(Guest post by Greg Forster)
In today’s Wall Street Journal, Arne Duncan points out that it makes no sense for government to run a giant subsidy program for student loans that allows bankers to capture taxpayer dollars as intermediaries between .
Obviously, the only sensible alternative is for government to completely abolish private lending and socialize the whole system, so that the only place any student of any income level will be able to go for a loan is the federal government! No other possible solution to the problem is imagineable.
The headline summarizes the administration’s bullying ambitions with admirable transparency: “Banks Don’t Belong in the Student Loan Business.”
And how did the path to socialism start? With the creation of a “public option.” After that, the rest is just math.
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