“When the government took over student lending in 2010, we stopped doing all student lending”
The student loan debt crisis is real and a very serious issue. No one disputes this. Rep. Maxine Waters (D-CA), who now chairs the House Committee on Financial Services, brought it up during a hearing with bank executives this week and made a complete fool of herself.
Apparently, no one has told Waters that banks stopped offering student loan services ten years ago.
Virginia Kruta reports at the Daily Caller:
Waters Tries to Pin Student Debt Crisis on Banks – Forgets Student Loans Were Nationalized 10 Years Ago
Democratic California Rep. Maxine Waters challenged bank executives during a Wednesday morning hearing, appearing to blame them for the student debt crisis.
What she appeared to leave out was the fact that student loans were nationalized nearly a decade ago under former President Barack Obama to cut banks’ ability to offer government-backed loans…
Waters began by explaining the student debt crisis, saying, “Today, there are more than 44 million Americans that owe … $1.56 trillion in student loan debt.”
She added, “Last year, 1 million student loan borrowers defaulted which is on top of the 1 million borrowers who defaulted the year before.”
Then, Waters turned the questions on the bank executives, asking what they intended to do about the student debt crisis: “What are you guys doing to help us with the student loan debt? Who would like to answer first? Mr. Monihan? Big bank?”
“We stopped making student loans in 2007 or so,” he responded.
“We exited student lending in 2009,” he replied.
“Mr. Dimon?” Waters tried again.
“When the government took over student lending in 2010, we stopped doing all student lending,” he said.
Watch the video:
Maxine Waters has no business chairing the House Committee on Financial Services, and not just for this latest example of her beclowning herself.
As I recently wrote at Townhall:
Republicans Should Demand Maxine Waters Resign as Chair of the House Committee on Financial Services
Now that the Mueller investigation is over and found no Trump collusion with Russia, Republicans serving on the House Intelligence Committee have called for the resignation of Rep. Adam Schiff (D-CA) as chair. Their demand is reasonable. Schiff has spent over two years advancing the theory that Trump colluded with Russia to win the 2016 presidential election…
House Republicans were right to demand Schiff’s resignation, but they shouldn’t stop there.
Rep. Maxine Waters (D-CA), who became chair of the House Committee on Financial Services after the 2018 midterm elections, should be held to the same standard. She should resign as chair, and Republicans who serve on the Committee on Financial Services should demand it.
Waters has worked hard to earn her embarrassing distinction as a promoter of the Russia collusion theory.
Just like Schiff, Waters has been a regular guest on CNN and MSNBC for over two years, and her appearances had nothing to do with the people of her district, who she was elected to represent.
She was there simply to provide hope to progressives who dreamed of a day when Trump would be led out of the White House in handcuffs.
This is a woman who urged the confrontation of Trump officials in public by angry mobs.
That alone should disqualify her from serving as chair on any committee.
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