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Obama’s college age children see their bubble burst quicker than anyone could have thought
coachisright.com ^ | Nov. 29, 2012 | Derrick Hollenbeck, staff writer

Posted on 11/29/2012 6:46:35 AM PST by jmaroneps37

Well THAT didn’t take long. The confetti thrown on college campuses has barely been swept up after Barack Obama’s reelection and reality has smacked more of his children in the face.

This is happened faster than any of these fools could have imagined. You will recall that Obama’s union children at Hostess found out what real life is about last week. This week his college student children got their dose of cold truth.

The stroke across the student loan crowd’s face is the news that in the 3rd quarter the number of student loans in default has skyrocketed. Student loans …. delinquent … 90+ days and 30+ days have risen dramatically.

The amount of outstanding student loan debt has reached $956 billion having climbed $42 billion in just the last quarter alone.

Obviously the effects of a 53% underemployed/ unemployed rate among those graduating from college last May is taking hold of these young fools. Fully eleven percent of all student loans is delinquent for more than 90 days.

Probably very few of Obama’s college children, who have outstanding school loans, understand that they can NEVER walk away from their debt because it is NOT dischargeable in a bankruptcy, but they will soon find out.

How they expect to live a life of their own in a country that offers them no jobs but demands repayment for their useless degree is a mystery.

Worse still is that this report is, “likely to understate actual delinquency rates because almost half of these loans are currently in deferment, in grace periods or in forbearance and therefore temporarily not in the repayment cycle” according to Zerohedge.com.

The explanation goes on to say, “This implies that among loans in repayment cycle delinquency rate are roughly TWICE as high.”…

(Excerpt) Read more at coachisright.com ...


TOPICS: Education; Government; Politics; Society
KEYWORDS: liberalism; studentloans
Navigation: use the links below to view more comments.
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To: teflon9
There is lots of debt that is nondischageable in bankruptcy court for various sound reasons.

When debt is discharged someone else is left holding the bag. Discharging student debt will cripple the U.S. economy and no sane politician will allow it. If you think your prospects are bad now, just wait if these fools who govern us decide to forgive student loans en-mass.

Oh, those of us who are older and established have gone through many economic downturn cycles. We know exactly what you are going through. My advice to you is to get a job. ANY JOB. FYI I worked full time all through college and lived at home. Graduated with some debt but paid it all off in five years. I chose a less expensive college close to home rather than ringing up big bills. Choices have consequences. Once you stop blaming others for your lot in life you will be set free.

51 posted on 11/29/2012 8:42:32 AM PST by outpostinmass2
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To: GlockThe Vote
You have a lot of delusional people on this site who are older and more established and have not a clue what its like in the real economy right now.

______________________________________________

Oh, do you mean those of us who kept afloat (and moved forward) during the dismal Carter years when interest rates were over 15% on mortgages, 19% on cars and upwards of 25% on everything else?

Or those of us who in the late 80s, early 90s lost 40% or more in value on the houses that they managed to buy in spite of those earlier interest rates?

Or maybe you mean those of us here who watched city after city in the northern tier lose 95% of factory and related jobs to overseas competition.

Or do you mean those of us who dealt with all of that, didn't cry, live in our mommy's basement or blame the "older" folks but kept working, kept fighting, kept paying our bills and kept moving forward.

You young guys are so weak that it would be funny if you weren't such a drag.

52 posted on 11/29/2012 8:44:54 AM PST by wtc911 (Amigo - you've been had.)
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To: outpostinmass2

“When debt is discharged someone else is left holding the bag. Discharging student debt will cripple the U.S. economy and no sane politician will allow it.”

No. Debt is only discharged when it won’t be repaid or can’t be repaid. To the extent someone is left holding the bag, they were holding the bag anyway.

Student debt being discharged in bankruptcy will be a one-time phenomena. The only sector of the economy that will be crippled is higher education, which will be forced to actually provide value commensurate with that which they claim to provide.

Lots of university towns will be impacted, lots of professors will be forced to profess elsewhere in whatever jobs they can find.

But if you are saying that the only way to solve the student loan problem is to keep giving student loans, then you might have a career in national politics ahead of you.


53 posted on 11/29/2012 8:45:49 AM PST by RFEngineer
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To: outpostinmass2

Just how old do you think I am? 22? Oh, I wish that were so. Here’s a hint. When I was born, there were still 48 stars on Old Glory (albeit not for much longer)! Can you say the same? And I’m doing quite well, thanks. Been out of college for many many years (debts paid off long ago), got the 4 bedroom house, kids in collge, a lawn to mow, the whole deal. So cool it with the patronizing tone, OK, pops. And, by the way, bankruptcy does NOT equal forgiveness. Even in bankruptcy, you still have to pay a certain amount off to your creditors. Better some cents on the dollar than nothing at all. And the only debts (other than student loans) non-dischargable in bankruptcy are willful torts (i.e. judgment occured as the result of a crime or other purposeful act), debts incurred as a result of fraud, and debts incurred AFTER bankruptcy. There are sound public policy reasons for those, but none for student loan non-dischargability. Hope this helps clear things up. Glad I could help. : )


54 posted on 11/29/2012 8:46:16 AM PST by teflon9 (Political campaigns should follow Johnny Mercer's advice--Accentuate the positive.)
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To: listenhillary
Can anyone get on the debt forgiveness wagon? The idea of having spare money again is attractive. Why not our entire debt as a nation? These interest payments are holding us back.

Wow! I have an idea! Why not just print up some more money and pay all the debts for everybody! That would fix EVERYTHING! You know, even better... Why not just print up enough money to give everyone a million dollars? We could stop poverty in it's tracks! Shoot, why stop there let's give everyone in the whole wide world a million dollars! Whirled Peas in our time. ; )

55 posted on 11/29/2012 8:46:32 AM PST by roamer_1 (Globalism is just socialism in a business suit.)
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To: listenhillary

It has been done before. Read “The Bubble that Broke the World”. Germany circa 1929 did just that. Look how that turned out.


56 posted on 11/29/2012 8:46:32 AM PST by outpostinmass2
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To: RFEngineer

Bingo! Give this man a cigar.


57 posted on 11/29/2012 8:47:34 AM PST by teflon9 (Political campaigns should follow Johnny Mercer's advice--Accentuate the positive.)
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To: RFEngineer
We are the ones holding the bag. The Universities do not grant student loans, banks and the U.S. goverment does.

The Universities have already been paid. We the people who pay taxes will be crippled. Harvard will sail on.

58 posted on 11/29/2012 8:53:09 AM PST by outpostinmass2
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To: RFEngineer
We are the ones holding the bag. The Universities do not grant student loans, banks and the U.S. goverment does.

The Universities have already been paid. We the people who pay taxes will be crippled. Harvard will sail on.

59 posted on 11/29/2012 8:53:23 AM PST by outpostinmass2
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To: teflon9

His logic is as greatly flawed as the idea of forgiving student loans.


60 posted on 11/29/2012 8:54:51 AM PST by outpostinmass2
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To: teflon9

His logic is as greatly flawed as the idea of forgiving student loans.


61 posted on 11/29/2012 8:55:20 AM PST by outpostinmass2
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To: RFEngineer

“But if you are saying that the only way to solve the student loan problem is to keep giving student loans’

Where did I say that?


62 posted on 11/29/2012 8:57:42 AM PST by outpostinmass2
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To: wtc911

We are talking about paying off an astromonical debt in a scenario where real incomes are falling.

I know we blame this one and that one - but realistically - we are only screwing ourselves w this mess since these people will be debt slaves their entire lives.


63 posted on 11/29/2012 9:03:34 AM PST by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: teflon9

There are plenty of sound public policy reasons for student loan non-dischargability in bankruptcy court.


64 posted on 11/29/2012 9:05:25 AM PST by outpostinmass2
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To: outpostinmass2
Generation X......box. Some of the dumbest, most gutless, brainwashed pukes I have ever met....and I'm not that much older than them. Bare in mind this is Canada but I'm reasonably certain it is the same down south. I hired one for awhile. One of the laziest, most useless, socially inept workers I have ever encountered. He was practically a eunuch. I had a discussion with him about MP3 players as I knew little about them at the time. His words? "Well, I guess iPods are okay.....if you like paying for your music....." Says it all really.
65 posted on 11/29/2012 9:08:45 AM PST by Catholic Canadian
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To: Catholic Canadian

I don’t like to paint generations with a broad brush. There are hundreds of thousands from this generation currently serving in the military willing to put their lives on the line. There are thousands that have given the ultimate sacrifice for their country. I know many of these fine upstanding citizens and hold them in high regard.


66 posted on 11/29/2012 9:12:32 AM PST by outpostinmass2
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To: GlockThe Vote

“We are talking about paying off an astromonical debt in a scenario where real incomes are falling.

I know we blame this one and that one - but realistically - we are only screwing ourselves w this mess since these people will be debt slaves their entire lives.”

We will be screwing ourselves if we forgive student loans. Just how we screwed ourselves with T.A.R.P.


67 posted on 11/29/2012 9:17:31 AM PST by outpostinmass2
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To: The Great RJ
Sadly I see many students who have worked hard to get college degrees that do matter such as in engineering or health sciences also getting hit by Obama’s failed policies when they too cannot find jobs.

What those in our family experienced was that the "kids" could find jobs in those fields (these were engineering grads from well known and respected school), but the pay was abysmal compared with the usual "going rate" for that field a few years ago.

But that affects everyone looking for a job, even the older workers who had experience, and are out of work, probably will take a job where the pay is less than they made in their previous job.

Supply and demand, there's a glut of employees, and not enough jobs.

As to student loans, the payments must be crushing because I talked with one young man who had less than $10,000 in student loans...his interest rate was over 7% and his monthly payments were around $120 which he considered affordable. Just think of the size of payments for the kids who've financed 30 or 40K in debt.

I think they're in between a rock and a hard place...the fact is a degree is a prerequisite for many jobs, Our son's job required an MBA plus a BA for an entry level job in a particular department of a Fortune 100 company. The days of talking your way into a job even though you don't meet the requirements are over. It's a sad thing for many grads and workers who are out of work because of the economy. An acquaintance was just laid off after 17 years on his job...that's a hard blow to take, and the prospects of future employment are grim.

68 posted on 11/29/2012 9:19:28 AM PST by memyselfandi59
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To: outpostinmass2

“We are the ones holding the bag. The Universities do not grant student loans, banks and the U.S. goverment does.”

We are holding the bag anyway.

Universities are the exclusive beneficiary of student loans. They make capital planning decision, faculty decision, administrative overhead decision based on the availability of loans to students to fund all of this.

If Student loans are allowed to be discharged, student loans will not be made to students who cannot pay them back - which will be most students in university that are financing them exclusively with loans. This will kill all marginal programs that leave students unemployable at the level that can repay extensive student loans.


69 posted on 11/29/2012 9:19:43 AM PST by RFEngineer
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To: GlockThe Vote
This last "election" has brought an evolution in my thinking. Up to now I was always about getting what I need to support my family and to move forward while playing by the rules (most of them).

Now I say screw the rules (all of them). This is about the survival of my kids, my grandkids and the nect generations. We are devolving into just two classes...those with just enough most of the time and those with more than enough all the time. I am using all my energies to put myself in the latter group and advising my kids to focus on doing the same.

Screw the left. Screw the middle. Screw the right. They are all useless to me now. We will now see Darwin's theory writ large in society.

70 posted on 11/29/2012 9:20:55 AM PST by wtc911 (Amigo - you've been had.)
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To: GlockThe Vote
This last "election" has brought an evolution in my thinking. Up to now I was always about getting what I need to support my family and to move forward while playing by the rules (most of them).

Now I say screw the rules (all of them). This is about the survival of my kids, my grandkids and the next generations. We are devolving into just two classes...those with just enough most of the time and those with more than enough all the time. I am using all my energies to put myself in the latter group and advising my kids to focus on doing the same.

Screw the left. Screw the middle. Screw the right. They are all useless to me now. We will now see Darwin's theory writ large in society.

71 posted on 11/29/2012 9:21:04 AM PST by wtc911 (Amigo - you've been had.)
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To: Catholic Canadian

“Some of the dumbest, most gutless, brainwashed pukes I have ever met”

True dat. Even an old codger like me knows it’s perfectly easy to put “free” music on an iPod. Not that I would ever countenance such a thing, myself. ;)


72 posted on 11/29/2012 9:21:42 AM PST by teflon9 (Political campaigns should follow Johnny Mercer's advice--Accentuate the positive.)
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To: RFEngineer

“If Student loans are allowed to be discharged, student loans will not be made to students who cannot pay them back - which will be most students in university that are financing them exclusively with loans. This will kill all marginal programs that leave students unemployable at the level that can repay extensive student loans.”


Exactly. If you want to make garbage, no-job majors like [fill-in-the-blank] studies dry up and go away, this is a perfect strategy.


73 posted on 11/29/2012 9:23:55 AM PST by teflon9 (Political campaigns should follow Johnny Mercer's advice--Accentuate the positive.)
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To: outpostinmass2

“Where did I say that?”

You didn’t know that you said it, but you said it indirectly.

Let me explain:

Your premise is that the student loan bubble is “too big to fail” because it would “cripple the US economy”. Then by failing to continue to fund it, you would also cause it to fail.

So you are directly implying we should continue to fund the student loan program because failing to do so will cripple the economy.

You are wrong on both points, in my opinion. We should treat student loan debt just like any other debt, and we should not continue to fund it. It won’t cripple the economy any worse than it is now. Much will have to be written off, but it is only written off if it cannot be repaid as defined by the bankruptcy process.

There are distinct economic advantages to freeing people from debt they cannot repay. That’s why the bankruptcy code exists.


74 posted on 11/29/2012 9:27:43 AM PST by RFEngineer
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To: teflon9

Remember the line from the Godfather, either your signature or your brains will be on that Contract?

Unless that happened in the College Admissions Office, I have no sympathy for people who get themselves into a hole that they expect me (and the Taxpayers) to dig them out of.

Bankruptcy Law is already too lenient IMHO. Somehow I survived for almost 60 years without getting myself in Debt that I could not, or had no intention of repaying.

I know that $hit happens, but willfully incurring Debt to attend an Ivory Tower bastion of Liberalism isn’t the way to get through life. Like John Wayne said, Life is hard, but it’s harder if you’re stupid.

The kids in our Family who went to College worked their way through with the help of Grants, savings or money from Family, not Loans. If none of those options are available, it might be time to find a new path.

I have always wanted a Ferrari, but the Mustang will do. I went to Community College intending to transfer to a University. I never made it that far because I started Working full time and made the decision to pursue opportunity there.

I live with my decision and I do not look back saying what if. Had I decided to further my Education at the time, I was brought up to be responsible. Signing on the dotted line for decades of indebtedness would have been a deal breaker. You reap what you sow.

In my Family, if you owe it, you pay it and quit whining. As my Father told me when I had a young head full of mush, nobody owes you a living so shut up and get back to work.

Oh boy, I’m such a meanie...


75 posted on 11/29/2012 9:31:57 AM PST by Kickass Conservative (Looks like my Father was wrong, somebody else DOES owe you a living...)
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To: RFEngineer

The universities get paid and have been paid up front. Discharging loans will have little to no affect on higher education.

We are holding the bag and that bag will be dropped on our heads if we forgive student loans, students included.

If you want to help future students limit the loan ammounts that higher learning institions can receive.

If you want to help present students have the universities pay back the student loans. As for the tax payers, we don’t have anymore to give.


76 posted on 11/29/2012 9:33:19 AM PST by outpostinmass2
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To: outpostinmass2

“There are plenty of sound public policy reasons for student loan non-dischargability in bankruptcy court.”

BS. For every “sound public policy reason” you come up with I will come up with two or more reasons why it is not such a “sound public policy reason”

Wanna play? put up or quit running your mouth on a subject that you apparently don’t really understand.


77 posted on 11/29/2012 9:34:49 AM PST by RFEngineer
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To: Kickass Conservative

I don’t think bankruptcy should be automatically granted for student loan debt. If the graduate can prove he made a really good faith effort to find work commensurate with his education, but can’t find anything better than barista etc., then bankruptcy is feasible. On the other hand, if he’s a law school grad with a big debt but a good job in a firm as a senior partner making high-five-figures or more, then, tough darts, pay the loan and shut up. Now if said junior partner is then laid-off through no fault of his own, and can’t find commensurate employment within a reasonable length of time, then, bankruptcy might be warranted. But no, not the kind of bankrupcy where you say, “OK, I’m graduated, I’m filing chapter 7, whee!” Can’t be that easy. Probably a whole new chapter of the bankruptcy code is needed for student loan bankruptcy. As for the bankruptcy code being lenient, perhaps the original 1978 code was, but it’s been tightened up considerably, maybe too much so.


78 posted on 11/29/2012 9:38:50 AM PST by teflon9 (Political campaigns should follow Johnny Mercer's advice--Accentuate the positive.)
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To: outpostinmass2

“The universities get paid and have been paid up front. Discharging loans will have little to no affect on higher education.”

*face palm* Friend, I’m not saying we go back and reclaim money already spent. How many loans do you think will be made in the future if past loans are discharged in bankruptcy?

.......I’ll wait. keep thinking........It’ll come to you.......

VERY FEW is the answer

Now do you think that future spending on education will affect universities? (psssst. The answer is ‘yes’)

What if spending goes DOWN because people won’t loan money unless they are SURE it will be repaid - won’t that mean fewer people go to university? (yes)

So do you still think that discharging loans will have little to no effect on higher education? (if your answer is not “no” then you must have majored in economics)


79 posted on 11/29/2012 9:40:43 AM PST by RFEngineer
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To: RFEngineer

“Your premise is that the student loan bubble is “too big to fail” because it would “cripple the US economy”. Then by failing to continue to fund it, you would also cause it to fail.

So you are directly implying we should continue to fund the student loan program because failing to do so will cripple the economy.”

You don’t know me very well and you are a terrible mind reader. By the way I am an electrical engineer that dabbles a little in RF at work.

T.A.R.P has and will cripple the U.S. economy. Forgiving student loans will do even more damage. I do not favor the present system of higher education funding. Adding another trillion to the U.S. debt is insanity.


80 posted on 11/29/2012 9:42:03 AM PST by outpostinmass2
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To: Kickass Conservative

“I have no sympathy for people who get themselves into a hole that they expect me (and the Taxpayers) to dig them out of.”

Neither do I, but maintaining debt that can’t be repaid benefits nobody. The Taxpayers are already paying for debt that isn’t repaid. It’s no difference, except the debtor gets to try to make a life for themselves.

It’s the best way to make something less bad out of a bad situation.


81 posted on 11/29/2012 9:47:33 AM PST by RFEngineer
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To: RFEngineer

“The universities get paid and have been paid up front. Discharging loans will have little to no affect on higher education.”

*face palm* Friend, I’m not saying we go back and reclaim money already spent. How many loans do you think will be made in the future if past loans are discharged in bankruptcy?

.......I’ll wait. keep thinking........It’ll come to you.......

VERY FEW is the answer

Now do you think that future spending on education will affect universities? (psssst. The answer is ‘yes’)

What if spending goes DOWN because people won’t loan money unless they are SURE it will be repaid - won’t that mean fewer people go to university? (yes)

So do you still think that discharging loans will have little to no effect on higher education? (if your answer is not “no” then you must have majored in economics)


What will be the affect of adding another trillion or two to the national debt? Talking about hand hitting head.


82 posted on 11/29/2012 9:50:19 AM PST by outpostinmass2
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To: outpostinmass2

“T.A.R.P has and will cripple the U.S. economy. Forgiving student loans will do even more damage. I do not favor the present system of higher education funding. Adding another trillion to the U.S. debt is insanity.”

Too late. TARP is done. Yes, it was and is very damaging.

The trillion in student loans is already there. We’re already hosed!!! Don’t you see? Which is better? maintaining a bad debt or discharging it in bankruptcy.


83 posted on 11/29/2012 9:50:40 AM PST by RFEngineer
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To: outpostinmass2

“I am an electrical engineer that dabbles a little in RF at work.”

I didn’t say you were a bad engineer, just a bad economist.


84 posted on 11/29/2012 9:53:10 AM PST by RFEngineer
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To: outpostinmass2

1. The loans will still be made if they’re federally insured. The ones that aren’t insured WON’T be made (at least not much, or not without collateral). This will stablize or even force down somewhat college costs (you can’t charge what your customer base can’t afford). And ...

2. Loans would be discouraged for non-marketable majors, as those would be the least likely to be paid off. Say goodbye to [fill-in-the-blank] studies and other bulls—t majors.


85 posted on 11/29/2012 9:54:30 AM PST by teflon9 (Political campaigns should follow Johnny Mercer's advice--Accentuate the positive.)
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To: outpostinmass2

“What will be the affect of adding another trillion or two to the national debt? Talking about hand hitting head.”

Only in government can they pretend that an “asset” - i.e. a non-performing student loan, actually has value.

It’s the same thing with Mortgaged Backed Securities that the Fed has loaded up on. They, under any normal (and legal) sense of accounting, have only a fraction of their face value.

At least with MBS there is an underlying piece of property that has some value

WIth a student loan - there is no asset. Only ability to pay.

So the government has ALREADY taken the hit on these loans - to the extent they are non-performing. So it’s a wash.
Put them through the bankruptcy process. Liquidate or restructure the debts as each individual can handle, and move on.

Believe me, I’m bitter as hell. I paid student loans, and I pay full boat tuition for two kids in college right now. It hurts.

but it does no good to expect an unemployed English Major with $100k in debt accruing at 9% annually to ever pay that back. They won’t do it. They won’t ever participate in the legitimate economy. Nobody wins.


86 posted on 11/29/2012 10:29:51 AM PST by RFEngineer
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To: GlockThe Vote; wtc911
I know we blame this one and that one - but realistically - we are only screwing ourselves w this mess since these people will be debt slaves their entire lives.

I know what you are saying - I really do. But one of the primary principles of Capitalism is that in order for there to be profit, there has to be risk. Sometimes you win, and sometimes you lose. Remove the risk, remove the profit.

I do think that debt owed to the government of any kind should be subject to bankruptcy law, in the same way as any other entity is subject to bankruptcy law. I agree with you in that, as otherwise there is an inequity.

But what happens when the rubber hits the road (wrt student loans) is that the risk is removed. There is no penalty accrued. And since there is no penalty, the market (college) goes oblong and sustains what is otherwise unsustainable...

Because the end user has no risk, there is no real research into making a very good decision... A touchy-feeley approach can be applied instead of hard numbers... Easy-bake degrees are chosen rather than the hard way that actually will pay with a desirable employee for an industry that is actually capable of hiring him and sustaining him life-long...

It is already bad enough because of grants. Allowing bankruptcy will only make it worse. There is a reason why colleges continue to offer education options that lead to nowhere... In fact MOST lead to nowhere... And it is directly attributable to the fact that the college gets paid for a product that is not viable.

If the way is made hard, the risk is great, and the reward fantastic.

When my business went sideways, I contemplated bankruptcy - But I tended to pay vendors before government, so most of my debt load was to the government, and guess what? That debt was likewise not able to be discharged through bankruptcy. It took me four years of very hard work and starvation rations to climb over that hump. But I am glad I did it, and I am a better man because of it.

Why should educational loan applicants have it better than me, when I am the one actually making the jobs and taking risk?

87 posted on 11/29/2012 10:45:28 AM PST by roamer_1 (Globalism is just socialism in a business suit.)
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To: RFEngineer

The trillion in student loans is already there. We’re already hosed!!! Don’t you see? Which is better? maintaining a bad debt or discharging it in bankruptcy.


Don’t know. I guess if were headed to Greece territory we might as well go full in and get it over with. This will only hurt everybody and not help the students. There won’t be any T.A.R.P for this bubble. Don’t forget interest rates are set to cover costs and delequincies. Student loans being garanteed and not elligible for bankruptcy allowed for low interest rates. Also banks might carry high volume of these loans to offset other losses. Retro-actively changing the eligibility of student loans for bankruptcy will have dire consequences on the lending institutions. I would be more inclined to changing future student loans for eligibility to dishcharge into bankruptcy. This would allow lending institions to charge higher interest rates and to take a more active roll in the granting of the loans.


88 posted on 11/29/2012 10:54:10 AM PST by outpostinmass2
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To: RFEngineer

The trillion in student loans is already there. We’re already hosed!!! Don’t you see? Which is better? maintaining a bad debt or discharging it in bankruptcy.


Don’t know. I guess if were headed to Greece territory we might as well go full in and get it over with. This will only hurt everybody and not help the students. There won’t be any T.A.R.P for this bubble. Don’t forget interest rates are set to cover costs and delequincies. Student loans being garanteed and not elligible for bankruptcy allowed for low interest rates. Also banks might carry high volume of these loans to offset other losses. Retro-actively changing the eligibility of student loans for bankruptcy will have dire consequences on the lending institutions. I would be more inclined to changing future student loans for eligibility to dishcharge into bankruptcy. This would allow lending institions to charge higher interest rates and to take a more active roll in the granting of the loans.


89 posted on 11/29/2012 10:54:43 AM PST by outpostinmass2
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To: RFEngineer

” English Major with $100k in debt accruing at 9% annually to ever pay that back”

No one is talking about changing that and forgiving loans won’t change this situation in the future. College costs will still increase.


90 posted on 11/29/2012 10:58:56 AM PST by outpostinmass2
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To: RFEngineer

If we discharge that loan, no one learns the evil of big government. The message is that big government is good. Selling your soul to the government has no consequences.

See how compassionate they are?


91 posted on 11/29/2012 10:59:04 AM PST by listenhillary (Courts, law enforcement, roads and national defense should be the extent of government)
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To: Mamzelle
The only way I see out of this hole in through hyperinflation, making fools of the Chinese and collapsing the dollar.

My prediction is that we follow the USSR model. When and exactly how are not clear.

They could not borrow or tax any more and simply went out of business. NOBODY wanted to put the USSR back together again and nobody will want to put the USA back together either. Power will revert back to the states just like the satellite countries. And then we begin the process of centralizing power and wealth again....................

92 posted on 11/29/2012 11:11:44 AM PST by PeterPrinciple ( (Lord, save me from some conservatives, they don't understand history any better than liberals.))
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To: jmaroneps37

Most of them voted straight Dim tickets...Not all bad deeds go unpunished....


93 posted on 11/29/2012 11:18:10 AM PST by trebb (Allies no longer trust us. Enemies no longer fear us.)
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To: roamer_1

We dont have a capitalistic system any more and have massive manipulation of the price structure due to govt intervention in areas it has no business in.

College loans is one of the main areas to where the academic complex never faces any downwards pressures on its own cost structure due to the endless prniting of money.

Its a massive ponzi scam of the worst order.


94 posted on 11/29/2012 11:45:07 AM PST by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: jmaroneps37

My daughter who is now 27 went to a 2 year dental hygiene program rather than a 4 year university. Her loans were minimal and she paid them off the first year.

She works for 6 figures in Chicago and has her own place and money in the bank. It makes her crazy these kids think their loans should be forgiven. She worked to get out of debt.

I believe these kids simply need to be smart when they decide on a major. Her 2 year degree makes a lot more money than a 4 year women’s studies degree.


95 posted on 11/29/2012 12:27:47 PM PST by morans14
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