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Yo_Mama_Been_Loggin

(108,170 posts)
Mon Jun 24, 2019, 08:02 PM Jun 2019

Sanders adviser on student debt plan: 'If we can bail out Wall Street, we can bail out kids'

A senior adviser for Sen. Bernie Sanders’s (I-Vt.) 2020 presidential campaign touted the Democratic hopeful’s proposal that would erase all outstanding student loan debt and pay for it by implementing a tax on Wall Street.

“If we can bail out Wall Street, we can bail out kids who are trying to make a better life for themselves,” Chuck Rocha told Hill.TV on Wednesday in response to a question about the plan.

Rocha said the proposal was inspired by voters on the campaign trail.

“It’s what we hear on the road more so than anything — it’s the biggest economical factor that holds people back, is having to make that student loan,” he said.

Sanders on Monday unveiled a proposal that would completely eliminate nearly $1.6 trillion in student debt for about 45 million Americans over the course of six months.

Sanders said he plans to pay for the plan through a tax on trades of stocks, bonds and derivatives.

https://thehill.com/hilltv/rising/450111-sanders-adviser-on-student-debt-proposal-if-we-can-bail-out-wall-street-we-can

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
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Sanders adviser on student debt plan: 'If we can bail out Wall Street, we can bail out kids' (Original Post) Yo_Mama_Been_Loggin Jun 2019 OP
let's cancel all credit card debt, not just student loan debt nt msongs Jun 2019 #1
Did you forget the sarcasm tag? Yo_Mama_Been_Loggin Jun 2019 #2
Agreed Sherman A1 Jun 2019 #4
I'm sorry we paid off our house a few years ago, maybe they'll throw in mortgages, too. George II Jun 2019 #5
Why stop there? Vegas Roller Jun 2019 #6
I WANT MY GYM MEMBERSHIP DEBT CANCELLED! riverine Jun 2019 #20
This would be grand. Give the people a fresh start. riversedge Jun 2019 #3
I'm really not sure how I feel about cancelling all student loan debt period. If you took out these UniteFightBack Jun 2019 #7
the issue is that college costs and loan costs are many times what they were in the past... Humanist_Activist Jun 2019 #8
But why take out loans that YOU KNOW will take 200+ years to pay back? UniteFightBack Jun 2019 #11
No, and she never will, also future earnings aren't guaranteed... Humanist_Activist Jun 2019 #15
And the banks that gave out those loans should contribute too. bluewater Jun 2019 #10
Wall Street paid their "bailout" loans back plus interest riverine Jun 2019 #9
Why doesn't anyone seem to know this. betsuni Jun 2019 #12
because it is in the interest of far left candidates (Bernie and Liz) to portray corporations as riverine Jun 2019 #14
Corporations are literally legal entities designed to minimize the risks to owners at the expense... Humanist_Activist Jun 2019 #16
Of course. Why should I (as a stockholder) be PERSONALLY liable for a corporation's debt? riverine Jun 2019 #17
Yeah that stock option I got from Wal-Mart completely made up for the stolen wages they took from... Humanist_Activist Jun 2019 #18
Look, it is perfectly reasonable to hate Wal-Mart. riverine Jun 2019 #21
Is that why job satisfaction is at an all time low, keeping pace with the stagnant wages and no... Humanist_Activist Jun 2019 #22
What would be the rate of return to GDP if we freed up all that debt servicing money? Hassin Bin Sober Jun 2019 #13
Why not just cut the bottom quarter of taxpayers rate by $1.6 trillion? riverine Jun 2019 #19
Chances are that that Wal-Mart clerk did "waste" 2-4 years in college, but ended up... Humanist_Activist Jun 2019 #23
It's going to be tough on the teachers when you make their schools tuition free, hughee99 Jun 2019 #24
 

msongs

(67,438 posts)
1. let's cancel all credit card debt, not just student loan debt nt
Mon Jun 24, 2019, 08:03 PM
Jun 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Yo_Mama_Been_Loggin

(108,170 posts)
2. Did you forget the sarcasm tag?
Mon Jun 24, 2019, 08:04 PM
Jun 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Sherman A1

(38,958 posts)
4. Agreed
Mon Jun 24, 2019, 08:07 PM
Jun 2019

That post really does need one.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

George II

(67,782 posts)
5. I'm sorry we paid off our house a few years ago, maybe they'll throw in mortgages, too.
Mon Jun 24, 2019, 08:14 PM
Jun 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Vegas Roller

(704 posts)
6. Why stop there?
Mon Jun 24, 2019, 08:17 PM
Jun 2019

Let's cancel all the mortgages, car loans, consumer loans, home improvement loans, farm loans.

The problem is - the target constituency will know it is all BS while the naïve students eat up the tuition debt relief as though it was really going to happen and are there to yell Bernie! Bernie!! when real Democrats speak.


Then these same naïve students go and vote for Trump when BS is defeated thinking their debts are remaining only because Senator BS was defeated.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

riverine

(516 posts)
20. I WANT MY GYM MEMBERSHIP DEBT CANCELLED!
Mon Jun 24, 2019, 09:12 PM
Jun 2019

Give me a break too!

Edit; I heard Senator Warren had a "plan" for us gym debt-servants too!

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

riversedge

(70,299 posts)
3. This would be grand. Give the people a fresh start.
Mon Jun 24, 2019, 08:05 PM
Jun 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

UniteFightBack

(8,231 posts)
7. I'm really not sure how I feel about cancelling all student loan debt period. If you took out these
Mon Jun 24, 2019, 08:20 PM
Jun 2019

outrageous loans you should have to pay something back. People know what they are borrowing. Now it comes time to pay it back and yeah who the hell would want to.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Humanist_Activist

(7,670 posts)
8. the issue is that college costs and loan costs are many times what they were in the past...
Mon Jun 24, 2019, 08:31 PM
Jun 2019

its easy to say "oh just pay it back" but when it will take you 200+ years to do so, with interest, because the economy isn't as strong to allow you have all the earnings you need to be able to pay it makes it impossible.

A difference of 6 years, I paid my college loan back early, but I went to college in the mid 1990s, and was able to do so through a combination of luck and sticking to a 2 year school. My sister gets a Bachelor's degree at a state school, being 6 years younger than me, and she can barely scrape by making at least double what I make. She has a husband who works 2 jobs and 2 kids, perhaps she should have been better off without trying to start a family when it was the best time, biologically.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

UniteFightBack

(8,231 posts)
11. But why take out loans that YOU KNOW will take 200+ years to pay back?
Mon Jun 24, 2019, 08:38 PM
Jun 2019

Does your sister own a home?

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Humanist_Activist

(7,670 posts)
15. No, and she never will, also future earnings aren't guaranteed...
Mon Jun 24, 2019, 08:47 PM
Jun 2019

We are talking loans she got being up to 500% more expensive than the same loans would have been for me. 2 years Community, 2 years State. Earnings haven't been increasing by that same amount in that time period.

https://www.forbes.com/sites/camilomaldonado/2018/07/24/price-of-college-increasing-almost-8-times-faster-than-wages/#1698f34d66c1

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

bluewater

(5,376 posts)
10. And the banks that gave out those loans should contribute too.
Mon Jun 24, 2019, 08:38 PM
Jun 2019

The banks gave out those loans, they profit off them, they should share the burden of any plan to alleviate student debt.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

riverine

(516 posts)
9. Wall Street paid their "bailout" loans back plus interest
Mon Jun 24, 2019, 08:34 PM
Jun 2019
https://projects.propublica.org/bailout/

Taxpayers actually made a $107 billion profit on the bailout (see link)
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

betsuni

(25,610 posts)
12. Why doesn't anyone seem to know this.
Mon Jun 24, 2019, 08:38 PM
Jun 2019

Hearing "If they can bail out Wall Street they can pay for ______ " a hell of a lot lately.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

riverine

(516 posts)
14. because it is in the interest of far left candidates (Bernie and Liz) to portray corporations as
Mon Jun 24, 2019, 08:46 PM
Jun 2019

the "enemy" which is why they won't be nominated.

Most of us Democrats work for a corporation who pays us and provides a group health insurance plan we like.

Corporations are not the "enemy".

Conservatives are.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Humanist_Activist

(7,670 posts)
16. Corporations are literally legal entities designed to minimize the risks to owners at the expense...
Mon Jun 24, 2019, 08:50 PM
Jun 2019

of everyone else, especially workers.

I work and have worked for large corporations, that's how I know they do NOT have my best interest, as a worker, at heart. How some people can be so blind to this baffles me.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

riverine

(516 posts)
17. Of course. Why should I (as a stockholder) be PERSONALLY liable for a corporation's debt?
Mon Jun 24, 2019, 08:56 PM
Jun 2019

Sadly, I owned stock in Worldcom when the shit hit the fan and CEO Ebbers and the CFO were rightly sentenced to long prison sentences.

Should I have been?

No, I just lost everything I invested in Worldcom.

It is not criminal to own stock, dude.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Humanist_Activist

(7,670 posts)
18. Yeah that stock option I got from Wal-Mart completely made up for the stolen wages they took from...
Mon Jun 24, 2019, 09:03 PM
Jun 2019

me.

Oh, and the 250 bucks I got from the class action lawsuit also made up for the thousands they took. Or the long hours, or the times they asked me to work through breaks, etc. Or hell the violations of state and federal law that I was a witness too, etc.

Come to think of it, why aren't the managers/CEOS at Wal-Mart criminally liable for the hundreds of thousands of employees they stole from, but if I was caught stealing a pack of gum from one of their stores, I get the book thrown at me.

It seems almost like the law favors the rich and powerful, does it not?

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

riverine

(516 posts)
21. Look, it is perfectly reasonable to hate Wal-Mart.
Mon Jun 24, 2019, 09:15 PM
Jun 2019

But MILLIONS of us don't hate our employer. We like them a lot in fact.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Humanist_Activist

(7,670 posts)
22. Is that why job satisfaction is at an all time low, keeping pace with the stagnant wages and no...
Mon Jun 24, 2019, 09:26 PM
Jun 2019

job security, on top of few benefits.

You seem to believe in an economy that doesn't exist, you paint a rosy picture that doesn't exist.

https://www.pewresearch.org/fact-tank/2016/09/01/8-facts-about-american-workers/

https://www.washingtonpost.com/news/wonk/wp/2018/07/04/is-it-great-to-be-a-worker-in-the-u-s-not-compared-to-the-rest-of-the-developed-world/?noredirect=on&utm_term=.6f180c7879b4

ON EDIT: You make this claim a lot, where is your evidence to back it up?

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

Hassin Bin Sober

(26,335 posts)
13. What would be the rate of return to GDP if we freed up all that debt servicing money?
Mon Jun 24, 2019, 08:45 PM
Jun 2019
If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

riverine

(516 posts)
19. Why not just cut the bottom quarter of taxpayers rate by $1.6 trillion?
Mon Jun 24, 2019, 09:10 PM
Jun 2019

Why does a college loan student deserve a bailout but a Wal-Mart stock clerk deserve nothing?

Hell, the Wal-Mart inventory clerk deserves it MORE since they didn't waste 2-4 years in college.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Humanist_Activist

(7,670 posts)
23. Chances are that that Wal-Mart clerk did "waste" 2-4 years in college, but ended up...
Mon Jun 24, 2019, 09:29 PM
Jun 2019

a Wal-Mart clerk anyways. I work at a tech-based call center right now, and the amount of co-workers with 4 year degrees and thousands in debt they have no hope of paying back is staggering.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

hughee99

(16,113 posts)
24. It's going to be tough on the teachers when you make their schools tuition free,
Mon Jun 24, 2019, 10:01 PM
Jun 2019

They’ll be looking at significant paycuts and resource shortages, I’d imagine.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
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