Feds take over student loan program from banks

Feds take over student loan program from banks
In one of the most overlooked and under reported segments of the new "Health Care Act", the Federal Government has completely taken over the Student Loan business from private banks. They have now forced private companies out of the business of loaning money for college education. Let that sink in a minute.
The Federal Gov't will now be borrowing money from the Federal Reserve Bank at a very low interest rate, let's say 2.5% and then loan it to students at say 6.5%. The gov't will now make a 4% profit that will go into paying for health care for whomever, although that's not the important point here..
The point is that the Federal Gov't, in one fell swoop, effectively destroyed and confiscated an entire industry. What about the hundreds of thousands of people that this is going to put out of work starting July 1, 2010 when this goes into effect? The private bankers and their employees first, then the hardware store owner, grocery store clerk, etc... Anyone who did business with any of the funds generated by the loans or the interest it generated.Was there any mention of that aspect of this in the dinosaur media? Of course not.