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Noahpinion's profile
Noah Smith
Noah Smith
Noah Smith
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@Noahpinion

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Noah SmithVerified account

@Noahpinion

Bloomberg Opinion writer. Elected "top neoliberal shill" of 2018. Occasionally posts anime gifs.

San Francisco, CA
bloomberg.com/view/contribut…
Joined April 2011

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    1. Noah Smith‏Verified account @Noahpinion Oct 19
      Replying to @doubtthat11

      But the interest you pay on loans doesn't go to the middleman, it goes to the govt. Direct govt. processing of loans would do zero to decrease the burden of student loan repayment.

      1 reply 0 retweets 2 likes
    2. doubtthat‏ @doubtthat11 Oct 19
      Replying to @Noahpinion

      So, why are those businesses profitable, then?

      1 reply 0 retweets 0 likes
    3. Noah Smith‏Verified account @Noahpinion Oct 19
      Replying to @doubtthat11

      A) Their profits are a trivial amount of the burden of student loan repayment. B) If govt. costs exceeded third-party provider costs, it's possible direct processing would increase repayment costs. C) Processing fees are a total and utter red herring in this debate!!

      1 reply 0 retweets 3 likes
    4. doubtthat‏ @doubtthat11 Oct 19
      Replying to @Noahpinion

      I would say: 1) Administrative costs are always relevant, even if they don't solve the problem in this case 2) Servicers can be predatory. Obama added rules to restrict some of that, now it's starting up again. 3) Cost of forgiving high, I think a decent option is no intrst

      1 reply 0 retweets 0 likes
    5. Noah Smith‏Verified account @Noahpinion Oct 19
      Replying to @doubtthat11

      The mental gymnastics required to pin the student loan crisis on third-party processing companies are just SPECTACULAR here. It's like watching a contortionist.

      1 reply 1 retweet 3 likes
    6. doubtthat‏ @doubtthat11 Oct 19
      Replying to @Noahpinion

      Yeah, man, you know that's not what I'm doing, but ok.

      1 reply 0 retweets 0 likes
    7. Noah Smith‏Verified account @Noahpinion Oct 19
      Replying to @doubtthat11

      It seems clear that at first you mistakenly thought private companies owned the loans, and when I informed you otherwise, you looked it up, realized the error, declined to admit it, and shifted the discussion to the irrelevant red herring of third-party processors. ;-)

      1 reply 0 retweets 3 likes
    8. doubtthat‏ @doubtthat11 Oct 19
      Replying to @Noahpinion

      Yeah, I really enjoy your posts. That's not what happened. You assumed that I was speaking about institutions holding the loans, not doing the processing.

      1 reply 0 retweets 0 likes
    9. Noah Smith‏Verified account @Noahpinion Oct 19
      Replying to @doubtthat11

      "What do you think about just converting the loans to interest free? That's the part that I find most objectionable as private institutions are making generous profit for not really doing anything." <-- But doing this wouldn't cut out the need for processing

      2 replies 0 retweets 0 likes
    10. doubtthat‏ @doubtthat11 Oct 19
      Replying to @Noahpinion

      It would eliminate the private companies doing the servicing, making generous profits, and engaging in predatory behavior that justified regulation that is currently being eroded. It's an industry that draws predatory companies like flies to shit.

      1 reply 0 retweets 0 likes
      Noah Smith‏Verified account @Noahpinion Oct 19
      Replying to @doubtthat11

      A) It would NOT eliminate them at all, people make payments to pay down the principal of their loans. B) You have zero idea whether they are making "generous" profits. C) It's not clear what the "predatory behavior" is. The govt. made the loans.

      2:31 PM - 19 Oct 2018
      2 replies 0 retweets 0 likes
        1. Noah Smith‏Verified account @Noahpinion Oct 19
          Replying to @Noahpinion @doubtthat11

          In other words, every single piece of your case falls apart at the slightest touch.

          0 replies 0 retweets 0 likes
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        2. doubtthat‏ @doubtthat11 Oct 19
          Replying to @Noahpinion

          A) I mean, cutting out the private companies processing would eliminate the predatory private industry. B) Ok, I suppose we can check these one by one: https://studentloans.gov/myDirectLoan/additionalInformation.action … C) There are multiple lawsuits against servicers. Here is DeVos defending them:

          2 replies 0 retweets 0 likes
        3. Noah Smith‏Verified account @Noahpinion Oct 19
          Replying to @doubtthat11

          Again, a red herring. Interest forgiveness wouldn't eliminate third-party processors, since people make payments on principal. And the interest goes to the govt., not processors. Think we might be done here.

          1 reply 0 retweets 0 likes
        4. doubtthat‏ @doubtthat11 Oct 19
          Replying to @Noahpinion

          I mean, these are two separate issues.

          0 replies 0 retweets 0 likes
        5. End of conversation

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