Obama to Nationalize Student Lending; Cites College Costs

Obama is excited to get his hands on the student loan industry and is proposing to nationalize the business - all in the name of helping the children, of course.

The cost of higher education "has never been higher," said Obama, joined at the White House by college student Stephanie Stevenson of Baltimore, Md., a University of Maryland student, and her mother, Yvonne Thomas. Obama said skyrocketing tuition costs have put "new pressures" on families already hard-pressed in economically difficult times.

Yet, Obama said, "we have a student loan system where we are giving lenders billions of dollars in wasteful subsidies." He called the system "a paradox of American life" that threatens to widen the gap between the haves and have-nots.

Ok, so how about getting rid of all the wasteful subsidies to colleges, that already have billions and billions in endowments? Or how about windfall profits taxes on professor salaries? Or pressuring colleges to stop wasting money like he's doing with the banks? Instead, he prefers to let tuition continue to skyrocket and then he can decide who gets a loan and how much - the government's never been wrong before and has been a shining example of efficiency in running private financial institutions...