Tim Ryan: “We are talking Democrat and Republican. And there are several Republicans I think who have taken a very courageous stand…”

“We are talking Democrat and Republican. And there are several Republicans I think who have taken a very courageous stand on this particular issue. If you had an opportunity today to read the New York Times, the gentleman from Wisconsin (Mr. Petri) I believe had a marvelous, marvelous letter to the editor, or op-ed today. It was phenomenal and I cannot say enough about it. It basically said that the Federal Government should be directly loaning money to students. We do not need the banks involved in this. I do not think the banks are inherently bad people, but why would I give money to you for you to give it to somebody else and then you charge me more and I give you a little bit more so you can make a profit and then you give somebody else the money? We insure your loan. We guarantee you. So the Federal Government gives the money to the banks or we guarantee it to the banks so the banks takes no risk at all. Why not eliminate the banks, directly lend to the students, and give them the money and tell them to go to school and tell them that we are going to give him or her and many students like him or her around the country $25 billion. And when it is all said and done, we are going to make $50 billion on the deal.”