Breaking the Back of at Least One Crook

From Down With Tyranny...

For the sake of the country's future, President Obama has stepped up to the plate with billions of dollars in student loan money. 85 billion to be precise-- per year! Sounds like a lot, right? But that actually saves the taxpayers $4 billion a year. I'll explain in a moment. Predictably, California reactionary Buck McKeon, who represents an ill-educated district in the high desert northeast of L.A., is screaming bloody murder. Why McKeon? As we learned when we tried helping Robert Rodriguez oust this venal fossil in 2006, McKeon, as ranking Republican (then Chairman) of the House Education Committee, is in the pockets of the corrupt student loans industry. He's snorted up legalized bribes from Finance companies, lobbyists and the Education industry totaling over $550,000 and is widely considered one of the most corrupt California members of Congress, nearly on a Jerry Lewis/Ken Calvert level. So it was highly predictable that he would rant and rave when Obama's generosity towards students would anachronize his patrons. Friday's Washington Post explained it beautifully, pointing out that by directly giving the student loans to students and cutting out the greedy middlemen (i.e.- McKeon's "contributors") Obama saves the taxpayers $47.5 billion over the next ten years and, at the same time, helps far more students-- two factors that aren't exactly McKeon goals. Since the government assumes all the default risk, there is no reason at all to involve the finance companies.