Our friends over at RMG had an excellent April Fool’s gag where they pretended that RMG had been sold to us, and they actually altered the site’s layout all of yesterday to mirror ours. Very funny! :D
We must work to stop this assault on our freedoms to do business with whom we want when we want. It is now illegal for you to go to your local bank with the express intent of borrowing money from them so that you can use it for educational expenses. The free marketplace where provider meets customer has been usurped. – promoted by Rob “EaBo Clipper” Eno
Sadly, today is April 2, yet that comment is still up on the site unedited, so I have to assume that Rob actually believes it.
Where to begin. How about with the outright falsehood:
It is now illegal for you to go to your local bank with the express intent of borrowing money from them so that you can use it for educational expenses.
Nonsense. Today, just like yesterday, last week, and last month, you can walk down to your local bank and take out a loan to pay for education, home renovations, or anything else you want to use the money for. Where Rob got this patent non-fact, I have no idea. I defy him or anyone else to back it up.
What you cannot do any more is take out a student loan from a private bank that is getting federal subsidies to protect against default. In other words, you cannot any longer borrow for education through a system based on corporate welfare. Personally, I’m against corporate welfare, so I think getting rid of it was a good thing. But maybe Rob differs with me on that. ;-)
Having dispensed with the outright falsehood, let’s turn to the rest of the comment:
The free marketplace where provider meets customer has been usurped.
This, I have to say, is hilarious. In reality, of course, the “free marketplace” has been restored, because banks are no longer receiving taxpayer subsidies to lend in a certain way. Now, banks are free to lend however they want, free of market distortions introduced by costly and unwise subsidies.
And as for this:
We must work to stop this assault on our freedoms to do business with whom we want when we want.
Well, that’s just out-and-out right-wing paranoia. If someone would care to explain to me how ending federal subsidies for student loans is somehow a freedom-killer, I’m all ears. You can’t do it. As I said, you can still do business with your local bank for education or any other lawful purpose, just like you could before this bill was enacted. What has been eliminated is exactly the kind of thing that a true conservative should want to be eliminated: taxpayer-funded, market-distorting subsidies. But somehow, this law is a freedom-killer instead. Honestly, if President Obama signed an across-the-board tax cut, the right would figure out a way to spin it as the second coming of Karl Marx.