The College-Loan Scandal: Matt Taibbi on the Ripping Off of Young America | Politics News | Rolling Stone
The federal government has made it easier than ever to borrow money for higher education – saddling a generation with crushing debts and inflating a bubble that could bring down the economy
The bi-partisan congressional solution: delay a year, after which student loans go up to 7.25 to 8.8%.
The president’s solution: Make a press-worthy attack on banks while ignoring skyrocketing base costs.
The results: an exponentially growing economic bubble whose burst will make the real estate bubble look like a polite hiccup.