|
|
|
Last Updated: Apr 1st, 2009 - 10:35:28 |
Reduce the Rate: Rev. Jesse Jackson Joins Movement Against Crippling Rates on Student Loans
As the Obama administration continues to spend hundreds of
 |
| graphic: studentloanissues.org |
billions of dollars to bail out the nation’s banking system, a growing movement is calling on the government to do more to help students struggling to pay for college.
According to the College Board, the average cost of four years at a private college is now a staggering $136,000. Four years at a public university, on average, will set you back $57,000. In order to pay for the rapidly increasing tuitions, students were forced to borrow a total of $85 billion during the last school year, up from $41 billion ten years ago. The average student now leaves college with $20,000 in debt. Many of these issues are explored in the forthcoming documentary Default: The Student Loan Documentary, a film by Serge Bakalian and Aurora Meneghello. More information about the film is available at the Web site defaultthe movie.com.
The Reverend Jesse Jackson, founder of the Rainbow/PUSH Coalition, longtime civil rights activist, has launched a campaign called Reduce the Rate, urging the Obama administration to slash the interest rates on student loans. Alan Collinge is founder of studentloanjustice.org and author of the new book The Student Loan Scam: The Most Oppressive Debt in U.S. History—and How We Can Fight Back.
REV. JESSE JACKSON: Well, really we have made a fundamental shift from grants to loans. And these are very oppressive loans. The more you go to school, the worse off you are. Talking about students who are in $150,000 in debt, they marry a classmate, $300,000 in debt, and so you have the combined burden of the loan, and then you have compounded interest. If you don’t start paying back after six months, then you’re facing default and garnishment. If 20 percent of your school cannot pay back, it can face the loss of accreditation. It only gets worse.
And so, we feel that students should get the same deal banks are getting. If they can get, on the top, zero to one percent loans, students should get zero to one percent loans, and it is a transparent flow of the moneys. When you, in that sense, restructure the student loan process—more grants and less loans—it helps the student, it helps their parents, it helps the school, it helps community. I mean, the help just never stops coming.
And so, we have launched a website, reducetherate.org. Students should begin rebelling and marching across the country. Students have accepted this as like normal. It’s normal, but it is not right. And it is a point of rebellion. So we’re urging students across America who want to reduce the rate and have more grants and less loans, let’s begin to have marches, use last year’s energy in the presidential campaign, demand a new deal.
President Obama wants students, in fact, to get a better deal. Were it not for his hit book, we’d have a president today with a student loan. His hit book allowed—he and Michelle both, a presidential—Harvard Law School graduates—were still owing on their loan until two years ago. So think about those who are in a less fortuitous circumstance. So I’m anxious to urge students around America, don’t just sit there and take that hit. Let’s fight back.
Madoff Jailed After Guilty Plea
The billionaire financier Bernie Madoff has pleaded guilty to all eleven counts against him for his role at the helm of one of the biggest frauds in Wall Street history. Madoff entered the plea Thursday at a federal courthouse here in New York. In a ten-minute statement, Madoff said he is “deeply sorry and ashamed” for his actions. Madoff is accused of running a $65 billion Ponzi scheme. He has been jailed pending a June sentencing hearing, where he faces up to 150 years in prison. Several former Madoff clients who lost their life’s savings were among the hundreds in attendance. Applause broke out in the courtroom when the judge announced Madoff would await his sentencing in jail.
Madoff victim Burt Ross: “Oh, sure. Tremendous satisfaction when they put the cuffs on him. That’s justice. We don’t live by mob rule. I was concerned that people would be yelling and shouting. There was none of that. It was a dignified courtroom.”
An attorney for a group of former Madoff clients, Rob Intelisano, said unanswered questions remain.
Rob Intelisano: “I think they’re satisfied that he’s going to jail immediately. I think they would have been happy to hear a little bit more about, you know, what happened, how long the fraud took place, who else was involved, whether the family members were involved. I mean, you could tell that Madoff was clearly trying to protect the family and his own employees in his elocution.”
Fed: US Families Lost Record 18 Percent of Wealth in 2008
A new government report says American families lost a record-high amount of wealth last year. According to the Federal Reserve, American families in 2008 cumulatively lost 18 percent of their wealth. The losses amount to $11 trillion, equal to the combined annual output of Germany, Japan and the UK. As losses add up, debt is also skyrocketing. Mortgages and credit card debt now amount to $13 trillion, or 123% of after-tax income. In 1995, debt amounted to 83 percent of income.
Shoe-Throwing Iraqi Journalist Sentenced to 3 Years
The Iraqi journalist who threw his shoes at President Bush has been sentenced to three years in prison. A reporter for Al-Baghdadiya Television, Muntadhar al-Zaidi drew worldwide attention when he hurled his shoes at Bush during a news conference in December. Zaidi was convicted of assaulting a foreign leader. His attorney and family have claimed prison guards have abused Zaidi since his jailing. Earlier today, Zaidi’s brother, Uday al-Zaidi, rejected the verdict.
Uday al-Zaidi: “They told us of the verdict when we entered the court. Unfortunately, the court is politicized.”
Reporter: “Will you appeal the verdict?”
Uday al-Zaidi: “We have already appealed the verdict, but the verdict was taken before session. Iraqi justice is not independent, and it is not honest, and I scorn those who say Iraqi justice is independent. Iraqi justice is not independent, and it is politicized. This court was set up according to Paul Bremer decisions, and the verdict of the court was issued according to Bush decisions.”
Obama Conditions Palestinian Aid on Recognizing Israel’s “Right to Exist”
In Israel and the Occupied Territories, the Obama administration has announced it will withdraw its entire $900 million aid pledge if the pending Palestinian unity government doesn’t recognize Israel’s “right to exist.” The warning was reportedly delivered by Secretary of State Hillary Clinton to Palestinian President Mahmoud Abbas last week. Clinton told Abbas the US Congress won’t approve Palestinian aid unless the Palestinian government also renounces violence. No such conditions have been imposed on Israel. The Israeli government refuses to renounce violence and has never recognized the right of Palestine to exist. Palestinians have also criticized the demand they recognize Israel’s “right to exist” because it forces them to go beyond recognizing Israel within secure borders, but in fact affirm the legitimacy of their dispossession and ongoing occupation.
Hersh: Bush Admin Ran “Executive Assassination Ring”
The investigative journalist Seymour Hersh has revealed the Bush administration ran an “executive assassination ring” that reported directly to former Vice President Dick Cheney. Hersh says US operatives have secretly gone into countries and executed suspects on a target list. The operation was apparently run under the extra-legal Joint Special Operations Command, overseen only by the White House. Hersh made the disclosure while speaking Tuesday at the University of Minnesota.
Business, Labor Groups Clash Over Legislation to Ease Workers’ Barriers to Forming Unions
Labor unions and business groups are engaged in a fierce battle over proposed legislation that would rewrite the nation’s labor laws and make it easier for workers to form a union. If passed, the Employee Free Choice Act would amend the National Labor Relations Act to allow workers to form a union if a majority of them signed a card or petition. Under current law employers can force workers to hold a secret ballot election before recognizing a union.
The bill also adds penalties for employers that discriminate against workers for their union-organizing activity and mandates that a government arbitrator will intervene if employers and workers cannot agree on a contract in 120 days.
Labor groups say the Employee Free Choice Act would help restore the freedom of workers to form unions and bargain collectively while business groups argue that the bill would hurt profits and lead to more layoffs. Both sides have launched massive lobbying efforts.
The bill was introduced in both houses of Congress on Tuesday. Much of the attention is being focused on the Senate where it remains unclear if Democrats have enough bipartisan support to survive a filibuster.
Read and search hundreds of news stories on SeeingBlack.com's 411 Channel.
Click here to view all our blogs and discussion groups, where you can comment on any news stories or post your own news.
Do you shop at Amazon? Please shop through our link and support SeeingBlack.com!
© Copyright 2006 SeeingBlack.com
Top of Page
|
|
|
|
