels and pocket the cash. Spend what you need at the time and put the rest into the highest interest vehicle you can find. Even using state universities, a “student” could get tuition + 20K for living expenses + 20 to 30K in bankable extra cash.

Have another student marry you on paper and knock that up to T + 35K + 50K bankable.

Pick the right school and knock that up to 50K + 70K bankable.

When the government picked up all student loans, they created a system that could be so easily gamed it’s insane. There’s ZERO check and balance now on how much your “education” could cost. Yet there’s a firm limit now on how much you’ll have to pay for it (i.e. not much).

Jason Coleman on October 27, 2011 at 12:12 PM

Erm, so on one hand student loans “aren’t that large”, then we get a chart SHOWING them to be very large? Oh…. Alright….

Rainsford on October 27, 2011 at 12:18 PM

I know some of you are wondering about what are the most numerous bachelor degrees in the US. The latest stats I could find were for 2008-2009. So here’s what these student loans are going for:

(1) Business: 347,985
(2) Social sciences and history: 168,500
(3) Health professions and related clinical sciences: 120,488
(4) Education: 101,708
(5) Psychology: 94,271
(6) Visual and performing arts: 89,140
(7) Biological and biomedical sciences: 80,756
(8) Communication, journalism, and related programs: 78,009
(9) Engineering: 69,133
(10) English language and literature/letters: 55,462
(11) Humanities: 47,096
(12) Security and protective services: 41,800
(13) Computer and information sciences: 37,994
(14) Multi/interdisciplinary studies: 37,444
(15) Parks, recreation, leisure, and fitness studies: 31,667
(16) Agriculture and natural resources: 24,988
(17) Public administration and social services: 23,851
(18) Physical sciences and science technologies: 22,466
(19) Family and consumer sciences/human sciences: 21,905
(20) Foreign languages, literatures, and linguistics: 21,158
(21) Engineering technologies: 15,503
(22) Mathematics and statistics: 15,496
(23) Philosophy and religious studies: 12,444
(24) Architecture and related services: 10,119
(25) Theology and religious vocations: 8,940
(26) Area, ethnic, cultural, and gender studies: 8,772
(27) Transportation and materials moving: 5,189
(28) Communications technologies: 5,100
(29) Legal professions and studies: 3,822
(30) Library science: 78
(31) Military technologies: 55
(32) Precision production: 29

Of note are degrees in Social Sciences and History being in the number 2 spot, Psychology in the number 5 positon and Visual and Performing arts at number 6. Psychology can actually be a useful degree if you go on to get a masters or doctorate. However, only 1/4 of psychology majors get a masters degree so the remaining 75% have a degree that won’t get you a job.

ReaganWasRight on October 27, 2011 at 12:26 PM

I got a masters degree in business management thinking it would get me an edge. I was so wrong. Other than the fact I can say I got one, that and $1 can get me a double chesseburger at McDonald’s
My apologies to all of you who will pick up the slack for me in about 10-15 years. I didn’t intend to dump it on you and never asked for it. I’ll try to pay down as much as possible so you don’t have to.

If it’s any consolation, I’ll be paying down other people’s student loans too.

Pcoop on October 27, 2011 at 12:40 PM

Why doesn’t anyone ever protest the real culprits….Big Academia. Tuition has increase faster than any other commodity including health care and what do you get for it? A much crappier and less challenging education than you got 30 years ago

Bevan on October 27, 2011 at 1:01 PM

However, only 1/4 of psychology majors get a masters degree so the remaining 75% have a degree that won’t get you a job.

ReaganWasRight on October 27, 2011 at 12:26 PM

And we know who these people are. They are the ones we interact with everyday, who seem to above it all and pretend they are 9th Dan Mental Ju-Jit-Su blackbelts. These are the ones you never want to make the mistake of saying “Good morning, how are you?” because they will tell you, with annoying precision, how they are.

BobMbx on October 27, 2011 at 1:06 PM

That graph is the reason I refuse to go to grad school. Glad I got out while I did.

RDE2010 on October 27, 2011 at 2:06 PM

In short, they are unsustainable, and the education bubble will have to burst at some point in the future, probably sooner rather than later. We should focus, then, on finding ways to move away from this unsustainable model rather than put taxpayers even more at risk for the credit crisis that will shortly arrive on our doorsteps.

How about shooting the politicians who promote these dumba$$ policies?

Danny on October 27, 2011 at 2:52 PM