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well Fox Business Fox Business Channel
this is unquestionably
the most on educated rant on student loans
I've ever heard its Fox Business
anchor stuart varney who's given us much comedic material over the years
let's listen causes of it about
yes what's happened we have just a rolled back the recent spike
in student loan rates ok students go to college this fall taking out a new loan
over the next couple of weeks they are paying for straight 3-point
85 a sec only slightly hotter what will be it was being paid last year
head caps have been imposed so that in the future
the rate will never go above 8.25 percent
undergrads over nine percent for graduate students and if it's the
parents to take out a loan
just over ten ten and a half a cent okay that's all the good news
with rolled back the recent spike but to answer your question
we have not sold the underlying problem which is
was subsidizing all of the slowest at great cost to the taxpayer
we have not solved the problem other very high-cost
I'm rising cost all college how we have to solve the problem of highly indebted
students
leaving college with us a lotta debt around their neck
no good paying job to go to so it's not sold the although on the line problem
we basically Holt would give students a low
loan right for the foreseeable future would not solve the fault line up
stuart varney
just said the underlying problem in the student loan debt crisis
is quote we're subsidizing
all these loans at great cost to the taxpayer
that was the first thing that he mentioned
okay are you ready for the earth
shattering fact the it's a debate enter
like after you say that it like you're done stuart varney is this best
up not only is varney
110 percent incorrect that the taxpayer
isn't subsidizing but the students the exact
opposite is true so what I mean by that is that
the government just made 51
billion dollars of all these students
that's more profit than Exxon Mobil made last year
51 billion dollars
so barney's argument is essentially of see the problem in the student loan debt
crisis
is that these moochers it the students are being subsidized by the taxpayers
what if anything the real problem is that
the students are subsidizing the moon sure government
we have which of course is making them pay an interest rate
which they shouldn't have to pay man
that's it like you lose all your credibility you're not allowed to talk
about economic issues after that
you got the issue exactly incorrect you couldn't be more wrong
and by the way but to increase my vulnerability
on this issue let me just say for the record I think the government
should subsidize a college
I think all it should be universal it should be fun at the federal level
just like up the public education system for high school elementary school
is funded at by the state level in the local level
all the money that we send for war overseas and by the way store morning
ever asked to show a profit on that doesn't
right you never said almost jurors got the military the big motor we spent
trillions of dollars are not
know you care about the military turning a profit but all that money we
set for more we should divert it immediately to pay for everybody's
college
so not only should be all hey let the students borrow 80 percent interest now
we should be hey
like Elizabeth Warren proposed only look around 0.7 part 5 percent interest rate
not only should be like the deal
be reached your looks like the reach of the interest rate just over three point
a five percent you know it should be go right at the college
and then when you get out your you're good you don't were fair and square
because we're a civilized human beings that understand certain functions are
solely for government
one of them being education but but look man
but bottom line stuart varney doesn't know anything
he knows absolutely nothing about business
about government and if you take him seriously I feel very bad for you