There are no student loans. Did any student receive a check as evidence of their loan responsibility? No! The “money” was loaned into existence by virtue of the student’s signature on a promissory note, which was deposited by a bank into their account. The bank should have issued a deposit receipt for the full amount of the so-called Loan, but by deception and constructive fraud, ambiguously convinced the student they had received a Loan. Fraud vitiates the agreement. In fact, all bank loans are constructive fraud. With some research, the Reader will discover that what has been stated here, is truth!
lil_neezy
1 year ago
Mish,
I commented on the last article about this as well. You are thinking of the wrong HEROES Act. The one in question is this:
Please correct article. Or at least in a future one stop alluding to the COVID relief bill.
The one in question was signed by Bush in 2003 and gives quite explicitly the authority to secretary of education to waive student loans due to military service or being affected by a national emergency.
What congress should do is take back their authority by repealing part of that act.
RonJ
1 year ago
“Biden did not care. Of course, once he made the move Pelosi backed Biden.”
It makes a joke out of politicians raising their right hand and swearing to protect and defend the Constitution of the United States of America.
Captain Ahab
1 year ago
Instead of another short-term fix (aka handout/bailout), perhaps it is time to make a fundamental (structural) change in higher education.
Simply, HOLDING colleges/universities accountable for their decisions will be sufficient. Think of it like a car warranty, requiring the manufacturer to stand behind the ‘product’ for a fixed period of time.
Of course, doing this to the bastions of progressive thought will send liberals scurrying for the nearest rocks. And they should–after all, they are entirely responsible for the problems that plague higher education–declining quality, high student debt, inability to get jobs upon graduation, etc etc etc… it’s a long list.
NOW, how to achieve this paradigm shift (some would say miracle) of accountability/responsibility?
If a college/university accepts Federal student-loan dollars for tuition, it becomes guarantor of the student loan. In the event of the student not graduating and getting a job (paying enough repay the loan), the college/university must repay the loan on the same terms.
Bogtrotter
1 year ago
Biden’s latest ploy is to extend by six months the suspension of student loan payments and the further accumulation of interest on those loans. If he is allowed to do this, he should stop fighting the battle of actual cancellation of the debts and just suspend student loan payments for 60 years.
Democrats know there is a risk a Republican will become President in the future who demands payments resume. It would be more difficult for anyone to claw back student loans once cancelled.
File a lawsuit against the colleges for racketeering and fraud.
spa sidechats
1 year ago
We have a massive military recruiting problem which could easily be solved by going back to promoting free tuition for one weekend a month. Nobody however at the JCOS wants to raise their hand high and state the obvious…meh. There is no reason an able bodied person should be getting free tuition or loan forgiveness. Want loan forgiveness then join the National Guard for 4 years. Otherwise no. What Biden is doing is morally bankrupt just like his entire family.
The recruiting problem being reported is bad enough; however, the bigger issue is the ‘quality’ of today’s youth. Marine aptitude scores are way down, along with fitness scores (at officer-training level, and likely throughout all branches)!!! Here is the mass media version: link to newsweek.com
And here I’ve always thought that it was because they require Marines to do things a sane person might refuse.
Christoball
1 year ago
Since these Federally insured debts transform from private debt into public debt during default, it makes discharging through bankruptcy more difficult. In a perfect world if student loans were discharged through bankruptcy; the education has little value or it would correspond to gainful employment. So said education could not be considered an asset. The only relevant asset would be the degree and diploma, which should be surrendered, forfeited, and expunged from the records, during bankruptcy proceedings as compensation to society. This Would make people think twice about what they are getting into and how they value their time.
Six000mileyear
1 year ago
Congress’ constitutional paths forward are to pass legislation with enough support to be veto-proof or to impeach the President. As far as legal standing to file a lawsuit, the executive branch violated constitutional process. This is a breech of contract with citizens and can be enforceable, regardless of actual monetary damages.
Think back to Brown vs the Board of Education. Plaintiffs were fighting segregation policies of “Separate, but Equal”. What were the financial losses? Students were still given an education. Standing was based not on a monetary loss; but on racial discrimination. So maybe standing does not have to involve actual monetary losses.
lamlawindy
1 year ago
There’s a simple way to deal with over-indebted students: amend the bankruptcy code so that student loans can be restructured or discharged on a case-by-case basis by bankruptcy judges & bankruptcy trustees. In fact, this used to be a path for some over-indebted students until then-Senator Joe Biden voted for the Bankruptcy Abuse Prevention and Consumer Protection Act, which raised discharge barriers for a greater number of student borrowers.
every deadbeat plumber or accountant can discharge her debts. but the knuckleheads out there have been divided and conquered so perfectly by their betters, we have old farts who have used bankruptcy protection for themselves to be against student debt. long live pax dumbphuckistan
Top*GUN
1 year ago
Not only is loan forgiveness UnConstitutional, the entire student loan program is UNCONSTITUTIONAL… There is not one word in the Constitution about the government running a student loan program of any kind!!!!!
The US Constitution doesn’t specifically mention student loan programs. Congress arrogated the power to itself via the General Welfare and Commerce Clauses. The G.I. Bill is on sturdier ground, though, because arguably it’s part of the compensation for serving in the Armed Forces, and Article I, section 8 provides that Congress has the power to create laws regarding the Armed Forces.
fiscal matters to congress? bwaaaaaahhhhhhh. perhaps you missed the past 25 years. get those dirty government paws off my SS and medicare. the middlebrows all love the freespit army. unless it’s college kids. boomers fleeced the gov for PPP free money. boomers are morons. in the main.
Agree 100%. Real learning occurs when you are responsible for your decisions. Bank bailouts only encouraged more bad behavior.
worleyeoe
1 year ago
Biden didn’t care one bit if the student loan relief stands the judicial challenge.
All he wanted was the votes it bought. Like a lot of people, I want to see this EO overturned.
Joe Biden is trash and needs to be impeached for creating open borders and not protecting America.
It’s that simple. Anyone who voted for this guy should be embarrassed. If you didn’t like Trump like myself, you should have simply stayed home or burned your mail-in ballot if you live in CA.
The only thing i see different in immigration is more people come when dems are in charge. My guess is they think dems will treat the more humane. Seems more arrest under dems these days. But republicans have not passed any meaningful reform of immigration when they were in charge.
Its all talk no real actions. Dem needs vote repbs need labor.
I’m fine with anyone who wants freebies being mad at conservatives. We’re in a death match, good vs evil, freedom vs socialism.
As much as I hate the guy, Donald Trump was no despot. That’s Joe Freaking Biden. America was enormously better off under Trump. It’s like night and day.
Can’t wait until 2024 comes along and ushers in the DeSantis era. With backing from Musk, DeSantis will be unstoppable. We’ve just got to learn how to cheat the system as much or more as the Dems, so we win with an outright mandate. I’d love to see $500M in Mush Bucks go out to all the rural, conservative areas to cure / harvest dem ballots over to the GOP.
Your kookery repels, yet fascinates me! How must it feel to be at the far end of the K scale? Is it liberating? Is it fun? You’re always angry, so probably not fun, but you’re getting something out of it…
Not quite this simple. Republicans need to fix higher education. The problem will not fix itself because progressives run the colleges and universities!
I’m a HS math teacher, so trust me we’re on the same page. I was only addressing Biden’s student loan overreach at the 50K foot level. You’re getting into the nitty gritty details, and I fully support your point of view. I would go even further and say that America needs a 10th grade / 16-year old HS diploma that focuses on career readiness. Turn 16 and go to work, if that’s what you want. Then also give students the chance to get a higher education two-year degree, certification, license using public funds.
For the last 3-4 years, I’ve told my 10th grade Geometry students on day one that they’re the generation that’s going to run into robotics / AI wiping out jobs a lot sooner than people think. We need to start turning the education ship today to take into consideration of this very big public policy issue looming in 10-15 years as it emerges as being a very big deal.
whirlaway
1 year ago
At this point, the Biden administration and the Donorcrat Party don’t give a damn about this. The elections are over. This loan cancellation charade was only intended to get them some more votes, and looks like it did. They don’t care now what happens with this in the courts, though they have to pretend to put up a fight.
For 2024, the Donorcrats must be pinning their hopes on other things, like Trump getting nominated for Prez, or DeSantis winning the nomination after a bruising fight with Trump, and with Trump running as an independent.
shamrock
1 year ago
The Heroes act pretty clearly gives the Education department the authority to modify student loans in an emergency. The covid emergency still officially exists. The courts will have to rule that the Heroes act is unconstitutional, so someone harmed by the Heroes act would have standing.
MarkraD
1 year ago
I suspect this Congress will be too busy investigating Hunter’s laptop for porn.
Don’t waste your tying, Captain. This guy is a Joe Biden loving socialist. The pass on the Hunter Biden laptop by the MSM literally tipped the scale to Hunter’s corrupt dad. One can only hope that the GOP are able to get to the bottom of how deep the Big Guy was in Hunter’s dealings.
I could care less who you vote for. It’s the independents who determine elections these days. And, you’re NOT an independent minded person which is fine. God gave you that right just like he gave you the right to be a socialist who hates freedom of speech and to support a president who wants to take people’s rights away.
THIS IS A FACT MARKRAD: Dem’s howl about pro-life taking away the reproductive freedoms of a woman, while fully supporting the government / corporations taking away people’s right to choose whether or not to take death jab that WAS ALL BASED ON LIES!* THAT’S ABSOLUTE AND TOTAL HYPOCRISY, WRONG & TRULY DEPLORABLE. And, here’s the key difference. That aborted, unborn child has ZERO chance of surviving, while the unvaccinated, especially healthy, have a 99.5% chance of living. THAT’S F’D UP, BRO!
* The only thing that I will agree to about the death jabs is that for people at high risk, it certainly made it more likely for them to not have a severe reaction or death. But at what cost? There’s mountain of evidence that people are dying from blood clots and heart issues directly related to the death jab.
Non stop saber rattling over “Hunter’s laptop” is going to amount to the same as “Benghazi” and the Durham investigation, nothing.
There’s a lot of buzz about Hilary’s Emails, for the fact that Trump’s Mar-A-Lago docs situation happened years later.
“Pizzagate”, seriously?
Simply deciding the other side has hypocrisy isn’t a license for hypocrisy.
That pattern seems to be emergent, even Putin’s using it, citing Bush’s Iraq invasion as rationale to murder unarmed Ukraine civilians, replacing “WMD” with “Nazi” – women, children raped/tortured/murdered….because they’re “Nazi’s”.
Independent voters, like myself, are sick of angry sensationalism and accusation without proof or merit.
As Abe once said – “You can fool some of the people all of the time, all of the people some of the time, but not all of the people all of the time.”
.
prumbly
1 year ago
Call me old-fashioned, but if you borrow money you dang well pay it back.
You voted for him. He hangs around your neck forever… no matter how you shriek and point at something else for a distraction.
You clowns elected a mega clown, and then cried foul when the non-clowns voted him out. You could not conceive of the possibility that Americans don’t want to be ruled by clowns. He is your clown god now.
The Megaclown hasn’t paid taxes in 10 years, and declared bankruptcy 6 times. It bankrupted a CASINO, ffs.
I don’t mind telling anyone that I voted for Trump twice. My next vote goes to DeSantis. Compared to Biden, Trump’s presidency was a God send, only made worse by his clown mouth, twittering & completely biased MSM & big tech.
“Trump is a tool. Stop using him as justification…”
After backing him up to the very end, even now some pubs call J6 justified, pubs are stuck with those consequences.
McCarthy went from calling Trump out by name immediately after, to now trying to minimize it, because he’s afraid of the Trumpsters that comprise a large portion of pubs – this is all I need to know.
IMHO, most Republicans now see Jan 6 as a watershed event. Not because of Trump and the election, but by how the aftermath was handled. Besides gross violations of due process and Constitutional protections, what has been revealed indicates signaling and propaganda of the worst possible type.
Hopefully, the House will release ALL Jan 6th material. All video, all email, all texts, not a selected subset.
I suspect we will see Democrats are the enemy of democracy, but who knows. Pelosi might be right.
I don’t need to see emails… I’ve seen hours of videos of frothing lackwits looting and vandalizing the capital, threatening the legislators, and then fleeing like frightened little girls when the po po finally showed up.
The only possible defense they have is that they were too damn stupid to understand what they were doing… and I can definitely entertain that idea.
For 2024, the Donorcrats must be pinning their hopes on other things, like Trump getting nominated for Prez, or DeSantis winning the nomination after a bruising fight with Trump, and with Trump running as an independent.
…unless you’re Donald trump….