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The Scariest Chart Of The Quarter: Student Debt Bubble Officially Pops As 90+ Day Delinquency Rate Goes Parabolic

Tyler Durden's picture





 

We have already discussed the student loan bubble, and its popping previously, most extensively in this article. Today, we get the Q3 consumer credit breakdown update courtesy of the NY Fed's quarterly credit breakdown. And it is quite ghastly. As of September 30, Federal (not total, just Federal) rose to a gargantuan $956 billion, an increase of $42 billion in the quarter - the biggest quarterly update since 2006.

But this is no surprise to anyone who read our latest piece on the topic. What also shouldn't be a surprise, at least to our readers who read about it here first, but what will stun the general public are the two charts below, the first of which shows the amount of 90+ day student loan delinquencies, and the second shows the amount of newly delinquent 30+ day student loan balances. The charts speak for themselves.

This is how the Fed described this "anomaly":

Outstanding student loan debt now stands at $956 billion, an increase of $42 billion since last quarter.  However, of the $42 billion, $23 billion is new debt while the remaining $19 billion is attributed to previously defaulted student loans that have been updated on credit reports this quarter. As a result, the percent of student loan balances 90+ days delinquent increased to 11 percent this quarter.

oh and this from footnote 2:

As explained in a Liberty Street Economics blog post, these delinquency rates for student loans are 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. This implies that among loans in the repayment cycle delinquency rates are roughly twice as high.

We'll let readers calculate on their own what a surge in 90+ day delinquency from 9% to 11% (or as footnote 2 explains: 22%) in one quarter on $1 trillion in student debt means. For those confused, read all about it in this September article: "The Next Subprime Crisis Is Here: Over $120 Billion In Federal Student Loans In Default" which predicted just this.

* * *

And so it's official: Pop goes the student loan bubble, as just confirmed by the Fed.

Luckily student debt is dischargeable in bankruptcy. Oh wait. It isn't.

Source: Quarterly Report on Household Debt and Credit, Household Credit Excel Source

 


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Tue, 11/27/2012 - 17:12 | Link to Comment vinayjha
vinayjha's picture

US is now 100 billion away from hitting 16.395 trillion debt limit. With high unemployment of student, this loan will never be payed off. http://www.freefdawatchlist.com/2012/11/stocks-for-nov-27th-acad-gnrc-go...

Tue, 11/27/2012 - 17:15 | Link to Comment cossack55
cossack55's picture

One can't repay student loans and do justice to "black Friday". Uh-Duh!!! Its all about the priorities, and the US needs high consumer(sheeple) CONfidence.

Tue, 11/27/2012 - 17:27 | Link to Comment SMG
SMG's picture

What kind of society saddles it's future with unescapable debt?  How can we allow the Elite, the connected bankers, the corrupted government, to abuse our young people like this?  It's time for change. No more debt slaves!  It's time for liberty!

(Well I can dream can't I?)

 

Tue, 11/27/2012 - 17:33 | Link to Comment dbTX
dbTX's picture

No SMG, you are no longer allowed to dream; it's still hope and change you need to concentrate on the next four years. The first four didn't get it done.

Tue, 11/27/2012 - 17:51 | Link to Comment Richard Chesler
Richard Chesler's picture

Share the wealth debt.

Tue, 11/27/2012 - 18:01 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Don't worry, for "record retail sales" on gross revenue of doorbuster specials that are loss leaders (since people are more desperate than ever to wait for deeply discounted towels, 400" 3d LED HDTVs. food, hardware supplies, made-in-Myanmar clothing, buy one-get one free cracker jack homes made of disintegrating materials with a 100 year 3.2% mortgage financed by FHAakaActualTaxpayers), will save the economy, because this will generate highly positive but very misleading Lame Ass Stream Media (in the Sell-Side & Ministry of Truth@dot. gov) headlines that the Algos will go apeshit over (and that the insiders who get tips on trial meds from University of Michigan "researchers" will manipulate to pump & dump the shit out of it) will proceed...

...for some time longer...

 

...maybe.

Tue, 11/27/2012 - 18:01 | Link to Comment francis_sawyer
francis_sawyer's picture

You mean to tell me that the University of Phoenix [Fighting Phonecians] want their money for giving me a grade A education in my pajamas?...

Tue, 11/27/2012 - 18:07 | Link to Comment CH1
CH1's picture

It's even worse than the article says.

Most of the "good" loans are on a "pay according to ability" basis... scheduled to be paid off in 500 years.

They will NEVER be paid.

Tue, 11/27/2012 - 18:27 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Just because I can (okay...okay...It's REQUIRED, BITCHES!!!!):

 

 

Get as many students in not dischargeable loans even in bankruptcy (except in quite narrow circumstances) at 35k to 200k with degrees from everywhere from educationconnection.com (go to college in your pajamas with Shannon Dougherty or whatever her names is Oh My God!!! or an actual real university, for that matter to get an associates to graduate degree that will allow you to make $10/hour in a highly skilled position at a manufacturing facility - really - or $14 as a shift manager at McDonald's, bitches):3005252

Tue, 11/27/2012 - 20:53 | Link to Comment economics9698
economics9698's picture

My kid got a 69% haircut on his loan.  His secret?  He threatened to not pay the loan and then followed through on it.  After a year of negotiations he got his 69% discount.

When you are young you have that leverage, use it.

Tue, 11/27/2012 - 22:58 | Link to Comment wee-weed up
wee-weed up's picture

And how did that action affect his credit rating?

Tue, 11/27/2012 - 23:15 | Link to Comment killallthefiat
killallthefiat's picture

Looks pretty seasonal to me, except for last year.  Q2&Q3 look the similar in all other years...adjusted logarithmically

Wed, 11/28/2012 - 00:54 | Link to Comment economics9698
economics9698's picture

wee-wee, apparently not much since he got a new car loan with no problem. 

Wed, 11/28/2012 - 01:35 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Thought experiment (highly subjective):

 

What's worse, doing as they say to do, or doing as they do, bitchez? (I honestly don't know if there's an objectively "correct" answer in such an atmosphere of cultural, moral and economic decay and rot that we're living through, and that's a deeply philosophical question - see Nietzsche):

Mortgage Bankers Association Strategic Default

Anyone? Anyone? Bueller?

Wed, 11/28/2012 - 05:04 | Link to Comment cossack55
cossack55's picture

Whats best: don't play

Would you sit down at a poker table knowing everyone seated is cheating and their goal is to take your FRNs?

Build your own table.

Wed, 11/28/2012 - 05:10 | Link to Comment TruthInSunshine
TruthInSunshine's picture

The two most scary words in the english language:

 

Death

Debt

(And not necessarily in that order, bitchez)

Tue, 11/27/2012 - 23:31 | Link to Comment TX-Mike
TX-Mike's picture

And you are PROUD of that?  Effing loser..  Guess who pays for all of that bullsh!t?  WE DO...

NO ONE puts the pen in your hand to sign up for the DEBT.

There used to be SHAME when people didn't honor their word (contracts)... now it's just "who can I screw over to get ahead?"..

Eff all of you who think that way.  

If I "Go Galt" it will be because of you effers as YOU are the problem and the gov't is just the symptom!

Wed, 11/28/2012 - 00:48 | Link to Comment A Nanny Moose
A Nanny Moose's picture

Your point is valid however, you blame the person who was education...err...indoctrinated in 12years of pewblik skewlz for this cluster fuck? You blame people who have been told that they need an education to be somebody.

I blame those of us who consent to theft, especially the leveraged type, that burdens those who are yet to be born, which requires that government push future generations into participate in the knowledge ponzi, in the hopes that a future generation of educated innovators will provide the productivity which can be futher leveraged, in order to buy yet more votes.

Wed, 11/28/2012 - 01:43 | Link to Comment economics9698
economics9698's picture

The bankers create this shit out of their ass.  31% is a lot for some paperwork.

When the bankers use gold or silver then I will change my attitude.

Wed, 11/28/2012 - 03:55 | Link to Comment SeattleBruce
SeattleBruce's picture

There's more than one side to responsibility, and this is not the best way to oppose the bankstas.

Wed, 11/28/2012 - 15:43 | Link to Comment boogiedown
boogiedown's picture

His point may not be valid, if it is a private loan not guaranteed by taxpayers, AND if the kid took out the loan in good faith from the begining

Wed, 11/28/2012 - 06:35 | Link to Comment EscapeKey
EscapeKey's picture

I am so fucking tired of this bullshit argument.

When someone takes out a loan, the lender is responsible to do due diligence on this debt. The lender does not have an explicit right to get paid back, the interest rate in part reflects a default risk.

If the lending entity is not sure about the credit worthiness of the borrower, the loan should not be granted. You must be seriously fucking blind to insist that mortgages were always granted to worthy borrowers.

And finally - there should not be a such thing as non-dischargeable debt in case of bankruptcy, as it's essentially the same thing as debt slavery.

Wed, 11/28/2012 - 09:13 | Link to Comment sumo
sumo's picture

Wait, wait, wait wait wait .... are you ... talking about a free market contract where there is responsibility on both sides?

Ermigerd dude, that's like ... communist or something. What's the point of being rich and powerful and stuff if you can't, you know, avoid all responsibility?

 

Wed, 11/28/2012 - 15:50 | Link to Comment boogiedown
boogiedown's picture

yep, too risky. that's why i agree with "neither a borrower nor a lender be"...i'm paying off my existing SL and I'm out. people keep urging me to go to grad school, and I'm like "do you have 80k to give me? then no thanks, doin' fine with my library card"

CitiStank, my servicer, refused to negotiate with me while I was job hunting even though I never missed a payment, wonder how this kid got such a reduced rate -- I should have him get on the phone for me!

Wed, 11/28/2012 - 00:38 | Link to Comment Renewable Life
Renewable Life's picture

That's fucking brilliant!! Borrow money and only pay 30% of the principle back!!! What's amazing is your fucking bragging about it on ZH like your kid accomplished something! With all due respect, I'd sure as hell NEVER hire your kid to take out my trash, let alone be responsible in a real position or ever pay them real money! When they grow up and fucking take responsibility for their actions and honor their commitments, come take talk to me!

Feel free to let the excuses roll, I'd love to hear your rational, actually!

Wed, 11/28/2012 - 00:48 | Link to Comment Anusocracy
Anusocracy's picture

In all fairness, you could say the same about anyone that has debts discharged.

Why tee off on just his kid?

Wed, 11/28/2012 - 01:00 | Link to Comment economics9698
economics9698's picture

The best way to get back at bankers creating money out of their ass is to default.

Wed, 11/28/2012 - 03:52 | Link to Comment SeattleBruce
SeattleBruce's picture

What you're really doing is helping to hurtle the Federal Government toward the next massive bailout on the backs of hard working people.  Now I don't know you, or your kid.  Maybe he can't get a good job.  But playing debt/default games is not the best way for the public to fight the bankstas, nor to build a responsible future society, because you work directly against the most natural audience that you/we must reach to oppose them.  And unless you take it the next step and quit paying your taxes as part of a mass movement (and if you argued for that in conjunction with this, I may be more inclined to listen), what are you really accomplishing - because we'll just have to bail out these student loans as well (including your kid's) in a year or two.  Based on bail out reality, you're suggesting that the economy/society should reward your kid on the back of the kid who works hard to keep out of debt or pay off his/her loan (and on the backs of all the rest of us), all in the name of hastening the banksta collapse.  (Is that your point?)  The best option isn't robbing Peter to pay Paul, or Joe Sixpack to pay John Sixpack, but rather we should starve the beast...

The best way to fight the bankstas and corruption is to not get into their debt traps - to stay out of personal debt, to not buy what you don't need, to stack physical and other commodities and to fight for the audit and dismantling of the FED. The best way is to work for a non-debt based monetary system, which would give us a hope to reform our political system.  And I dunno, threaten to create a new country out of Texas, Oklahoma and TN for starters?  What's not best is to do isolated acts that burden the average hard working folks with more bailouts.

Wed, 11/28/2012 - 05:08 | Link to Comment overbet
overbet's picture

So they can write it off and get a tax break the rest of us pick up. Good plan you are getting them good.

Wed, 11/28/2012 - 12:42 | Link to Comment BraveSirRobin
BraveSirRobin's picture

Gee, that will just make it harder for me and everyone else to get a loan. Each loan has 2 parties. Default has two parties to blame. The bank was stupid to lend the money, and the borrower was stupid to borrow it.

To go into a transaction with the intent to spend the money and default is, however, fraud.

The reason, I gather, that education loans are not dischargeable is exactly because of what this guy's son did. Once you have the education, they cannot take it away from you. So, after they give you the diploma, why not simply stop paying back your loans?

I would not personally give a college loan that is not collateralized by hard assets, or revocation of the degree conferred.

 

Wed, 11/28/2012 - 09:30 | Link to Comment Jeep In Mud
Jeep In Mud's picture

Hahaha.  Get upset dumbass.  I intentionally racked up $90,000 in debt before I defaulted on my mortgages.  Figured my credit would be bad.  I used my credit cards to pay off any student loans or taxes I owed for taking my 401(k) out early.  Fuck the system and anyone who attempts to make me feel "bad".  Hahaha.

My only issue now is what do I do with all my time.  2 houses the banks can't take.  No debt to my name (Chp 7).  And my bills are less than $400 a month.  So I borrowed much more and paid exactly ZERO back.

No excuses for my behavior.  I run myself like a corporation.

Take the government's dick out of your ass and stick it in your mouth and shut the fuck up.

Wed, 11/28/2012 - 12:45 | Link to Comment BraveSirRobin
BraveSirRobin's picture

" I intentionally racked up $90,000 in debt before I defaulted on my mortgages."

Careful what you write on the internet. This is an admission of fraud, possibly of a criminal nature. You never know who is trolling around on these blogs.

Sat, 01/05/2013 - 16:58 | Link to Comment AldousHuxley
AldousHuxley's picture

admission of fraud can also be job application for banks.

 

goldman sach recruiter will give you  call for you to do this on a global scale.

Sun, 01/06/2013 - 11:03 | Link to Comment spinone
spinone's picture

this is just business.  Don't think there's any ethics involved in borrowing money anymore.  Do you think financial corporations have any ethics?  Every tried to get paid by an insurance company? 

if it makes business sense to default on a debt, default on it.  don't let some misguided sense of ethics get in the way.  ever man for himself.

Wed, 11/28/2012 - 05:06 | Link to Comment overbet
overbet's picture

We should let your kid run the country. With those principles he will surely be a strong edition to society.

Tue, 11/27/2012 - 18:23 | Link to Comment NotApplicable
NotApplicable's picture

My student loan is the only loan I've ever had where I've never once known the payoff date.

Of course, when one is saddled with a 9% non-dischargable debt, why would they ever want it paid off?

FU BNY!

Tue, 11/27/2012 - 18:42 | Link to Comment 12ToothAssassin
12ToothAssassin's picture

So what actually happens if you dont pay it back? Debtors prison?

Tue, 11/27/2012 - 18:57 | Link to Comment Supernova Born
Supernova Born's picture

The freshman class of 2008 now graduating?

How many were thinking they'd go to school and wait out the shit economy?

Tue, 11/27/2012 - 20:24 | Link to Comment Ms. Erable
Ms. Erable's picture

About the same number of persons currently applying to grad schools so as to rack up even more debt for a worthless piece of paper that proves attendance.

Tue, 11/27/2012 - 20:41 | Link to Comment derek_vineyard
derek_vineyard's picture

Fed funds are 0.00-0.25 ...give these (foolish) students  a break and tie their payments to that index.

Tue, 11/27/2012 - 19:00 | Link to Comment ebworthen
ebworthen's picture

They can garnish your Social Security, and if you die take it out of your estate.

Of course you can apply to have it forgiven with a lot of stipulations, but the debt forgiveness amount is taxable.

Or, you can work in public service for a certain amount of time and have it forgiven.

http://www.finaid.org/loans/forgiveness.phtml

Tue, 11/27/2012 - 19:19 | Link to Comment SilverIsKing
SilverIsKing's picture

If you die, you can then pay it back by voting for Obama.

Tue, 11/27/2012 - 20:24 | Link to Comment nmewn
nmewn's picture

"Or, you can work in public service for a certain amount of time and have it forgiven."

This is what I expect to happen for most medical students...the Castro Plan. I can hardly wait to be a guinea pig, poked & prodded by some gum snapping nube, more intent on texting her boyfriend/girlfriend than finding out what ails me.

Tue, 11/27/2012 - 21:01 | Link to Comment fonzannoon
fonzannoon's picture

Does the military count as public service?

Tue, 11/27/2012 - 21:54 | Link to Comment nmewn
nmewn's picture

Yes.

It's been used by both tyrants and the public to depose those same tyrants for centuries.

I would say it's a dual edged sword and the tyrants & the public know it ;-)

Tue, 11/27/2012 - 23:37 | Link to Comment DaveyJones
DaveyJones's picture

good point, it is one the oldest two edged trick - and the young are only going to hold out for so long.

Tue, 11/27/2012 - 22:58 | Link to Comment infinity8
infinity8's picture

I have a friend from back in the way-day (late '80's) that was smart but not rich. Went through med school and then gave the Navy 6 yrs. Don't remember the specifics but, if it didn't wipe the debt out entirely, it came close.

*to clarify, he was a Navy Doctor. I don't think basket-weaving majors with a French minor have the same options.

Tue, 11/27/2012 - 23:24 | Link to Comment Cathartes Aura
Cathartes Aura's picture

dude, illegals have the option to enlist for a green card - no basket-weaving needed.

Tue, 11/27/2012 - 23:31 | Link to Comment infinity8
infinity8's picture

are they trying to forgive student loan debt?

Wed, 11/28/2012 - 00:48 | Link to Comment Cathartes Aura
Cathartes Aura's picture

no, just move from "illegal" to "legal" status, I imagine.

Wed, 11/28/2012 - 04:31 | Link to Comment merizobeach
merizobeach's picture

Who gets the better deal, or is it a win-win, or a lose-lose?

Wed, 11/28/2012 - 15:16 | Link to Comment Cathartes Aura
Cathartes Aura's picture

well, my opinion is that anyone who serves the corporate military is losing in the end, whether it be health or sanity, or even "just" principles.

but I understand that people have many different ways of going about their lives. . .

Wed, 11/28/2012 - 12:57 | Link to Comment BraveSirRobin
BraveSirRobin's picture

I know both an Oral Surgeon and a Lawyer who did the same. Both actually liked it so much they are now career officers. And no, English and sociology majors do not get the same deal, not after the fact, but ROTC will pay your way through. That is the path my father-in-law took from digging in coal mines to the running nuclear power plants.

You do not have to go into debt to get a college degree. It may take longer, but you do not have to go into debt. I worked in a warehouse, drove a truck, and worked in convenience stores during the graveyard shift (allowed study time while getting paid). I was also fortunate in that my parents paid my tuition at a state supported university (I paid all other expenses, to include books, room and board, etc.), so thank you mom, dad, and the taxpayers.

It also took 5 rather than 4 years.

 

Wed, 11/28/2012 - 07:59 | Link to Comment Tango in the Blight
Tango in the Blight's picture

What estate? Most of those kids will never own anything that's worth inheriting. Maybe they can collect the debt from their kids.

Tue, 11/27/2012 - 19:18 | Link to Comment john39
john39's picture

they garnish your bartending wages... lien your car (if you have one)... call you to harass you...  take your tax returns (if any)... you get the picture.

(edit) corporations are also running credit checks on job applicants...  in other words, you will obey the bankers, or else...

Tue, 11/27/2012 - 20:33 | Link to Comment disabledvet
disabledvet's picture

Privatize the New York State Thruway authority and create 200,000 jobs. TOMMOROW.

Tue, 11/27/2012 - 20:49 | Link to Comment takinthehighway
takinthehighway's picture

How so?

Curious, not contentious...

Tue, 11/27/2012 - 21:22 | Link to Comment CH1
CH1's picture

in other words, you will obey the bankers, or else

YES. Precisely the point.

Tue, 11/27/2012 - 21:13 | Link to Comment Dingleberry
Dingleberry's picture

essentially.  Try going thru life with a shitty credit score. Good luck getting that car loan, renting a decent apartment (of course, forget about buying a home), get used to paying more for everything credit-based, including utility downpayments n' shit, car insurance, etc. and the final nail in the coffin is good luck getting a good job. Employers increasingly check credit scores prior to hiring. Even the military is kicking people out as security risks for poor credit. Think of it as a prison with invisible walls.

Wed, 11/28/2012 - 05:16 | Link to Comment overbet
overbet's picture

All those things you mention are exactly what people need. No debt and self employed/suffcient.

Wed, 11/28/2012 - 06:38 | Link to Comment cejack
cejack's picture

Doing just fine after laying a $10 million dollar debt turd after the banks and the gubmint wrecked the real estate market out here in Vegas.  

Don't need to rent an apartment.

Don't need an f*)*&'ing car loan.   Own my cars - they're 7-10 years old.  

Don't need to buy a home.  Already own one.  Stayed in my home as you can protect your primary residence in a BK in my state if you have to.  Self-employed so f*)& the corporate douches that want to check your credit.  

Don't know what the hell a "utility downpayment" even is.  Must be the same dudes who rent their TV at the rent-a-center or get a loan on their car's title.  Pay your  frickin' utility bill for Ch*(*&'s sake.  

Car insurance never went up.  

$10 million debt turd baby.... They got the bailout - I didn't... But they can still shove that big hairy $10 million debt turd up their ass.

That's how I roll.  

Wed, 11/28/2012 - 10:12 | Link to Comment IrritableBowels
IrritableBowels's picture

cooooooooooooool

Tue, 11/27/2012 - 21:56 | Link to Comment mess nonster
mess nonster's picture

I think they confiscate your tax refund. Solution: Live on a commune and work just enough to stay below the taxable income, no more. If the System fails you, opt the fuck out.

Tue, 11/27/2012 - 22:28 | Link to Comment Vendetta
Vendetta's picture

What happens?  Its called Military service in the service based economic model

Tue, 11/27/2012 - 18:44 | Link to Comment ebworthen
ebworthen's picture

An acquaintance of mine lost her job, and her student loan is now in "forebearance" because she can't pay it.

Not being counted as a default, just sitting there gathering interest on a debt she likely won't be able to pay.

You can't pay back a loan with a job and income you don't have.

Loans continuing unabated, tuition going up 5%-15% a year.

Hmmm...sounds like "health care" and "insurance".

Tue, 11/27/2012 - 19:04 | Link to Comment Burticus
Burticus's picture

The common demominator for the Ponzi industries, like sick care and university edjumucation, whose costs have risen astronomically - gubmint subsidies.  "Act surprised."

Crony fascist/socialist/communist economic systems, where the state controls the title, possession, use and/or disposition of the capital, always yield low quality and high cost.  These economic systems always operate under a political oligarchy, rule by the elite few.

Only fair competition under free enterprise market economic systems (no longer taught in gubmint/subsidized schrools) consistently provide high quality and low cost.  Unfortunately, the free enterprise economic system only operates under the rule of law in a republic.

Endgame - millions of debt serfs for life for the bankster cartel.

Tue, 11/27/2012 - 22:12 | Link to Comment Eally Ucked
Eally Ucked's picture

Communist and nazis provided education for free.

Wed, 11/28/2012 - 01:05 | Link to Comment BooMushroom
BooMushroom's picture

But you had to carry your money for textbooks and uniforms in a wheelbarrow...

Tue, 11/27/2012 - 23:36 | Link to Comment pavman
pavman's picture

 gubmint subsidies.

I prefer gubermint subsidies myself...they taste better and leave the breath O so minty fresh.

Tue, 11/27/2012 - 19:37 | Link to Comment Antifaschistische
Antifaschistische's picture

Student Loans should only go to schools/degree programs who place students, with viable careers, in their major field. 

If you only place 50% of your students...only 50% of your tuition expenses are eligible for loans.

We must stop giving $50k loans to kids for schools that are worthless, and degrees that are meaningless in "the real world."   I'm all for getting a degree in star gazing and there are a few schools on the planet that actually specialize in such...but all the other programs should be dropped.

Tue, 11/27/2012 - 19:55 | Link to Comment Sam Clemons
Sam Clemons's picture

Don't worry.  Our prestigious Universities (places for alcholic consumerism to become engrained) have invested all this student loan money in long term assets like 3 country club style gyms and great, tenured educators with no real world experience.

Tue, 11/27/2012 - 22:03 | Link to Comment Harbanger
Harbanger's picture

Most of the "good" loans are on a "pay according to ability" basis... scheduled to be paid off in 500 years."

That reminds me of a couple of guys I knew who spent their life dodging child support payments.  In the end it wrecked their lives.

Tue, 11/27/2012 - 19:33 | Link to Comment ZaphodBeeblebrox
ZaphodBeeblebrox's picture

Nope. The U of Phoenix and all the other for profit schools already got their money, because as taxpayers we footed the bill. It's us and our children who would like our money. And to be clear, I am not railing at you. Railing at the usual passing of the bill that is about to hit taxpayers again.

Wed, 11/28/2012 - 00:45 | Link to Comment Renewable Life
Renewable Life's picture

Ya and the Arizona Cardinals got some too, for the naming rights of their stadium!!! University of Pheonix Stadium, are you fucking serious!!! A damn online, degree mill can afford naming rights on an NFL teams stadium, this bubble bailout might make the housing bubble bailout look tame!!!

Tue, 11/27/2012 - 18:04 | Link to Comment SILVERGEDDON
SILVERGEDDON's picture

POST CHART FAILURE MAGNITUDE 7.9 ON THE RICHTER SCALE.

That - is the silver bubble smash down muppet chart all the banksters were laughing about pulling off from last year. Bitchez. 

Tue, 11/27/2012 - 20:07 | Link to Comment max2205
max2205's picture

Most of this balance got loaned out under bush

Just saying

Tue, 11/27/2012 - 21:15 | Link to Comment JimBowie1958
JimBowie1958's picture

Lol, as if there is any difference between Bush and Obama or Romney!

ROFLMAO

These bastards all work for the same crooks; Wall Street Bankers.

Tue, 11/27/2012 - 17:38 | Link to Comment barliman
barliman's picture

 

What kind of sheeple encourage their young people to go into debt to obtain over-priced liberal arts degrees unto the Piled higher & Deeper level?

If you want something to dream about ... consider that sheeple too overwhelmingly in debt could easily be declared "non compos mentis" and made "wards of the state".

What kind of mishief could the SCOAMF get up to with several million literal "debt slaves" who have to meet "government expectations" to have a chance of being declared "free"?

Dream on.

Tue, 11/27/2012 - 21:19 | Link to Comment Samsonov
Samsonov's picture

A college diploma for everyone is what society expects.  And what society expects, no matter how stupid, the government does its best to deliver.  The stupidity ends when society's expectations change.  Which will be very soon.

Tue, 11/27/2012 - 17:51 | Link to Comment aerojet
aerojet's picture

Saddled?  Last time I checked, nobody was holding a gun to anyone's head.  A lot of people recall from my college years were borrowing money not for tuition, fees, books, and room & board, but to party with, buy cars, rims, stereos, computers, you name it.  They were living "the good life" on borrowed time like there was no tomorrow and partying their asses off. I'd say the ratio to "responsible use of debt" to "irresponsible use" was in the 1:10 ratio.  So boo-fucking-hoo.  I paid off my loans within five years of graduation because I only took what I absolutely needed.  I also worked various jobs to pay my way and got my room covered by working on campus.  You know what?  It fucking sucked!  I didn't go out partying every weekend, either--I left that to the drunk fools, many of whom failed to graduate.  The whole rotten lot of them and Bernanke can all eat me.

Tue, 11/27/2012 - 23:13 | Link to Comment soccerballtux
soccerballtux's picture

So it sucked for you, therefor it should suck for everyone else.

This line of reasoning doesn't make sense, but nobody points this out.

My college years and subsequent debt-paying-off were some of the most stressful and fearful of my life. I'm fairly certain I've developed an anxiety disorder from the stress of it all.

Tue, 11/27/2012 - 17:52 | Link to Comment Slightly Insane
Slightly Insane's picture

I'm with you on this ......

 

Just whaaaaaaaaaaaat do you have in mind?

 

How about since more then 1/2 of the students are on "Concerta, Adderrol,  or some other type of Amphetamine",

perhaps they have just reason to "default" since they were on drugs?

Tue, 11/27/2012 - 17:57 | Link to Comment Quantum Nucleonics
Quantum Nucleonics's picture

What kind os society do we have when we can't take responsiblity for our decisions or tell people to suck it up and take responsibility for their own decisions.  You can blame it on the government, the banks, and the "elite", but ultimately when little Johnny says he wants a $200K loan to get a degree in 17th century French poetry, the parents need to slap some sense into little Johnny.

If people stopped going to college to study useless nonsense (liberal arts, culutural studies, et al), student debt wouldn't be a problem.

How making student loans contingent on getting a useful degree in math, engineering, cs, or a hard sciene.

Tue, 11/27/2012 - 18:09 | Link to Comment Lednbrass
Lednbrass's picture

A "useful" degree is pretty much a value judgement and thats about it. I have worked with plenty of engineers who are comically bad with language and cant explain an idea to save their lives, whether or not someone studied a "hard sciene" doesnt necessarily determine their fitness for work.

Tue, 11/27/2012 - 18:22 | Link to Comment Quantum Nucleonics
Quantum Nucleonics's picture

Perhaps, but a bad engineer is more useful than a good French poetry major with $200K in debt asking whether you'd like to supersize.

Tue, 11/27/2012 - 23:45 | Link to Comment FeralSerf
FeralSerf's picture

If that french poetry major made the right contacts in the "right school", he's now pulling down a half million per year (for  a start) at some Wall St. grand theft op.

Engineers don't make as much (I should know).

Wed, 11/28/2012 - 09:51 | Link to Comment sumo
sumo's picture

No. Bad engineers (and I've met some) are fucking disasters for any project or product development they get near. The good French poetry major would actually be more useful.

Tue, 11/27/2012 - 17:58 | Link to Comment Smiddywesson
Smiddywesson's picture

It's a winner take all society.  Everything, including your dreams belong to the 1%.

Tue, 11/27/2012 - 18:27 | Link to Comment phoolish
phoolish's picture

As long as your dream includes 10% for the banksters, it's allowed.

 

 

Tue, 11/27/2012 - 18:48 | Link to Comment exartizo
exartizo's picture

Good point SMG.. but it's "inescapable" my friend.

Cheers

Tue, 11/27/2012 - 18:49 | Link to Comment CPL
CPL's picture

Hope and dreams are things all people can exchange without guilt.  Can't hurt at all, but have a constructive plan or ten to allow for reality to fit in there somewhere.

 

Now tie up those shoes.

Back straight.

Be ready, not tense.

Get it done.

Tue, 11/27/2012 - 19:39 | Link to Comment Taint Boil
Taint Boil's picture

 

 

What kind of society saddles it's future with unescapable debt? ...........

 

 

STUDENT LOANS:  One of the most egregious acts of the 106th Rubber Stamp Congress was the rewrite of long established Bankruptcy Laws that are now devastating both Credit Card and Student Loan debtors.

Remind your Conservative friends who is mostly responsible for the Student Loan Disaster today.  The George W. Bush Rubber Stamp Congress -  109th Congress led by such notables as

Dick Cheney, Senate President
William Harrison "Bill" Frist, Sr., Senate Majority Leader
Ted Stevens, Senate President pro tem
Dennis Hastert, House Speaker
Tom Delay, House Majority Leader  

 

Tue, 11/27/2012 - 22:38 | Link to Comment Taint Boil
Taint Boil's picture

 

 

Suze Orman tells it like it is (I don't like her). Every student / parent better understand how they can screw you over. I don't think many sheep really understand how dangerous it is.

Wed, 11/28/2012 - 10:11 | Link to Comment sumo
sumo's picture

You (students) have been lied to. You have been set up as fodder. Just about every mainstream institution has lied to you.

They lie to you about your chances to "make it". They lie to you about why you are going to die fighting the next war over oil. They lie to you about money and investment and jobs. You are a resource to be ruthlessly exploited, and to keep you malleable and compliant and cost-effective, those with power over you lie to you.

They want you to live the way you have been told to live, and enslave yourself with debt. That's the path of least resistance, laid out for all the good sheep.

 

 

Tue, 11/27/2012 - 21:16 | Link to Comment El Tuco
El Tuco's picture

The shitty thing is they spent 2 trillion + dollars fighting corporate wars in Afghanistan and Iraq when they could have spent it on Americas youth. You could have sent every kid in the US to college or trade school for the next 20 years and forgiven all the fucking debt that is just going to hang like a noose around their necks.

It's hard to blame the kids knowing full well the system is there to fuck them. It wasn't so bad 20 -30 years ago......

Tue, 11/27/2012 - 23:42 | Link to Comment Cathartes Aura
Cathartes Aura's picture

20-30 years ago. . . when the majority of the bitter posters here were gettin' theirs. . .

Wed, 11/28/2012 - 10:14 | Link to Comment sumo
sumo's picture

... when impeachment, of a president who deserved it, still seemed possible. Hard to believe now, isn't it. The past really is a foreign country

Wed, 11/28/2012 - 15:53 | Link to Comment Cathartes Aura
Cathartes Aura's picture

those "interesting times" mentioned in the Chinese curse, we has em!

when in fact, we might just be "cursed" to live with the increasing awareness of what was real all along, but not re-cognised as truth.

fascinating, breath-taking at times.

Wed, 11/28/2012 - 00:22 | Link to Comment BraveSirRobin
BraveSirRobin's picture

Whatever happened to working your way through college?

Oh yeah, now I remember, you can't get a job and college costs 10 times as much.

And why is college costing too much? At Oxford Ohio, they are building a new student center with a lazy river intertube float ride in it. This is just one example of what the flood of money (primarily federal student loan and stimulus money) is doing.

Wed, 11/28/2012 - 15:55 | Link to Comment Cathartes Aura
Cathartes Aura's picture

that. just.    *jaw drop*

Wed, 11/28/2012 - 00:37 | Link to Comment Doña K
Doña K's picture

@ SMG

Well, your dream may come true as the Obummer's will pledge to forgive the student debt just before the elections of 2016 with Michelle running for president and getting 100% of the student votes and 47% of those on dole.gov 

Wed, 11/28/2012 - 06:48 | Link to Comment Radical Marijuana
Radical Marijuana's picture

For sure, you may dream, SMG!

When I look at these charts on the student loan issue, what I see is the leading edge of a tsunami, that those students are surfing ... BUT, the overall wave that has picked them up is so HUGE that I can not image how it will not wipe most of them out! The student loan issue may not be so important in any absolute sense, compared to the other astronomically sized numbers, which appear to be thousands of times bigger. However, the student loan issue is the most significant SYMBOL of the American situation today.

All of those loans were "money" made out of nothing! It was ALL legalized counterfeiting, allowed by a completely corrupt government, which is enslaving young people before they were born, and giving them no reasonable hope for their future unless they stuggle to survive inside of that money-as-debt system by going deeper in debt to the government, which has become their most ruthless creditor. It is not a surprise that Ron Paul finds his most enthusiastic audiences amongst students!

Wed, 11/28/2012 - 07:16 | Link to Comment Go Tribe
Go Tribe's picture

You're free to shop.

Wed, 11/28/2012 - 07:41 | Link to Comment Dr. Sandi
Dr. Sandi's picture

Every presidential motorcade must, from now on, be led by a fully packed clown car. Every 10 minutes, the motorcade must stop and perform.

If we're going to have bread and circuses, let's have some fun with it at least.

Wed, 11/28/2012 - 09:07 | Link to Comment tango
tango's picture

SMG - It is worse than you think. My wayward son has now gone to "school" three times. each time the institution gets the "loan" and the student gets the grant "to live on". There is a whole subclass existing like this - meal plans, travel money, etc. Worst, he insists on "thanking" President Obama for his good fortune.

And oh yeah, when I called to gripe about the process the idiot said they were simply trying to help people and my son had all the time in the world to pay it back because Obama wanted him to "get ahead". it is infuriating.

Tue, 11/27/2012 - 17:45 | Link to Comment dugorama
dugorama's picture

ask yourself (rhetorically, not outloud) why public universities cost anything.... is that not more of an investment in the country's future than anything else we do?  I say, high admission standards and then only administrative fees.  Think that's crazy?  It's what most of the world does.  German universities have a 500 euro per semester fee.  Swiss universities cost less than that.

Tue, 11/27/2012 - 18:00 | Link to Comment Quantum Nucleonics
Quantum Nucleonics's picture

And yet, if you want to get the best education, whether you're a Saudi prince, a Chinese priceling, or a Latin Dictator - you send your kids to the USA.

Tue, 11/27/2012 - 23:50 | Link to Comment FeralSerf
FeralSerf's picture

It's so the kid will learn American english fluently and cultivate the appropriate contacts.  Some kids go to an English university.

Wed, 11/28/2012 - 06:54 | Link to Comment Radical Marijuana
Radical Marijuana's picture

Yeah, the English language has become the world's second language. For example, there are now more people who speak English in China than any other single country.  The Anglo-American empire may have peaked, and be on the decline ... but it still was the world's first global empire, with its culture triumphantly present everywhere for a long time!

Wed, 11/28/2012 - 07:14 | Link to Comment samcontrol
samcontrol's picture

so the english language is a culture?

no.....wrong
i give you an example.
i used to love american culture while living there in the80s.
i think american culture has taken many negative steps backwards since.

and all of that in english.
El idioma no hace al pelotudo!

Wed, 11/28/2012 - 16:04 | Link to Comment Cathartes Aura
Cathartes Aura's picture

maybe the "culture" being referenced is the amrkn aspirational culture, which is global thanks to Hollywood/Musick reserve currency being the English language.

there is shifting, but the century of ideas promoted will not be surrendered so completely any time soon.

(balancing your downvote with an uptick - for re-cognising the degradation of amrkn kulchur over time)

Tue, 11/27/2012 - 18:24 | Link to Comment Quantum Nucleonics
Quantum Nucleonics's picture

And those European universities don't "cost" less, they charge less.  It's one more cost of socialism.  People that pay their own way tend to be more committed to getting the most of their time in college.

Wed, 11/28/2012 - 09:10 | Link to Comment Ayn NY
Ayn NY's picture

Also, not everyone can go to these universities. They are amenable to late in life career change oppotunities that the US college/university system offers.

Now as an adult who has taken advantage of this, I am in a unique position to comment about this. I go to a small - very well regarded - liberal arts college where I am the oldest student there and one of the few students that aren't the traditional college age. I am surrounded by 18-22 year olds on one side and the professors on another. As my husband and I have started our own tech and media business and I had several careers in the entertainment industry (first music then film), I am one of the few people on campus that has private sector experience AND managed to have good paying jobs without a degree. I now have the luxury to go back to school. While this school pays for half my tuition, I have been paying the other half myself.

Anyway, what I have learned has confirmed what most people think of colleges. The lit department is where old Marxists go to die, but since they have learned to preach so eloquently, they are able to fill young minds with trash - all without teaching or encouraging a love for language or writing. The Econ departments are religious seminaries for Keynsian economics (I rocked the foundations of one professors world when I proved that there was never a Clinton surplus - and yet he still prattles on with his magical charts and graphs). The art professors are the most entrepreneurial although they would never admit it because they are also the most susceptible to peer pressure and group think.- so militant leftist politics are just assumed cause they're cool. The history professors are the most compartmentalized, as they can teach that capitalism got most people out of serfdom and created a middle class that never existed before - yet condem it at the same time. It has gotten to the point where there are many students who ask me if the professor is correct about certain thing because I do speak out and subtly point out contradictions (like the Econ text book that stated that the congress was under GOP control in 2009 and numerous recent history myths).

I guess the point of this is that although I do believe I learned much, I feel I've learned much more about the higher educational system. It is of some comfort to know that at my very liberal liberal arts college the gender studies program sent out an email the other day begging for students to consider it as a major, the school is beefing up its STEM programs, and the kids are becoming more skeptical of what they're being taught. Perhaps I will write a book about the experience...

Wed, 11/28/2012 - 09:36 | Link to Comment tango
tango's picture

We need folks like you in every university - those with experience, work background and knowledge. So many of these kids are incredibly naive and unread, willing to accept crap from professors with an ideological ax to grind. As time goes on, those not wanting to hop on the fed dole wagon will get out of the Eskimo, lesbian, navel gazing studies into something real. The whole subject of literature is now boot camp for the "revolution" their teachers so earnestly desire.

Tue, 11/27/2012 - 18:50 | Link to Comment nodhannum
nodhannum's picture

American universities exist for the professorial and adademic managerial elites, not for the students.  The price of a university edumacation has gone up far faster than the price of oil.  We here a lot from the university "Maserati Marxists" about evil big oil and the military industrial comples but not about the education industrial complex which exists for the educational elites and no one else.

Tue, 11/27/2012 - 18:58 | Link to Comment IllusionOfChoice
IllusionOfChoice's picture

Your dream could be a reality for only a few percent of what it costs to maintain global military hegemony.

That idea might be a little too close to meritocracy for America though.

Tue, 11/27/2012 - 18:46 | Link to Comment Stoploss
Stoploss's picture

Go back to 1980 until now, to really get the proper perspective of 30+ years of offshoring job's, and the resulting effects we see today.

Job well done politards.

Wed, 11/28/2012 - 09:21 | Link to Comment tango
tango's picture

And students have become the new seniors. It is politically toxic to even suggest that some measure of control be established. Worse, even as we drown in debt the political idiots are campaigning on MORE giveaways with some suggesting the entire education be footed by he Feds (for the poor of course). We're gaining speed as we roar toward the precipice

Tue, 11/27/2012 - 17:21 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Shit, only $100B?  We could hit that by the end of the week.

Tue, 11/27/2012 - 17:32 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Well maybe the Treasury could stop making payments to the Federal Workers' Pension fund and "buy" some time?  /sarc

Tue, 11/27/2012 - 17:39 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Why are you being sarcastic? 

Last year when the debt ceiling was unofficially breached the UST collateralized the pension funds.  They will do it again if they have to.  The big problem is if there is no deal and those pensions are floating around under the care of JPM instead of the UST.  You know what happens to funds when in the care of JPM....

Vaporized!

Tue, 11/27/2012 - 17:44 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Part of the sarcasm was the fact that the Fed has been doing this inbetween debt ceilings.  More specifically, they missed two payments to the USPS pension in the past 12 months to my memory. 

I just remember my grandmother telling me to get a government job when I was growing up.  Made sense at the time, as one couldn't get fired, hours were easy, work load was nothing, and the benefits - whooooomama.  Doesn't make any sense now, as all of those goodies are coming to an end.

Tue, 11/27/2012 - 17:46 | Link to Comment Its_the_economy...
Its_the_economy_stupid's picture

1st re-hypothecated, then vaporized.

 

Fixed it.

Tue, 11/27/2012 - 17:48 | Link to Comment inevitablecollapse
inevitablecollapse's picture

i believe the accepted term is now 'corzined'

Tue, 11/27/2012 - 23:15 | Link to Comment soccerballtux
soccerballtux's picture

can you explain this more I thought SS was already collateralized and spent.

Wed, 11/28/2012 - 00:26 | Link to Comment BraveSirRobin
BraveSirRobin's picture

Oh silly you, it's in a "lock box" outside of Al Gore's office. Safe and sound for future generations to enjoy.

Tue, 11/27/2012 - 17:32 | Link to Comment Daily Bail
Daily Bail's picture

No one said the fiscal cliff would be without humor:

VIDEO: Naked Protesters Take Over John Boehner's Office

 

Tue, 11/27/2012 - 17:46 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

I just tweeted that.  Love the approach of the ladies in the protest.  Pisses me off they are asking the Federal Government for more "free" shit.  Worthy cause I am sure, but fucking christ - everyone is asking for a slice of my money.  When do I get a say.  Could I get naked with a few of those hippie chicks?  Everyone loves hippie pussy.

Tue, 11/27/2012 - 18:04 | Link to Comment willwork4food
willwork4food's picture

I'm right there with ya Dr.!

Tue, 11/27/2012 - 18:39 | Link to Comment NotApplicable
NotApplicable's picture

All protests in the US are for free shit.

Entitlement, bitchez!

Wed, 11/28/2012 - 07:01 | Link to Comment Radical Marijuana
Radical Marijuana's picture

Almost all protests in the USA track back to the government giving away the power to make money out of nothing to the banksters, which was the SUPREME FREE SHIT event of all time! After that, the whole system, for a Century has been the runaway consequences of that!!! Nobody can protest anything outside of that overwhelming context! It is like bringing a timble, or a cup, to ask for some, in the face of a high pressure fire hose deluge, gushing a river the size of an ocean! Those who blame the "little people" for asking for free shit should put things into perspective, because the history of free shit is WAY BIGGER!

Wed, 11/28/2012 - 00:29 | Link to Comment BraveSirRobin
BraveSirRobin's picture

What will they trade in exchange for the free stuff, I wonder?

Tue, 11/27/2012 - 17:47 | Link to Comment Spastica Rex
Spastica Rex's picture

Getting naked is a novel approach to resolving an intractable problem.

Tue, 11/27/2012 - 18:40 | Link to Comment NotApplicable
NotApplicable's picture

Certainly speeds up the strip-search part of the event.

Tue, 11/27/2012 - 17:34 | Link to Comment Nostradamus
Nostradamus's picture

Actually, the U.S. is less than $100 billion away from the limit.  The total debt as of yesterday was $16,309,738,056,362.44.

Tue, 11/27/2012 - 17:46 | Link to Comment Slightly Insane
Slightly Insane's picture

From you F(r)iends at the FeDeRAL ReseRVE;

 

Just move along here, nothing to see here, there is no probLLLLLLLLLLLEMMMMMMMMMMMMMM..... WHAT THE "F"?????   SOMEBODY CHANGE THE SCALE ON THAT GRAPH .... USE LOG BASE "E"!

Tue, 11/27/2012 - 17:55 | Link to Comment libertus
libertus's picture

Boom goes higher ed! I am not sure that the current institutions can react quickly enough to this issue. It will create great opportunity in this area for those willing to think outside the box. 

Please check out this article. I'd be interested in your opinions. 

http://www.academia.edu/1225678/Blowing_the_Last_Bubble-_The_Frailty_of_...

This one is more policy based but also interesting. 

http://www.academia.edu/1225677/Transforming_the_Community_of_UVM-_A_Net...

I would not recommend getting a job in higher ed. I'm not sure that the long term prospects are all that good in traditional institutions. 

Tue, 11/27/2012 - 18:45 | Link to Comment NotApplicable
NotApplicable's picture

My guess is that once they renegotiate pensions for new hires down to a trivial amount, they will then move Heaven and Earth to dislodge those in the old system and replace them with noobs. Well, not quite noobs. All of the experienced people will just trade jobs.

This will be true for any place with pensions.

Wed, 11/28/2012 - 00:31 | Link to Comment BraveSirRobin
BraveSirRobin's picture

Colleges and universities could cut out the middleman and sell drugs directly to the students. That could raise funds to lower costs, or else pay for higher professor and administrator salaries and build the presidents big new mansions.

Tue, 11/27/2012 - 21:07 | Link to Comment Landrew
Landrew's picture

Roughly 100 billion is not subject which puts the total debt @ 16.164 trillion. Several months away. Plus the deffered payments, use of pension funds and assorted tricks.

Tue, 11/27/2012 - 23:29 | Link to Comment Northern Lights
Northern Lights's picture

I was reading an article concerning the burden of student debt in the business section of some newspaper (can't remember which), and the jist of the article was that there was a light at the end of the tunnel for students burdened by thousands of dollars in student debt, and it was through inheritance.  The majority of the Gen X and Gen Y'er's were born to parents who made good money when jobs were plentiful and paying well.  Most were assumed to have saved or soundly invested that money, and it was upon their death that the loan burdened student would benefit by inheriting all that money and real estate and get out of this mess.

The article was short-sighted in that most of those Baby Boomers have themselves fallen on hard times as they are living longer, their savings are being eaten up by inflation, most got screwed on their investments when things crashed in 2008, and they're about to sell their nest egg (home) which they're hoping will bring them enough cash that will last them to their grave.

 

Tue, 11/27/2012 - 23:47 | Link to Comment Chuck Walla
Chuck Walla's picture

US is now 100 billion away from hitting 16.395 trillion debt limit. With high unemployment of student, this loan will never be payed off.

Obama wants to VISE squeeze the nutz of everyone possible, power in perpetuity, debt slaves!

FORWARD SOVIET!


Wed, 11/28/2012 - 07:19 | Link to Comment Go Tribe
Go Tribe's picture

Well sort of. What these charts show is simply the obama administration doubling down on student loan fiat to buy higher education votes.

Tue, 11/27/2012 - 17:15 | Link to Comment FLUSA.com
FLUSA.com's picture

Dont worry these bright college grads will figure this out...they even tell me so when they pour me my Starbucks

Tue, 11/27/2012 - 17:16 | Link to Comment insanelysane
insanelysane's picture

They already know everything so I don't know why they go to school.

Tue, 11/27/2012 - 17:23 | Link to Comment inevitablecollapse
inevitablecollapse's picture

i have several of these in my employ (millenials) and they are the most narcicisstic, entitled, touchy feely people i have ever met.  in the past, i believed that those of us born before 1980 were going to be the right enactors of change for this country and then the millenials came around and based on what i see daily, my hope has faded dramatically.  

Tue, 11/27/2012 - 17:29 | Link to Comment SpykerSpeed
SpykerSpeed's picture

Yes, you pre-1980 folks are really on the ball.  Good job adding $10 trillion to the Federal debt.  You'll go down in history as the most self-centered generation to have ever walked the Earth.

Tue, 11/27/2012 - 17:34 | Link to Comment Silver Bully
Silver Bully's picture

'in the past, i believed that those of us born before 1980 were going to be the right enactors of change for this country and then the millenials came around and based on what i see daily, my hope has faded dramatically.'

'You'll go down in history as the most self-centered generation to have ever walked the Earth.'

Wait, Obama's re-election didn't clue both of you in?

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