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I Feel Your Pain on Student Loans

BEGIN TRANSCRIPT

RUSH: Here's Gordon in Lakeland, Florida.  Welcome to the EIB Network.  Hello.

CALLER:  Thank you for taking my call, Rush.

RUSH:  You bet.

CALLER:  My question is about something you said a few weeks back.  You said the president violated long-standing contract law when he put a cap on college loan payments.  And I agree with you, but I would like to know why you did not call the Congress out on doing the same thing.  I have a college loan, and when I took it out it was part of the contract that there were rights to refinance, bankruptcy rights.  That was part of the contract.  When Congress passed laws, they gradually stripped all those rights away from the contract, and the US Congress broke constitutional law by violating the contract of the existing student loans, and there's not even truth in lending.  Students are not even told that their loans lack all these protections, which violates due process as well.  And I'd like to know why you didn't call the Congress out or if you would.

RUSH:  Because Obama has commandeered the student loan program.

CALLER:  I agree.  But the Congress was wrong to remove the bankruptcy protections from the student loans of existing loans.  How would you like it if you had an insurance policy, okay, and you paid into it and all that, and it was part of the contract, you get into a wreck --

RUSH:  I know.

CALLER:  -- it was time to pay out they change the terms of the contract.

RUSH:  Wait just a second now.  You gotta be very careful.  One of the things I do not do on this program as a matter of policy --

CALLER:  Okay.

RUSH:  Do not think you're alone in the boat of being screwed, shafted, attempted to be screwed, shafted, mistreated by blank companies.  I don't have student loans. I don't have loans.  But I've got insurance policies, and believe me, nobody's gonna care if I complain.  And I'm not a whiner anyway. I hate complaining, so I don't do it. I try never to bleed on the audience, especially about personal things.  But the fact that the student loan program's been monkeyed with, if it satisfies you, I'll be glad to admit that this government has gotten way too big and exercises way too much control over way too many people and way too many aspects of their lives. And it's worse for people like you who become really dependent on government for your money, be it a student loan or whatever. 

And I really feel for you.  I wish it weren't necessary.  I'm just genetically opposed to dependence on government for personal stuff.  But what are you gonna do?  If you've got a student loan and the government runs it you've got no choice but to have the government involved in it.  I understand. I feel your pain.  I didn't mention Congress 'cause they've got nothing to do with the program now.  It's being totally administered by Obama.  

END TRANSCRIPT

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