House bill passes today!

So, like we've mentioned in the past, the band-aid legislation is getting closer to becoming law.

The Department of Education will be buying FFELP student loans that private lenders make? But, there's no profit in making student loans. That's why all the participants are exiting the marketplace.

HELLO? Are you frickin' listening?

Go ahead - authorize the Dept of Ed to buy $40 frickin' billion dollars worth of loans. They won't finance a single dollar! You know why? No one will originate the loans to begin with. It's not PROFITABLE.

You see, to make this work, you've got to model the legislation after the ever so effective farm subsidy programs: have the government buy the loans at a point, where the lenders actually make money. Then you can turn the loans into cheese and give it to welfare recipients. Wait, we're mixing up our effective government programs. But you get the picture. Even better, pay the lenders NOT to make student loans. No, that doesn't solve anything either. But our ideas seem to be working along the same lines of logic that our elected Congressmen employ.

Please, someone, one of our elected Washington delegation, someone, please acknowledge that you screwed up here! Then you can fix the problem.