By Jon Dougherty
For most Democrats, serving in Congress isn’t about leadership or solving the nation’s problems, it has become nothing more than a quest to ‘get’ political opponents — the president of the United States,Â all Republicans, or, in the case of “Crazy” Maxine Waters on Wednesday, “mega-bankers.”
Waters hauled representatives from five of the country’s biggest banks before her House Financial Services Committee, which she chairs, to berate them over something that neither they nor the Trump administration had anything to do with: Building the country’s massive, $1 trillion-plus student loan debt.
It quickly became apparent that Waters had no clue what she was talking about — and no idea that Obama ordered the federal government to nationalize student loans in 2010, nearly a decade ago.
After she blamed the “megabanks” for the current student loan crisis, Waters then demanded the attendant bank heads explain just what the heck they are doing to help out poor, beleaguered student loan borrowers (none of whom took out school loans with a gun held to their heads, by the way).
At first, none of the representatives said anything because, again, their banks hadÂ no role in financing student loans. After Obama ordered Uncle Sam to take on that responsibility — and then give anyone who requested it the money to go to school, few questions asked — their institutions stopped making loans.
Waters eventually called out Bank of America CEO and Chairman Brian T. Moynihan when no one stepped forward to answer.
â€œWe stopped making student loans in 2007 or so,â€ Moynihan responded.
CitiGroup CEO and Chairman Michael L. Corbat followed him by announcing that his institution stopped in 2009.
Jamie Dimon, the CEO and chairman of JPMorgan Chase, ‘reminded’ Waters straight up that Obama ordered the government to intervene and take over student loans years ago.
â€œWhen the government took over student lending in 2010 or so, we stopped doing all student lending,â€ Dimon said.
You know, it’s okay for congresspeople to not have every single detail about every single subject readily at hand. But if they are, say, chairing committee meetings where they intend to berate and blame witnesses for something, the veryÂ least Americans should expect is that they have a clue what they’re talking about.
Waters, however, seems to believe she is beyond even that very minimal standard.
It was obvious she was clueless. And here’s what else she likely didn’t know (or care to know). According to analysis fromÂ Investors.com,Â Obamaâ€™s decision to require the federal government take over student lending added over $1 trillion to the total U.S. student loan burden, largely, again, because there were so few hard-and-fast requirements to doling out the money.
Once colleges and universities became aware that Obama had turned on a money spigot specifically for them, what do you think they did? They began raising tuition rates, of course, then using the flood of money to build billions of dollars’ worth of new facilities and other add-ons and accessories that look awfully nice but don’t really contribute much toÂ educating students.
Anyway, here’s Mad Maxine and her epic fail:
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