April 22, 2025 • 6 mins
Chris blasts Biden’s failed student loan forgiveness, which ballooned debt by $60 billion annually and left only 38% of loans in repayment. With the Supreme Court blocking forgiveness and a May 5, 2025, deadline restarting payments for 1.8 million borrowers, he demands accountability, arguing taxpayers shouldn’t foot the bill for degrees or spring breaks. Markowski proposes market-driven solutions—eliminating federal loans or making colleges lend—calling out “bullshit degrees” and urging price discovery to slash tuition costs. www.watchdogonwallstreet.com
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Episode Transcript
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Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Student loan accountability Yep, sorry kids, sorry, kids. I know
many of your wine in and complaining right now because
oh no, you're going to have to start paying back
the money that you borrowed to go to school. Yeah,
Joe Biden, Joe Biden, he tried to forgive student loans.
Supreme Court said, nah, nah, So.
Speaker 3 (00:40):
What he did was he gave this COVID temporary reprieve
deferment program and a lot what it did was put
you kids in a worse situation.
Speaker 4 (00:54):
That's what it did.
Speaker 2 (00:55):
You deferred paying back these loans and guess what, hey, yeah,
they just got bigger. Between twenty twenty one and twenty
twenty four, federal student loan debt increased by more than
sixty billion dollars a year. They manipulated repayment plans and
(01:17):
forgiveness policies until only thirty eight percent of the student
loan portfolio was in repayment. How is that how's that
sustainable for anybody? Okay, kids got to pay it back.
It's most certainly not sustainable for taxpayers. But no, no, no,
no no, according to according leftists out there, yeah, just
(01:38):
free money, free money. Yup, you should be forgiven. You
should just be able to go to school, you know,
borrow whatever you want. Right, Sure, what was it Bernie
Sanders put out this line. There's some paraphrase it, give
it exactly that he said.
Speaker 4 (01:54):
He said, you know, going to going to college, getting
an education isn't a crime.
Speaker 2 (01:59):
Was talking about and kids paying back their student loans.
Let's let's try to put this another way. You know,
having a cocktail is not having a crime either. Okay,
it's not having a crime either. But if you have
a tab at your local club or bar bar tab,
should the taxpayers pick that up? Probably not. Anyway, they
(02:23):
are they're ending this policy departments repayment options. They're ending
all of the Biden error practice of zero interest, zero
accountability for bearances. On May fifth, they're going to move
about one point eight million barwers into repayment plans and
(02:44):
restart collections of loans that are in default. Bars who
don't make payments on time, we'll see their credit scores
go down, and in some cases they're wages automatically garnished. Ouch.
Many young folks not going to be happy about that. Yeah,
(03:06):
borrowing money and not paying it back, Well, someone has
to pay. Do you understand someone has to pay? And
you borrow the money. You use the money, you did
whatever you want to. I don't know, maybe a paid tuition,
maybe a paid housing, maybe you went on spring break.
(03:27):
I don't know, but you borrowed the money, and you're
telling me, you're telling me kids, look me in the eye.
You think it's right, you think it's fair, you think
it's okay that I have to pay back your student mum,
that's what you're telling me. You're you're telling me that
(03:51):
I should have to and other people around the cortry.
How about this? How about people that never went to college?
They have to pay back your student loans. You think
that's okay, you're you're all right with that. Okay, Okay,
(04:11):
listen again, this is the entire issue with student loans
that I've been talking about for some time. Again, you
can't repossess a college degree. This is why they have
all sorts of rules when it comes to bankruptcy. If
that wasn't the case, the interest on student loans would
(04:32):
be priced properly and you'd be paying well over ten percent,
well over ten percent, which I don't have any problem with.
I think that would actually be a good thing. If
a bank, not the government bank wants to loan people
out money on an non recourse loan, go ahead and
do that. Let the If you don't pay it back,
let the bank come after you. I don't care. I
(04:53):
don't think the taxpayer should have to deal with this.
And again, quite frankly, banks they probably wouldn't even get
involved in that. They would make your parents co sign,
They would figure something out. But then again you're gonna hear, well,
then kids are not going to be able to go
to college. H calling bull excrement on that. You see,
(05:14):
we live in a world. We live in a world
where there's something called called price discovery. Price discovery. If
the government doesn't get involved and subsidize student loans and
give loans to people that shouldn't have loans in the
first place, well then those colleges and universities would actually
have to price their product based upon what people can
(05:36):
afford to.
Speaker 4 (05:36):
Pay there's a reason why Starbucks is not charging fifty
dollars for a cup of coffee. They'd love to charge
fifty dollars for a cup of coffee, but they're not
going to charge fifty dollars or a cup of coffee
because most people wouldn't buy it. I'm sure some idiots would,
but most people wouldn't. If you price your product what
(06:01):
you can pay.
Speaker 2 (06:02):
But then again, guess what the price of college and
university are gonna start going down. You eliminate student loans.
Solves a problem. Case close, solves a problem. Anytime the
government subsidizes anything, the price is going to go up.
Eliminate student loans. Or better yet, how about this, how
about let the colleges and universities loan you the money.
(06:25):
Let them loan you to let them be on the
hook for your college degree. Wow, they would have a
little skin in the game, there, wouldn't They to make
sure that you got a really good education and a
good job so you can pay back that loan. Wham bang,
all of a sudden, the gender fluid degrees and women's
(06:45):
studies degrees and all the bullsey degrees that they give it.
These colleges would be gone lickety split watchdog on Wall
street dot Com
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Student loan accountability Yep, sorry kids, sorry, kids. I know
many of your wine in and complaining right now because
oh no, you're going to have to start paying back
the money that you borrowed to go to school. Yeah,
Joe Biden, Joe Biden, he tried to forgive student loans.
Supreme Court said, nah, nah, So.
Speaker 3 (00:40):
What he did was he gave this COVID temporary reprieve
deferment program and a lot what it did was put
you kids in a worse situation.
Speaker 4 (00:54):
That's what it did.
Speaker 2 (00:55):
You deferred paying back these loans and guess what, hey, yeah,
they just got bigger. Between twenty twenty one and twenty
twenty four, federal student loan debt increased by more than
sixty billion dollars a year. They manipulated repayment plans and
(01:17):
forgiveness policies until only thirty eight percent of the student
loan portfolio was in repayment. How is that how's that
sustainable for anybody? Okay, kids got to pay it back.
It's most certainly not sustainable for taxpayers. But no, no, no,
no no, according to according leftists out there, yeah, just
(01:38):
free money, free money. Yup, you should be forgiven. You
should just be able to go to school, you know,
borrow whatever you want. Right, Sure, what was it Bernie
Sanders put out this line. There's some paraphrase it, give
it exactly that he said.
Speaker 4 (01:54):
He said, you know, going to going to college, getting
an education isn't a crime.
Speaker 2 (01:59):
Was talking about and kids paying back their student loans.
Let's let's try to put this another way. You know,
having a cocktail is not having a crime either. Okay,
it's not having a crime either. But if you have
a tab at your local club or bar bar tab,
should the taxpayers pick that up? Probably not. Anyway, they
(02:23):
are they're ending this policy departments repayment options. They're ending
all of the Biden error practice of zero interest, zero
accountability for bearances. On May fifth, they're going to move
about one point eight million barwers into repayment plans and
(02:44):
restart collections of loans that are in default. Bars who
don't make payments on time, we'll see their credit scores
go down, and in some cases they're wages automatically garnished. Ouch.
Many young folks not going to be happy about that. Yeah,
(03:06):
borrowing money and not paying it back, Well, someone has
to pay. Do you understand someone has to pay? And
you borrow the money. You use the money, you did
whatever you want to. I don't know, maybe a paid tuition,
maybe a paid housing, maybe you went on spring break.
(03:27):
I don't know, but you borrowed the money, and you're
telling me, you're telling me kids, look me in the eye.
You think it's right, you think it's fair, you think
it's okay that I have to pay back your student mum,
that's what you're telling me. You're you're telling me that
(03:51):
I should have to and other people around the cortry.
How about this? How about people that never went to college?
They have to pay back your student loans. You think
that's okay, you're you're all right with that. Okay, Okay,
(04:11):
listen again, this is the entire issue with student loans
that I've been talking about for some time. Again, you
can't repossess a college degree. This is why they have
all sorts of rules when it comes to bankruptcy. If
that wasn't the case, the interest on student loans would
(04:32):
be priced properly and you'd be paying well over ten percent,
well over ten percent, which I don't have any problem with.
I think that would actually be a good thing. If
a bank, not the government bank wants to loan people
out money on an non recourse loan, go ahead and
do that. Let the If you don't pay it back,
let the bank come after you. I don't care. I
(04:53):
don't think the taxpayer should have to deal with this.
And again, quite frankly, banks they probably wouldn't even get
involved in that. They would make your parents co sign,
They would figure something out. But then again you're gonna hear, well,
then kids are not going to be able to go
to college. H calling bull excrement on that. You see,
(05:14):
we live in a world. We live in a world
where there's something called called price discovery. Price discovery. If
the government doesn't get involved and subsidize student loans and
give loans to people that shouldn't have loans in the
first place, well then those colleges and universities would actually
have to price their product based upon what people can
(05:36):
afford to.
Speaker 4 (05:36):
Pay there's a reason why Starbucks is not charging fifty
dollars for a cup of coffee. They'd love to charge
fifty dollars for a cup of coffee, but they're not
going to charge fifty dollars or a cup of coffee
because most people wouldn't buy it. I'm sure some idiots would,
but most people wouldn't. If you price your product what
(06:01):
you can pay.
Speaker 2 (06:02):
But then again, guess what the price of college and
university are gonna start going down. You eliminate student loans.
Solves a problem. Case close, solves a problem. Anytime the
government subsidizes anything, the price is going to go up.
Eliminate student loans. Or better yet, how about this, how
about let the colleges and universities loan you the money.
(06:25):
Let them loan you to let them be on the
hook for your college degree. Wow, they would have a
little skin in the game, there, wouldn't They to make
sure that you got a really good education and a
good job so you can pay back that loan. Wham bang,
all of a sudden, the gender fluid degrees and women's
(06:45):
studies degrees and all the bullsey degrees that they give it.
These colleges would be gone lickety split watchdog on Wall
street dot Com
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