I was checking the e-mail here during the top-of-the-hour break, and, I don’t know, randomly found this. I just scour subject lines, and somebody giving me grief for my analysis of the student loan interest rate reduction yesterday. Of course, I pointed out that you people are missing the whole point of this. The whole point of lowering the interest rates on student loans and increasing the tax deduction for tuition when you pay to send your crumb crunchers to universities, all this is designed to do two things. It’s designed to allow universities to charge even more, if interest rates come down and you get to deduct more of the tuition, then the institutions of higher learning — which have a symbiotic relationship with our buddies in the Democratic Party — get to raise their tuition.
Somebody writes me, “Rush, you just don’t understand. Any time interest rates come down, it’s good! It’s good! It’s the banks getting hurt, not us.” (long sigh). Frustration sets in and permeates, overwhelms the host. Any time the banks get hurt? Yeah, because Congress is making you think hitting the banks! They’re going to make sure the banks have to make it easier for a student to go to college, because they’re going to make sure the banks have to lower the interest rates! Do you seriously think…? (Laughing.) Do you seriously think the bank’s just going to sit here and take it in the shorts? (Laughing.) The next time you go get a loan for something other than a student, guess what happens to your interest rate? Pssshew! Can you say space shuttle launch? (Laughing.)