The college loan scandal continues. Not surprisingly it is not a new issue. Unfettered capitalism has a nasty tendency to push the limits and require some type of regulation. The Clinton administration proposed controls but Bush and company rejected them and allowed the current fiasco to develop.
From the Post:
“The abandonment of the 2001 proposal underscores what some consumer advocates and Democratic lawmakers believe is lax federal oversight of the financial aid system by a department they say is too cozy with the industry.”
“More than a dozen senior department officials either previously worked in the student loan business or found high-paying jobs in the sector after they left the agency.”
“The Department of Education has been run as a wholly owned subsidiary of the loan industry under this administration,”
Sound familiar? You could replace the Department of Education with the FDA or for that matter the Department of Defense and the financial aid system with the pharmaceutical industry or military expenditures and still make perfect sense.
Will we ever learn?