Federal Reserve Chairman Ben Bernanke piggybacked on the comments by John Kerry by saying;
"Some evidence, including recent Federal Reserve research on consumers holding adjustable-rate mortgages, suggests that awareness could be improved, particularly among borrowers with lower incomes and education levels,"
In turn, the market for "sub-prime" borrowers -- people with weaker credit records who are considered higher risks -- has grown considerably over the years.
Facts are facts. It痴 not always the case, but people who have an education normally do better economically than those who do not.
Bernanke's remarks came after John Kerry told students yesterday;
"That if they studied hard they could do well, but if they didn't "you get stuck in Iraq".
The media and politicians jumped all over these remarks (as stupid as they were) as if Kerry was saying was saying our troops were uneducated and stupid.
Of course this is not true, but there is some degree of truth that many kids who enlist (who are not officer candidates) in the Army or National Guard do so as a way to find some direction and discipline in their lives. In addition, many of these kids had a difficult time in school and came from working class families.
Unfortunately, those who joined the National Guard have found themselves involved in what amounts to a backdoor draft, and are now having to wonder if they are going to be shipped off to Iraq. This is very unfortunate.
