Now to Dumb Down America

April 16, 2008 at 4:10 pm | Posted in Political | 1 Comment
Tags: Credit markets, Education, Student loans

April 8 – The Wall Street Journal (Keith J. Winstein): “Education Resources Institute Inc., a Boston nonprofit that insures more than $17 billion in privately issued student loans, filed for bankruptcy-court protection, beset by defaults, delinquencies and shrinking revenue. … The filing … adds more tumult to the shaky student-loan market, where some lenders have been taking write-downs and dropping or curbing their lending programs amid broader problems in the credit markets.”

When “competition” does not live up to its oft-marketed capacity of offering consumers “more choice” … and instead closes opportunity … what should we make of this?

Unregulated free markets are a fraud … benefiting the few at the expense of the many.

And while we are on the subject, let’s get something straight. There is no such thing as a free market. “Someone” always controls every market’s workings.

So, we are left to wonder for whose benefit should this control serve in the nation whose government is constitutionally charged to “promote the general Welfare.”

(Note to insurance industry: Thank you for showing the People how profitable your business can be. We shall have your business model in mind when revenues are squeezed.)