THE BEAT GOES ON

Well, last night was a ton of fun, but it's time to get back to business. As Beck says, "Watch the other hand".

What is the other hand doing today while we're all busy celebrating?

Nationalizing the student loan industry.

The House has already passed the bill with their other hand back in September under cover of 'defunding' ACORN.  Those who were impressed by the House's quick action on ACORN during the height of the pimp scandal should look a little deeper.  Pelosi needed to make the nationalization more palatable so she added the 30 day defunding of ACORN to get it passed. 

She really is the Queen of the Poison Pill.

So now the legislation is working it's way through the Senate, and Obama is pushing for it's passage. 

There are a number of reasons to oppose this bill, the main one being American abhorrence to nationalization of anything.   I also have a problem with the government deciding who gets a loan or not.  I prefer private lenders handle it. 

Yes, technically the government subsidizes 80% of student loans, but what that really means is that they guarantee a low interest rate and make up the difference to the private lending institutions if interest rates go up.  It is a way to make loans affordable.  Nationalization is a horse of a different color.  We would have to go directly to the federal government for any and all student loans under this plan and take what they offer at the rates they set.

Why do they want to do this, you ask?  Simple.  Obama promised free college on the campaign trail (sure, he promised tax cuts to do it, but this is muuuuch better - so very progressive of him), and this is step one in making that happen.  This is the only way they can do it - if they nationalize, the taxpayer will eat the cost of the whole loan directly, thus saving us from having to bail out any more of those nasty old banks. 

You might want to make sure you don't default, though - remember, the same people who gave you the loan also run the IRS!

THE BEAT GOES ON