By Paul Gregory
President Obama is telling his presumed constituents of
college students that he is fighting for them against the evil republicans. They
want to raise the student loan rate back to 6.8 percent (already a bargain) from
its temporary low of 3.4 percent. Republican nominee Mitt Romney has already
caved out of fear of giving Obama another campaign sound bite. Support for the
3.4 percent rate is already prominently featured on Obama’s campaign web
site.
Government-backed student loans, let me tell you, will be
our next financial catastrophe. The default rate is rising and banks (and the
government as guarantor) will be again left with toxic assets.
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