The Student Loan Scam
Mandeville, LA – Exclusive Transcript – “This is another bubble that’s getting ready to explode, that is the direct result of the arrogance and hubris of those men and women who run and administer the national federal monstrosity, who will not take no for an answer, who don’t have a modest bone or a sense of modesty in their body, and who have no sense whatever of what obligation it is that they are passing on not only to our children but to theirs, too, an obligation that cannot be met.” Check out today’s transcript for the rest….
Begin Mike Church Show Transcript
Mike: From Lee Siegel, this was in the Sunday Review of the opinion pages at The New York Times, “Why I Defaulted on My Student Loans.” This is another bubble that’s getting ready to explode, that is the direct result of the arrogance and hubris of those men and women who run and administer the national federal monstrosity, who will not take no for an answer, who don’t have a modest bone or a sense of modesty in their body, and who have no sense whatever of what obligation it is that they are passing on not only to our children but to theirs, too, an obligation that cannot be met.
ONE late summer afternoon when I was 17, I went with my mother to the local bank, a long-defunct institution whose name I cannot remember, to apply for my first student loan. My mother co-signed. When we finished, the banker, a balding man in his late 50s, congratulated us, as if I had just won some kind of award rather than signed away my young life.
By the end of my sophomore year at a small private liberal arts college . . .
Mike: There is no such thing as a liberal arts college. There may be one or two, but there are no liberal arts colleges. A liberal arts college would teach the four, the quadrivium. They would teach astronomy, music, philosophy and – I’m rusty on my quadrivium. I’ll look it up.
. . . My mother could no longer afford the tuition that the student loans weren’t covering. I transferred to a state college in New Jersey, closer to home.
Year later, I found myself confronted with a choice that too many people have had to and will have to face. I could give up what had become my vocation (in my case, being a writer) and take a job that I didn’t want in order to repay the huge debt I had accumulated in college and graduate school. Or I could take what I had been led to believe was both the morally and legally reprehensible step of defaulting on my student loans, which was the only way I could survive without wasting my life in a job that had nothing to do with my particular usefulness to society.
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Then banks came along and most people became accustomed to and made moral peace with banking as far as banking goes. That’s not what we’re talking about now. If usury is the concept that you have loaned something to someone and that something either did not belong to you or did not have a worth that you were going to execute before you loaned it – for example, if you loaned clothes that you were going to wear, obviously when you get them back they’re going to be ragged. If you loan them out for a year, they’re going to be full of holes or they’ll smell or whatever the case may be. You’ve lost the use of the clothes. It’s fair to say: Okay, pay me a rental fee. That’s not usury.
I don’t want to get too deep into this because it can get very complex, and I’m not an expert on it. I read about an hour’s worth of stuff last night to prep for this. Let’s just move onto the next phase here. Now that the national leviathan, the monstrosity that sits on the banks of the Potomac River, Mordor on the Potomac, now that it is nearly the sole purveyor and proprietor of student loans, where does it get its money to loan? This is how we can prove that this is unabashed, corrupt, immoral, sinful, deceitful usury. Where does it get its money it’s loaning to little Johnnie and little Susie? Is it its? No, it’s a government. It doesn’t have any money. Where would it get it from then? Well, it can either print it, meaning it has no value and no worth, or it can steal it from you and it can steal it from me. Then it can loan it out to little Johnnie and little Susie. If it does that, it didn’t own the money to begin with. It’s not its money. It’s your money; it’s my money. And they’re going to charge an interest on it and then persecute and prosecute our kids until the ends of the earth to force them to repay for something that was not theirs to loan in the first place.
That is how despicable and disgusting this entire affair is. And the universities that go along with it and have gone along with it, what does that say about their ethics? How can you possibly teach the liberal art of philosophy when you don’t even know the first thing about simple ethics? When Lee Siegel says he gave his student loan up and encourage others to, people are going to say, [mocking] “He’s a deadbeat kid. He’s wrong.” I don’t know. I don’t know that he’s wrong. The only manner in which he may be wrong is that the kid agreed to the agreement. But they’re kids. When you’re 18, you’re not a financial genius, or most aren’t. You don’t know what the world has in store for you after it all. This is a huge problem and is a societal, civilization-wide corruption. Very few of the kids that go off to university should go off to university. Does that mean that they cannot receive some training in a skill that they may seek? No, it doesn’t. That’s what it amounts to, job training, which is not college. It’s not university. But since we redefine everything else these days, let’s just redefine that. The whole system is entirely corrupt.
End Mike Church Show Transcript