Submitted by Patrick Bott on February 26, 2009 - 8:23pm.
Gee NAF, if "credit disruptions" are the latest justification for FFEL being untenable, then we better go ahead and nationalize the entire financial system shouldn't we? Did you forget about the Agency Purchase Program, Agency Discount Notes Program, Agency Mortgage-Backed Securities Purchase Program, Term Primary Credit Program, Term Auction Facility, Primary Dealer Credit Facility, Term Securities Lending Facility, Asset-Backed Commercial Paper Money Market Program, Mutual Fund Liquidity Facility, Commercial Paper Funding Facility, Money Market Investor Funding Facility, Term Asset-Backed Securities Loan Facility, and last but surely not least...the infamous Troubled Assets Relief Program (TARP)?
Sure sounds like there's plenty of other lending out there that's currently untenable as well NAF! By Obama/NAF logic, that means there is lots of nationalization needed! Oh, wait a minute...Obama said the government doesn't do a good job running banks! (Yes, I'm quite sure I've heard the Obama administration say this several times over the last few weeks!) And what do banks do NAF? They lend! So, Obama says on the one hand that government doesn't do a very good job lending, but on the other hand he feels compelled to completely nationalize student lending! What a wonderful contradiction! And finally, who is it that determines the tenability of FFEL lending anyway NAF? Why, that would be Congress of course! So, if FFEL is untenable for the private sector, then it is because Congress has made it so! Some hard truths indeed. Maybe it's time for the big-government types to own up to the fact that there is no reasonable justification whatsoever for the elimination of FFEL? After all, this is the era of transparency in government--no?
Hard truths? Or bold-faced lies?
Gee NAF, if "credit disruptions" are the latest justification for FFEL being untenable, then we better go ahead and nationalize the entire financial system shouldn't we? Did you forget about the Agency Purchase Program, Agency Discount Notes Program, Agency Mortgage-Backed Securities Purchase Program, Term Primary Credit Program, Term Auction Facility, Primary Dealer Credit Facility, Term Securities Lending Facility, Asset-Backed Commercial Paper Money Market Program, Mutual Fund Liquidity Facility, Commercial Paper Funding Facility, Money Market Investor Funding Facility, Term Asset-Backed Securities Loan Facility, and last but surely not least...the infamous Troubled Assets Relief Program (TARP)?
Sure sounds like there's plenty of other lending out there that's currently untenable as well NAF! By Obama/NAF logic, that means there is lots of nationalization needed! Oh, wait a minute...Obama said the government doesn't do a good job running banks! (Yes, I'm quite sure I've heard the Obama administration say this several times over the last few weeks!) And what do banks do NAF? They lend! So, Obama says on the one hand that government doesn't do a very good job lending, but on the other hand he feels compelled to completely nationalize student lending! What a wonderful contradiction! And finally, who is it that determines the tenability of FFEL lending anyway NAF? Why, that would be Congress of course! So, if FFEL is untenable for the private sector, then it is because Congress has made it so! Some hard truths indeed. Maybe it's time for the big-government types to own up to the fact that there is no reasonable justification whatsoever for the elimination of FFEL? After all, this is the era of transparency in government--no?