The Occupy movements across the country have received the attention of every adult American by breaking the law. One of the sparks for their action is the failure of colleges in American to provide useful educations to their students, coupled with the overhanging debt from loans for education that cannot be eliminated by legal bankruptcy in front of a judge. These loans are too often done under Federal programs, and it was a Federal law that, by exempting students loans from bankruptcy laws, encouraged the banks to make unrealistically high loans.
The Federal government shares the blame for this situation together with that of the student who took advantage of this opportunity for larger loans than they could reasonably hope to repay, along with their parents, and the schools, which took advantage of this easy money with skyrocketing tuition rates.
As President I propose several laws which I am sending to Congress as soon as one action is taken by the rioters.
First, I will propose legislation to allow student debt to be discharged in bankruptcy by the court in those cases where it is reasonable to do so under laws guiding similar debt problems.
Second, I will propose legislation to congress to eliminate all Federal lending programs for higher education.
Third, I will propose legislation to provide relief to those same Wall Street institutions that that the rioters vilify which, encouraged by the loan guarantee programs, made the existing student loans. More details on that legislation will be provided in the next few days.
But now I go back to that “one action”. These occupy riots around the country stop. They stop today. If the rioters go home I will present these proposed laws to congress. If they do not, I will not.
When they go home the students and their parents should approach their congressional representatives to support the legislation I will propose. At the same time they should apologize to their younger brothers and sisters because they will not have the same educational opportunity they had through educational loans, and for their bad behavior in taking on excessive debt even if it that action was encouraged by the government. You students and your parents have hurt future generations of Americans.
In closing I repeat, these “occupy” riots must stop. They stop today. You have made a case for yourselves in an illegal manner which everyone in the country is going to be punished for financially. You won and everyone lost. It is over. If you do not disperse immediately, which will lead to you being rewarded for illegal actions, I will call the US military to clear the streets if local governments do not.