When a hack and lobbyist ridden agency from Washington starts calling foul you know it must be the truth. Today the Washington powerhouse student loan provider Sallie Mae made the claim through the media that President Obama’s new student loan overhaul will make layoffs imminent. The reports claim that Sallie Mae will have to reduce their 8,600-person workforce by 2,500. It was only yesterday President Obama was at Northern Virginia Community College in Alexandria to sign the student loan changes into law. The new bill includes a provision for the government to begin directly lending to students, bypassing financial institutions like Sallie May that traditionally have provided the loans. President Obama said these institutions have soaked up billions in subsidies. President Obama went on to say Sallie Mae, America’s biggest student lender, spent more than $3 million on lobbying last year. There was not much spoken about this until the final days of the Healthcare battle as many did not know there was a student loan provisions buried in the health care legislation. It begs the question if Sallie May was such a bad deal, why was Fannie May and Fannie Mac never so soundly cut out of the picture. Then you have to ask why this President would celebrate that fact he just put another 2500 people on unemployment.
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http://tea512.sunpride2000.com/2010/03/31/president-obama-cuts-2500-more-jobs/
