Blake Zeff Profile picture
Dec 11 11 tweets 9 min read
Excited to present our film LOAN WOLVES on @msnbc TONIGHT at 10pm et/7pt & streaming on @peacock tomorrow!

We reveal secrets about the student loan crisis & how DC & our democracy really work that’ll shock you. Plus I learn the difference between a whip & a flogger. #LoanWolves
We also talk ’90s politics with @SteveKornacki and learn what politicians back then were thinking when stunning changes were quietly made to student loans. And Steve comes clean about how he really feels about that election night big board. #LoanWolves
And @Braxtonbrew96 and @flatwhistle from @StrikeDebt talk about their goal to cancel student debt -- and explain how even *that* wouldn't actually fix this broken lending system.

BTW, if you try to tell them this lending system works, this is how they would react: #LoanWolves
Most student debt cannot be discharged in bankruptcy, so I figured that those who CAN use bankruptcy must be more deserving. So I asked “Real Housewife of New York” Sonja Morgan about *her* experience. (OK, most of this scene got cut, but you do see me in my kimono). #LoanWolves
While some imagine rich young white men when hearing about student debt, @AyannaPressley reveals what she sees in her district:
*seniors on fixed incomes still paying student loans
*women disproportionately impacted
*black student borrowers 5x more likely to default
#LoanWolves
We go deep into the vault to dig up some of @arimelber’s vintage hip-hop takes -- and get his expertise on whether the current student loan system even passes legal muster. It was breakfast time when we were eating these dogs, but sometimes you gotta suffer for art. #LoanWolves
Is Fox News right when it repeatedly says that taxpayers would have to pay for it, if student debt gets canceled? Prominent economist @darrickhamilton explains how it really works, even as he finds me ridiculous & buffoonish, and questions why he agreed to do this. #LoanWolves
To find out how severely the bankruptcy law discriminates against people with student debt, I made this kindly bankruptcy lawyer participate in the world’s lamest game-show ever. #LoanWolves
A common objection to student debt relief from old politicians is: "I paid my way through college!"

Prof. @Dr_CMGreer's response: "Yeah, college was $2000 a yr. Now? It's set in that $50-65,000 range & you haven't bought a book yet!"
(Some schools are now 85K, btw) #LoanWolves
To fix the law barring bankruptcy for student loans, @dickdurbin has a bipartisan bill. So why hasn’t it gone anywhere, I ask him & @chuckschumer. Durbin replies he’ll do “everything legitimately possible to move it thru the senate this year.” There are 3 weeks left. #LoanWolves
There’s a lot more in #LoanWolves, including a Whodunit where we track down who was behind the 2-line provision in 1998 making student loans virtually impossible to discharge in bankruptcy. We confront the surprising culprit & he calls me a "damn fool."
Tune in tonight on MSNBC!

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More from @blakezeff

Nov 11
With student loan relief now in danger, here’s another bombshell. My team spent the last 6 yrs investigating the student debt crisis & found a shocking cause:

2 lines in a 1998 law that few noticed, even the pols who voted for it. And no one knew who was behind it. Until now…🧵
Turns out student loans are one of the only debts you can’t discharge in bankruptcy (with rare exceptions). Gambling debts? No problem. Unpaid taxes? Sure. Excessive shopping? Why not. But student loans? Almost never. Why?

Two lines in a 1998 education bill. And it gets crazier.
But who wants to file for bankruptcy anyway, you might wonder. The issue is way bigger than that: In the absence of the *threat* of bankruptcy, lenders know repayment is guaranteed. Thus, they can lend any amount of $ to anyone, with nary a worry. Kind of like the housing bubble.
Read 8 tweets
Aug 29
I’ve covered student debt obsessively for the past 6 years for a documentary (coming soon!). One of the most misunderstood parts of this debate is: folks with graduate degrees. Many seem to think this group is all rich (or soon to be). This is weird & incorrect.

Quick thread…
You realize that teachers & nurses have graduate degrees, right? Do you think they’re rich? One teacher we spoke with is a 1st-generation college grad, now 150k in debt from compounding interest on his undergrad + masters degrees. The burden got so bad, he contemplated suicide.
Then there’s veterinarians. Do you know their average student debt is ~200k? Not nightmare or worse-case scenario. Average. They don’t become wealthy either. Their suicide rates are very high in part because of debt. Does anyone think veterinarians are frivolous parts of society?
Read 6 tweets
Aug 12, 2021
How power-hungry (and afraid of scrutiny) was Andrew Cuomo?

The minute he took office, he set out to systematically alter & manipulate every part of the state's justice system, in order to control every investigation of consequence in New York.

Read on, if interested...
In Cuomo's first month as Governor, Albany experts uncovered a shocking new provision buried in his budget: It gave Cuomo's team "sweeping new powers to issue subpoenas, compel testimony & seek penalties from anyone committing financial fraud." Wait, what? nytimes.com/2011/02/16/nyr…
This was a solution without a problem, since the Attorney General already had this power. The real cause? Cuomo used to be the AG, but now was governor & still wanted this power. So he gave it to himself.

("Mr. Cuomo appears to want to his old job, too," @nickconfessore wrote.)
Read 10 tweets
Mar 15, 2021
If you or someone you know has an urge to defend Cuomo because of "Trump" or "Al Franken":

Andrew Cuomo’s comeuppance is not an evil GOP plot. And it’s not hasty or unfair... by Cuomo's *own* standard.

Having covered him & known many who worked for him, here’s the real story...
First, some have spread a theory that the GOP secretly manufactured these scandals, to oust Cuomo & install a new governor who'd pardon Trump for his state crimes. Fun theory! Just one thing: If Cuomo leaves, the new governor would be... his hand-picked Lt. Gov, a Democrat.
Democrat Kathy Hochul would be governor until the end of 2022. And then? She'd either win a new term, or one of the many Democrats more popular than Andrew Cuomo would. Republicans haven’t won a statewide race in New York in 2 decades (when George Pataki got re-elected post-9/11)
Read 17 tweets
Dec 28, 2020
The idea that people with grad degrees shouldn't get student debt relief bc "they can make a lot of $" is over-generalized & misconceived. I’m making a documentary on student debt. There are true disaster cases & national problems bc of grad school debt. Here’s a fuller picture:
Take Vivian. Her parents came from P.R. & Colombia, and didn't finish high school, driving taxis & cleaning homes to get by. V worked like crazy to finish top in class, get into top undergrad & med school. Her lifelong dream: serve her community as a doctor at a low-cost clinic.
V embodies the "American Dream," but while she got college scholarships, she ended med school 200k in debt. At 31, she doubts she'll ever afford to buy a house or car, & doesn't know if she'll ever start a family. Meanwhile, her relatives didn't go to school & are way better off.
Read 15 tweets
Mar 17, 2020
Dear Charlie,

Trump's temporary pause on student loan interest isn't "front page news" because:

1) He didn't release an actual plan. He made a quick remark & if the past is prologue it will get "clarified."

2) It doesn't even begin to cover the problem.

Here's why... (1/8)
First of all, monthly student loan bills won't go down under this "plan." You read that right. Folks will pay the same amount they currently do. (The benefit is that the payment will temporarily go toward paying down principal, rather than some going toward interest). (2/8)
Second: The interest being "waived" may still be *added back* after this freeze ends. @ronlieber "asked about this repeatedly but the Department of Education didn't offer an answer." Guess they’re just trying to keep things fun, and surprise us. (3/8) nytimes.com/2020/03/14/bus…
Read 8 tweets

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