Pirate's Cove

John Edwards wants to redistribute more of your money (News and Observer)

Democratic Presidential candidate John Edwards today called for an $8 billion effort to make a college education more affordable and accessible for students who are wiling to work part-time.

Based on a pilot program at Greene Central High School, which serves a rural area in Eastern North Carolina, Edwards said his effort would make college opportunities more broadly available.

"It’s about making sure more young people have the opportunities that are now available in Greene County, " Edwards told the hundreds of students and parents crowded into a high school gym for the morning graduation ceremonies.

The article points out that it would costs $3 billion to make this a nationwide effort? Where does the other $5 billion go?

Edwards said the education initiative is part of his anti-poverty effort. He said he would release a plan on how he would pay for his domestic proposals later in the campaign. He has already said he would role back the Bush tax cuts for people making more than $200,000 to help pay for universal health care.

Sounds like 2004 redux. "I have a plan, but I’m not telling. And those evil rich? I’ll soak them. Except for those who already have their money. Like me."

I wonder why lots of poor people cannot pay for college

The hedge fund that employed John Edwards markedly expanded its subprime lending business while he worked there, becoming a major player in the high-risk mortgage sector Edwards has pilloried in his presidential campaign.

Edwards said yesterday that he was unaware of the push by the firm, Fortress Investment Group, into subprime lending and that he wishes he had asked more questions before taking the job. The former senator from North Carolina said he had asked Fortress officials whether it was involved in predatory lending practices before taking the job in 2005 and was assured it was not.

Subprime loans are aimed at buyers with poor credit histories and charge higher rates because of the risks. Some loans carry fees and large rate increases that are hidden from a home buyer.

The story fails to mention that poor people are also prime candidates for subprime loans.

I find it the height of absurdity that Edwards had no idea that this was going on. I work for a major, huge, giant, multinational corporation, and, despite having almost no contact with our other parts of the business, I am reasonably confident that I at least know what the other departments do. The subprime loans business was a big part of FIG’s business. Edwards just needs to man up and say he knew about it.

But, wait, it gets better

Last month, Edwards announced a plan to fight predatory lending. He said that an increase in subprime loans and predatory mortgages was resulting in a surge of foreclosures that risked "devastating communities," and that "shameful lending practices . . . are compromising our strength as a nation."

The man has absolutely no shame.

Trackposted to Outside the Beltway, A Blog For All, Stageleft, stikNstein… has no mercy, Walls of the City, The World According to Carl, Shadowscope, Blue Star Chronicles, The Pink Flamingo, Phastidio.net, Cao’s Blog, Jo’s Cafe, and , thanks to Linkfest Haven Deluxe.