- Mar 5, 2001
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I agree it's a major problem and that there will have to be a write-off for a subset of existing borrowers. However, that doesn't mean that we should support loosening dischargability while the government continues to pump money in, that will just create more problems. First fix the system, then deal with bailing out existing borrowers.
Do you think they'll keep lending free money to people when they start taking it in the shorts? No, reform has to come with bankruptcy discharge. First the private loans get it, then the governments.