And here you have it from agencies and Regulators:
Regulators and officials at agencies [at] the Federal Reserve, Treasury Department, Consumer Financial Protection Bureau and Federal Reserve Bank of New York have all warned that student borrowing may dampen consumption, depress the economy, limit credit creation or pose a threat to financial stability.
Finally! Finally! Finally! Finally. Finally? Wait a minute. I shouldn't be that excited. Yup, I am getting ahead of myself. We're not there yet. We're only kinda talkin' . . .
Because the language is important here. After all, the student loan crisis may:
a) hurt consumption
b) is depressing the economy
c) is limiting credit creation, and
d) is a threat to overall financial stability.
I think the word may is inappropriate here. It's not that it may dampen things, but rather that it has dampened things. Big time. It most definitely has dampened things, and my work, along with others, has shown that for years. And my book, which is being published by Seven Stories in 2014, will also show that. So, we need these (ahem) damned policymakers in DC to move from using that verb may, and instead start using the verb has. Then, perhaps only then, we just might get down to business. This is a matter of getting out of denial. That takes time, but I think they've had more than enough time to be out of the denial stage.
I know what the cynics are going to say: don't hold your breath. But you know what? While I might not hold my breath, I'm definitely going to hold onto my hope.