Posted on 04/25/2012 11:55:15 AM PDT by yoe
Barack Obama is on a pandering tour of college campuses, trying to generate enthusiasm for his re-election campaign by warning that interest rates on student loans will rise if Congress doesn’t act by July. That is true; the Democratic Congress wrote the legislation that way, and Obama signed it. Coincidentally, no doubt, Obama’s campus appearances will all be in swing states like North Carolina, where he spoke today. Whether it is a good idea to subsidize the higher education bubble is highly debatable, but it is not a point of differentiation between Obama and Mitt Romney, who also favors extending the existing legislation.
But what I want to focus on is another instance of the dishonesty that so consistently distinguishes Obama from more reputable politicians. Katrina Trinko has the story at (The Corner):
In a speech today, President Obama misquoted Tea Party congresswoman Virginia Foxx (R., N.C.), omitting certain words of a comment she made to give a very different impression of what she had said.
“She said she had ‘very little tolerance for people who tell me they graduate with debt because there’s no reason for that,’” Obama told the students at UNC Chapel Hill. “I’m just quoting here, I’m just quoting.”
“She said students who rack up student loan debt are just ‘sitting on their butts having opportunity dumped in your lap,” he added. “I’m reading it here. So I didn’t make this up.”
But the full Foxx quote is very different.
“I have very little tolerance for people who tell me that they graduate with $200,000 of debt or even $80,000 of debt because there’s no reason for that,” Foxx said last week, per the Huffington Post.Obama did not name Foxx, referring to her as “one Republican congresswoman.”
What a liar Barack Obama is! And, like many liars, he has certain “tells.” Note how he compounds his offense by assuring his readers that he is telling the truth: “I’m just quoting here, I’m just quoting…I’m reading it here. So I didn’t make this up.” Sure, it’s on his teleprompter, so it must be right. Any time Obama goes out of his way to assure his audience that he is telling the truth, you probably can assume that he is lying. Again.
IIRC, the government TOOK OVER the whole student loan business a couple of years ago, effectively shutting the banks out of that whole marketplace. Is this true? So now the federal government has all the control and power on the student loans and their terms and rates. So why would it be anyone else’s fault if there is a problem with student loan interest? Since we have to borrow that money from China to loan it to students, they need a doubled interest rate just so the government can keep some of the interst?
If anyone understands how this works, please explain.
IIRC, the government TOOK OVER the whole student loan business a couple of years ago, effectively shutting the banks out of that whole marketplace. Is this true? So now the federal government has all the control and power on the student loans and their terms and rates. So why would it be anyone else’s fault if there is a problem with student loan interest? Since we have to borrow that money from China to loan it to students, they need a doubled interest rate just so the government can keep some of the interest?
If anyone understands how this works, please explain.
the day Obama took this program away from the banks I knew it was soley for the purpose of buying votes in November, 2012.
The College Cost Reduction and Access Act of 2007 cut fixed interest rates on new Stafford loans for undergrads. The 2008-09 rates dropped from 6.8% to 6.0%. The rates for ‘09-’10 were 5.6% and the rates for ‘10-’11 dropped to 4.5%. Rates for ‘11-’12 were reduced to 3.4%, with a planned leap back to 6.8% in this election year.
Every news broadcast and TV talk show, plus the over- the- top promotion of the issue on the Jimmy Fallon Show is helping 0 demagogue this orchestrated issue.
That said, I doubt 0 signed this gift from the democrat Congress, given its
date.
Shouldn't Obama and Michele have released their own student loan and student aid records first?
As expected, the MSM is not interested.
The students asked: what’s an interest rate?!?
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