Rep. Miller volleyed back last week reiterating the soundness and logic of his plan to save the federal student loan program. We didn't buy what Miller was selling. And apparently neither did the WSJ.
Their recent Op-Ed piece more or less states what we regularly rant about here, but with better journalistic style. We'll provide a few snippets here:
"....the lenders whose business models Congress recently torched....."
"So Representative George Miller, another architect of last fall's
disaster....."
"Mr. Miller,...,has suddenly found an inordinate faith in the ability of the
Administration to play the credit markets."
"But in 1997 the direct lending system crashed as a large federal
bureaucracy was - here's a surprise - unable to process paperwork quickly
enough to serve borrowers."
"From start to finish, it is hard to imagine a more thorough example of
Congressional blundering while covering its tracks by blaming everyone else and
getting the Fed and taxpayers to clean up the mess."
Oh, this is good stuff. The Wall Street Journal is gonna ride this one all the way. Their criticism has only just begun. Make sure you read their whole piece. It was truly inspiring.
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