Drudge Retort: The Other Side of the News
Thursday, April 11, 2019

House Financial Services Committee chairwoman Maxine Waters was brought up short Wednesday after she targeted banking chiefs over the student loan crisis, without realizing that the federal government took over student lending in 2010. At a hearing featuring a panel of seven bank CEOs, Ms. Waters asked, "What are you guys doing to help us with this student loan debt? Who would like to answer first?"

Stunned by the question, Bank of America chairman and CEO Brian Monahan replied, "We stopped making student loans in 2007 or so."

Visibly taken aback, Ms. Waters replied, "Oh, so you don't do it anymore. Mr. Corbat?"

Said Citigroup CEO Michael Corbat: "We exited student lending in 2009."

Next up was James Dimon, JPMorgan Chase chairman and CEO, who patiently explained, "When the government took over student lending in 2010 or so, we stopped doing all student lending."

Chastened, Chairwoman Waters quickly changed the subject but the damage was done.

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Wow.

#1 | Posted by Rightocenter at 2019-04-11 08:27 PM | Reply

HAHAHA!

That's what millennials call a 'self-own.'

#2 | Posted by rstybeach11 at 2019-04-11 08:33 PM | Reply

So they set the tone for student loan providers to ---- over modern students and now they just want to pretend their excused because they gave away the problem?

---- all these banks, ---- Americans dumb enough to still use banks, ---- Sallie Mae and the rest of the remaining student loan criminals, and ---- the republican congress of 2010 that made this happen.

#3 | Posted by IndianaJones at 2019-04-11 08:52 PM | Reply

The banks aren't doing anything to help.

For example, they are not offering to consolidate student loans at a lower interest rate than the ones set by Congress.

#4 | Posted by snoofy at 2019-04-11 09:04 PM | Reply

Nationalization of student loans, federal student loan debt skyrocketed from $153.9 billion in 2009 to $1.1 trillion by the end of 2017

Thanks Socialism!

#5 | Posted by AndreaMackris at 2019-04-11 09:21 PM | Reply | Newsworthy 1

The banks aren't doing anything to help.
For example, they are not offering to consolidate student loans at a lower interest rate than the ones set by Congress.

That's because...wait for it...by law they can't.

Well done Snoofxine.

#6 | Posted by Rightocenter at 2019-04-11 09:43 PM | Reply

and ---- the republican democratic congress of 2010 that made this happen.

Suggested edits for historical accuracy.

The Student Aid and Fiscal Responsibility Act of 2009 (SAFRA; H.R. 3221) is a bill introduced in the U.S. House of Representatives of the 111th United States Congress by Congressman George Miller (D CA) that would expand federal Pell Grants to a maximum of $5,500 in 2010 and tie increases in Pell Grant maximum values to annual increases in the Consumer Price Index plus 1%. It would also end the practice of federally subsidized private loans, using all federal student loan funding for Direct Loans and potentially cutting the federal deficit by $87 billion over 10 years. On September 17, 2009, the House approved the bill by a 253-171 margin, with all but 6 republicans voting against it.

#7 | Posted by Rightocenter at 2019-04-11 09:59 PM | Reply

Nationalization of student loans, federal student loan debt skyrocketed from $153.9 billion in 2009 to $1.1 trillion by the end of 2017

Thanks Socialism!

#5 | Posted by AndreaMackris

That's funny. Mine are all serviced by corporations.

#8 | Posted by jpw at 2019-04-11 11:45 PM | Reply

That's the public-private partnership in action. American Socialism.

#9 | Posted by sitzkrieg at 2019-04-12 06:38 AM | Reply

Can you believe the Democrats made her House Financial Services Committee chairwoman? Maxine is mentoring that other dum dum AOC on all things financial, to insure her legacy is passed down to another loud mouth know-nothing..

#10 | Posted by Spork at 2019-04-12 07:40 AM | Reply

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I graduated high school in 07. Applying for federal financial aid (which includes LOANS) and taking as much as you could get was made to seem like our civic duty. Weirded me out then, still does now.

#11 | Posted by Ottodog at 2019-04-12 10:48 AM | Reply

Is she stoopid or what? She didn't even know the program was run by the government.

#12 | Posted by Sniper at 2019-04-12 02:15 PM | Reply

Typical how Snoofxine and Indy run from their inanity after having their noses rubbed in it.

#13 | Posted by Rightocenter at 2019-04-12 05:55 PM | Reply

Isn't she a sweatheart? Every time she opens her mouth she gives us another gem.

#14 | Posted by Sniper at 2019-04-12 06:29 PM | Reply

www.nerdwallet.com

www.consumersadvocate.org

#15 | Posted by snoofy at 2019-04-12 07:28 PM | Reply

So they set the tone for student loan providers to ---- over modern students and now they just want to pretend their excused because they gave away the problem?
---- all these banks, ---- Americans dumb enough to still use banks, ---- Sallie Mae and the rest of the remaining student loan criminals, and ---- the republican congress of 2010 that made this happen.
#3 | POSTED BY INDIANAJONES AT 2019-04-11 08:52 PM

AGREED. I have tried for over a decade to move everyone I can to a credit union. Republicans are scum and deserve extermination from all public office, specifically treasury and the ----ing Federal Reserve. I wish that institution were rubble and all employees in prison for life.

Isn't she a sweatheart? Every time she opens her mouth she gives us another gem.
#14 | POSTED BY SNIPER AT 2019-04-12 06:29 PM

Waters owned Mnuchin. It was soooo hilarious watching his frustration backfire publicly.

#16 | Posted by redlightrobot at 2019-04-12 09:09 PM | Reply

I have tried for over a decade to move everyone I can to a credit union.

One of the best things I've ever done for my financial wellbeing.

#17 | Posted by GOnoles92 at 2019-04-12 09:16 PM | Reply

I graduated high school in 07. -ottodog

*median audience age of the retort drops a few digits*

#18 | Posted by GOnoles92 at 2019-04-12 09:33 PM | Reply

#15

Nice try, but they still can't go lower than the lowest Federal rate for student loans.

#19 | Posted by Rightocenter at 2019-04-12 11:40 PM | Reply

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