(Guest post by Greg Forster)
In today’s Wall Street Journal, Arne Duncan points out that it makes no sense for government to run a giant subsidy program for student loans that allows bankers to capture taxpayer dollars as intermediaries between Uncle Sam and the kids.
Obviously, the only sensible alternative is for government to completely abolish private lending and socialize the whole system, so that the only place any student of any income level will be able to go for a loan is the federal government! No other possible solution to the problem is imagineable.
The headline summarizes the administration’s bullying ambitions with admirable transparency: “Banks Don’t Belong in the Student Loan Business.”
And how did the path to socialism start? With the creation of a “public option.” After that, the rest is just math.
Oh but Greg, you never applied for a student loan in your life, so you wouldn’t understand how horrible the intermediaries are…. Way to fling around the word “socialism” though… there’s a spot waiting for you a fox news
b.bear, how would you know whether Greg applied for a student loan? Besides, I’m sure the government officials from whom students will now have to get loans won’t be nearly as horrible since all government programs are so friendly.
OK, I’m prepared to debate my use of the word “socialism.” When government actually abolishes a private industry and takes over providing all services in that sector itself, what word would you use to describe that? “Socialism” seems to me like the mildest word you could use for that.