A History Lesson: Gramm and McCain Partly to Blame
Firstly, I’d like to commend you for publishing not one but two articles on the financial fiasco since most students don’t even really know what it is, let alone how it will affect them. But after that, I have issue with a small bit of the history.
Both articles claim that the beginning of the problem began with home mortgages from the last several years, when actually the beginning goes back further. When one looks at the past history, the groundwork for all of this was laid in the deregulation push that happened during the 1990s. Banks and corporations were freed from any kind of governmental oversight by being allowed to ‘police themselves,’ something they clearly cannot or will not do.
And who lead the charge for deregulation? Why none other than Phil Gramm and John McCain. And if McCain wins in November, Phil Gramm will be our new Treasury Secretary. Try to keep this in mind when voting.
Bren Events Center
Sallie Mae: Discontinued Student Loans Won’t Affect UCI Students
The editorial “Economic Strife Hits Home Hard,” published on Oct. 6, failed to validate a statement about Sallie Mae. While it is true that some lenders have stopped offering loans as a result of the credit crunch, Sallie Mae continues to be the leading provider of both federal and private student loans. In fact, our commitment to making federal student loans available to all students at all schools remains steadfast and has continued uninterrupted.
Earlier this year, Sallie Mae discontinued some non-traditional private loan programs, which represented a very small percentage of our total lending, after realizing that a disproportionate number of these loans were made to students who left school early or dropped below half-time enrollment, and then defaulted on their loans. This decision allowed us to re-focus our private lending on those customers most likely to complete their course of study so they are able to manage their loans. What does all this mean for UC Irvine students? Nothing, as no UCI students borrowed through these programs.
Sallie Mae is proud to be the nation’s leading saving and paying-for-college company and to help millions of students pay for college each year. While today’s credit market issues continue to have a broad impact, Sallie Mae is serving students and parents who need to pay for college in the midst of this unprecedented credit crunch.
Martha E.H. Holler
Vice President, Corporate Communications
Obama’s Connection to Ayers Should Not Be Ignored
This is in response to Daniel Johnson’s recent opinion piece (“Drawn and Quoted,” October 6), which laughably attempted to dismiss the significance of presidential candidate Barack Obama’s relationship with William Ayers. I do not know if you happened to read the New York Times’ article by Scott Shane, which also attempted to diminish any relationship between the known radical politician Ayers and Obama, or if the entire biased media just fails to tell the real truth about their relationship.
Johnson’s article does touch upon one truth, the fact that Obama was only a young child when Ayers was part of the Weatherman bombings and his radical ways. However, he is sadly mistaken to say that Ayers and his radical ways have not contributed to Obama and vice versa. Ayers’ radical ways were enshrined in his attempts at education reform as part of the chair of the Chicago Annenberg Challenge, where more than $100 million was squandered in radical education projects instead of being spent on math, science and actual important projects.
Ayers, as we all know, was never officially found guilty of any crime but has openly confessed to only regretting that he and his group “didn’t do enough” to set more bombs that would have killed innocent American citizens and government workers. Over the years, Obama has contributed millions of dollars to Ayers’ political allies in the corrupt Chicago education system. Obama even had Ayers host his inaugural Democratic Party political fundraiser. Obama is now repenting for any relationship he had with Ayers and is throwing him under the bus, just like he did with Rev. Jeremiah Wright’s church once their relationship became publicly open. Keeping all of this quiet in the lead up to the election is a disgraceful abdication of journalistic ethics.
Political science major