You remember Upworthy, the epitome of low-information in support of Obama and progressives, Upworthy — or, How we are losing the internet to lowest of low information young liberals.
They have maps which demonstrate The high cost of low information voters.
I need to stop checking in there, because they have stuff like this:
How are banks robbing your kids?
By lending them money at rates which are lower than your kids could borrow for any other purpose … because your kids are really, really bad credit risks.
It’s robbery according to Upworthy channeling Elizabeth Warren because the Federal Reserve lends banks in overnight or very short term arrangements money at a super low rate to help stabilize liquidity in the banking system in close to risk-free transactions.
With that mix of populist rhetoric and subterfuge, Senator Warren stands to whip up a mob of angry students (and pundits) who will demand that the government drop the interest rate on student loans to 0.75 percent. Good luck reasoning with a mob. [I interrupt this quotation to keep this on one homepage screen because otherwise you will not read it, go to link for more high information.]
Let me frame the issue in a way everyone can understand:
Fed short-term risk-free loans to banks
≠ Bank long-term very risky loans to your kids
Only in the world of low information could banks helping fund your kids’ education when no one else will lend them money be turned into robbery.
Maybe college kids do deserve to take out loans at the Fed’s discount rate—or at the very least something closer to it. But even if student loans were given at 0% it wouldn’t stop the fact that students are spending huge sums on degrees that are utterly useless and have absolutely no real world application.
Think I’m worrying about nothing? Low information spreads really easily:DONATE
Donations tax deductible
to the full extent allowed by law.