What if nobody, from the banks to the schools to the students, actually expected this debt to be paid? Who's holding the bag? Well, the schools took the money.
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another thought on student debt forgiveness: the 05 bankruptcy bill, in making student loans nondischargeable, created a pressure-cooker atmosphere around this debt that made it all but inevitable it would have to be forgiven by fiat
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The banks, in this scenario, took the debt on the expectation that what the students couldn't pay, the Fed and Congress could. Shitty, but they didn't sell the degrees. And the students took home little squares of toilet paper that locked them into servitude. Who's in the wrong?
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It's clearly the guys lobbying to hike the value of their septic-tank safe degrees and taking home free money. Soak their asses.
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End of conversation
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