To the Editor:
I agree with nearly all that Peter Wong says in his review of “Default” which is about the scam that is the student loan business. However, I strongly disagree with the use of the word coincidentally in this sentence: “Bankruptcy, whose debt discharge protections would normally act as a corrective on financial industry excess, coincidentally happens to be unavailable for student loan debts.”
There is no way I can prove it, but of course it is not coincidence that one cannot discharge student loan debt in bankruptcy. The sharks and vultures of the industry did what all of the 1% do, which is to buy their way into Congress and then stack the deck to maximize their profits. Did they care (or did the members of Congress care) if that meant permanent debt servitude for those who take out loans for college? Of course not. They just were laughing about the guaranteed increase of cash flow and profits. Other than that, the review seems spot on to me.
126 Hyde Street
San Francisco, CA 94102
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