“The Obama administration is moving to ease access to student loans for parents with damaged credit, a policy reversal that could saddle poor families with piles of debt but also boost college enrollment.
Under a plan likely to take effect next year, the Education Department would check the past two years of a borrower’s credit, instead of the current standard of five, for blemishes such as delinquencies or debts in collection. Also, any delinquent debts below $2,085 would be overlooked; currently, delinquencies of any amount are grounds for rejected applications.”
Professor – “If history teaches anything, it is that government cannot be trusted to manage money.” And government cannot be trusted because the people who run for office usually have a price and can be easily bought/corrupted. They are a certain breed of person.
But “all at once” can take decades. Likely at least a couple generations from when participation goes from “voluntary” to mandatory. When you see armed military troops in front of the banks, figure it has only begun.
As I said somewhere else on here, what is and has been taking place since 2008 is Nationalization of the entire US economy. Our rulers have been enamored with the Chinese “Miracle” of “Government Controlled Capitalism” which isn’t Capitalism at all.
Imagine the visions of absolute power circulating through the halls of elite political institutions about now.