Peter Schiff

The same thing with health care.

Well, the lenders did great because the government guaranteed all the loans.

So the lenders didn't care if the kids could pay back the loans.

It didn't matter what your major was.

You could major in basket weaving.

You could go to a college where you don't get no reading or math.

I mean,

They didn't care because the government guaranteed every loan.

And so in a free market, you couldn't borrow all this money because the banks would be worried about getting the money back.

Why am I going to loan all this money to somebody who has no assets?

But once the government comes in, then nobody cares.

That's what happened.

So the lenders got pretty rich on this.

Of course.

Yeah, the lenders made a fortune and the universities made a fortune because they got to charge more for their product.

Exactly.

It's the kids that get stuck with the bill.

You get all these liberal, I like to say liberal, but Democrat, radical left politicians that are now complaining about all the student loan debt.

They're the reason it exists.

Without the government, there would be no student loan debt.