There is no sadder story in Congress than Maxine Waters, the octogenarian who never learned this obvious truth:
“It’s better to keep your mouth shut and appear stupid than open it and remove all doubt.”
The latest occasion of Waters opening her mouth and revealing a deep void in close proximity to her brain was at this morning’s hearing by the House Financial Services Committee.
Waters had six of the top bankers in the United States testifying before her committee and was attempting to shame them for their support of capitalism when she accidentally let the cat out of the bag and revealed once again that it is socialism that is the enemy of the people.
After harassing the bankers about doing business with Russians (?!?) and some other matters that only made sense to her, she got on to the important topic of student debt. (At about the 4 minute mark of this video.)
“Today there are more than 44 million Americans that owe … $1.56 trillion in student debt. Last month this committee received testimony that last year 1 million student loan borrowers defaulted, which is on top of the 1 million borrowers who defaulted the year before.”
After laying out the problem, she turned to her banker “friends” and asked, “What are you guys doing to help us with the student loan debt?”
What followed was a textbook example of why lawyers are taught never to ask a question you don’t know the answer to.
The first response came from a banker who said, “We stopped making student loans in 2007 or do.”
Waters: “Oh so you don’t do it anymore.”
Next? “We exited student lending in 2009.”
Next? Jamie Dimon from JP Morgan Chase: “When the government took over student lending in 2010 or so, we stopped doing all student lending.”
“Uh thank you.” Pivot. “What about small business?”
Wait one darn minute. Hold your horses, congresswoman! OK, I get it. You run the Financial Services Committee and you had no idea how the student loan program works! Yes, that’s scary. But even more important is the underlying issue that you uncovered. You got us here, so let’s just think about where we are.
- Government takeover of student loans? Check.
- Student loan debt crisis? Check.
- Government blames private banks. Check.
- Government takeover of health insurance? Check.
- Health insurance premium crisis? Check.
- Government blames private insurers. Check.
- Rinse and repeat.
HeartlandDiaryUSA.com hosts the commentary of Frank Miele, former editor of the Daily Inter Lake in Kalispell, Montana. Your support for this blog is appreciated. Please consider purchasing one of my books at Amazon. My new book is “The Media Matrix: What If Everything You Know Is Fake?” — a look at Fake News from the perspective of a small-town newspaper editor. In addition, my “Why We Needed Trump” trilogy documents the downward spiral of the USA that made Trump’s presidency so important. The books are available at Amazon in paperback or Kindle editions. Go here for a free sample of “The Media Matrix”: https://www.amazon.com/gp/aw/sitb/B07PDQBJM4