The Biden administration made a super exciting announcement,
they're canceling $5.8 billion dollars in student loan debt for
students who were defrauded by Corinthian colleges, okay?
So it's a for profit college, that was sprinkled all across the country.
They defrauded students.
And during the Obama administration,
there was evidence to show that they were defrauding students.
And the Obama administration, had agreed to forgive the loans for
students who had been defrauded.
Now, then came in, Donald Trump with his Education secretary, Betsy DeVos,
who absolutely loved the for profit colleges, couldn't get enough of them.
They were her friends.
She put a bunch of them in the Education Department and
they decided we're actually not gonna forgive those loans.
And so now the Biden administration came in and
said we are gonna forgive those loans.
And the Biden administration would like some credit for that.
So, I guess you kind of get a little bit of credit for
piggybacking off of what the Obama administration tried to do,
but kind of failed at doing because they just didn't do it in time, right?
They didn't get it done in time before the Trump administration came into power.
So I don't know, maybe I'm being super salty because I can't
stand the ineffective nature of these feckless Democrats.
I can't stand the fact that the Federal Government can unilaterally
forgive all federal student loans.
So I just know you know what, no cookies for Cookies zero.
>> Yeah, so, the thing that bothers me is when they pretend it's like some big deal.
>> Yeah.
>> No, you were supposed to do this literally six years ago.
>> Yeah. >> So
now that you're doing it six years too late, you want a pat on the back and,
the headlines were like, you're forgiving student debt.
My God, wait, no, no, no, no, no.
It's not a new thing.
The headline should say, Biden finally does the thing he and
Obama promised six years ago.
Okay, I mean,
I guess I give a smidge of credit and maybe it crumbled a cookie for you.
But it, I don't like the BS marketing around.
And then on top of that, when you say, hey, are you actually gonna do the thing
you promised on the campaign trail, which is forgiving $10,000 in student debt.
That's a new program.
Then that's when all the defenders, both in media and Democratic Party come and go.
You see progresses aren't satisfied with anything.
>> No, no, will not, no, no.
>> I mean, we give you a couple of crumbs from a program six years too late.
But now you're not even satisfied with that.
Yeah, because it isn't what he promised.
So look guys, I'm practical.
>> How about this.
How about we won't be satisfied until the Federal Government starts treating
ordinary Americans as if their oil companies.
>> My God.
>> How about that?
That would be.
>> Okay, they tossed us crumbs.
Maybe if we're lucky, maybe if we're lucky, okay?
They'll help out the banks who defrauded Americans and led to the economic
collapse in 2008 while they foreclose on the Americans who were defrauded and
then they tell us, come on, you're not happy with us.
You're not happy with, no, we're not happy with you.
You guys suck.
You don't even give us crumbs often, [LAUGH] okay?
So, yeah, no, it's pathetic.
And the fact that the media is like cheerleading this story is if it's like,
wow, look at this, look at this rebellious thing that Biden administration is that,
wow, they actually finished a job for once.
Come on. >> Yeah, and so
like to be clear, there is one extra thing here.
They had to do these laborious applications before under the Obama era.
That's partly why they ran out of time and
a lot of people didn't even know about it etcetera.
Here instead, they did the obvious thing.
They're like, we're gonna forgive the debts,
why aren't we making them go through all this pain.
It's just a number on our spreadsheet because the government is the one giving
the loans like, it's just wiped out now.
>> It's automatic.
They saved the students who were defrauded a little bit of paperwork.
So thank you for that.
Okay, and I appreciate it, right?
But it's not a big thing to write home about.
But to Ana's point.
Imagine if they treated us like the healthcare companies because we just did
a story earlier in today's show where they just unilaterally Biden administration
gave them an 8.5% increase in prices that they're charging us.
For no reason other than the fact that they gave Biden $47 million in bribes
during the 2020 election.
So, imagine if the average American got an 8.5% increase in their pay.
My God, that would be amazing.
In fact, by the way, not every American.
But if you were making minimum wage,
you're gonna get a big raise if they he did his promise of $15 minimum wage.
But he didn't because he was lying.
And by the way he sent his top allies in the senate to vote no on that bill
to make sure that you knew that he was lying, okay?
And so finally,
in terms of being practical Elizabeth warren theoretically chuck Schumer.
I don't really believe it.
And others are pushing for $50,000 a student at forgiveness.
I'm in that camp.
I think that makes sense.
I think making wiping it all, that makes sense.
Of course, every pundit on tv is like, no,
like O'leary from shark tank, but this is on American.
I can't believe it.
>> Look, but they do have a good point.
Look, I don't wanna be unfair to them.
They do have a good point, right?
Because there are millions of Americans who had to take out loans to go to
college.
They paid off their loans,
they're not gonna get to benefit from student loan forgiveness.
And I think we should have that kind of mindset when it comes to everything.
So, if they do find a cure for cancer, we should deny people that cure because there
are people who suffered from cancer and they died when the cure wasn't available.
So we just gotta be fair guys, we got to be fair, we gotta make sure that everyone
suffers and we never have any progress or improvement in life.
>> Yeah, that's a really good point.
And I'm glad that they never mentioned their bias which is that they're literally
every critic of it on TV which is all of them, all of them are against it.
They're all multimillionaires.
>> Yeah. >> Pretending that they care about
the average guy.
They're like, I'm worried that the taxpayer is gonna pay for it.
I'm so worried about the average taxpayer wink.
I know you're worried that your tax is gonna go up a point 4% and
that's gonna cost you $7 million because you're so stinking rich, right?
That's what you're actually worried about, keep it real.
But if Biden just does his actual promise on the campaign trail of 10,000
rather than the 50,000, I'll call it a win, right?
>> It's something.
>> Yeah, it's something, it would be the literally the one thing he promised,
where he delivered on and he's thinking about doing it.
That's why every pundit on TV is like, no, that will hurt rich people, how dare you.
>> But how, how would it hurt rich people?
>> I wanna understand that.
>> Because, so there's a couple of reasons why they always worry that if anything
goes to the average American, their taxes are gonna go up.
So by definition they hate anything that helps the average American that I'm
telling you every television anchor is against this program, you can go watch it.
>> Yes, no.
>> There's the one thing that FOX News and MSNBC agree.
>> They know.
>> On do not help the average American.
>> They know, trust me, they know, especially on this issue because it's all
they talk about whenever it comes to student loan debt.
But I will say this one thing.
First of all, they're rich people's taxes ain't gonna go up, okay?
But the reason why they probably think that, is because as a way to make up for
lost revenue from cutting taxes on the rich.
The Federal Government has relied more and
more on the interest tied to the federal student loans.
>> So that's part of it.
>> Yeah. >> But of course,
it always comes back to the company.
So there's companies that serviced the loans.
>> That's right.
>> And they're having to cut jobs now and maybe even cut executive pay.
No, never, never, ever, right?
But they all the executives didn't make enough millions of dollars or
billions of dollars.
So they're mad, right?
Number two, is of course, the bankers are doing derivatives and swaps,
they're gambling on those loans.
And so, if you relieve the student debt,
it takes away their fun of being able to gamble on those.
>> The invisible hand of the market is.
>> Yeah.
>> So great.
Yeah, and so, that's why all these establishment against it.
But if Biden actually does the real thing, I'll give him credit for that,
I'll take a win wherever we can get it.
But this ain't it?
This is just BS marketing.