A Quote by Marco Rubio
Increasing access to federal student loans has been a bipartisan effort in Washington, one that I have supported. But it has created what many experts believe is a bubble in higher education, not unlike the housing bubble that preceded the financial crisis.
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When SoFi launched in 2011, it focused squarely on the burgeoning student loan market - a market that, unlike housing, had no viable option to refinance both federal and private student loans from higher interest-rate eras.
Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.
A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve successfully replaced the technology bubble with a housing bubble
If lenders are forced to scale back student lending because private student loans are subject to bankruptcy discharge, many students will be denied access to higher education.
We must fundamentally restructure our student loan program. It makes no sense that students and their parents are forced to pay interest rates for higher education loans that are much higher than they pay for car loans or housing mortgages.
The higher amount you put into higher education, at the federal level particularly, the more the price of higher education rises. It's the dog that never catches its tail. You increase student loans, you increase grants, you increase Pell grants, Stafford loans, and what happens? They raise the price.
We can talk about republican or democratic approaches to the economy, but until you fix the student loan bubble - and that's where the real bubble is - and the tuition bubble, we don't have a chance. All this other stuff is shuffling deck-chairs on the Titanic.
The rising costs of higher education coupled with the stress of paying student loans are putting increasing pressure on students.
It is no exaggeration to say that rising inequality has driven many of the 99 percent into a financial ditch. It also helped spawn the housing bubble that gave us the financial crisis of 2008, the lingering effects of which have forced many OWS protesters to try to launch their careers in by far the most inhospitable labor market we've seen since the Great Depression. Even those recent graduates who manage to find jobs will suffer a lifelong penalty in reduced wages.
I've not won different awards - many, many times - so luckily I've practiced that whenever you are nominated for anything, you enter into this marvelous, fantabulous bubble called the bubble of nomination. The minute the envelope is opened and your name isn't called out, the bubble bursts. And no one calls you up the next day to say, 'So sorry you didn't win,' or 'You looked gorgeous - nothing. If you win, you get about another 24 hours in that lovely bubble and then - pop - you are slightly wet all over from the bubble and realize that you have to get on with real life.
Prices are going up. Unemployment continues to go up. And we have not had the necessary correction for the financial bubble created by our Federal Reserve system.
Prices are going up. Unemployment is continue to go up. And we have not had the necessary correction for the financial bubble created by our Federal Reserve system.
Part of Obamacare eliminated the private sector financial market that engages in giving college student loans. I mean, now the federal government has taken over college student loans, so I sit back and strategically look at this and say this just cannot be happening.
The collapse of the housing bubble sent the world spiraling into recession. The collapse of the energy and commodity bubble threatens to be just as damaging.
Student debt is crushing the lives of millions of Americans. How does it happen that we can get a home mortgage or purchase a car with interest rates half of that being paid for student loans? We must make higher education affordable for all. We must substantially lower interest rates on student loans. This must be a national priority.
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