LINE UP FOR THE BIG BAIL OUT!!

The truth never needs to be explained or apologized for.It stand alone as a sentinel for freedom of expression.

IN THE DEAD OF NIGHT CHRISTOPHER DODD'S COMMITTEE SLIPPED INTO THE CONGRESSIONAL BAIL OUT LEGISLATION THE INCLUSION OF MANY LOANS AND OBLIGATIONS OUT SIDE THE PURVIEW OF THE WALL STREET AND MORTGAGE INSTITUTION BAIL OUT!

Thus, the signal has been given that the massive plan to take over bad mortgage debt, is opening the door to further government bailouts. "Such a large takeover by the government will surely be accompanied by adverse, unintended consequences," said Pat Toomey, president of the Club for Growth, a conservative advocacy group. "Already, other companies and industries are lining up at government's door asking for their own bailout."

Treasury Secretary Henry M. Paulson Jr., in defending this heinous move, stressed that the additions were needed to ensure that student loans and credit cards( sure bail out the spoiled brats that never intended to live on a budget or pay back their student loans). These debt conveniences for modern day college attendees(i cannot use the word student )have become indispensable to the spending habits and career plans of many young Americans, unfortunately!
Student loans, which Wall Street firms packaged and sold to investors just like mortgages, already were hit hard in the widening credit crisis earlier this year, with much of the private loan market disappearing.

The cause for this is that credit cards and loans are given, almost forced on incoming college freshmen with no attempt to explain that they are not free cash!This has resulted in the government stepping in to "beef up" its direct loan programs for college students.The INTERNET is full of advertisements like this; "Borrow up to $45,000 per year to cover your 2008 college costs - including books and housing".

This despite the fact that many financial analysts feared that the credit card market would be the next domino to fall. Credit card debt also is packaged and sold to investors in complicated "derivative" securities that have become difficult or impossible to sell in recent months. In my opinion they should never have been offered as investment issues, because almost three-quarters of students who default on their loans (APPROXIMATELY 5.1% OF THE LOANS) have done so after withdrawing from school and failing to complete their studies.
SOURCE: Federal Guide to Defaulted Student Loans

And this is another problem that remains unstated on many college campus.About 1 in every 20 college students will develop a gambling problem. They usually start out gambling for fun and with friends. Then they get sucked in by either
believing they can make money gambling or by gambling as a means to cope with loneliness, stress or depression.
Every semester students drop-out because of their gambling problem. They find themselves in a financial mess, they are stressed-out, they miss class, and they
often feel angry, shameful, and depressed.
“Gambling among students on and off campus are at record levels because of the popularity of Texas Hold'em poker and sports betting on and off the Internet.”
– Sol Boxenbaum, Responsible Gambling Expert

My parents were middle class people, and they put five children through college. There were no government student loans offered to my parents. There were none available at that time. My father drove a Nash car when my brother and I attended college, We worked eight hour shifts in the breweries of Milwaukee,usually the second shift year round, to help pay for our living expenses. We made it, but my dad died at 58 and my mom at 61. No free lunch for us, and we appreciated the value of money!

What Congress is doing is bail-out the credit card companies that freely gave out their plastic to college students, and perpetuate the idea that young people can get away with spending money, but not be responsible to pay for it!
And to add insult to injury: Twenty percent of U.S. college students completing 4year degrees, and 30 percent of students earning 2-year degrees, have only basic quantitative literacy skills, meaning they are unable to estimate if their car has enough gasoline to get to the next gas station or calculate the total cost of ordering office supplies, according to a new national survey by the American Institutes for Research (AIR). The study was funded by The Pew Charitable Trust.