It's never been more important for borrowers to arm themselves with knowledge and build sound financial-management skills.
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Over and over again, financial experts and wonkish talking heads endeavor to explain these mysterious, 'toxic' financial instruments to us lay folk. Over and over, they ignobly fail, because we all know that no one understands credit default obligations and derivatives, except perhaps Mr. Buffett and the computers who created them.
What we're going to do is redouble our efforts on financial regulatory reform, because that has in it sensible things like say on pay, so at least the shareholders are minding the store, sensible things like saying, for heaven's sakes, compensation should be focused on - on long term, so that you don't have rewards for short-term risk-taking.
Every one says: 'Listen, I'd love to reinvest. I'd love to hire people. But I have no idea what this healthcare bill is going to do to my bottom line. I have no idea what this financial reform bill is going to do... I'm not going to step out a limb and do any of those until I know what this government is going to do to me.'
At a time when going to college has never been more important, it's never been more expensive, and our nation's families haven't been in this kind of financial duress since the great depression. And so what we have is just sort of a miraculous opportunity simply by stopping the subsidy to banks when we already have the risk of loans. We can plow those savings into our students. And we can make college dramatically more affordable, tens of billions of dollars over the next decade.