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US Collects $ 4 BILLION student debt, $ 50 in S&L debt

William O Orange

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As of 2003, the US govt, using draconian collection tactics, has collected

$ 4 billion in defaulted govt-insured debt. GOOD WORK!

And, by the way, remember the S&L bailout? Altho' over $ 500 billion was paid out in govt-insured funds, there has NOT been any collecting going on for a decade. In the last years for which data was found, the govt collected $ 21,000 in 1988, $ 2700 in 1989, and $ 50 in 1990. Howabout that workload?

So, boys & girls our lesson for the day is this: DO NOT take out a student loan when you're in need of cash, take-over a govt-insured bank, loot it and walk away with the proceeds. That's the American way, one road leads to deadbeat status, the other to the commanding heights of the economy.

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