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Here Comes The Student Loan Bailout

Tyler Durden's picture





 

2012 is the year the student loan bubble finally popped. While on one hand the relentlessly rising total Federal student debt crossed $956 billion as of September 30, and was growing at a pace that will have put it over $1 trillion by the end of 2012, the one data point confirming the size, severity and ultimately bursting of this latest debt bubble was the disclosure in late November by the Fed that the percentage of 90+ day delinquent loans soared from under 9% to 11% in one quarter.

Which is why we were not surprised to learn that the Federal government has now delivered yet another bailout program: this time focusing not on banks, or homeowners who bought McMansions and decided to not pay their mortgage, but on those millions of Americans, aged 18 to 80, that are drowning in student debt - debt, incidentally, which has been used to pay for drugs, motorcycles, games, tattoos, not to mention countless iProducts. Which also means that since there is no free lunch, all that will happen is that even more Federal Debt will be tacked on to replace discharged student debt loans, up to the total $1 trillion which will promptly soar far higher as more Americans take advantage of this latest government handout. But when the US will already have $22 trillion in debt this time in four years, who really is counting? After all, "it is only fair" that the taxpayer funded "free for all" bonanza must go on.

The latest debt bailout, not surprisingly is not titled "Yet another taxpayer funded bailout for those who bought things they can't afford on credit" as that would not be very politically prudent, especially for those politicians who still have taxpaying citizens as their voters. Instead, its name is the much more PC: "Pay as You Earn Repayment Plan." Alas, it really should be called the former, because what it does is it incentivizes Americans to borrow even more Federal student loans, well aware that there will now always be a cap on the associated monthly interest payment which will never leave a mark regardless what the full underlying loan notional is. It also provides for full debt discharge should the borrowers end up with cushy Federal jobs - because the one thing the US government needs afford is more debt-saddled government workers.

What is the "Pay as You Earn Repayment Plan"? The WSJ explains:

A new federal program should make it easier for some recent college graduates to keep their student-loan payments manageable.

The new option, known as the "Pay as You Earn Repayment Plan," lets eligible borrowers sharply lower their monthly loan payments and qualify for loan forgiveness quicker than they might otherwise.

"It's a very good safety net for students who borrow too much," says Mark Kantrowitz, publisher of the financial-aid site FinAid.org. "If your debt exceeds your annual income, you will probably benefit."

 

Pay as You Earn, which took effect on Dec. 21, "is designed to help offset the effects of the recession for student borrowers most likely to take a hit in this tough job market," says Lauren Asher, president of the Institute for College Access and Success, which has pushed for the creation of income-based repayment plans.

Which in the New Normal, means everyone with a student loan will benefit. It also means, that courtesy of knowing this safety net is there, more and more people will take advantage of the government's latest generosity with other taxpayer's money.

What are the terms of this new bailout?

The new program comes at a time when rising student-loan balances—amid a still shaky job market—have weighed heavily on many families.

 

Typically, federal student loans must be repaid within 10 years. At current interest rates, that can work out to a monthly payment of roughly $300 for a borrower with $26,000 in debt.

 

Pay as You Earn, by contrast, limits student-loan payments to 10% of "discretionary income" as defined by government formulas. Borrowers who make regular payments could have the remaining unpaid amounts forgiven after 20 years.

So much for student debt being non-dischargeable: borrow hundreds of thousands, but make your monthly payment of a hundred or so bucks, and in 20 years you will be debt free, courtesy of US taxpayers. Actually, scratch that: one doesn't even have to make a payment!

In some cases, borrowers with low incomes could be required to make a zero-dollar payment and would still be considered current on their loan. Monthly payments can increase or decrease each year based on the borrower's income and family size.

For those who think getting full debt forgiveness in 20 years is far too long, why there's a loophole for that too: just go "work" for Uncle Sam:

Borrowers with public-service jobs may qualify for loan forgiveness after just 10 years.

As for eligibility "constraints":

To be eligible for the program, borrowers must have taken out their first federal student loan after Sept. 30, 2007, and received at least one federal student loan after Sept. 30, 2011. Borrowers also must meet eligibility cutoffs based on the size of their debt, their discretionary income and family size.

 

The U.S. Department of Education's Pay As You Earn calculator, available at studentaid.gov, can help you determine if you qualify. Borrowers can apply for the program online or by contacting the loan servicer that collects their payments on behalf of the federal government.

In other words, virtually all people who were responsible for the diagonal take off in the Federal student loan total in the current depression are now eligible for what will eventually be full debt discharge.

So let's get this straight:

  1. go to some "everyone who applies is admitted" community college
  2. take on the biggest Federal loan one can get
  3. use the proceeds for everything besides the tuition (of course)
  4. be unable to find a job after graduation (naturally)
  5. plead poverty, accusing evil employers who don't hire those who majored in Foosball, and make "zero" payments while remaining in "compliance"
  6. get a job working for the government, wait ten years, and have the entire loan magically disappear.

And there it is: incentives for the common, and very much broke, man in the New Normal.

If there is anyone out there who thinks this will not result in a "charge it" feeding frenzy and that the Federal student loan total will not go absolutely parabolic going forward, please raise your hand.

Of course, what is not discussed, is who is on the other side of all those forgiven loans. And the answer, dear taxpaying US readers, is starting at you in the mirror. Because all the Federal government will do is transfer the unfunded obligation, which has already been used to satisfy the purchase of goods and services, from one individual to the whole group.

But when one is dealing with the government of a country that is no longer even fit to be defined as "banana", what is adding one more trillion between already insolvent counterparties.

Finally, yes, this means the Fed just tacked on one more year of QE to its $1 trillion/year in US debt monetization, which also means the Fed's balance sheet will now also be used for to fund student loan forgiveness, among so many other things.

Insolvent students of the world, unite!

 


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Sat, 01/05/2013 - 19:55 | Link to Comment nmewn
nmewn's picture

With all the cameras, watches & rings you can cart off as a fringe benefit!

Forward Comrade!

Sat, 01/05/2013 - 21:01 | Link to Comment gnomon
gnomon's picture

This is ceasing to be funny.  Groping old men for ten years to negate your student debt sounds like Kafka.  The old Soviet Union has nothing on us, not anymore.  

Sat, 01/05/2013 - 22:23 | Link to Comment nmewn
nmewn's picture

Actually its quite funny, in a twisted sort of way.

Lets not teach real history with cause & effect, lets break it down into meaningless "feel good moments in time".

TPTB have indeed learned a few things from Soviets...but I still don't think they can handle the strain of keeping all those plates in the air ;-)

Sat, 01/05/2013 - 17:21 | Link to Comment Oleander
Oleander's picture

Students in RI arrived this week to find the Sawyer School locked. These students will lose time devoted to studies and all that federal money they used will be forgiven now. 

They can have their records to try to get into other programs. 

The money simply evaporated!

Sat, 01/05/2013 - 17:14 | Link to Comment ball-and-chain
ball-and-chain's picture

Why blame the students?

Once again, it's the banks.  They have no skin in the game.  The debts are covered.

What students need is the right to go bankrupt.

Bankruptcy solves a lot of problems.

http://www.angrysinner.blogspot.kr/2013/01/saturday.html

Sat, 01/05/2013 - 19:34 | Link to Comment Everybodys All ...
Everybodys All American's picture

Students need to take personal responsibility. The claim of this level of ignorance is not an excuse. If it is then they should not have made it past the admission office.

Sat, 01/05/2013 - 20:40 | Link to Comment Salon
Salon's picture

Why blame anybody?

Why punish taxpayers by making them pay up the difference?

Sat, 01/05/2013 - 21:26 | Link to Comment FreeMktFisherMN
FreeMktFisherMN's picture

I hear you. This is why while obviously there are powerful luciferians/illuminati people behind the scenes who have tremendous control, the people themselves who go along with the MSM and 'safety' in exchange for liberty are complicit. You do still have a choice. Yes, the deck is stacked against the guy who pays his bills, mortgage, etc., but you can still be a responsible, accountable person. 

Sat, 01/05/2013 - 23:38 | Link to Comment Dr. Sandi
Dr. Sandi's picture

This tripe article adds nothing except vitriol. I'm already pissed off anyway. This kind of stuff just gets the engines gunning with no race to run.

Where's the new information that will help me through this debacle?

Sun, 01/06/2013 - 09:23 | Link to Comment shovelhead
shovelhead's picture

Underground Bunker.com

Sun, 01/06/2013 - 09:22 | Link to Comment DanP1966
DanP1966's picture

Seems to me that one of the first acts of any revolutionary government is to absolve everyone who agrees with them of any debt.

Hmmmm.........Think debt might be a contributor to revolution?

Sat, 01/05/2013 - 16:04 | Link to Comment Manthong
Manthong's picture

I owe my soul to the company store.

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

Oh, please!  I can't take anymore.  No, I mean that literally . . . I CAN"T TAKE ANYMORE OF THIS!

Sat, 01/05/2013 - 16:09 | Link to Comment francis_sawyer
francis_sawyer's picture

Neither can Neidermeyers kid

~~~

http://www.youtube.com/watch?v=V9AbeALNVkk

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

Procrastinators, UNITE! Tomorrow.

Sat, 01/05/2013 - 18:47 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Don't rush me.

Sat, 01/05/2013 - 20:42 | Link to Comment willwork4food
willwork4food's picture

Where?

Sat, 01/05/2013 - 22:06 | Link to Comment Hopium Dealer
Hopium Dealer's picture

I don't know, maybe...

Sat, 01/05/2013 - 21:16 | Link to Comment unrulian
unrulian's picture

When?...i usually don't get up until about 1pm or so

Sat, 01/05/2013 - 16:06 | Link to Comment BlueStreet
BlueStreet's picture

Would love to see the 11% 90+ day delinquent loans broken down by major.  Taxpayers bailing out Drama, Film, Philosphy, etc. majors.  Who would have ever guessed that they'd not find jobs. 

Sat, 01/05/2013 - 16:39 | Link to Comment JPM Hater001
JPM Hater001's picture

As it turns out International Womens womens studies with an emphasis on vagina's is over represented.

Sat, 01/05/2013 - 16:50 | Link to Comment AldousHuxley
AldousHuxley's picture

college has been MRS degree for most of the women.

After a kid or two, no sane female wants to work anymore.

Sat, 01/05/2013 - 17:43 | Link to Comment sunaJ
sunaJ's picture

Actually, Liberal Arts degrees are the least of the problem.  When education went private big time in the 1990s, the number of meaningless (and expensive) degrees began to skyrocket as they tried to meet the wants of the masses.  Institutions popped up all over offering two and four year degrees.  There was no competition for content - if more people wanted to go to school, they just leased out more office space and called working professionals "instructors."  Therefore, you get things like "Criminal Justice" degrees, etc. during the last decade.  Hey, people liked CSI and Law & Order so now we have a million people running around with meaningless CJ  or CSI degrees.  The tuition is high and the quality of education is low.  There is no apprenticeship or stewardship.  No money?  No problem.  They have full-time staffers that apply for all possible aid for you, which is part of the reason they often charge above the tuition of traditional universities. The balance you have to pay (which often is still a lot).

 

Just within 30 miles of me I can recall off the top of my head:

 

Broadview University

Eaglegate College

University of Phoenix

Neumont University

 

I'm sure there are others.

 

Sat, 01/05/2013 - 19:30 | Link to Comment cynicalskeptic
cynicalskeptic's picture

Hell, Law School is the biggest con... plenty of third tier Law Schools churning out attorneys with no chance of being hired by any established frm or company (they hire top grads from top ranked schools - and their hiring has been cut back dramatically of late).  So... you get a history or poly sci degreee - can't get a job so you go to Law School.  But going to some third tier school you won't even get a puiblic defender spot.  So, unless you can get into politics (astounding how many politicians at all lwevels are atrtoerneys who couldn't make a living practicing law) you're stuck chasing ambulances.

Sat, 01/05/2013 - 20:09 | Link to Comment nmewn
nmewn's picture

+1

Don't forget the J-grads who go on to promote the education ponzi at such "revered institutions" as the NYT's...lol.

By the way, has David Gregory been arrested yet for his committing an obvious felony?

Not the standard hypocritical journalistic malpractice he commits everyday, like sending his children to a private school that has armed guards while poo pooing increased security or allowing adult teachers who own guns already to protect themselves and their charges in a public school...no...I was thinking of the 30 round magazine he smuggled into Washington DC ;-)

Sat, 01/05/2013 - 17:41 | Link to Comment Cathartes Aura
Cathartes Aura's picture

what a LOL,

college has been MRS degree for most of the women.

After a kid or two, no sane female wants to work anymore.

given more females graduate into jobs than do males, who tend to drop out and head home to. . . momma?

 

your nonsense hasn't been true for decades - more women in the workforce earning their own way than "housewives" birthing babies.

Sat, 01/05/2013 - 18:50 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Civilization doesn't need mothers. Besides, it's a crappy thing to be, anyway.

Sat, 01/05/2013 - 19:08 | Link to Comment nmewn
nmewn's picture

lol...Sandra Fluke comes to mind.

What grade is she in now, 26 or 27? ;-)

Sat, 01/05/2013 - 22:49 | Link to Comment Cathartes Aura
Cathartes Aura's picture

y'know nmewn, your "mind" comes to Sandra Fluke often, and you love to bark that meme attached to my posts, when in fact I've never once used her, or her arguments, as a point of anything I've posted.

*dog whistle mebbe find a new one. . .

Sun, 01/06/2013 - 00:19 | Link to Comment nmewn
nmewn's picture

I do don't I?

And I often ask myself, why is that?

Is it because she personifies the consummate narcissist little rich bitch daughter of a banker/financier who wants someone else to pay for her dalliances of irresponsibility...or is it something else entirely?

Could it be that I think she wants to plow a entirely new road of statism for others to be sucked into the vortex of bureacratic excess while acting completely irresponsibly and have others pay for it just as she has always known herself and is completely comfortable with?

Well, yes, that could very well be ;-)

Sun, 01/06/2013 - 16:19 | Link to Comment Cathartes Aura
Cathartes Aura's picture

yes, you hate her, and like to make sure others follow you in that hatred, we all get that.

unless you are accusing me of BEING HER, or acting like her, or whatever - then you're just lowbrow trolling me, trying to paint me with the same brush.

like I said, dog whistle.

get a new person to throw your own shit at dude.

Sat, 01/05/2013 - 16:54 | Link to Comment MiltonFriedmans...
MiltonFriedmansNightmare's picture

I can't say that I approve, but it is a bit more acceptable than a bankster bailout, eh?

Besides, the Fed needs something else to monetize. In short order, that 85B/mo. will have to increase in order to keep the plates spinning. Remember, it's all about the flow.

sarc off

Sat, 01/05/2013 - 17:10 | Link to Comment Aurora Ex Machina
Aurora Ex Machina's picture

Do some proper research: Philosophy majors are in the top 5 of employable degrees, and in the top 3 of SAT corresponding to success ratios.

If you need to ask why, well... it's obvious you're not a philosopher. I'll give you a guess: learning to think for oneself means you can get paid to think for others.

 

 

Oh, and for the record: MBAs are in the top 5 laziest Masters produce. Anyone employing a fresh MBA is looking for Corporate fodder or knows nothing about real business. Or is engaging in pure nepotism, but that's a different topic.

Sat, 01/05/2013 - 17:18 | Link to Comment BlueStreet
BlueStreet's picture

okay, I will.  Okay, done.  Just Googled most employable majors and reviewed the first five lists.  Philosophy wasn't listed on any of them.  Here's a list from from CBS news and it isn't even in the top 25:

 

College majors with lowest unemployment rates

  • 1. Medical technology technician 1.4%
  • 2. Nursing 2.2%
  • 3. Treatment therapy professions 2.6%
  • 4. Medical assisting services 2.9%
  • 5. Agriculture production & management 3.0%
  • 6. Industrial production technologies 3.1%
  • 7. Pharmacy 3.2%
  • 8. Communications & disorders sciences 3.3%
  • 9. Elementary education 3.6%
  • 10. Special needs education 3.6%
  • 11. Miscellaneous education 3.7%
  • 12. Mechanical engineering 3.8%
  • 13. High school teacher 3.8%
  • 14. Theology & religious vocations 4.1%
  • 15. Management info systems & statistics 4.2%
  • 16. General education 4.2%
  • 17. Health & medical administrative services 4.3%
  • 18. Transportation science & technologies 4.4%
  • 19. Finance 4.5%
  • 20. Physics 4.5%
  • 21. PE/health education 4.5%
  • 22. Criminal justice and fire protection 4.7%
  • 23. PE/Park & Recreation 4.8%
  • 24. Civil engineering 4.9%
  • 25. (tie) Electrical engineering; environmental science; math 5%
Sat, 01/05/2013 - 17:29 | Link to Comment francis_sawyer
francis_sawyer's picture

 Miscellaneous education 3.7% (#11)

~~~

Ooh boy that's it!... Now you've convinced me to go into debt a cool $50K joobux [printed out of thin air] so I can get a job in that emerging field... Jamie Dimon will be happy with my choice... Maybe he'll celebrate by buying a bigger yacht for himself...

 

Sat, 01/05/2013 - 17:35 | Link to Comment BlueStreet
BlueStreet's picture

According to the Daily Beast, Philosophy & Religious Studies is the 6th most useless degree with an unemployment rate for recent grads of 10.8%.  Educating those miscellaneous children is looking better and better.  

 

http://www.thedailybeast.com/galleries/2012/04/23/the-13-most-useless-ma...

 

 

Sat, 01/05/2013 - 18:52 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

I'm in the market for a good philosopher.

Sat, 01/05/2013 - 23:42 | Link to Comment Dr. Sandi
Dr. Sandi's picture

I'm in the market for a good philosopher stone.

Or at least a decent philosopher buzz.

Sat, 01/05/2013 - 21:24 | Link to Comment Aurora Ex Machina
Aurora Ex Machina's picture

"Here's a list from from CBS news"

"According to the Daily Beast"

Put shit in, get shit out. I asked you to do some serious research, and you come back with that pap?

Well, again, I know why your initial comment was so ignorant. Daily Beast and CBS? Well, damn, huckleberry, you've about sold that deal.

One last chance: want to do some serious research? Hint: the magician doesn't play unless she has an Ace up her sleeve, so try harder, pumpkin. One last chance before you get all embarrassed and covered in blood.

 

Oh, and little huckleberry - the list you've provided is a purely functional list. Try reading it again. It ain't about "jobs per degree", it's about "jobs per training". Given that the criteria for that list is "Completing the role that you've been trained for" then DERP DERP DERP, of course someone doing a "nursing degree" is going to be employed as nurse. #2 on your list. Twat.

Look over that list again, you idiot: the top 15 are all VOCATIONAL TRAINING DEGREES.

Nothing to do with what I stated about Philosophers. There's not a "Philosopher Academy" that employs Philosophy degree holders direct from University, is there?

No. And that's the only way your shitty data list would be relevant.

 

THE ENTIRE POINT OF MY COMMENT IS THAT THEY USE THEIR DEGREES TO BRANCH OUT INTO OTHER ECONOMIC SPHERES, SOMETHING YOUR SHITTY MSM LIST DOESN'T TRACK.

 

Your small brain needs to get that. I've not noticed a position in GS called "Arch-philosopher king", but hey. Muppet.

 

Oh, and if your source is mixing "Religious Studies" [hint: it's called something else] with Philosophy, then you're looking at bullshit. What's even worse about your ignorance and stupidity is that #14 is "Theology & religious vocations 4.1%". So by your own stupidity, it's in the top #15.

No, you muppet, those are Priests! But, sure yeah!! A trained Priest has more employment chances than a philosopher, right? And will make more money, right? Now, I know that the entire chart you're quoting is shit, so I won't use that - but, please, get a brain. Muppet.

 

All in all: I love the smell of a tiny brain using sources he doesn't understand in the morning, it smells like bacon.

 

[Edit: there does remain the possibility that the USA is so backwards that its data ignores Philosophy, but naaaah. My sources from the USA are quite clearly labelling it. Hint - % of hires in top end finance.]

Sat, 01/05/2013 - 22:35 | Link to Comment BlueStreet
BlueStreet's picture

huckleberry

Twat

Your small brain

you muppet

 tiny brain

-----

Wow, your philosophy degree turned you into into one classy person, didn't it?  Or maybe you are just an angry, unemployed 20 something Wanker living in Mums cellar.  You're commenting on the value of U.S. degrees in the workplace and you aren't even living in the country, that's hilarious.  Show me one list Mr. Serious Researcher that shows philosophy as a top 5 employable degree and then maybe you will have something relevant to say. You won't be able to find it because it doesn't exist.  

Sun, 01/13/2013 - 21:27 | Link to Comment Aurora Ex Machina
Aurora Ex Machina's picture

Oh, right. Got to this party a little late, because I was amused.

 

Average LSAT scores for 29 majors with over 400 students taking the exam.

 

Philosophy is #2. And that's why, if we ignore your silly little MSM tables, philosophers do get interviews. And no, none of your points are valid, and yes, I just used American data.

 

 

The best revenge is that which is served cold, but I was so bored with your ignorance I forgot to finalise the deal. Consider it done now.

Sat, 01/05/2013 - 17:52 | Link to Comment Cathartes Aura
Cathartes Aura's picture

dunno, but a PhD seemed to open the "right" doors for Michael Cross, as per ZH post yesterday,

we present to you Michael Cross, Head of Foreign Exchange, and Executive Director for Markets, at the Bank of England

After graduating from Cambridge University with a PhD in History, Michael Cross joined the Bank of England in 1990. His first job was in clearing and settlement policy in the equity and futures market, followed by two years working in the supervision of discount houses.

In the mid-1990s, Cross returned to Cambridge to complete an MPhil in Economics before returning to the Bank of England to work in the sterling markets division

of course, it WAS in History, an obviously important subject to know thoroughly so as to repeat faithfully.

Sat, 01/05/2013 - 19:39 | Link to Comment cynicalskeptic
cynicalskeptic's picture

Lots of philosophy majors -all going to 'good' schools (like Cambridge, Oxford and the Ivies in the US) would get a job NO MATTER WHAT because their families are 'connected' (not in the Mafia sense - though in a similar sense) and part of the established order.   Think of it as being a member of the Capitalist Nomenklatura.  Doesn't matter what you know but WHO you know.

Sat, 01/05/2013 - 20:08 | Link to Comment Cathartes Aura
Cathartes Aura's picture

is that not the case for any "major"?  that who you know, particularly through your "alma matters" (sic), is being socially connected throughout your life?

all one need do is look up the history of the ruling class(es), in any nationstate - perpetuates itself, and very few of the riff raff get invited, despite the "anyone can be prezzydent" and "trickle down" fairy tales the kultur thrives on.

Sat, 01/05/2013 - 20:34 | Link to Comment Aurora Ex Machina
Aurora Ex Machina's picture

Oxford and Cambridge don't offer pure philosophy. You can meld it into PPE or Math or whatever, but neither offer pure Philosophy (it's a historical wanky thing, due to Logic and Russell etc discounting the Continental philosophers).

 

Top tip: Been there, got the degree.

Sat, 01/05/2013 - 21:19 | Link to Comment Cathartes Aura
Cathartes Aura's picture

scrub team playing today Aurora, don't expect much.

fond memories of pub discussions many years ago with a fellow who carried around a book on "the philosophy of science" - he was/is a musician, by the way.

investigating the how/why of thought is well worth the effort, whether it "pays" or not.

Sat, 01/05/2013 - 18:00 | Link to Comment negative rates
negative rates's picture

Still trying to find that fountain of youth, where it pays to play.

Sat, 01/05/2013 - 22:41 | Link to Comment RobD
RobD's picture

That list = we are fucked

Sat, 01/05/2013 - 17:44 | Link to Comment unrulian
unrulian's picture

Econ, finance and marketing majors are probably no where near as delinquent, they add so much more to society /sarc

Sat, 01/05/2013 - 17:44 | Link to Comment unrulian
unrulian's picture

Econ, finance and marketing majors are probably no where near as delinquent, they add so much more to society /sarc

Sat, 01/05/2013 - 16:06 | Link to Comment bank guy in Brussels
bank guy in Brussels's picture

FEMA camp guards will get special credit toward student loan forgiveness

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

only after they get their Masters in Public Imprisonment degrees from Southeastern Podunk State U.

Sat, 01/05/2013 - 17:37 | Link to Comment knukles
knukles's picture

Online

Sat, 01/05/2013 - 21:11 | Link to Comment willwork4food
willwork4food's picture

I want to study international women's physiologies.

Sat, 01/05/2013 - 23:45 | Link to Comment Dr. Sandi
Dr. Sandi's picture

You can definitely do that online.

Hell, you can probably even get a student loan and a degree in it from some reputable diploma mill like University of Phoenix.

Sat, 01/05/2013 - 16:28 | Link to Comment XitSam
XitSam's picture

Students as FEMA guards. Yeah. Reminds me of the Stanford Prison Experiment.

Sat, 01/05/2013 - 17:45 | Link to Comment Bad Attitude
Bad Attitude's picture

Been to a US airport lately? The TSA hires people with few skills, gives them a badge, a uniform, and authority over others. The Stanford Prison Experiment was just an experiment. The TSA is for real.

Sat, 01/05/2013 - 18:09 | Link to Comment Ghordius
Ghordius's picture

pls watch carefully and attentively when in airports
Plenty of people like it. Incredible but true

Sat, 01/05/2013 - 18:56 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

What's an airport?

Sat, 01/05/2013 - 23:46 | Link to Comment Dr. Sandi
Dr. Sandi's picture

It's an adult petting zoo.

Sat, 01/05/2013 - 18:23 | Link to Comment Esso
Esso's picture

If they had skills they wouldn't be working for the goobermunt now, would they?

Sat, 01/05/2013 - 19:54 | Link to Comment Oleander
Oleander's picture

Been to a Federal Bldg latey?  Lined up outside, they were letting two people in at a time. Shoes, belts, coats off. This was in Providence last week while temps were in the twenties. Stupid guy yelling "This is how its gonna be from now on, bla bla bla". 

We are all owned. Its over.

 

Sat, 01/05/2013 - 23:47 | Link to Comment Dr. Sandi
Dr. Sandi's picture

Stop playing.

It's not easy, but you can do it in stages.

Sat, 01/05/2013 - 17:21 | Link to Comment QQQBall
QQQBall's picture

+100... Once you are in the camp, they will asset strip you to pay...

Sat, 01/05/2013 - 18:38 | Link to Comment ultimate warrior
ultimate warrior's picture

Starvation will be a bigger concern than having student loans being forgiven in 10 years time.

Sat, 01/05/2013 - 19:00 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

And we'll have that supersized.

Sat, 01/05/2013 - 19:47 | Link to Comment cynicalskeptic
cynicalskeptic's picture

Expect a replay of the 1919 Influenza - on a larger scale.  I'll bet on an avian flu in Asia spreading rapidly taking out a big chunk of Chinese and South Asian populations (coincidentsally the populations whose consumption is growing the fastest).  Africa will be hard hit (opening the continent's raw materials to better organized exploiters).  The poorer classes in Europe and the Americas will die off in large numbers as well.  BUT if you have the money you can buy salvation courtesy of hard working pharmaceutical companies.....   Terrible terrible event - akin to the Black Death in the Middle Ages BUT as with that event teh survivors are much better off.  With a geratly reduced population, those that live through it will have a better time -  less competition for the remaining resources.  

One way to buy some time.   Echoes of V for Vendetta - and all too plausible.  Is this why the US isn't so afraid of China?

Sat, 01/05/2013 - 16:07 | Link to Comment CClarity
CClarity's picture

Basically, between unlimited student loans and unlimited unemployment benefits, the government is "admitting" that we are now paying citizens to consume.  Our economy can't grind on without endless consumption, so since robots (and robocalls) have replaced menial workers and even cogent telephone receptionists and bill handlers, we must now pay people to conduct their new careers - that of consumer, plain and simple.

Just watch folks.  Our grandparents would have thought this crazy but maybe our great great great grandparents would get it back in the serf and lord days.

Sat, 01/05/2013 - 16:18 | Link to Comment toady
toady's picture

I really hated it when we stopped being citizens and became consumers. Consumers are dying breed. There can only so much consumption in a finite world.

Sat, 01/05/2013 - 16:08 | Link to Comment jplotinus
jplotinus's picture

It would be better still to guarantee the availability of a job with a livable wage and medical and pension benefits for everyone who wants to work. It is regrettable that allegiance to capitalism prevents so many from focusing on what is actually needed to advance post industrial societies. It is, after all 2013, not 1913.

Sat, 01/05/2013 - 16:26 | Link to Comment AldousHuxley
AldousHuxley's picture

student loan bailout = incentive to go back to school = youngsters back in re-education prisons and off the unemployment record and off the streets from protesting the status quo of nincompoops

 

= mission accomplished short run to continue outsourcing of all jobs to Asia.

Sat, 01/05/2013 - 16:30 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

You knew this was coming the moment ShObama took over the student loan market, praising how it would "avoid the middlemen". 

Buying votes and creating good little government loving thugs ain't cheap.  We have turned into a sick society.  Mindless drones sucking down soma and watching their telescreens, praising Big Brother as he hands out their ration of victory gin and chocolate. 

Sat, 01/05/2013 - 17:01 | Link to Comment Landrew
Landrew's picture

Just for the record, O'Bummer did NOT take over the student loan market, that would be the SHRUB in his fait accompli!

Sat, 01/05/2013 - 16:25 | Link to Comment yakmerchant
yakmerchant's picture

I'm with you man. But I just want to be given a job where I don't have to work very hard. While you are guaranteeing things lets forget the living wage and go ahead and put me in the politburo so I can live in a mansion and drive a Bentley. Oh and my brother's kind of slow maybe we can make him in charge of pointing guns at the farmers because when you make sure everbody has a living wage it's going to cause inflation and then you are going to have to put in price floors and then the farmers aren't going to be able to make a living so you'll definitely need to go full Joseph Stalin on their asses. That whole free market thing sucks, all it takes to overcome it is a few revolutionaries like us willing to hold a gun in someones face and tell them their hard work belongs to us. Peace, bread and work brother.

Sat, 01/05/2013 - 16:38 | Link to Comment donsluck
donsluck's picture

Odd post. How do you "guarantee" a job to a sociopathic jerk? What is a "living wage"?

Sat, 01/05/2013 - 16:45 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

How much does a senator make?  That should give you an indication of the market price of sociopathic jerks. 

Sat, 01/05/2013 - 21:08 | Link to Comment willwork4food
willwork4food's picture

Good point.

Sat, 01/05/2013 - 16:46 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

.

 

  • How do you "guarantee" a job to a sociopathic jerk?

Put the guy in a prison work program.

 

  • What is a "living wage"?

A handfull of beans mixed with a handfull of rice.

Sat, 01/05/2013 - 17:15 | Link to Comment Dr. No
Dr. No's picture

His idea of great R&R was cold rice and a little rat meat.

Sat, 01/05/2013 - 17:07 | Link to Comment Rogue Trooper
Rogue Trooper's picture

http://en.wikipedia.org/wiki/Living_wage

Started in the USSA... Ironically, supported by City and Local Government Bureaucracy. Centrally planned madness.....

Sat, 01/05/2013 - 16:09 | Link to Comment Irelevant
Irelevant's picture

Great! Forward! We will have Phds.

Sat, 01/05/2013 - 18:35 | Link to Comment laboratorymike
laboratorymike's picture

And then we will be just like late 1980s China, where a PhD could net you a job as a sausage cart operator.

Sat, 01/05/2013 - 19:16 | Link to Comment Chump
Chump's picture

Better than a decade before, when a PhD would've netted you a bullet in the head.  Progressive!

Sat, 01/05/2013 - 16:09 | Link to Comment fonzannoon
fonzannoon's picture

i'm going back to school.

Sat, 01/05/2013 - 16:10 | Link to Comment Unprepared
Unprepared's picture

Time to go back and do that financial engineering PhD.

Sat, 01/05/2013 - 16:12 | Link to Comment libertus
libertus's picture

Now that it has burst. Maybe my predictions for what happens next will be correct. Check out this link.....I didn't call the time, but I did can the reasons behind this disaster. 

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

Sat, 01/05/2013 - 16:12 | Link to Comment Joebloinvestor
Joebloinvestor's picture

Bring back debtor prisons.

I bet that stops a lot of defaults although that may be the safest place to be when it all turns to shit.

Sat, 01/05/2013 - 17:18 | Link to Comment Dr. No
Dr. No's picture

Debtor prisions are bad.  Bad debt is a civil issue, not a crime.  Fraud, maybe, that is criminal.  But if you cant pay your student debt because of hardship, you should have the right to bankruptsy.  The gov and banksters need to pay some penalty for loaning to a 20 year old $100k, thats just stupid business.

Sat, 01/05/2013 - 17:45 | Link to Comment Joebloinvestor
Joebloinvestor's picture

BK does not discharge student or credit card debt.

Sat, 01/05/2013 - 17:55 | Link to Comment Dr. No
Dr. No's picture

Everyone knows SL can't be discharged, I said they should have the right to. You think they should get tossed in prison for a non criminal act.

Sat, 01/05/2013 - 18:31 | Link to Comment Joebloinvestor
Joebloinvestor's picture

 

Start siezing property and the rights to any intellectual property produced.

Sun, 01/06/2013 - 00:03 | Link to Comment mercenaryomics
mercenaryomics's picture

Until the students rebel and guillotine the ones doing the seizing. Historically this is rather commonplace. 

Sat, 01/05/2013 - 18:38 | Link to Comment laboratorymike
laboratorymike's picture

The penalty is that the government stops guaranteeing the loans, and the banks eat all of the losses on their bad loans. People then find working alternatives to the university system if they are smart and cannot afford to go. Problem solved.

Sat, 01/05/2013 - 16:16 | Link to Comment lizzy36
lizzy36's picture

Colleage Tuition has gone up 5 fold since 1986 versus cost of living which has doubled.

Here is an idea, instead of this bullshit loan forgivness program, why not try and CONTAIN COSTS. I don't know say cut professor and adminstrative salaries/benefits. Cut tenure awards. Cut pension benefits. 

And can anyone tell me why a "bank" can borrow from the Fed for nothing and students are paying 8%-16% for their loans. Would seem to me instead of this loan forgivness crap, why not charge students 2-4% for their loans.

Finally, there should be a disincentive to getting a "public-service" job. Like loan forgiveness after 30 years not the typical 20. 

So if one is a productive yank citizen, working in the private sector, one gets to pay for student loan forgiveness, medicare, medicaid, social security for warren buffet, and the continued never ending TBTF bailout (bc C, AIG, GM etc, got almost a trillon dollars of tax credits, which means they ain't paying for shit).

Well yanks like to do everything bigger than any other country, including the welfare state. 

Sat, 01/05/2013 - 16:33 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

When tyrants masquerade as "liberals" this is what you are left.  The police state grows with promises of rewards, not threats of punishment. 

Sat, 01/05/2013 - 17:19 | Link to Comment francis_sawyer
francis_sawyer's picture

 "I don't know say cut professor and adminstrative salaries/benefits. Cut tenure awards. Cut pension benefits."

~~~

So you want to take money away from Saul Alinsky protégés?... How would we ever become properly brainwashed afterwards?

~~~

Here's the francis_sawyer perspective on social engineering experiments (scientific or not)... "You can't train cats to be dogs"... [& either a good guard dog or hunting dog is your best friend... BOTH ~ if you're lucky]...

Sat, 01/05/2013 - 17:06 | Link to Comment Landrew
Landrew's picture

Oh really, so you think you can do a better job teaching? Then have at it! Please work for less, I doubt you will. Six years of school I doubt it!

Sat, 01/05/2013 - 17:10 | Link to Comment zerozulu
zerozulu's picture

"why not charge students 2-4% for their loans"

sure but only if they want populous to be educated. Uneducated and illiterate population is unable to think for them-self and always will be pawned.

 

Sat, 01/05/2013 - 21:19 | Link to Comment laboratorymike
laboratorymike's picture

Here is a simple solution: end the practice of student loans. Students will stop going, or do like a friend of mine and work their way through school, taking two classes a semester. Having gone through the system and haivng taught myself skillsets outside of my classes I've realized that college is overrrated if you want to "be enlightened." Go if you want to acquire a professional skillset, otherwise hit the books on your own time, and go to night school for a bachelor's/associate's. My friends who did this have been working and earning for years already, my parents have managed to put my sister and I through college and my dad realized his dream of building a very nice house with his own two hands. Meanwhile, the kids who majored in something that ended in "studies" are graduating with a mortgage and no house.

Again, go to a university if you have a specific professional skillset you want to acquire (JD, PE, MD, PhD, DDS, etc.), and are reasonably sure you can get it. Otherwise, don't go.

Sat, 01/05/2013 - 18:40 | Link to Comment max2205
max2205's picture

So you're British? 

Sat, 01/05/2013 - 19:20 | Link to Comment nmewn
nmewn's picture

Yes, she is a part of the Crown empire.

That's why they don't have much a problem with welfare, the royal family has been on it for centuries ;-)

Sun, 01/06/2013 - 08:43 | Link to Comment Random
Random's picture

U.S. is part of the Crown, do a bit of work and you'll find out.

Sat, 01/05/2013 - 16:18 | Link to Comment Telemakhos
Telemakhos's picture

The sixth point of Tyler's divination of the Six Point Plan is the scary one.  As college becomes "necessary" and prohibitively expensive, expect to see an increase in the number of citizens signing up for a statutory ten years in a workforce designated by the government as "public service" to obtain debt relief (basically indentured servitude for debtors).

Sat, 01/05/2013 - 17:06 | Link to Comment Aurora Ex Machina
Aurora Ex Machina's picture

It's already in effect:

 

It's called the Military.

Sat, 01/05/2013 - 17:25 | Link to Comment post turtle saver
post turtle saver's picture

"Service guarantees Citizenship!"

Sun, 01/06/2013 - 10:20 | Link to Comment SamAdams1234
SamAdams1234's picture

"Work makes you free" ...
plus qu ca change.

 

Sat, 01/05/2013 - 16:19 | Link to Comment Insideher Trading
Insideher Trading's picture

I wonder what the percentage of people who took out a student loan actually graduated.

I'm willing to bet the number is pretty low.

Sat, 01/05/2013 - 16:34 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

And just think of all the students that are paid to go to college that have no business being on a college campus.  Talk about waste.  This is not an investment.  This is a throwaway. 

Sat, 01/05/2013 - 17:09 | Link to Comment Landrew
Landrew's picture

I guess that's why the username is so appropriate?

Sat, 01/05/2013 - 17:28 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

Shouldn't you be at your union meeting, praising the greatness of government and making threats against anybody that questions its evil?

I'm sure you make a good little drone for your masters.

Sat, 01/05/2013 - 16:57 | Link to Comment Cathartes Aura
Cathartes Aura's picture

lower than you might imagine, here's a tool that lets you choose the state, etc.

those beer enema frat parties, not paying off. . .

 

Sat, 01/05/2013 - 18:58 | Link to Comment Ineverslice
Ineverslice's picture

 

Funnels....lol.

Sun, 01/06/2013 - 12:44 | Link to Comment MrButtoMcFarty
MrButtoMcFarty's picture

What's the difference between a gay frat boy and a straight frat boy??

 

About a 6 pack of beer.

 

Sun, 01/06/2013 - 16:37 | Link to Comment Cathartes Aura
Sat, 01/05/2013 - 17:01 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

.

 

58% of the 1.8 million borrowers whose student loans were began to be due in 2005 hadn't received a degree. Some 59% of them were delinquent on their loans or had already defaulted, compared with 38% of college graduates. The problem has almost certainly worsened since, as the recession wiped out job opportunities for less-educated workers.

...

 

34 million Americans over 25 years old have some college credits but haven't received a diploma, a rate that grew by roughly 700,000 people over the past three years.

...

 

the six-year graduation rate for full-time students is just 45.2% for low-income students, 39.9% for African Americans and 27% for students 25 or older when they enroll. Across all categories, graduation rates are far lower for part-time students.

 

"I think we had this mistaken belief that if we'd send students off to college then they'd graduate," says Stan Jones, the group's president.

 

The Cost of Dropping Out, November 22, 2012

Sat, 01/05/2013 - 17:56 | Link to Comment Dr. No
Dr. No's picture

Personally I think it is better to drop out and be a ditch digger than push through to graduation and no job.

Sun, 01/06/2013 - 00:15 | Link to Comment mercenaryomics
mercenaryomics's picture

Personally I think most will party though to graduation, not get a job, pay $0 on their debt for 20 years, and make you pay for it from taxes on your ditch digging income.

(Oh and if you're paid under-the-table they'll demand your imprisonment for cheating them of their entitlements you were supposed to pay for.) 

Sat, 01/05/2013 - 16:19 | Link to Comment Taint Boil
Taint Boil's picture

 

 

Water will always find its own level – always has and it always will. The laws of nature really are the same for everything. Once you step waaaaaay back and look at the big picture it all becomes clear and obvious – hind sight is always 20/20.

 

I wonder what the next bubble will be ……

Sat, 01/05/2013 - 16:20 | Link to Comment hampsterwheel
hampsterwheel's picture

By now I seriuosly hope there is no one let that believes that our Government will ever ever make the right decsions and avoid collape - therfore connect the dots.... Guns...ammo...food....silver....gold...family...community...skills....health...survive the coming darwin event...

 

 

Sat, 01/05/2013 - 16:35 | Link to Comment Winston Churchill
Winston Churchill's picture

Most of my clients have shared that opinion in private.

Most of them have the money for their own private island with all required supplys.

I plan  a new career field as a pirate in future.

Long Winston Churchill  has a ring to it.

Sat, 01/05/2013 - 18:27 | Link to Comment Poetic injustice
Poetic injustice's picture

Don't forget to open Pirate university, could make big money in future!

Sat, 01/05/2013 - 16:22 | Link to Comment FubarNation
FubarNation's picture

I'll be looking in the mirror and laughing 'Fucking Sucker'.

I lived in a shit hole and drove shitty cars eating Kraft dinner after grad school so I could personally 'discharge' my student loans by actually paying them off.

At least I got laid more back then.......Although I feel like I'm getting fucked a lot by the system.  Anyone else feel the same?

Not quite as enjoyable now.

Sat, 01/05/2013 - 16:31 | Link to Comment Freddie
Freddie's picture

Dude I went down the same path.   Those were good times too.  We just did not realize it at the time.  I worked like a dog then but at least we had some optimism about the future.  The only optimism now is if we have a reboot which is not gonna be pretty.

The whole thing now is an insane farce that is going to blow up. 

Just another reason why I dropped evil TV and Hollywood's crap years ago because they lie 24x7 and the sheep think everything is fine. They all love Hopey Changey.  You question anything then you are a racist and terrorist.

The public thinsk about when the new iPhone 6 is coming out to take out another student loan, the Super Bowl and the media will have us in a frenzy on why we need gun control.  They may throw in another false flag mass murder to ramp it all back up again.

If you pay for and watch Tv or  Hollywood's shit - you support it all folks.

Sat, 01/05/2013 - 16:41 | Link to Comment XitSam
XitSam's picture

Racist. Yeah, I was called a racist today. Because I didn't give a guy a cigarette. Should I buy cigarettes to give away when I don't smoke?

Sat, 01/05/2013 - 17:59 | Link to Comment Bad Attitude
Bad Attitude's picture

Absolutely! Get really high tar cigarettes with no filters! Give the guy the entire pack! Those cigarettes push him that much closer to his grave.

Sat, 01/05/2013 - 18:53 | Link to Comment laboratorymike
laboratorymike's picture

Sounds like the middle schoolers who got angry when I told them they were only allowed two pieces of candy, not ten. Less than 10% of the students showed appreciation for the fact that I bought it with my own money as a gift for the holidays. I don't think it would suprise anyone that >70% of the school is free or reduced lunch.

Sat, 01/05/2013 - 17:41 | Link to Comment fonzannoon
fonzannoon's picture

Is it an oxymoron for us to to believe a painful reboot is coming can be considered optomism bias?

Sat, 01/05/2013 - 19:13 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

No pain, no gain. I can't believe I just said that but the sentiment rings true.

Sat, 01/05/2013 - 16:37 | Link to Comment XitSam
XitSam's picture

I enlisted in the Army for 4 years (peactime and I'm glad of that). Maxed my contribution to my educational fund, got out, 4 years college, no grants, no loans, just VA benefits, worked part time. Now this? Why is this country pissing on me? 

http://truthingold.blogspot.com/2013/01/any-questions-about-why-this-cou...

Sat, 01/05/2013 - 17:18 | Link to Comment Landrew
Landrew's picture

Most here would call that a hand out.

Sat, 01/05/2013 - 18:43 | Link to Comment Esso
Esso's picture

You might be a "fucking sucker", Fubar, but you did the right thing. The problem with "doing the right thing", more often than not, it stinks, but at least you can sleep at night.

Sat, 01/05/2013 - 16:23 | Link to Comment Variance Doc
Variance Doc's picture

"...make a zero-dollar payment..."  That is a payment?  You really can't make this shit up.

We need to realize that higher education today really only guarantees one outcome: unpayable debt.

Sat, 01/05/2013 - 16:42 | Link to Comment donsluck
donsluck's picture

You must actually make out a check for $0.00 gotta keep the banks involved!

Sat, 01/05/2013 - 17:22 | Link to Comment Dr. No
Dr. No's picture

I guess its better than a negative payment??

Sat, 01/05/2013 - 16:36 | Link to Comment Haole
Haole's picture

$4 trillion deficit in 10 years my ass.  It's already "officially" gone up $600B just a few days after the initial proclaimation hasn't it?  Try $40T, maybe $400T, this thing is just starting to go off the rails...

Sat, 01/05/2013 - 19:15 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Why does that make me laugh?

Sat, 01/05/2013 - 20:33 | Link to Comment TN Jed
TN Jed's picture

If one truly wants justice, its hard for that to not end with "watching the world burn."  Fraud and corruption are the flammable glue which holds this disco ball together.  Let's dance.  Put on your red shoes and dance the blues.

Sun, 01/06/2013 - 03:04 | Link to Comment Terminus C
Sat, 01/05/2013 - 16:24 | Link to Comment yakmerchant
yakmerchant's picture

NT

Sat, 01/05/2013 - 16:35 | Link to Comment Freddie
Freddie's picture

Hope & Change.

I had to go to my state uni where I graduated years ago for something.  It was not some alumni shit or ball games nonsense.   The retards into alumni crap and the team are idiots.  The whole world is crashing down and idiots think college ball means anything.  I did it back then on a second jobs, no loans, almost no grants or scholarships either.  I worked my ass off by working 30+ hours a week. Lots of stress but you are young.  i learned responsibility very quickly.  Sink or swim.

When I was there years ago, the buildings were fairly spartan.  It could have been an old military base.  The professors made okay money but nothing special. The kids were hard working and were trying to get an education.  Most of us were stressed because we had to go run to a job right after class.  There was very little social bullshit, no expensive hand held wireless device gadgets or facebook pages.   The kids who were clueless dropped out fairly quickly and BS feel good majors were fairly rare.

When I visited the school recently it was a joke.  The new buildings and old buildings were like Class A commercial office building spaces.  They had nice furniture, chairs, lighting, commercial carpet, fixtures, etc.  It could have been the corporate offices of some NWO elite global corporation.   A slightly downscale version of Goldman Sachs HQ.  GS by the way owns one of the shit diploma mill schools.  I would guess that 40% of the kids at the campus there had no clue and were there for all the social bullshit.   I bet everyone of them had a 4G phone.

Sat, 01/05/2013 - 16:40 | Link to Comment WestVillageIdiot
WestVillageIdiot's picture

+1,000,000

 

They are majoring in Digital Zombiehood. 

Sat, 01/05/2013 - 17:16 | Link to Comment Freddie
Freddie's picture

It is child abuse.  These kids are all being Sanduskied  with debt and sold a lie. The libtard tenured professors and administration benefit.  As lkong as they make $150,000 a year with a 110% pension with COLAs..

There was a high school in Stubenville or some industrial town in Ohio where the school football team raped a girl. This past week.  Idiots saying they do not want to wreck the football program because it brings pride to a depressed area?!!  WTF!?!?  The asst coach said the girl was drunk or asking for it??  I did read the story because it was so sickening.

I was at a realtives house for the holidays and they had a college ball game on.  I wanted to puke.  The fools in the stands cheering this meaningless nonsense.  The kids in the stands going into debt poverty and into a marketplace with almost no jobs.  110,000 screaming idiots who are either kids entering LIFETIME debt slavery or alum/parenst/other people who support the idea 100%?  No one there is smart enough to connect the dots.

Yeah and we can pay the coach $5 million a year so the team can go 8-4 and play in the Ching Shun Dao Auto Parts Bowl sponsored by a defective Chinese auto parts manufacturer.   Maybe we can build a statute of "coach" using some shitty Chinese steel that was bought second hand from Fukashima.  That way "coach' can glow each night down by the stadium entrance for a half life of 250,000 years.

Madness.  ;-)   You cannot make this sh*t up.

 

Sun, 01/06/2013 - 10:20 | Link to Comment francis_sawyer
francis_sawyer's picture

Be True To Your School

~~~

http://www.youtube.com/watch?v=-ijkYkJfg0s

*only 6 more weeks until March Madness (lol)

Sat, 01/05/2013 - 17:09 | Link to Comment Pareto
Pareto's picture

freddie,

when you say we had to work after class and such.....i remember too.  but i remember that it wasn't that bad.  i didn't have much.  i lived with 4 other guys.  Everybody was busy with their education and work, but shit, we had fun too.  i could have worked harder!  All said, we graduated with about $30K or so in debt, and at 11% took the better part of 10 years to pay it back.  No regrets and i didn't think anybody owed me anything.  i resented only those that defaulted which as it turns out that stat went something like this:  "over 50% of outstanding student loans are in default and of those, over 60% occurred from high income debtors."  In other words, loans were benefiting mostly the wealthy as they chose not to repay as opposed to "not being able" to repay.  Another unintended consequence.  Incentives matter, and I often wonder whether government will ever EVER fucking figure this out.  After reading this post, me thinks not likely.

Sat, 01/05/2013 - 17:24 | Link to Comment Freddie
Freddie's picture

+1

I hear you.  Those were good times.  I remember being stressed out. There was never any money for anything. I resented dudes who had money and the time to chase lots of tail. At least you were in circulation back then so there were women around.  The stess back then was almost adreneline but you knew that if you worked hard that things should get better.

Today it is almost Hope(less).  I was in a Chipolte type semi upscale place the other day. The asst manager kid was talking to his friend. This is in a smaller university town.  He said he was going abck to school for criminal justice.   The only Hope for many kids is beoming part of the police state system.  :-(

Sat, 01/05/2013 - 17:37 | Link to Comment Pareto
Pareto's picture

the "next big thing"?  wonder if its possible to get long to this.

Sun, 01/06/2013 - 10:22 | Link to Comment francis_sawyer
francis_sawyer's picture

If he was going for criminal justice, what the hell was he doing in a Chipolte?... He should have been working in a donut shop if he wanted real life experience...

Sat, 01/05/2013 - 18:14 | Link to Comment Oleander
Oleander's picture

I was in Dunkin and ordered coffee and three of each kind of Muuchkin, they had 3 types. I got a bag with 3 Munchkins. I repeated my order to the stupid girl, 3 of each. I recieve the next bag and sure enough 3 Munchkins, 1 of each again. I did not have time to try again. Where do they find these people and why do they hire them?

Sun, 01/06/2013 - 10:42 | Link to Comment mjcOH1
mjcOH1's picture

Try handing over an extra 3 cents sometime because you want a nickle back...

Sat, 01/05/2013 - 17:25 | Link to Comment Matt
Matt's picture

A detailed,well thought out, well structured post by Freddie with no overt rascism or derogatory insults. Now I know I'm in the twilight zone. +1, keep up the useful contributions.

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