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<blockquote data-quote="rickyb" data-source="post: 4952702" data-attributes="member: 56035">Steve Skrovan:&nbsp; Yeah. Tony, this is fantastic. Whenever we hear about spending bills, the question though is who is going to pay for it? How are we going to pay for it? And I went to Change.org where there is a petition about student debt and I&#039;m&nbsp; going to quote from them because I think it makes&nbsp; a&nbsp; tremendously&nbsp; compelling&nbsp; case&nbsp; that&nbsp; answers&nbsp; those&nbsp; questions.&nbsp; And&nbsp; they&nbsp; say,&nbsp; quote, &quot;Trillions&nbsp; could&nbsp; be&nbsp; injected&nbsp; into&nbsp; the&nbsp; economy&nbsp; with&nbsp; no&nbsp; tax&nbsp; money&nbsp; needed,&nbsp; nothing&nbsp; added&nbsp; to&nbsp; the national debt. During the pandemic, we&#039;ve given $1 trillion in loans that don&#039;t need to be repaid to small&nbsp; businesses,&nbsp; and&nbsp; additional&nbsp; trillions&nbsp; doled&nbsp; out&nbsp; to&nbsp; businesses,&nbsp; governments,&nbsp; individuals, colleges,&nbsp; and&nbsp; others.&nbsp; This&nbsp; all&nbsp; required&nbsp; money&nbsp; to&nbsp; be&nbsp; drawn&nbsp; from&nbsp; the&nbsp; Treasury,&nbsp; and&nbsp; added&nbsp; to&nbsp; the &nbsp;&nbsp;national&nbsp; debt.&nbsp; Cancelling&nbsp; $1.6&nbsp; trillion&nbsp; in&nbsp; federal&nbsp; student&nbsp; loans,&nbsp; on&nbsp; the&nbsp; other&nbsp; hand,&nbsp; will&nbsp; require nothing&nbsp; from&nbsp; the&nbsp; Treasury,&nbsp; and&nbsp; will&nbsp; add&nbsp; nothing&nbsp; to&nbsp; the&nbsp; national&nbsp; debt.&quot;&nbsp; That&nbsp; seems&nbsp; like&nbsp; a&nbsp; pretty compelling case. Hard to argue, right?&nbsp; Anthony&nbsp; Fiorentino:&nbsp; &nbsp; Well,&nbsp; not&nbsp; only&nbsp; that,&nbsp; Steve,&nbsp; but&nbsp; people&nbsp; have&nbsp; to&nbsp; remember&nbsp; that&nbsp; when&nbsp; the largest banks and insurance companies committed mass securities fraud in the mid-2000s, they got a $700 billion bailout and they had committed crimes. They had committed mass securities fraud. Now you&#039;re talking about students who committed no crimes and they&#039;ve just taken out loans that they had to take out just to educate themselves so they&#039;re viable in&nbsp; a modern economy. And yet they can&#039;t get the same kind of relief that criminal banking institutions got. And it wasn&#039;t just that $700 billion, of course. The Federal Reserve has bought up these banks&#039; toxic assets. Now we&#039;ve got millions of students with toxic assets, which are called student loans. How come the Federal Reserve doesn&#039;t buy up those?[URL unfurl=&quot;true&quot;]https://secureservercdn.net/198.71.233.254/c03.434.myftpupload.com/wp-content/uploads/2021/07/Ralph-Nader-Radio-Hour-Ep-386-Transcript.pdf[/URL]</blockquote>

[QUOTE="rickyb, post: 4952702, member: 56035"] Steve Skrovan: Yeah. Tony, this is fantastic. Whenever we hear about spending bills, the question though is who is going to pay for it? How are we going to pay for it? And I went to Change.org where there is a petition about student debt and I'm going to quote from them because I think it makes a tremendously compelling case that answers those questions. And they say, quote, "Trillions could be injected into the economy with no tax money needed, nothing added to the national debt. During the pandemic, we've given $1 trillion in loans that don't need to be repaid to small businesses, and additional trillions doled out to businesses, governments, individuals, colleges, and others. This all required money to be drawn from the Treasury, and added to the national debt. Cancelling $1.6 trillion in federal student loans, on the other hand, will require nothing from the Treasury, and will add nothing to the national debt." That seems like a pretty compelling case. Hard to argue, right? Anthony Fiorentino: Well, not only that, Steve, but people have to remember that when the largest banks and insurance companies committed mass securities fraud in the mid-2000s, they got a $700 billion bailout and they had committed crimes. They had committed mass securities fraud. Now you're talking about students who committed no crimes and they've just taken out loans that they had to take out just to educate themselves so they're viable in a modern economy. And yet they can't get the same kind of relief that criminal banking institutions got. And it wasn't just that $700 billion, of course. The Federal Reserve has bought up these banks' toxic assets. Now we've got millions of students with toxic assets, which are called student loans. How come the Federal Reserve doesn't buy up those? [URL unfurl="true"]https://secureservercdn.net/198.71.233.254/c03.434.myftpupload.com/wp-content/uploads/2021/07/Ralph-Nader-Radio-Hour-Ep-386-Transcript.pdf[/URL] [/QUOTE]

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