I received this letter today...I couldn't have said it any better! Except for the sign off - "Please Donate" ;)
I know everyone is in a panic, or near panic due to the recent attempt by the banks to get a $700 billion bailout from the federal government. We can expect that student loan companies like Sallie Mae will be holding their hands out for a piece of this free government money for making highly irrresponsible loans.
If anyone needs assistance from the federal government, it is us. Put it this way: $700 billion would pay off the student loans of EVERYONE in the entire country. Think of the econmic stimulus that this would create. Instead, the banks have hijacked Congress into believing that their interests should come first, and I fully expect this bailout plan to pass, if not tonight, then certainly in the coming weeks. Where does that leave us?
Now is the time for us to stick up for ourselves, guys. The banks have hijacked Congress. Their $100 million lobbying machine has descended upon Washington D.C. like a swarm of locusts, and we can fully expect that they will have their way. Both presidential candidates have said that they support such a bailout. Home prices have devalued by about 20%. If we all woke up one morning to find that our assets have devalued by 20% we would find a way to get through it without demanding a bailout from the federal government. Evidently, the banks ne4ed more help than the average American citizen.
Ok. Fine. That's great. I have no problem with the banks getting their bailout. However: This MUST come with a reinstatement of standard consumer protections for student loans. We hyave been victimized by the predatory student loan industry for far too long, and it is time for Congress to listen to US, not the BANKS.
Are you people hearing me?
Get out there. Call a reporter. Make them feel your paijnl. This is so important right now, I can't tell you.
Right now, all we have on the docket is a couple of pieces coming out in the Seattle Times on Sunday and Monday. That's all I know about right now. What can you do in your area to make a story happen?
Alan M. Collinge
Please Donate to the PAC, go to www.studentloanjustice.org/pac.htm