Democratic California Rep. Maxine Waters challenged bank executives during a Wednesday morning hearing, appearing to blame them for the student debt crisis.
What she appeared to leave out was the fact that student loans were nationalized nearly a decade ago under former President Barack Obama to cut banks’ ability to offer government-backed loans.
“By cutting out the middleman, we’ll save the American taxpayers $68 billion in the coming years,” Obama said when he signed the legislation in 2010. “That’s real money.”
Waters now chairs the committee that oversees those student loans…