It's pretty scary that Bernie can't distinguish between secured/unsecured loans

[Patriot Guard Rider]

http://www.democraticunderground.com/1251953218

Bernie's recent tweet:

You have families out there paying 6, 8, 10 percent on student debt but you can refinance your homes at 3 percent. What sense is that?


This is a profoundly uninformed statement and it's pretty scary when you realize it's coming from a presidential candidate.

The reason why homeowners can refinance at lower interest rates is because the loans are secured by collateral (the home). This means less risk to the lender and they will therefore charge lower interest rates.

Student loans, on the other hand, are unsecured loans which means they aren't backed by collateral. Lenders cannot recover assets in case of default. This means more risk to the lender and they will therefore charge higher interest rates for unsecured loans.

Bernie really needs to educate himself.

SoLeftIAmRight (1,540 posts)
1. WOW -government secured - no out for bankruptcy - some kettle talking to the pot

???

Star Member Nitram (2,427 posts)
15. A meme? That's what you are calling straightforward FACTS these days?

Dude, your spin is making me dizzy.

randys1 (14,043 posts)
3. You really think he doesn't know the difference? Or do you think he is trying to make a point.

Like payday loan companies, education debt is outrageous and we simply should no longer tolerate it being done to us.

How have we become so fractured that good Democrats and liberals like yourself are taking these kind of shots at Bernie, someone we all desperately NEED if we want to win this election ESPECIALLY if he is NOT the nominee.

Do NOT believe what he said, believe what I said he said. Look randys1, education debt is high, but if you major in womens studies, playground design or in african-american architecture with an emphasis on transgendered subterranean buildings, chances are you will not earn enough to move out of your moms basement and won't be able to pay the loan back.

1StrongBlackMan (25,850 posts)
30. I'm pretty sure he is attempting to make a point (and knows the difference) ...

he's just using facially simplistic language to make that point.

Then again, maybe he's a idiot and really doesn't. Again, don't believe what he said, believe what I said he said.

Star Member aikoaiko (23,105 posts)
9. Another failed attempt to slam Bernie. Let me introduce you to Guaranteed Student Loans


Did you ever wonder why Student Loans are sometimes called Guaranteed Student Loans? Talk about secured loans.

It's pretty scary the HRC supporters don't even understand student loans.

You might want to do some reading: http://www.collegescholarships.org/loans/guaranteed.htm

MohRokTah (11,344 posts)
16. It's even scarier when you stop to think his entire reason for running is the economy.

Based upon his understanding of global finance, I wouldn't give the world 9 months of his proposals being enacted before complete global economic collapse

Fortunately, Democrats in Congress aren't stupid enough to attempt to enact his pie in the sky proposals.

Here is a hint DUmmie. He will NOT be nominated. She who will be coronated will make sure of that. That and something called "superdelegates". The crash, and bern at DU, will be epic.

[obumazombie]

http://conservativecave.com/index.php?topic=105854.0


Add Bernie's gaffe to the long list of lib gaffes that never get any coverage by the establishment media.

[SVPete]

randys1 (14,043 posts)
3. You really think he doesn't know the difference? Or do you think he is trying to make a point.

Like payday loan companies, education debt is outrageous and we simply should no longer tolerate it being done to us.

I can give you all a very simple solution, rr1. Don't ask for or take the student loan or payday loan money. Voila'! No student loan debt, and no payday loan debt.

Different interest rates are rather simple, really. If you borrow and use a bank's money, they charge you a fee for using it. The fee is called interest. The particular rate depends on whether the loan is secured or not, and the reliability of the borrower (as demonstrated through credit history). Student loans are unsecured, and made to members of a population know (as a population) to have higher late payment and default rates than the population of borrowers to whom banks are willing to lend for mortgages.

Whether Bern Out is ignorant or dishonest, neither are acceptable in a POTUS.

[SSG Snuggle Bunny]

I say we allow the Proglodytes to use the government to secure their loans.

Then, if they default, we foreclose on their portion of the government.

They can't vote, hold elected office, draw a government salary or welfare or any other benefits.

You lurking assholes ready to make a deal?

[I_B_Perky]

I say we allow the Proglodytes to use the government to secure their loans.

Then, if they default, we foreclose on their portion of the government.

They can't vote, hold elected office, draw a government salary or welfare or any other benefits.

You lurking assholes ready to make a deal?

Heh. The dummies are all for government secured loans.  Wait until they find out their tax refund gets confiscated, or their disability check and the debt lasts until either the loan is paid off or the USA collapses.

Personally I am all for it.  The government is gonna get their money and that is a lesson the dummies need to learn.  Only down side is some fool like obumbles gets elected and forgives the debt to get votes.

[FiddyBeowulf]

Heh. The dummies are all for government secured loans.  Wait until they find out their tax refund gets confiscated, or their disability check and the debt lasts until either the loan is paid off or the USA collapses.

Personally I am all for it.  The government is gonna get their money and that is a lesson the dummies need to learn.  Only down side is some fool like obumbles gets elected and forgives the debt to get votes.

Maybe take away their ability to vote during national elections as well until the debt is paid.

[I_B_Perky]

Maybe take away their ability to vote during national elections as well until the debt is paid.

Now that is an idea!!!!   I like the way you think.   

[Duke Nukum]

I think Bernie is an idiot and truly doesn't understand the difference between a secured loan and a tax-payer guaranteed loan but, assuming he isn't an idiot, then he is a master mind because he knows DUmmies don't understand the difference.

[obumazombie]

I think Bernie is an idiot and truly doesn't understand the difference between a secured loan and a tax-payer guaranteed loan but, assuming he isn't an idiot, then he is a master mind because he knows DUmmies don't understand the difference.

Maybe both.
Like an Idiot Savant.

[Chris_]

I saw my first Bernie sticker in the wild today.

Bitch was all over the road.