Thursday, May 22, 2014

The Problem with Sallie Mae only came by not shutting it down in the first place

My biggest problem with Sallie Mae is that it was created by the government.

My second biggest problem is that it should have immediately been shut down and all loans cancelled i.e. wiped off the books -- not repurchased by a private debt collectors, which wouldn't eliminate the problem of the debt itself (not just government control) -- rather than privatized.

Sallie Mae is the perfect example of privatization gone wrong and why government agencies that are in the business of giving loans need to be closed down and the debts cancelled.

I am not in favor of debt forgiveness for borrowers if that means using one set of taxpayers' dollars to pay the rest of the balance of another taxpayer's loans. That just adds to the national debt.

Cancellation is key.

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