Another Redistribution of Wealth

2013 November 25
by bc3b

Once again, the middle class funds the welfare class. Middle class students pay high interest rates for student loans so the poor can go to college for free. Since the government has a virtual monopoly on student loans, it can make huge profits off those loans -primarily to middle class students.

My daughter, who is very conservative – especially for a college student, was really p!ssed when she was forced to attend a panel discussion by Pell Grant students, who were complaining how hard they had it and how they were discriminated against, as a requirement for one of her education courses.

The federal government made enough money on student loans over the last year that, if it wanted, it could provide maximum-level Pell Grants of $5,645 to 7.3 million college students.

The $41.3-billion profit for the 2013 fiscal year  is down $3.6 billion from the previous year but still enough to pay for one year of tuition at the University of Michigan for 2,955,426 Michigan residents.

It’s a higher profit level than all but two companies in the world: Exxon Mobil cleared $44.9 billion in 2012, and Apple cleared $41.7 billion.

“It’s actually neither accurate nor fair to characterize the student loan program as making a profit,” Education Secretary Arne Duncan said during a July conference call with reporters after the Free Press and other news media reported on profits from student loans. The department did not return calls or e-mails seeking comment this week.

Read more:

Hat tip: Detroit Free Press

46 Responses leave one →
  1. 2013 November 25 8:47 am
    [1]

    US banks warn Fed interest cut could force them to charge depositors
    http://www.ft.com/cms/s/0/b1d409d0-5399-11e3-b425-00144feabdc0.html

    Fed’s Tarullo details plans to counter bank runs
    http://www.cnbc.com/id/101222045

    So soon we may charge you to deposit and you’ll only be allow to take out what we tell you. Sounds great doesn’t it?

  2. 2013 November 25 9:16 am
    [2]
    drdog09 permalink

    BC,

    Lets see you first line can be defined rather simply — Cyprus Deux.
    Your second line item — A subtle way of telling the banks that the Feds may TARP no more.

    My rich ole uncle in Ohio was progressing thru dementia and for some crazy reason pulled a cool $700k out of his company accounts and walked it home in a breifcase. Nobody knows why but the family righfully freaked, though we laugh at it now. The point? He might have been ahead of his time in possibly stuffing the mattress. Owing money to a bank for YOUR money? Absurd.

  3. 2013 November 25 9:20 am
    [3]
    drdog09 permalink

    Oh one other item in regards to student loans — right now there is about a 40% delequency rate on those loans. So if they had to clear accounts, the Feds would be in the hole a bunch.

  4. 2013 November 25 9:44 am
    [4]
    drdog09 permalink

    TWAS THE NIGHT OF THANKSGIVING, BUT I JUST COULDN’T SLEEP.
    I TRIED COUNTING BACKWARDS, I TRIED COUNTING SHEEP.

    THE LEFTOVERS BECKONED – THE DARK MEAT AND WHITE,
    BUT I FOUGHT THE TEMPTATION WITH ALL OF MY MIGHT.

    TOSSING AND TURNING WITH ANTICIPATION, THE THOUGHT OF A SNACK BECAME INFATUATION.
    SO, I RACED TO THE KITCHEN, FLUNG OPEN THE DOOR, AND GAZED AT THE FRIDGE, FULL OF GOODIES GALORE.
    GOBBLED UP TURKEY AND BUTTERED POTATOES, PICKLES AND CARROTS, BEANS AND TOMATOES.

    I FELT MYSELF SWELLING SO PLUMP AND SO ROUND, ‘TIL ALL OF A SUDDEN, I ROSE OFF THE GROUND.
    I CRASHED THROUGH THE CEILING, FLOATING INTO THE SKY, WITH A MOUTHFUL OF PUDDING AND A HANDFUL OF PIE.
    BUT, I MANAGED TO YELL AS I SOARED PAST THE TREES…. HAPPY EATING TO ALL – PASS THE CRANBERRIES, PLEASE.

    MAY YOUR STUFFING BE TASTY,
    MAY YOUR TURKEY BE PLUMP.
    MAY YOUR POTATOES ‘N GRAVY HAVE NARY A LUMP.
    MAY YOUR YAMS BE DELICIOUS.
    MAY YOUR PIES TAKE THE PRIZE,
    MAY YOUR THANKSGIVING DINNER STAY OFF OF YOUR THIGHS!!

  5. 2013 November 25 9:53 am
    [5]
    Wylie E. Coyote permalink

    Hey DR Dog I heard one of the “enlightened, tolerant” Liberal/Progressive “clergy” (yes this dude was actually a certified mainline protestant Pastor) state in public that “middle class white people are the problem in this country” and that “middle class white people project intolerance even if they don’t say anything”……

    Dosent that BS beat all?

    And of course, this dude was a middle age white dude……..I guess you get a pass on all that if you pimp commie ideology

  6. 2013 November 25 9:59 am
    [6]
    drdog09 permalink

    I wonder how long that white cracker will have a white middle class congregration to pay his salary?

  7. 2013 November 25 10:28 am
    [7]
    Wylie E. Coyote permalink

    #6 well there are suckers born every minute…….his denomination is 97% white…….yet he was a well paid officer in the national church

    He was “preaching” saul alinsky’s “social justice” BS and not the gosepel……..according to this satanic SOB the church exists to project “power” and “challenge” people……in other words, to divide people and create hate

    in a word: Satanic

  8. 2013 November 25 10:32 am
    [8]
    Wylie E. Coyote permalink

    #6 I think the way he was talking he felt the government would pay his way along with everyone elses once the “radical social change” took place and we had a socialist utopia created here on earth…….

    hey after all them “white people” stole the money from the blacks, latinos, asians, native americans etc…….so f@ck’em right?

  9. 2013 November 25 10:35 am
    [9]
    bc3b permalink

    (yes this dude was actually a certified mainline protestant Pastor) = pro-abortion, pro-gay rights, global warming liberal.

  10. 2013 November 25 10:54 am
    [10]
    Wylie E. Coyote permalink

    #9 yeah, plus marxist economincs and reeducation camps (which he quaintly referred to as “changing people’s mental moods”)

  11. 2013 November 25 2:21 pm
    [11]
    Wylie E. Coyote permalink

    “We tend to forget that the Senate’s rule permitting extended debate was intended to be a formidable weapon against majority tyranny.

    Too many Americans blithely assume that something favored by a majority must ipso facto be good. What if the majority is wrong? What if, for example, the majority backs a charismatic tyrant?

    Thanks to Harry Reid and his minions, we may find out.”

    http://www.americanthinker.com/2013/11/america_is_one_step_closer_to_a_one-party_tyranny.html

  12. 2013 November 25 2:53 pm
    [12]
    gnqanq permalink

    Laeodecian Church says it all to me.

    But hey, see how that works out with God.

  13. 2013 November 25 3:12 pm
    [13]
    drdog09 permalink

    An LIV finally picks up a few — http://www.youtube.com/watch?v=1yg0zzHNGUY

  14. 2013 November 25 3:29 pm
    [14]
    drdog09 permalink

    Seriously — http://www.breitbart.com/Big-Government/2013/11/25/NM-health-insurance — If few to none ever sign up for Obamacare what do the Feds do? Imprison all 320M of us? And do the GOPers have a plan that deals a death blow to the Dims as a result. If they don’t then they deserve to go over the cliff with their ne’er-do-well opponents.

  15. 2013 November 25 3:45 pm
    [15]
    drdog09 permalink

    Interesting trend — http://www.breitbart.com/Big-Hollywood/2013/11/22/streaming-revolution-viewers-flee-mtv-comedy-central — One that I would have expected to happen a lot sooner.

  16. 2013 November 25 3:58 pm
    [16]
    RepublicanPundit permalink

    Re-Read Revelations. All is coming together quickly!!

  17. 2013 November 25 4:28 pm
    [17]
    gnqanq permalink

    Saw this over on AR15. One of the best posts I have seen in some time.

    Welcome to the post-American world, folks.

    The various progressives of the world wanted this, and they’re about to find out just how much fun it was to be around during the collapse of the Pax Romanorum. Never forget these assholes have been working for this since before Vietnam, and now they’ve finally got it. The years since 2006 have been all about neutering and reducing US power, prestige, and authority. We’re all going to be diminished for it.

    It would be wise to review the history of the era surrounding the collapse of the Roman Empire, in order to get an idea of what the future looks like. Should be fun, but do remember who is responsible. Quite a few of us were warning the rest of you, but, no, you assholes had to have your Black Messiah, who brought in the Wily E. Coyote SOOOOPER Geniuses to run the world for us. Ask your grandkids how that turned out, if they ever talk to you after finding out you voted for this clown. Presupposing you ever have any, that is…

  18. 2013 November 25 4:43 pm
    [18]
    drdog09 permalink

    Ask your grandkids how that turned out, if they ever talk to you after finding out you voted for this clown. Presupposing you ever have any, that is… — GN

    An there is the rub. Household formation is way down as the money for millenials to do so is not there. Aka no jobs. These stats are showing up in the RE statistics, as new contracts on SFH have been in freefall for the last quarter — again. So these Millenials may not have kids.

  19. 2013 November 25 5:10 pm
    [19]
    justrand permalink

    for all its faults, the collapse of Rome saw barbarism on a massive and pervasive scale for CENTURIES.

    the only silver lining is that the Progressives are going to gobbled up first…either by the Muslims or Chinese, or by us.

    The world won’t miss ’em a bit

  20. 2013 November 25 5:32 pm
    [20]
    drdog09 permalink

    Rome at the time of Augustus was a city of roughly 1.2m people. After the sacking, it was down to 50,000 by 500AD. Now sometimes history never repeats and many times it does. A betting man would say that once the edifice of price supports in the US collapses the cities will become shells of themselves and large swaths of the populace unable to fend for themselves just pass away.

  21. 2013 November 25 6:00 pm
    [21]
    RepublicanPundit permalink

    All empires who have been obliterated after turning away from God. Are we past the tipping point?

  22. 2013 November 25 6:05 pm
    [22]
    Wylie E. Coyote permalink

    Lets get the history of Rome correct especially before we laud the “greatness” of the corrupt, top-down, totalitarian “empire” period….

    Rome was “dead” as soon as it turned from Republic to Empire…..it became a corrupt, bloated, beaucratic welfare-state which featured “bread n circuses” to appease the masses and high taxation and even monetary inflation in form of currency debasement……the “Empire” was nothing but a platform for the corrupt ruling class to loot the common people that was perpetuated on state-sanctioned violence

    By the time of the “collapse” to barbarians most common “citizens” of Rome hardly felt that the “empire” was something worth saving much less sacrificing their own lives for!

    Similarly, the downfall of the U.S. can be traced to the period post 1900 when we gave up the ideas of the founding fathers of the Republic who wisely counseled Liberty in all matters including foreign relations……once we embraced the idea of an American “empire” under T.R. all the rest of the domestic “progressivism” aka Big Government authoritarianism/interventionism followed……so the death of America as a free republic ended long before BHO who simply one of the last most onerous symptoms of the disease of top-down, authoritarianism

    There are many works of analysis on this subject but here is an easy to read, recent one:

    http://townhall.com/columnists/johnstossel/2013/07/31/are-we-rome-yet-n1652383

  23. 2013 November 25 6:12 pm
    [23]
    Wylie E. Coyote permalink

    “At FreedomFest, Matt Kibbe, president of the tea party group FreedomWorks, also argued that America could soon collapse like Rome did.

    “The parallels are quite ominous — the debt, the expansionist foreign policy, the arrogance of executive power taking over our country,” says Kibbe. “But I do think we have a chance to stop it.”

    That’s a big difference between today’s America and yesterday’s Rome. We have movements like the tea party and libertarianism and events like FreedomFest that alert people to the danger in imperial Washington and try to fight it. If they can wake the public, we have hope.”

    http://townhall.com/columnists/johnstossel/2013/07/31/are-we-rome-yet-n1652383/page/2

  24. 2013 November 25 6:28 pm
    [24]
    mulletover permalink

    McConnell and Boehner have demonstrated they are comfortable with tyranny as long as their little pretend fiefdoms are not disturbed.

    Change must come from the States and the People. The loyal opposition is loyal to life inside the beltway.

  25. 2013 November 25 6:35 pm
    [25]
    gnqanq permalink

    Thus why one should find like minded people.

  26. 2013 November 25 6:43 pm
    [27]
    Wylie E. Coyote permalink

    “At the root of progressivism is the belief that they alone know the best path for mankind, and they see themselves as morally superior and intellectually gifted.

    They believe ordinary people are not capable of running their own lives and that the progressive’s job is similar to the “white man’s burden” of the nineteenth century, the responsibility of the anointed to tell the rest of us what to do
    Progressives are dangerous because they will do anything and follow anyone in order to achieve their morally superior and intellectually advanced view of the world. ”

    http://itmakessenseblog.com/2013/11/22/historical-parallels-between-progressivism-nazism-fascism-and-marxism-are-not-accidental/

  27. 2013 November 25 6:45 pm
    [28]
    Wylie E. Coyote permalink

    “Progressives correctly perceive that the vehicle for their morally superior outlook is government. How else but through the coercive power of government could they force the entire population to do something it does not want to do? Angelo Codevilla puts it this way:

    “[O]ur Ruling Class’ first priority in any and all matters, its solution to any and all problems, is to increase the power of government – meaning of those who run it, meaning themselves. Secondly it is to recompense political supporters with public money, privileged job, contracts, etc.””

  28. 2013 November 26 6:25 am
    [29]
    justrand permalink

    WEC, that’s a great article in #27…and this quote you included sums it all up perfectly:

    They believe ordinary people are not capable of running their own lives and that the progressive’s job is similar to the “white man’s burden” of the nineteenth century, the responsibility of the anointed to tell the rest of us what to do

    I know LOTS of folks on the Left who feel EXACTLY this way. They will actually lament, out loud, the foolish choices of others…and then talk about how the government needs to nudge or SHOVE them into “better” choices!

    I believe this nation has reached “Irreconcilable differences”.

  29. 2013 November 26 7:06 am
    [30]
    drdog09 permalink

    26,27 are both good reads!

  30. 2013 November 26 7:09 am
    [31]
    drdog09 permalink

    Seems to fit.

  31. 2013 November 26 7:10 am
    [32]
    drdog09 permalink

    If you haven’t seen the lede photo on Drudge; do so.

  32. 2013 November 26 8:01 am
    [33]
    justrand permalink

    the words I would like to use would force me to ban myself *sigh*…

    http://dailycaller.com/2013/11/26/prof-corrects-minority-students-capitalization-is-accused-of-racism/

    I am currently reading a Sci-Fi book by Christopher Nuttall that describes an “education” system just like this… (he uses his future setting to, rightly, DAMN our current system).

  33. 2013 November 26 8:03 am
    [34]
    justrand permalink

    I’ve always wanted to meet Matt Drudge…guess I’ll get to when he winds up in Hut1369 with the rest of us “terrorists”

  34. 2013 November 26 8:57 am
    [35]
    bc3b permalink

    justrand –

    I’ve always wanted to meet Matt Drudge…guess I’ll get to when he winds up in Hut1369 with the rest of us “terrorists”

    We’re gonna be sleeping in four hour shifts.

  35. 2013 November 26 8:59 am
    [36]
    justrand permalink

    at best! 🙂

  36. 2013 November 26 9:28 am
    [37]
    bc3b permalink

    This week’s BJG Football games have been emailed. They are due by NOON THURSDAY.

    For the email-challenged:

    College Division

    Texas Tech @ Texas
    Mississippi @ Mississippi State
    Bowling Green @ Buffalo
    Miami (FL) @ Pittsburgh
    Boston College @ Syracuse

    Maryland @ North Carolina State
    Northwestern @ Illinois
    Duke @ North Carolina
    Tennessee @ Kentucky
    Georgia @ Georgia Tech

    Texas A&M @ Missouri
    Alabama @ Auburn
    Clemson @ South Carolina
    UCLA @ Southern Cal
    Army @ Hawaii

    NFL Division

    Packers @ Lions
    Steelers @ Ravens
    Titans @ Colts
    Broncos @ Chiefs
    Bears @ Vikings
    Cardinals @ Eagles
    Dolphins @ Jets
    Falcons @ Bills
    Bengals @ Chargers
    Saints @ Seahawks

  37. 2013 November 26 9:44 am
    [38]
    drdog09 permalink

    Would you believe? — http://www.industrytap.com/thorium-fueled-automobile-engine-needs-refueling-once-a-century/15649 — I dare them to put the engine in a old Delorean….

  38. 2013 November 26 9:49 am
    [39]
    bc3b permalink

    BJG Football Standings

    College Division
    bc3b: 10-5/121-59
    Fight On: 11-4/117-63
    Mullet: 6-9/114-56
    Justrand: 6-9/111-69
    MI Conservative: 7-8/107-73
    RP: 7-8/97-83

    NFL Division
    Justrand: 6-4/79-41
    MI Conservative: 7-3/75-45
    bc3b: 7-3/73-47
    TLS; 7-3/72-48
    Eph: 5-5/70-50
    Fight On: 8-2/70-50
    RJH: 6-4/66-54
    Mullet: 6-4/65-55
    PRNmeds: 6-4/61-59

    Everyone received a win for the Vikings-Packers game, which ended in a tie. Congratulations to Fight On, who had the best record in both the College and NFL Divisions last week.

  39. 2013 November 26 10:31 am
    [40]
    justrand permalink

    drat…MIC is creeping on me in the NFL division! 🙁

  40. 2013 November 26 10:36 am
    [41]
    justrand permalink

  41. 2013 November 26 11:09 am
    [42]
    fight on permalink

    The magic 8 ball lives another week.

    If I have a good week again does that move me to a higher tax bracket in hut 1369 and reduce my portion of those tasty rat hindquarters?

  42. 2013 November 26 11:56 am
    [43]
    bc3b permalink

    Obama hates the Catholic Church because, outside of amnesty, it stands firm against everything Obama supports: homosexuality, abortion, etc.

    Speaking of abortion, Obama is the “abortion President” because:
    * He strongly supports abortion and Planned Parenthood
    * His presidency has been a complete abortion

  43. 2013 November 26 1:36 pm
    [44]
    mulletover permalink

  44. 2013 November 26 2:06 pm
    [45]
    drdog09 permalink

    ‘rare bath’

    Now that’s funny!! LOL

  45. 2013 November 26 4:59 pm
    [46]
    justrand permalink

    fight on…sadly, if you move high enough in the Hut1369 “food chain”, you BECOME the food!!

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