Elizabeth Warren explains to Jon Stewart just how broken the system is

[JDPriestly]

19. I think that the banks will crash if we don't rrein them in.

And I think we can give students the same interest rates from the Fed as the banks get without reining in the banks.

Greece is a mess because of the dishonesty and wrongs of our banking system. The world economy was at the brink of disaster because of our banking system (together with the banking systems of some other countries lied and cheated) and Brazil, Russia, India and China are starting/strengthening a new economic organization that will put our banks and our economic system and our oligarchs in a position to have to compete with their systems and their oligarchs.

In short, our financial system is in for some changes whether the bankers like it or not. It's also going to happen whether we like it or not and even whether we start the changes or not.

The changes in student loan interest rates that Elizabeth Warren proposes should be adopted. Last time I looked, the law (revised to make this provision stricter under GWBush) already prohibits student loan debt from being discharged in bankruptcy. That's a big deal. You start a company. You buy a corporation. Chances are you can discharge most of the debt of that company or corporation in bankruptcy. But some kid who signs a loan document to go to college at the age of 22, no job required, no source of income required, just some school admission slip or maybe even a subscription to a fly-by-night online phony school, and the kid is saddled forever with a loan he cannot discharge in bankruptcy, maybe if he becomes disabled or extremely ill or something, but not in bankruptcy.

Check my facts please because I will change my post if any of them are wrong.

It's the kids with poor and middle-class parents who fall into the student loan trap. And those are the kids who become the Steve Jobs, etc. of tomorrow. Student loan baggage is a terrible burden for our young families in their 20s and 30s and even 40s.

Elizabeth Warren is my hero because of her stance on student loans and banking.

Yes. Our banking system has to be reformed. It may not happen through legislation. But it will either happen or we won't have a country. It will take time, but the current system is unsustainable.