half of outstanding student loan isnt being repaid. 7 million in default

[limpyhobbler]

77. So you're against any regulations on consumer financial services?

Just because some people are willing to purchase a shitty financial service proves to you that it should be available for sale?

Any type of loan a bank wants to make is ok with you?

If a bank wants to charge 50% interest, that's ok with you?

If a bank targets a vulnerable population with misinformation, that's ok with you?

If bankruptcy laws are all repealed, would you be ok with that?


I'm kind of shocked the amount of free market dogma I'm hearing regarding what seems like some pretty basic, mild financial regulation, on a supposedly democratic website.

Are you against seat belts in cars? After all why would people buy them if they didn't need them. People must need cars without seat belts because they buy them. That proves we shouldn't require seat belts in cars.

Bank of America and the others would not even exist if the taxpayers had not bailed them out, and continue to bail them out in the form of implied subsidies . They have no rights. They take no risk - and get all reward. They have no right to offer bad deals to consumers any more than GM has the right to sell cars without seat belts. The simple fact that people are willing to buy something does not in any way prove that companies should be allowed to sell it.