Just, you know, for discussion. What that graph says is that in 2014, forty percent of asset-backed securities were fucking student loans. Now? A little over 20%. Guess at the cost of student loan forgiveness? $300b over ten years. Total outstanding student loan debt in the USA? $1.75 trillion. Apparently when you create a "student loan asset backed security" you call it a SLAB. As of 2016? $200b in SLABs from a total market of $1.4T at the time. Even as student loan debt is increasing, market participation in those loans has dropped by 50% in the past seven years, which to me? Says "capitalism" has fully expected student loan relief since Obama's first term.
You'll never hear me argue that loans aren't a racket. And you'll never hear me argue that a moral society saddles its young people with unpayable debts. I'm only arguing that this policy, with these qualifications, made in this way looks a whole lot like Biden trying to appease and buy votes than it does like the good governance that he promised us during the election.
And I have no argument with that. This policy, with these qualifications, made in this way, IS Biden appeasing and buying votes. MY point? Is that the democratic party is in deep, unsustainable, unconstrained political debt to its base and that, considering the behavior of their counterparts, fuckin' paying down their tab is far and away the best possible move they can make. These votes aren't being "bought." They're fucking OWED. They've been owed since NAFTA.