In 2010, along with Obamacare, the federal government also passed student loan reform legislation. Now all student loans come straight from the federal government.
Why? Well, the Obama administration claimed that “big banks” were earning “evil” profits off of the backs of students who are just trying to get an education. Yes, the “evil big banks” are yet again to blame. If you believe that, you’re probably not going to like what Glenn exposed this morning.
It seems the “big govt” is making more bank of the backs of America’s college students than “big banks”. After putting private banks out of the student loan business, thereby eliminating all competition, they’ve earned more than $51 billion dollars in profits.
$51 billion dollars off of the debt of students.
“The student indebtedness in the last few years has now gone up under this president 250%,” Glenn said. “So, if you are a student, you are in more debt, 250% more debt, than before this guy got into office. And the profit for the United States of America is $51 billion.”
Here’s the real kicker. The combined total profit for the big banks — not just student loan profits — is $51.9 billion.
“All of the big banks, Citi, Wells Fargo, J.P. Morgan Chase, Bank of America, last year made a profit of $51.9 billion. The United States government, just on student loans, made $51 billion,” Glenn said.
That’s even more than the “evil” Exxon Mobile, who earned about $45 billion.
“This is why we can’t be soft spoken anymore,” Glenn noted. “And I don’t mean that we need to start yelling and screaming. I mean, we have to be bold. We have to be bold because ‑‑ no, no, no. We have to tell the truth. The power of the truth. There’s power behind the words of truth. And so you can shout them or you can softly speak them, but it is not you but the truth that gives those things power. So we have to just start telling the truth.”