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Hoenig Says Fed Should Raise Rate To 1% By End Of Summer
From Reuters:
A top Federal Reserve Official said on Thursday the U.S. central bank should raise rates to 1 percent by the end of the summer to avoid having to raise borrowing costs abruptly as the economic recovery gains momentum.
"Based on the current outlook consensus, it seems reasonable that the economy would be well-positioned to accept this modest increase in the funds rate," Kansas City Federal Reserve Bank President Thomas Hoenig said in remarks prepared for delivery to a business lunch.
Hoenig is a voter on the Fed's policy-setting panel and has dissented against the Fed's exceptionally easy money policies at all three meetings this year.
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Not an original thought for the jaded ZH regulars, but maybe Hoenig should refrain from boarding small aircraft for his own personal safety.
+1. the question is who will buy that junk?
You callin' us jaded?
How 'bout heavily gilded...
Ha, ha. I wear it proudly. I certainty would not describe us naive. Maybe we should take a page from the Keynesian playbook (i.e. disinflation) and just say that we are un-naive.
If China has its way, we'll all be "jaded" ;)
Are you crazy, he is doing it just make you happy! When they vote, Shalom always wins. Yes, we need more smoke and stench of burning Euro to make you feel better. I always wondered why most of the fed members got german names, just to make you feel more secure? Of course they don't want another Weimar!
LIBOR already half way there without Hoenig
Maybe if the dolarr has half of its value by the end of the summer ok, otherwise the US can not afford to pay the interest on the loans. This is why the loans are zero in the first place. The US can not afford to raise interest rates.
Exactly. They don't dare raise rates until they get serious inflation under way. Comrade Ben hasn't quite got a handle on the -5 % fed funds rate yet, but I've underestimated these crooks before. They are looking at all sorts of desparate measures, with good reason.
Desperate times call for desperate measures! They are desperate men, and this may very well be their last act.
In the global "race-to-the-bottom currency de-valuation sweepstakes", ALL participants either are already in or will shortly be in perpetual ZIRP mode.
Hoenig must be talking about "The Fed" as it exists in some alternate universe.
Well, if he wants the system to imploded very quickly that is one way to go. If he wants an instant nuke of the global credit system they could raise it to 4%. Let me know so I can go build a bomb shelter.
He is confused, the function of the Fed is to extend the system as long as possible, then it implodes.
his thinking is maybe, dont follow the market..it will implode anyways right::))
I suspect he is very confused. You might be able to raise the FFR to 1% without causing an instant implosion, 3-4% and it would be so ugly the next day, he would be looking for a place to run from the riots.
It will be the last words we hear as the door to his underground bunker seals itself for the next three years. Then the Purge begins.
Kinda brings to mind one of the greatest quotes of all time. While being interviewed before an upcoming fight, he was told that his opponent seemed to have a pretty good plan to win...his response-
"Hell, everybody has a plan. Till they get hit."
Mike Tyson
Are you sure that was Tyson? Seems waaaay too coherent a statement for him.
extending a helping hand to JPM in their effort to push down precious metals before the delivery demands eat them alive??????????????
Gold does well during interest rate hikes.
Typical
- gold does good when the fed funds rate drops
- gold does good when the fed funds rate goes up
- gold does good when the fed funds rate stays the same
- gold does good when the sun rises in the east
All true! Very good.
I will take the free insurance if you are offering.
Anyone selling something as risk-free is offering snakeoil.
I am not selling anything.
Oh, and if I was....
DISCLAIMER: Gold does not make money, it merely maintains it. This because gold IS money.
Good luck Mako!
well, if you telling me it always goes up... you certainly are selling something. I'll take whatever free insurance you have to offer anytime you want. Offer stands.
Only a fool would sell insurance on the Sun not rising tomorrow.
Only a bigger fool would buy it that insurance.
What? I said gold maintains value! I said nothing about "always going up" you are putting words in my mouth.
Numbers are subjective place holders when it comes to value. ONE apple is real. One dollar is not. One ounce of gold is real. One paper FIAT is not.
Sure you did, you are splitting hairs.
You said, "All true" implying there is no bad environment for gold, which is clearly not true nor could ever be true.
It does do well in all those scenarios. It does well, Mako....
From here on out there is nothing standing in the way of gold being the best store of wealth. Nothing.
You can print that one.
"nothing standing in the way of gold"
Then you can give me free insurance. No risk, no reward. Anyone selling something with no risk and telling you there is reward is selling snakeoil.
Can I buy a house and store value or wealth? What about stocks? What about diamonds? What about dirt?
I love guys like you, just like Cramer, buy, buy, buy, no risk.... hahahaha.
Most of the goldbugs ride the wave up and ride the wave right back down the other side.
Good god man, where do you get this from?
Your strawman lies with the fact that your comparisons do not hold WEIGHT. Paper contracts are nothing more than IOUs. Houses are NOT investments (arable land IS). Gold is money, that is all I am saying. GOLD IS MONEY!
"Houses are NOT investments (arable land IS)."
Says who? How is dirt different than metal? Who made you the midde man for all investments and trades?
"Gold is money, that is all I am saying."
Says who? You wouldn't be whoring yourself out here like Cramer if you believed that, you want someone to buy your crap, but just like a typical goldbug you somehow think gold is different. I know plenty of gold bugs that ran up the last wave and ran down with it last time. This time will be somewhat different but the end result will be the same.
I can see you now.. you probably wake up first thing in the morning and check to see how much money you can get for your gold, yet you will say gold is money.
You say gold is money, well I refuse to sell you my junk for your money.
You said there is nothing stopping gold, well that means you are 100% sure you are right. Give me the free insurance or it's very apparent you don't believe that.
Let me see you think gold can go up forever, are you saying in 100 years I will be able to buy the whole Earth with one gold coin? When is your projection that this will occur? Curious minds would love to know.
Houses are everywhere, go anywhere you will find a house. Gold is not. Find me some gold before I find you a house, go!
Gold is money says who? "By nature gold and silver is not money, but money by nature is gold and silver." -Karl Marx
Humans have used gold and silver as mediums of exchange since the dawn of our time, because it will always be what it is, and it is an accessable store of value. It has value because it is finite, and now due to technology, it is a functioning commodity.
I post my thoughts on the price of gold in time frames such as daily/weekly/monthly/yearly, but I have also said these numbers are a paradox. Do I play the money for gold game? Well, until the end Mako. Until the end.
I've watched Mako argue with just about everyone on here for a while now and find it amusing. I've never commented before, but when you say something as idiotic as "how is dirt different than metal" I have to stand up and laugh.
Of course you would say that, you are gold seller, if you were a dirt seller, you would mad at the gold seller. You are the same as the houses never go down crowd, and you have nerve to call me an idiot. Good luck Cramer.
I am a dirt seller and a gold seller, what do I win?
Edit: Buyer and seller lol!
Lenny, d'ya see this already?
http://www.youtube.com/watch?v=WHtO8Q119ms
I think that went well. Danny is getting things going nicely. Now for a nice red pill, eh world?
The question is how will the market react, if given the opportunity, to a new "reserve" asset aka printing vehicle? Has the confidence been so lost in the "private" market that the no matter what action is taken the momentum to a hard money or partially backed alternative a fait accompli. Gold looking risk free in this regard
Mako, you are starting to get it but let me sum it up for you.
Gold does well when faith in fiat currency is lost.
"Gold does well when faith in fiat currency is lost."
The dollar has been rising at the same time that gold has been going up on this run.
All of you guys are riding the same waves as Cramer.
S&P 500 from 1400 to 660 to 1150
Gold from 1100 to 700 to 1250
Gold is getting a slight premium bid as the destruction of the credit system comes into view, you are still riding like a turd in the ocean waves.
I agree nothing is certain. My conclusion is to be 50/50 cash/gold. I hold gold in CEF (allocated but liquid) so that I can sell in hurry if US comes clean and starts to take contructive actions to deal with their reality. Do you see a flaw in my logic?
Mako said:
No, the dollar has NOT been rising! Only the articial US Dollar Index has been rising, but is NOT in any way a measure of the real value, i.e., the purchasing power, of the US dollar. Your misleading and erroneous use of the Dollar Index as an equivalent to the absolute value of our steadily depreciating fiat dollar only demonstrates, once again, your profound ignorance of financial and monetary issues.
"Gold does well when faith in fiat currency is lost."
The dollar has been rising at the same time that gold has been going up on this run.
A slightly of a US-centric view. How's England doing? The European Union?
S&P 500 from 1400 to 660 to 1150
Gold from 1100 to 700 to 1250
Strange example of why gold is shit. Fail.
- gold does good when trust in government and central banks goes down
Gold mines were being mothballed the last time.
Nadler, still bashing and trolling baby?
Why doesn't Hoenig also propose stopping the oil leak in the Gulf?
He certainly would have more luck stoppping the volcano than getting Bubbles to raise rates.
It's a smart move. He knows this will never happen, but now the kiddies of the future will read on their iPad history book apps that he dissented...
EXACTLY, He has been running around saying that for months now..
I think Henig will be the next Fed Chair, if there is one.
Ben: Tom I'm getting shit-canned out there, we need to start grooming someone for the Fed chair in about 18 months. You're on deck.
Tom: That's fine, I'm ready to serve. How shall we position this?
Ben: I think you should just go contrary on everything. Be the hand-wringing Mother Superior.
Tom: I see. So I can ride in on a white horse or something.
Ben: No, that's gay. Just disagree on everything I say and do from now on and when Obama or whoever is still standing starts making mouth-noises that the current Fed chair has got to go, everyone will look at Good Ol' Tom.
Tom: Ben, when you say it like that it makes me sound like a pussy.
Ben: It's for the team, Tom. Take the hit.
Tom: [laughs] Fine fine. Just make sure you leave me 50 basis points of room to raise rates on day 1, otherwise they'll be throwing rocks at me on day 2.
Ben: Sure, we all know the drill. Just be ready to act patriotic when the time comes.
Tom: You can count on me. And the 3 million?
Ben: In the mail, Tom. Just don't try to spend it in-counrty otherwise I will personnally castrate you.
Tom: [laughs] I'll inform my wife. Bye Ben.
Ben: Bye Tom.
nice!
End of Summer of 2025. Maybe.
More importantly, how can Citibank fire Debrahlee Lorenzana for being too hot? Damn them! Fed will raise rates because economy is recovering nicely. Stocks will dip, and you know the rest: Buy the dips!
Wow, Citi sinks to new lows. Talk about bad PR moves; and she will sue them certainly!
Boob_flation. The mechanical kind.
The photo in the NY Post is also very flattering.
I wouldn't worry, Ms. Lorenzana is getting plenty of offers...
I'd hire her in a flash crash! LOL!
Hey, get in line... :)
I too was fired for being too hot. Secretarial pool complained to management about my asset management ;)
I have only 4 words for Mr. Hoenig:
Good. Luck. With. That.
P.S. -- It feels HOT in here...
The token dissenter provides synthetic credibility.
OK who hit the " Mako " button.
LOL. Mako is awesome because he makes me feel like Harry Wanger or Leo. He's certainly carved out a niche.
+1. However I am starting to wonder is he is a leading indicator. What he says seems like it might come true.
lol!!!
+1
I have to agree, whenever I feel I'm going 'too rad' for school ... I scroll up Mako and that rad feeling goes away.
He is awesome.
"should" and "will" are completely different events. As we should all know by now, the FED's decisions to change rates lags the Bond market and no single person/institution trumps that.
Hoenig: First of all, he was elected to do the "tough talk" for purposes of pandering to the right. Second, there is still the hope and the long memory of 1981 and pulling a Volcker. Raise into a global recession, king dollar pulls the little brown brothers out of recession who then buy the crap out of US Treasuries and US corporate securities. There's only one problem: this ain't no 1981. And we're not starting with baseline demand inflation. We should be so lucky.
But, but... Hoenig is correct.
If GDP is growing and the recovery has been obvious for almost four quarters, then the Fed must raise rates and tighten... otherwise we run the risk of overheating and causing big bad bubbles b/c too much liquidity.
Not sure how Bernanke can find fault with Hoenig's logic w/o admitting in broad daylight that QE has failed and the 'recovery' is actually a bust.
This is where the rubber meets the road... the Fed's bluff is being called. They either raise rates in-line with a 'recovery' that they themselves have pumped, or allow the bond/market vigilantes to pull back the curtain and expose the corpse...
Or they use the bubble to buy the world, tax it indescriminantly, and pay down the debt...
Calling their bluff; that is exactly what came to mind when I read this. Hoenig has been out in front on this for a while now. If only he had the media backing to make his message appealing to the masses. A "Raise the Rate" campaign on MSNBC, CNBC, CNN, and FOX would make for some great entertainment.
Is this the beginning of the end? A Roman Catholic bishop has been stabbed to death in southern Turkey, state-run media report.
Sad. When hearing like this, I usually shrug and move on - "helpless" is the feeling.
Wait until all of Turkey flies over the border to loot Greece. Watch out!
Hardly a coincidence...
The well-timed murder of a R.C. bishop - in Turkey - certainly helps shore-up support for Israel among the cath-aholic sheeple here in the US.
Bernanke cannot raise rates near the current rate of the 30 year bonds being held by the banks. I believe these rates are in the low 4% range. Once the rate exceeds these bond rates, write downs on value must occur. Reserve requirements won't be met. It will be deja vu all over again.
Yea, yea, yea. All talk. Watch when Bernanke says at the next Fed meeting, " Interest rates will stay low for an extended period". This is nothing but a Dog and pony show in which we've all seen before
Not only Uncle Sugar will say that but the statement will be unanimous
this guy's comment was only made to reinforce the perception that things are actually improving.
Umm, maybe Hoenig knows tomorrow's payrolls will show solid gains across the board?
And the rest of the Fed doesn't?
They know but they're hell bent on asset reflation/ mild inflation.
Wait... you mean it's not improving? When the hell did that happen?! I was munching on a tasty green shoot salad. [/sarcasm]
KING DOLLAR.
Your King is dead, but they have not told the plebs yet. They want to keep the taxes rollin' in until the warz start.
With the 1Trillion in excess resereves in the banking system - there is only one way they can "raise rates". By paying banks a higher interest on their reserves. So the Fed would print up an extra $10 Billion every year and send it in to their banking buddies. Thats what a rate increase means in this new new world.
It's just a game of good cop-bad cop. They have to give the appearance of independent thinking. In reality, they all support ZIRP for as long as it takes for their masters i.e. the insolvent banking system to earn it's way out of this mess.
+100
Oh the $10 Billion a year gift from the Fed to the banks assumes a 1% rate target. No doubt they will want to go towards 5%. So the Fed would need to gift the banks $50 Billion a year - every year - until the excess reserves are extracted - which by the Feds various ramblings may happen in 20-25 years if they are aggressive.
This will be a new form of monetization. particularly attractive because it puts fresh dollars into the banks rather than the sheeple - which is of course the whole point in the first place.
Token chicken hawk.
Exactly.
Uncle Ben lets Hoenig roll out these statements just to give the market the impression that the Fed is responsibly managing rates. What a fucking joke. Pure, unadulterated MOPE and SPIN!
The feds going to be cramming amero's and carbon credits down peoples throats by end of summer. So say whatever you want. You're going to be totally reliant on force come then anyway.
Holy cow! This poor Greek man sets himself on fire in a bank because he couldn't carry his debt load:
http://www.businessweek.com/ap/financialnews/D9G389O00.htm
Man sets himself on fire in Greek bankTHESSALONIKI, Greece
Greek police say a man has set himself on fire inside a bank in the northern port city of Thessaloniki to protest his financial difficulties.
The 54-year-old man was hospitalized with non life-threatening burns, and nobody else was injured.
Police said the man entered a central Piraeus Bank branch Wednesday, carrying a can of fuel, and asked for the loans official. When told the official was away, he poured fuel over himself and set himself alight. Police said the man claimed to have financial problems.
A Piraeus Bank statement said the man was a former client with a history of outstanding debts, which it wrote off in 2006 "due to his personal problems."
Greece is in the midst of a debt crisis, and many borrowers have trouble paying their loans.
Now that's the way to make a statement and get people to take notice.
Looks like he jumped the gun. If he waited until tomorrow's NFP report, he would have understood that the U.S. and the global economy is recovering....
Being on fire is a dream symbol for I don't trust you. At least that what Joan of Arc says.
Fed funds rate approaching 1% = financial implosion. It's the only way borrowers and a massively leveraged system can survive. ZIRP 4 EVA (or at least negative real interest rates forever).
Any "asset" that needs artifically low interest rates to have any perceived value is not really an asset.
Exactly, fat spreads 4 EVA, just like Japan. ZIRP is the ultimate ponzi extension tool.
Hoenig is a smart guy, but going against the
flow on that one: all his peers are in Korea
all saying this is not the time to tighten
Meanwhile, Ben Shalom is in Detroit, preaching that
banks should lend more to small businesses, lol
At least they will not eat him..
Banks should lend more to small businesses in Detroit?
Michigan is one of the very worst places to open a small business from a tax perspective. Also, why lend money to more businesses when you KNOW they are going to fail. Last time i checked this economy in Michigan is one of the worst in the country.
Easy fix, make Michigan/Detroit the most tax friendly state in the nation and watch the jobs roll in. But that will not get you elected in Michigan, 100% not elected in Detroit, as the entitlement programs are beyond comprehension.
Jenny from the block, our governor is an idiot
Detroit citizens elected Kwame not once but twice, the whole fool me once shame on you, fool me twice shame on me applies here.
On a positive note, if SHTF we have an abundance of fresh water and i will sell it to you for your gold, ammo, food, whatever.
Sorry, your state already signed an agreement not to sell water from Lake Michigan.
Here's how great things are in Detroit City: One of Detroit's major freeways needed an additional lane, and since the city had no cash, they striped the inside shoulder and created a ghetto lane. The only problem is that the new lane's drainage grates are so deep you'd better be driving an SUV or you risk losing an oil pan.
He's sticking his chin out for the little guy - but they all now the score. The guy that doesn't know is either a patsy or part of the interest-paying public.
Sorry to come in w/ the stoopid question - but if Fed fund target is raised to 1%...the impact on Treasury rate is what? These don't seem directly connected (indirectly?) and as such the impact on US debt service levels is what?
Unless we are saying the only buyer of T's are the banks via 0% free Fed money and without it the true T rate spikes? Kiss the short end 1mo, 3mo 0% T's goodbye? And if you can't roll over at the short end and nobody wants the long end...hmmmm. Seems unlikely Ben's gonna deviate from "free is a good price" for money to PD's to keep the game a rolling.
We could have just experienced an oil shock boys! The price spike vs. the dollar is a huge one today! I am pretty sure this is why the have been gunning the dollar; to subdue an oil shock. Peak oil bitches!
Here is why rates can't go up too high, too fast:
Placing the Blame as Students Are Buried in Debt
Like many middle-class families, Cortney Munna and her mother began the college selection process with a grim determination. They would do whatever they could to get Cortney into the best possible college, and they maintained a blind faith that the investment would be worth it.
Today, however, Ms. Munna, a 26-year-old graduate of New York University, has nearly $100,000 in student loan debt from her four years in college, and affording the full monthly payments would be a struggle. For much of the time since her 2005 graduation, she's been enrolled in night school, which allows her to defer loan payments.
Leo, she's going to have to be much better looking than that to get any sympathy from me! Besides, I'm paying for my own kid to go to NYU! Without the loans!
Got you, but she's not alone, and education shouldn't just be for the priviledged few who can afford it. This is what gets me:
This is not a long-term solution, because the interest on the loans continues to pile up. So in an eerie echo of the mortgage crisis, tens of thousands of people like Ms. Munna are facing a reckoning. They and their families made borrowing decisions based more on emotion than reason, much as subprime borrowers assumed the value of their houses would always go up.
Meanwhile, universities like N.Y.U. enrolled students without asking many questions about whether they could afford a $50,000 annual tuition bill. Then the colleges introduced the students to lenders who underwrote big loans without any idea of what the students might earn someday — just like the mortgage lenders who didn't ask borrowers to verify their incomes.
I have given recent thoughts to the fact that during summer there are less students enrolled, and therefore there are less loans coming in and circulating. Should this worry the government? Is college not one of the only sectors remaining profitable/not in steep decline? Just wondering if you had chewed on this, and if you have any thoughts. I think the summer is going to be the breaking point for this whole thing; collapse via deflation or inverse collapse with a side of hyperinflation of currentsea. You always make me think the latter is coming! haha.
If you look at the Obamacare bill that was passed you'll note Title II is student loan "reform". Didn't hear much about that on CNN and HuffGlue:
Health Care and Education Reconciliation Act of 2010http://www.govtrack.us/congress/bill.xpd?bill=h111-4872
The busy-bodies over at the Dept of Education ordered up a bunch of Remington 14" barrel shotguns; loaded up with goodies. Putting teeth into education?
https://www.fbo.gov/index?&s=opportunity&mode=form&id=cb68cf9f3fa2fe18a8...
So the Department of Ed joins GS in their bunker! haha.
Yes and the bank of ND is in for a ride if they think they are going unscathed! People will cease payments on college loans very shortly; the bank will go bankrupt. Luckily for the Fed, the fire is "contained", but it could be one of those many pesky straws that are on the camels back.
They way I read the whole payment cap is that it is like decreasing reserves; so the fractional reserves are increased on sheet. Tricky, tricky Fem-Dems.....
Here is a quote more people need to see and take the time to fully grasp: "If you want to get laid, go to college. If you want an education, go to the library." - Frank Zappa
Leo,
this is what America (ok Canada too) are really good at...something costs too much so a smart guy comes up w/ a low cost / high quality alternative (education via internet, whatever). The current college system is as much about the experience as the education gained there. Time is up on kids and parents sending them to college "camp" to grow up, attend football games, get drunk, and get laid. Folks can get educated much cheaper ways and life experiences can be gained seperately...time to disconnect them.
The lady obviously didn't learn much in college. If you get left with that kind of debt and can't find a job to pay it back, then don't work. Don't pay. Put a forbearance on the loans for 20 yrs then under Obama's new brilliant plan, the debt is discharged by the government to the taxpayer. We are paying for every bailout in the world, why not everyone's education too? Hell, she should go collect unemployment for 99 weeks and sit at home on that and food stamps. If she doesn't have a kid, get at least 5, and get SSI claiming he/she is a picky eater or he/she has a learning problem for each one. They can't deny you then, because they can't prove either one. How do you think 90% of welfare folks live today and keep getting the money for 20yrs until their kids are grown? If you don't have a job, then you can't ever pay now can you? You owe no taxes, so just claim earned income credit off your unemployment and get a $7k refund and use that to pay the school loans when they come out of forbearance, in the meantime shop away for Ipads, Nike, Dell, and the rest with the $7k each year. People think I am crazy probably, but this is exactly how it works.
$200k for an NYU degree = complete waste of money.
A bright, motivated student will get the same or better education at a community college for 1/20th of the cost/debt.
Education is great, but $200k is for suckers... like buying a Ferrari or sailboat to commute to a $75k/yr. job... it may look cool and feel great, but it's a horrible investment that ultimately brings debt and regret.
The fact is, the university has no responsibility for determining how she is going to use her degree or how she is going to pay back her loan uinless, of course, it is the university itself that is handing out the cash. If you want to pay $200,000 for a liberal arts degree in say, art history and you have the dough, that's your privilege. If you can find a lender stupid enough to lend you the money, go for it! You can't pay it back because you are not the next Steichen? It's called personal bankruptcy. It's called responsibility. It's called the real world. And it's nothing that is taught in college (unless you attend Roubini's class at NYU) and certainly nothing that is taught at the Federal Reserve. Duh, why didn't you ask yourself whether you could pay back a $200,000 loan and you have a four year degree from one of the best universities in the United States? Here. Hand out these french fries.
Tell you what Feddy-boy.
Stop buying Treasuries on the side. Let Treasuries slide because of failed auctions. Then you will have the high interest rates that will kill inflation.
Until one of these other boneheads at the FED dissents like Hoenig, Bernanke is going to have little pressure to do what is right. And the markets will keep trying to conceive only one dissenter as a positive, like they have for the past 6 months. As soon as two or three dissent Bernanke's stupidity, nothing changes.
Jesus Mako,, Eat a little to much death with a side of despair for breakfast this morning? Or just wake up on the wrong side of Hell?
If you read to the end of the article,
"Cortney could move someplace cheaper than her current home city of San Francisco, but she worries about her job prospects, even with her N.Y.U. diploma.
She recently received a raise and now makes $22 an hour working for a photographer. It's the highest salary she's earned since graduating with an interdisciplinary degree in religious and women's studies."
She paid way to much for a usless degree and deserves what she gets. She and her mom are idiots. She lives in one of the most expensive cities in the country and gets paid shit, working a job that she didn't need her useless degree for. She doesn't have a carreer, she has a hobby.
Fuck her and anyone like her that wines about this shit. If she wanted to be a useful lesbian, she could of went to trade school to become a machinist for a lot less.
Or skip school and become a prison guard.
Thank fucking god somebody said it, to bad I had to read all the way to the bottom to find out.God she's a dumb bitch and now she has the degree to prove it.
Yeah, there are just way too many people out there with fancy sounding degrees which have no marketable skills attached to them. If you don't have some kind of technical skill (programming a computer, doing data analysis, lab technician or the like) you are pretty much screwed.
$100K for a degree in religious and women's studies? What kind of job was she thinking she might get with that degree? She would pretty much have to go the PhD route, so why is she even concerned about her "job prospects?"