In this case we are talking about another subject we have bandied about here at Right Thinking, the student loan bubble, which president Obama just recently pretended to want to fix. From the article:
The largest bank in the United States will stop making student loans in a few weeks. JPMorgan Chase has sent a memorandum to colleges notifying them that the bank will stop making new student loans in October, according to Reuters. The official reason is quite bland. “We just don’t see this as a market that we can significantly grow,” Thasunda Duckett tells Reuters. Duckett is the chief executive for auto and student loans at Chase, which means she’s basically delivering the news that a large part of her business is getting closed down.
The move is eerily reminiscent of the subprime shutdown that happened in 2007. Each time a bank shuttered its subprime unit, the news was presented in much the same way that JPMorgan is spinning the end of its student lending. “It’s no longer sustainable and not the right place to allocate capital in the future,” HSBC Holdings Group Chief Executive Michael Geoghegan said in a statement the day HSBC shut down its subprime unit in 2007.
Oh shiz. This is going to screw a lot of people over. I am worried that as someone that did the right things I will still be the one tapped to pay for those that didn’t do the right things. That’s what Washington D.C. has become: the place where you can make others pay for your mistakes, after you humiliate them for not wanting to do just that.