• rayyy@lemmy.world
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    10 months ago

    This could be good. If students default en mass congress might be forced to enact debt forgiveness

    • vonbaronhans@midwest.social
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      10 months ago

      Unfortunately student loans are one of the few types of loans you cannot default on or get relief through bankruptcy. From what I understand, anyway.

        • vonbaronhans@midwest.social
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          10 months ago

          Uh. Pretty sure that student loan legislation far predates Biden’s presidency. Unless you’re referring to his time as senator and have a particular bill in mind?

          • Fredselfish@lemmy.world
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            10 months ago

            Yes he is the one that wrote the bill that makes it so you can’t discharge student loan debt during bankruptcy. He is directly responsible for that.

            Tired of being downvoted for stating facts. We should be able to hold him responsible for bad legislation that he as not even try to correct.

            • hperrin@lemmy.world
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              10 months ago

              You mean he amended the bill that was going to be passed by the Republicans anyway after being successfully shelved by the Democrats for six years.

              “I had a choice, it was going to pass — Republican president, Republican Congress, and I offered two amendments to make sure that people under $50,000 would not be affected and women and children would go to the front of the line on alimony and support payments,” Biden said in March 2020. “I did not like the rest of the bill, but I improved it, number one.”

              I’m sorry you’re tired of being downvoted for misrepresenting and distorting facts, but maybe you should get your facts straight and it wouldn’t happen anymore.

              • Fredselfish@lemmy.world
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                10 months ago

                HE WROTE THE FUCKING PART THAT DIDN’T ALLOW STUDENT LOAN DEBT TO BE DISCHARGE DURING BANKRUPTCY. No misrepresented of that he wrote it period.

                I don’t care that you were lied to so he could get your vote. I voted for him anyway just like we all will again now. Not because he good ( he fucking horrible on the scale with Regan) but we must keep Trump out.

                Only reason he gets to stay president is because of Trump. If the GOP puts up a reasonable candidate like Christy (that makes me sick to even write) then Biden loses.

                You know people like my boss voted for Biden and my boss is a Republican but hated Trump. Lots of independent and Republicans who on normal circumstances vote Republican voted Democrat (and just on the president) but my boss said he vote for Christy or Niki anybody but Trump.

                Biden is a horrible person and mediocre president. Fucker champion on cutting of social security and medicare his whole career. Yet bootlickers don’t like us bringing up his voting record.

            • vonbaronhans@midwest.social
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              10 months ago

              Okay, Joe Biden voted for that bill in 05, gotcha. Seems like the vote was “I promise to vote for this R bill that is likely to pass anyway, so long as they include my amendments to soften it,” although Elizabeth Warren seems to think even that was capitulating too much to the Rs.

              Like a lot of other policies, current Biden seems to be working to undo some of his past voting record. Not a bad trend, at least.

    • Death_Equity@lemmy.world
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      10 months ago

      The only way that would happen is if financial entities can unwind their student loan debt derivatives that are larger than their total holdings, so that would tank the economy.

      The best part? If student loans aren’t paid or are forgiven without unwinding, the debt is worthless and the derivatives implode which would cause an unwinding that would be multiples worse than 2008.

      So people with student loans have a gun to the heads of Wall Street and the economy, Wall Street has a gun to their own head and the economy. The only way to avoid an economic failure is for loan payments to happen because that is how the system was designed.