The Biggest Accounting Fraud in US History

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PanhandleCowboy

Point Guard
A/V Subscriber
Jun 22, 2006
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Not Close Enough to Stillwater
#1
https://www.yahoo.com/finance/news/obama-administration-student-loans-experts-113140861.html

The Wall Street Journal’s editorial board (WSJ) recently accused the Obama administration of pulling off “the biggest accounting fraud in history” with student loans when eliminating the role of private lenders in the federal student lending market.
Experts who spoke with Yahoo Finance acknowledged the issue with the general policy in hindsight, though they disagreed on who exactly is to blame.
In 2010, Democrats “nationalized the market to help pay for Obama Care,” WSJ asserted. “The Congressional Budget Office at the time forecast that eliminating private lenders would save taxpayers $58 billion over 10 years. This estimate was pure fantasy, and now we’re seeing how much.”
The WSJ op-ed also highlighted the rising number of severely delinquent student loans since then and blamed the Obama administration for expanding plans in 2012 for new borrowers “to reduce defaults, buy off millennial voters and disguise the cost of its student-loan takeover.”
The editorial board then added: “This may be the biggest accounting fraud in history.”
 

UrbanCowboy1

Some cowboys gots smarts real good like me.
Aug 8, 2006
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Phoenix, AZ
#2
I'm always surprised by people who say we need more government when it comes to student loans when it was more government that got us into this mess. If the situation had been left alone tuition and school costs would have simply risen with the pace of inflation.
 

CocoCincinnati

Federal Marshal
Feb 7, 2007
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#4
I'm always surprised by people who say we need more government when it comes to student loans when it was more government that got us into this mess. If the situation had been left alone tuition and school costs would have simply risen with the pace of inflation.
It's not just student loans. Pick something, literally anything, and it is pretty likely that government has gotten more involved over the years, highly likely that such involvement made it more expensive and extremely likely that the lefts solution to that is more government.