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Obama Unveils Student Loan Debt Bubble Bailout

Tyler Durden's picture




 

"The challenges of managing student loan debt can lead some borrowers to fall behind on their loan payments and in some cases even default on their debt obligation," notes the always astute White House... and so it's time to do something about that... by bailing the bad debtors out with US taxpayers money. As we have been vociferously warning, not only has the student loan debt bubble expanded massively (as the easiest credit substitute for real-world working and unemployment) but delinquencies on the 'easily available' credit is soaring with "consequences such as a damaged credit rating, losing their tax refund, or garnished wages." Consequences, as we have been taught now, are not acceptable for this administration and so President Barack Obama will issue an executive action on Monday aimed at making it easier for young people to avoid trouble repaying student loans.

As we noted previously, the amount of heavily delinquent student loans has just hit a fresh record high of $124.3 billion, up from $121.5 billion in the prior quarter.

So: when does the Fed finally admit i) there is a student loan problem and ii) the only way to solve said problem is to promptly monetize it?

or iii) A Federal Government bailout...

As Reuters reports,

President Barack Obama will issue an executive action on Monday aimed at making it easier for young people to avoid trouble repaying student loans, a White House official said on Sunday.

The president will sign an order directing the secretary of education to ensure that more students who borrowed federal direct loans be allowed to cap their loan payments at 10% of their monthly incomes, the official said.

Federal law currently allows most students to do this already. The president's order will extend this ability to students who borrowed before October 2007 or those who have not borrowed since October 2011, the official said.

The administration says this action will help up to 5 million more borrowers, although it will not be available until December 2015.

More broadly, the administration is looking for ways to stimulate faster economic growth without relying on legislation...

Preventing student loan repayment problems fits with that goal because officials say it will help young workers avoid credit blemishes that will hurt them down the road.

"Many student loan borrowers are working and trying to responsibly make their monthly payments, but are nonetheless struggling with burdensome debt," the White House official said.

"The challenges of managing student loan debt can lead some borrowers to fall behind on their loan payments and in some cases even default on their debt obligation, with such consequences as a damaged credit rating, losing their tax refund, or garnished wages," the White House official said.

Perhaps its time to reassess whether taking on massive indentedness for a degree that leaves you earning minimum wage anyway is a sensible idea.

Now we are sure there will be no unintended consequences from this law... no sudden spike in non-payment, no tumble in loan bundle values, and no collateral chain follow through...

Oh wait...

The number of borrowers in the income-based repayment programs climbed 24% from January through March to 1.63 million, the Education Department recently said.

 

The amount of debt covered by the programs grew 22% during that period to $88 billion—nearly one-tenth of all outstanding federal student debt.

WTF!

Welcome to the real world, debt serfs...

 

 

President Obama said...

  • *OBAMA: RISING TUITION COSTS LEAVE FAMILIES `FEELING TRAPPED'

And we said...

 

And then President Obama said...

  • *OBAMA SAYS HIGHER EDUCATION `SUREST PATH' TO MIDDLE CLASS
  • *OBAMA SAYS HIGHER EDUCATION IS `SMART INVESTMENT'

And we said...

It's just insane that the administration can make up so much crap - not have a clue how much it will cost.. and the manstream media just glosses over it .. a ha just another bailout for those who over-extended themselves.

 

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Mon, 06/09/2014 - 13:46 | 4837593 Millivanilli
Millivanilli's picture

Lol

 

When in complete meltdown, offer govt assistance to the debt slaves.   This will work out... like shit.

 

Obama,

No money, no problem, Bad Credit, No credit, No problem.  Kick the wheels on this baby.  For 9999.99 you can drive this baby off the lot today...

 

 

 

Mon, 06/09/2014 - 13:46 | 4837625 Arius
Arius's picture

have some compassion ... these are your brothers, sisters, sons and daughters ... even strangers ... still americans!

Mon, 06/09/2014 - 13:48 | 4837634 Millivanilli
Millivanilli's picture

I don't have a fucking bit of compassion.

 

If people don't care to understand the fundamental and usury nature of our credit based money system, zirp, nirp, etc fuck em.  

 

They get what they deserve.

 

Now back to sports, beer and titties.

Mon, 06/09/2014 - 13:52 | 4837655 fonzannoon
fonzannoon's picture

u leave titties out of this.

Mon, 06/09/2014 - 13:59 | 4837692 pods
pods's picture

They will try their best to keep this debt bubble from popping.  

At least we get to see who is really in control.  (can you please pay me something so I can pretend your loan is good?)

I say blow the whole thing up.  Keep stiffing them students!  Credit score will be the least of our worries when this one pops.

pods

Mon, 06/09/2014 - 14:04 | 4837709 Dr. Engali
Dr. Engali's picture

Your credit score is just a number to signify how good of debt slave you are. The higher the number the more value they put on you as a slave. 

Mon, 06/09/2014 - 14:10 | 4837755 SafelyGraze
SafelyGraze's picture

more and more colleges now are simply storing their graduates out in parking lots

you can see them on google maps

thousands and thousands of graduates

wearing their caps and gowns

packed in rows

channel stuffed

Mon, 06/09/2014 - 14:20 | 4837808 0b1knob
0b1knob's picture

< NO AUTOPLAY VIDEO EVER!!!!!!!!!!!!!!!

< More autoplay!  I love it!

Mon, 06/09/2014 - 14:27 | 4837839 boogerbently
boogerbently's picture

This will change the "nature" of these non-performing loans to give the appearance of an improved economy (less debt).

The ONLY thing obama has "improved" in this economy, is how to fudge the numbers.

Mon, 06/09/2014 - 14:37 | 4837884 Anusocracy
Anusocracy's picture

Like Harry Browne used to say: The government breaks your leg then offers itself to you as a crutch.

Mon, 06/09/2014 - 14:48 | 4837930 Save_America1st
Save_America1st's picture

Maybe obama can buy all those grads 1-way bus tickets to Seattle so they can make 15 bucks an hour "minimum" wage at McDonalds.  Of course they'll probably have to fight for a spot in the interview line with millions of Mexican refugees. 

Mon, 06/09/2014 - 14:53 | 4837940 Manthong
Manthong's picture

Well, that ought to get the sheep’s minds off of Benghazi, the NSA, the NDAA, the Bergdahl, the illegal migrant invasion and the market rigging debacles and on to all of the great things the black messiah is doing for them.

Mon, 06/09/2014 - 14:55 | 4837965 Never One Roach
Never One Roach's picture

One of my sons is overjoyed by this news. He said over lunch [to my friggin astonishment] now he can go out and get one of those "zero down, no job check, no interest for 5 year mortgages" and grab a new car ... "zero down, 10 years to pay back, no interest."

 

He said "society want shim to do it."

Where did I go wrong? Maybe when Mable dropped him on his head at age 2 the effects were more seriosu then I thought?

Or was it a genetic mutation?

Mon, 06/09/2014 - 15:09 | 4838032 Soul Glow
Soul Glow's picture

Tyler wrote -

OBAMA: RISING TUITION COSTS LEAVE FAMILIES `FEELING TRAPPED' He still doesnt get that costs are rising due to easy credit

Obama doesn't get a lot of things.

Mon, 06/09/2014 - 15:21 | 4838074 Gaius Frakkin' ...
Gaius Frakkin&#039; Baltar's picture

Uh, it's not just Obama...

The majority no longer understand the fundamentals of supply and demand or they pretend like it's no longer relevant.

Mon, 06/09/2014 - 15:28 | 4838104 Soul Glow
Soul Glow's picture

But the point is that the President of the United States of America has no fucking idea what he is doing.  Nevermind the status quo, it is forever to remain ignorant.

Mon, 06/09/2014 - 15:43 | 4838190 dontgoforit
dontgoforit's picture

Amen Soul Glow.  Or, if he does have a clue, he is determined to fulfill Agenda 21 and Cloward-Piven.  He seems to want to truly make 'debt-slaves' of all the people by increasing our debt to where it will take generations to get it under control, if ever.  And he's not working alone.  Impeach this dude before it's too late!

Mon, 06/09/2014 - 16:38 | 4838429 Cruel Aid
Cruel Aid's picture

Amen to you, thats what people dont get. Its going to plan, by the book and ahead of schedule.

The handlers know what they are doing. The prez is just a loveable dope!  er

Mon, 06/09/2014 - 19:46 | 4839000 HenryHall
HenryHall's picture

HYPERINFLATION IS THE SOLUTION

Coming soon to a dollar near you.

Mon, 06/09/2014 - 23:04 | 4839439 All Risk No Reward
All Risk No Reward's picture

The solution for WHOM?  Not the Banksters that control trillions in cash and trillions in debt paper.

Why would the Banksters zero out their wealth instead of offloading all its debts on society and stealing all they can (bailouts) and then busting the economy to turn their trillions in cash and trillions in debt paper into OWNERSHIP OF ALMOST ALL OF PLANET EARTH?

The answer is - THEY WOULDN'T.

So THEY WON'T.

Everyone needs to be aware of group think and take a gander at the following lists of biases and extirpate them from their cognitive thought processes.

Limiting payment amounts IS NOT A BAILOUT.

It actually increases one's debt as interest is accrued on a larger principle than otherwise would occur.

There will be no substantial "bailouts" for citizens.  Any money given to the plebs is simply riot control and another debt generation mechanism engineered to create inextinguishable debt and then turning that INEXTINGUISHABLE DEBT into OWNERSHIP OF REALITY.

Hyperinflation may well be the endgame, BUT IT WON'T HAPPEN UNTIL THE BANKSTERS HAVE UNLOADED THEIR TRILLIONS IN CASH AND TRILLIONS IN DEBT PAPER AND THEY OWN/CONTROL THE PHYSICAL PLANET.  When the Bankster Cabal owns / controls the planet, the fraudulent debt based money monetary has done what it was engineered to do and it can go away at that point.

This is so elementary, I don't understand the mental block that prevents so many people from seeing that the Economics 101 version of 2+2=4 is accurate.

And no, they won't tell you their plan.  They need you all in on inflation in order to maximize their take.

Mon, 06/09/2014 - 17:32 | 4838596 ebworthen
ebworthen's picture

I think he gets it.

He appears compassionate.

Demicans buy more votes.

Lending banks get bailed out.

Republicrats squelched, secretly happy.

Schools can keep raising tuition.

Hopium remains, bailouts remain.

Crushing middle class continues.

Mon, 06/09/2014 - 20:10 | 4839067 PT
PT's picture

I'll have to have a proper read of this article later, but it looks like Obama has successfully introduced a ten percent tax to anyone with a degree and made it look like it is "the graduates' fault".

(Yes, still plenty of room to argue, but the degrees go to the biggest idiots, I mean the highest bidders, and what banksters refuse a student loan on the grounds of it being too expensive in relation to expected earnings?)

Oh yeah, and the "ten percent tax" goes to the banks, not govt revenue.

Mon, 06/09/2014 - 15:14 | 4838050 Cthonic
Cthonic's picture

He's almost got it figured out.  All that's left is to explain margin to him.

Mon, 06/09/2014 - 18:44 | 4838815 CheapBastard
CheapBastard's picture

He sounds like a typical red-blooded, Kim Kardashian oogling, Jason Beeper listening, Idols watching Merikan. I bet you are considered the strange one in the Family thinking those odd thoughts about work, frugality, and so on. Very very old fashioned. the kid is simply taking advantage of "The Socialist System."

Tue, 06/10/2014 - 00:16 | 4838816 CheapBastard
CheapBastard's picture

Double post...sorry

Mon, 06/09/2014 - 15:19 | 4838069 detached.amusement
detached.amusement's picture

where did you go wrong? 

 

I'd start with....you dont appear to have taught him what currency is.  Or Money.  Or the connection to work.

Mon, 06/09/2014 - 17:49 | 4838646 balanced
balanced's picture

I used to pride myself on the fact that I work hard every day to earn what I have. I save (stack) each month and drive an old car. I watch other people, some friends, seemingly getting free money from the government left and right, student loans, ebt cards, etc., all the while refusing to work. These people spend money as though they are wealthy, because they continue to spend everything they get FOR DOING NOTHING.

I'm am sincerely starting to wonder if I've got it all wrong. Maybe there is something to be said for using the system to your advantage. After all, we are all forced to play be these rules. Why not get something out of it? In addition it would help to bring the whole house of cards down faster.

I would never really do it. I want to contribute something of value to those around me, and I want to earn what I have. But I am starting to resent that about myself.

Mon, 06/09/2014 - 18:07 | 4838690 StillSilence
StillSilence's picture

Don't give in.....One lifestyle is sustatinable, the other not so much. Those who you describe will reap what they sow, as will you.

Mon, 06/09/2014 - 18:45 | 4838808 Seek_Truth
Seek_Truth's picture

@balanced & StillSilence:

You've both got it right.

1 John 1:5-10

Mon, 06/09/2014 - 15:22 | 4838082 smlbizman
smlbizman's picture

the force is a very tough opponent..

Mon, 06/09/2014 - 19:54 | 4839033 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

He said "society want shim to do it."

Where did I go wrong?

Ummm..... did this particular son, by any chance, bear an odd resemblance to your mailman from around 20 years ago?

Mon, 06/09/2014 - 23:30 | 4839492 boogerbently
boogerbently's picture

I absolve you from all ostensible wrongdoings, parentally.

They choose their own path.

It's YOU Vs their peers.

I am relieved to know that at some point, my kids MUST have said:

Jeez, Dad has been RIGHT all along!

 

Mon, 06/09/2014 - 14:52 | 4837953 COSMOS
COSMOS's picture

Let's Seeee

10% student loans, 10% health insurance, 50% Rent, 20% food, 10% car insurance, 20% Gasoline, 10% electricity and water, 10% misc expenses, we need to let Americans print their own money, cut out the FED middle man, at least the money will go where its needed

Mon, 06/09/2014 - 16:07 | 4838292 TexasAggie
TexasAggie's picture

This reminds me of the old poster about budgetings:

total Inc = 20.

Rent =8

car = 4

groceries = 6

my beer = 2

wife's beer  3

solution - eliminate wife's beer.

Mon, 06/09/2014 - 16:39 | 4838435 deflator
deflator's picture

 I think I ran into her the other day, she said something about being lonely and bored.

Mon, 06/09/2014 - 16:49 | 4838487 duo
duo's picture

when Obama is through with the coal industry it's 20% electricity and water, and down to 10% food instead of 20%.

Tue, 06/10/2014 - 13:46 | 4841239 Sokhmate
Sokhmate's picture

Coal is a carbohydrate, or is it a hydrocarbon?

Mon, 06/09/2014 - 15:33 | 4838137 SDShack
SDShack's picture

"Hello, can I take your order? Can't make up your mind, well I have a BA in pyschology, so let me recommend you get fries with that."

Mon, 06/09/2014 - 16:36 | 4838421 Taffy Lewis
Taffy Lewis's picture

Welcome to McDonald's can I please help you? Shit, what can I do tonight? - Ice Cube circa 1988

Mon, 06/09/2014 - 17:15 | 4838562 Edelweiss
Edelweiss's picture

  Pretty effective way to buy future votes.  Does anyone here doubt that's the intent?

Mon, 06/09/2014 - 20:48 | 4839167 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Pretty effective way to buy future votes.  Does anyone here doubt that's the intent?

Yes, I doubt that's the intent. If voting actually mattered, your theory would be reasonable and sensible. However, compared to the gargantuan shit heap that is the student loan bubble, the money used to buy elections is mere pocket change.

This is actually a clever plan by the lenders to enslave borrowers to a lifetime of monthly tithes while depriving their heirs of an inheritance. For the "bailed out" borrowers under this program, ten percent of their monthly income will keep them technically out of default, but it likely won't be enough to amortize the loan.

For many, their payment won't even cover interest charges, so not only will the loan principal never decrease, the loan balance will actually increase over the years. For those whose payments cover their interest charges, the remaining amount applied to the principal will be infinitesimally small, much like the size of a differential element from first semester calculus. Imagine the situation of paying for fifty years, only to see the loan's principal reduced by a mere five thousand dollars.

But wait, there's more. The middle class still hasn't been completely looted yet. Some of these borrowers will acquire assets (via inheritance or insurance settlements, for example) over the course of their lifetimes. By the time they kick the bucket, they may have equity in a house, a stash of US Treasurys, a MyRA account, maybe even some stock in General Motors, Cisco, and IBM.

Of course, under current law (and I doubt this will ever change), the student loan people have first dibs on the assets of the estate of the borrower. But hey, after the loan principal and all associated fees are paid, the heirs are welcome to divide up whatever is left.

Mon, 06/09/2014 - 14:21 | 4837810 cifo
cifo's picture

It's the perfect time to apply for a student loan.

Mon, 06/09/2014 - 14:55 | 4837968 max2205
max2205's picture

While you sit around bitching you're getting softer. 

And the FSA is in the streets getting stronger. 

Mon, 06/09/2014 - 15:13 | 4838047 Greenskeeper_Carl
Greenskeeper_Carl's picture

each time i look around, the walls move in a little tighter

Mon, 06/09/2014 - 15:14 | 4838048 Herd Redirectio...
Herd Redirection Committee's picture

"If people don't care to understand the fundamental and usury nature of our credit based money system, zirp, nirp, etc fuck em.  "

The problem is, these kids get ZERO financial education in school.  I know.  I was one of them.  I only figured out the scam AFTER taking out the loans (I was  a young, dumb kid) and at that point I could have stopped borrowing more, but only by dropping out of the program midway.  Which is a tricky predicament, when you are already on the hook for a few $$$.

People are repeatedly lied to, information withheld, minimal financial education (or its all BS like MSNBC), that makes many of these loans fraudulent, plain and simple.

Mon, 06/09/2014 - 16:39 | 4838415 Stroke
Stroke's picture

You are the only one making sense on this thread...it's easy to say "fuck 'em", these purveyors of loans, & I'll say all loans, job (commissioned) is to keep the borrower in the dark & lost in a sea of confusion.

"Gee the man behind the desk "must" know or he wouldn't be here"

 BULLSHIT that man or woman is there to close loans.

Stop offering woodshop, or fucking dodgeball in the early grades & teach these kids about the sharks in finance

 

The country will be better for it.

Mon, 06/09/2014 - 16:35 | 4838416 Stroke
Stroke's picture

You are the only one making sense on this thread...it's easy to say "fuck 'em", these purveyors of loans, & I'll say all loans is to keep the borrower in the dark & lost in a sea of confusion. "Gee the man behind the desk "must" know or he wouldn't be here"

 BULLSHIT the man / woman is there to close loans.

Stop offering woodshop, or fucking dodgeball in the early grades & teach these kids about the sharks in finance

 

The country will be better for it.

Mon, 06/09/2014 - 14:46 | 4837918 RafterManFMJ
RafterManFMJ's picture

My duel collage degrees only costed me 6 years and a studant debt of $140,000! I got to school full-time in Mother's basement on the computer full-time! I graduate with degree in landscaping and one in law! I come your house, plant blueberries, spread pine bark then fall down and sue!

Same day!

As always, thanks you very much Univercisty of Phoenex!!

Mon, 06/09/2014 - 14:50 | 4837935 JRobby
JRobby's picture

Apollo Education Group

 

 

Mon, 06/09/2014 - 15:00 | 4837996 insanelysane
insanelysane's picture

You had me going and then you screwed up and spelled graduate correctly.  Gradjiate is more like it.

Mon, 06/09/2014 - 15:24 | 4838092 franzpick
franzpick's picture

Yesterday I couldn't spell graduate, and today I are one.

Mon, 06/09/2014 - 17:52 | 4838658 MiguelitoRaton
MiguelitoRaton's picture

Your college degrees are dueling?

Mon, 06/09/2014 - 14:15 | 4837786 libertus
libertus's picture

What a joke! This is just lipstick on a pig of a proposal. It does not address the inefficiencies in higher education at all. Want to see the future? Take a look at oplerno.com. They are redesigning things from the ground up wiht a much better business and pedagogical model. Screw supporting the old system! Pay as you go! Loans=slavery no matter the interest rate. 

Mon, 06/09/2014 - 14:41 | 4837904 cro_maat
cro_maat's picture

libertus - That is funny shit! "Redesigning from the ground up" They are looking for "Real World Practicioners" who have at least a MASTERS DEGREE. Same shit different day.

You want Real World Practicioners? How about Timmy (I do Private Equity) Geitner, or Ben The Ponzi Bernanke. I hope you didn't put too much of your hard earned fiat into that site.

Mon, 06/09/2014 - 14:50 | 4837941 libertus
libertus's picture

Cro_maat. 

For higher ed institutions dependent on student loans and government fiat--the collapse is already here. Obama is not helping to create access, he is just kicking the can down the road for as long as he can. 

You need to look more closely at the business model and the faculty contract. If your interested in imparting your great wisdom, I'm sure they would welcome you to the faculty. 

Mon, 06/09/2014 - 14:59 | 4837986 jcaz
jcaz's picture

Exactly, libertus-  all he's doing is off-loading the debt 20 yrs, at which point taxpayers will pick it up-  this "solves" nothing, and creates nothing,  and since the taxpayer is picking up the tab in the end, this will actually supercharge hikes in tuition and access to even greater debt-  which is the only real concern of this Administration.

Fuck you, Barry.

Mon, 06/09/2014 - 16:18 | 4838342 RichardENixon
RichardENixon's picture

Yep. This is designed to keep the higher "education" bubble inflated for as long as possible. Short-term I would expect to see an even more rapid inflation in college tuitions.

Mon, 06/09/2014 - 16:02 | 4838273 FreeNewEnergy
FreeNewEnergy's picture

Hey, libertus, do yourself a favor and go pimp your oplerno site somewhere else. Now, seriously, looking at your post, are we supposed to believe somebody who uses a dash instead of a comma and does not know the difference between "you're" and "your" is an educated person?

And, yes, the fact that you offer faculty positions only to people with Masters' degrees is strike three. Think about it. You would not have allowed either Bill Gates or Steve Jobs to be teachers in your grand new online education scheme.

Please, spare us from more uncontrollable laughter and stop pimping and posting this complete and utter bullshit. I predict the oplerno.com domain will be up for sale in six to twelve months.

Go crawl back into that edmunikayshun hole you from which you crawled. 

Mon, 06/09/2014 - 22:36 | 4839391 libertus
libertus's picture

FreeNewEnergy

I should do a better job at proofing the comments. Thanks for the constructive critique. Unfortunately, accreditation organizations only allow people with a Master's or above to teach at the college level. I agree that this is total nonsense. Jobs, Gates and lots of other people would make excellent teachers. Excellent point. 

Oplerno will be around for a long time. I hope your wrong. 

I clearly am not as smart as you and do not get the edmunikayshun reference. Could you please explain? 

Mon, 06/09/2014 - 18:40 | 4838749 Anasteus
Anasteus's picture

Yes, he's just kicking the can down the road. But why is he doing so? Simply because he has no other choice, he's afraid of possible massive student outrage that would appear otherwise. Making someone a serf is a double edged sword. Once students (and everybode else) get used to using cheap money it's very hard to abandon the comfortable life style and just simply turn back to 19. century as if nothing happened. We certainly might consider many people taking loans as being irresponsible or frivolous. But once the well dries up all the masses fetch up on the same (sinking) boat and the new dangerous circumstances make them unify and generate remarkable output not seen anytime before. You can call it a self-preservation wisdom.

In some sense the disappearance of middle class is probably the best way how to avoid tyrannical system, although the common sense says otherwise. If you have 90% of poor people, you actually have the same number of people on the same boat sharing the same fate, who are perhaps not aware of anything, don't care about anything... until the boat starts sinking. When things start changing they all share and enjoy one favourable position - they heavily outnumber the opposite club. Once unified due to unfavourable circumstances they become a power no one would like to mess with.

If the elite thinks it can treat and manage the inert masses equally in good and bad times, it's one of the most deceptive view one can suffer from, a sign of insanity in crystal form.

... so the families perhaps feel trapped, but so does the elite.

Mon, 06/09/2014 - 21:09 | 4839219 Zoomorph
Zoomorph's picture

Once unified due to unfavourable circumstances they become a power no one would like to mess with.

And then they'll overthrow the elites, create a utopian world, and live happily ever after like human sheep, grazing on their ipads and TVs, with all war and corruption removed from life, perfectly content and peaceful, until humanity is eventually wiped out by some comic event? Or they'll be united in war, but as soon as the elites are overthrown, a new set of elites will arise to start the gradual power concentration all over again?

The latter is the way the world has been since the inception of life. If we truly unilaterally conquered life and its competitive impulses, would homo sapiens still be an interesting organism? Is such a conclusion biologically feasible?

Tue, 06/10/2014 - 18:37 | 4839769 Anasteus
Anasteus's picture

"Or they'll be united in war, but as soon as the elites are overthrown, a new set of elites will arise to start the gradual power concentration all over again?"

Well, perhaps yes, but on a higher level of the spiral. The gradual liberating trend of the mankind is indisputable fact proven by history.

Mon, 06/09/2014 - 14:25 | 4837822 explosivo
explosivo's picture

Well said.

Mon, 06/09/2014 - 14:45 | 4837919 JRobby
JRobby's picture

Fuck "Fair Isaac" FICO

Fuck Trans Union

Fuck Experion

Fuck Equifax

Fuck them all. All these were created to deflect discriminatory and predetory lending enforcement eyes away from the debt masters and their operatives. This score obsession is part of the sickness.

Mon, 06/09/2014 - 14:08 | 4837731 Beam Me Up Scotty
Beam Me Up Scotty's picture

Why doesn't this fucktarded president we have ask the colleges why college costs are exploding at 10 times the government's own "inflation rate"?  Any why the college professors and administrators are making debt slaves out of their students.

Mon, 06/09/2014 - 14:26 | 4837835 insanelysane
insanelysane's picture

Because education is worth the price no matter what the subject is and no matter what the price is.  So if you want to spend $250,000 getting a degree as a 8 track tape player designer you should.

Mon, 06/09/2014 - 15:32 | 4838134 machineh
machineh's picture

Higher education -- the ultimate 'one-decision investment.' /sarc

Mon, 06/09/2014 - 15:47 | 4838205 dontgoforit
dontgoforit's picture

Well, that and castration.

Mon, 06/09/2014 - 14:27 | 4837842 Matt
Matt's picture

Demand exceeds supply? Pensions for all the retired staff? Luxury living for students? Increased marketing spending? 

With this new system, it is better to borrow then save. If it cost $200,000 to get a Bachelor's degree at an Ivy League school, if you instead borrow the money, if you end up making an average of only $2000 per month afterwards, you will end up only paying $2400 per year. If you work for 50 years, you only pay $120,000, less than the total borrowed! If you make a lot more, you pay off the loan. 

Mon, 06/09/2014 - 14:30 | 4837852 Cruel Aid
Cruel Aid's picture

ding ding ding

Load up the indoctrinators. Make them rich, pass it on to the economy. Bail out that debt. Make the liberal artsies happy to be takers.

Rinse repeat on every aspect of the economy.

Big picture, bigger picture.

Mon, 06/09/2014 - 15:18 | 4838063 Herd Redirectio...
Herd Redirection Committee's picture

Debt relief is actually good for the economy.  But thats not whats happening here.  Its being monetized by the gov't, not forgiven.  So just another stake in the USD's heart.

Mon, 06/09/2014 - 15:48 | 4838212 Cruel Aid
Cruel Aid's picture

I was talking about the ridiculous rise in the cost of ed. I just finished my kids ed and my wife is taking classes for her job. She has been indoctrinated and robbed by knuckleheads multiple times. 

Q is Why? and is it worth it to the general citizenry. Are Professors and school administrators worth more now than before.  If you need to be bailed out, then there is a manipulation problem with the price structure. Same with housing a while ago. Yet we continue to not get it.

Paying off an accurate debt is better for the economy, imo, than a bailout.

That is the small picture, the big picture is the reserve currency shift we will all have to endure and the 'bring the US to its knees' minions.

Mon, 06/09/2014 - 14:40 | 4837885 sessinpo
sessinpo's picture

Beam Me Up Scotty      Why doesn't this fucktarded president we have ask the colleges why college costs are exploding at 10 times the government's own "inflation rate"?  Any why the college professors and administrators are making debt slaves out of their students.

----

Not to call anyone a fucktard, but why would anyone think the President or any other big government politician would call out the colleges?  The colleges provide the big government socialist propaganda. And they provide life long dependency of new and future generations. Government wins heads or tails.

Mon, 06/09/2014 - 14:44 | 4837921 NOTaREALmerican
NOTaREALmerican's picture

Because you'd have to "call-out" the REST of the Big-Gov scams to.  Let's have a show of hands of how many people are leaching off of: Big-Ag, Big-MIC, Big-Road, Big-Water, Big-Airport, Big-Energy, Big-Ed, Big-House, Big-Fin, Big-OldFart, Big-OldFartHealthcare, Big-AntiDrug, & Big-PoliceState – and (now) Big-Space.

Mon, 06/09/2014 - 15:41 | 4838175 SDShack
SDShack's picture

Not only due they provide the propaganda, but they also provide the campaign dollars. Propaganda is nice, but the money is king.

Mon, 06/09/2014 - 14:40 | 4837900 jcpicks
jcpicks's picture

All 'students' should stop paying their loans right now as a result of this.  They should keep on thinking that BHO will protect them from any potential fallout, and that there will never be any recourse....no matter the outcome.

Fuck you Obamahala.....this is nothing but another distraction to cover up your own incompetence.   

Mon, 06/09/2014 - 14:52 | 4837960 Kirk2NCC1701
Kirk2NCC1701's picture

Pods, your 4837692 comment is the BEST of this article.  You totally nailed it!

Mon, 06/09/2014 - 15:47 | 4838204 KickIce
KickIce's picture

Yep, just another step to prolong the ponzi.  Next thing you know we'll bail out banks and car unions as well as sell treasuries to a small country like Belgium.  Hell, they might even try to suppress PMs.

Mon, 06/09/2014 - 14:03 | 4837708 Postal
Postal's picture

Can't: Several pairs of firm A-cups is why I make CC payments every month. :(

Mon, 06/09/2014 - 14:26 | 4837832 americanreality
americanreality's picture

Leave your daughters out of this.

Mon, 06/09/2014 - 14:47 | 4837916 pods
pods's picture

Okay, that was bad, but I laughed.

pods

Edit:  After re-reading the descriptor "firm" I chuckled again.  This place is like the Canteena on Star Wars.

 

Mon, 06/09/2014 - 17:23 | 4838578 Postal
Postal's picture

The Canteena is a wild, lawless outpost, filled with drunken smugglers of ill repute who eagerly engage in all manner of lascivious behaviors.

Huh. What d' ya know? There is a resemblance. 

Mon, 06/09/2014 - 17:15 | 4838564 Postal
Postal's picture

Leaving the girls out gets expensive. ;)

Mon, 06/09/2014 - 14:06 | 4837726 teslaberry
teslaberry's picture

fonzy, do you have a problem with sports and beer?

Mon, 06/09/2014 - 14:35 | 4837874 mc225
mc225's picture

tittays for the win!

Mon, 06/09/2014 - 13:54 | 4837661 smithcreek
smithcreek's picture

Unfortunately, you get what they deserve.

Mon, 06/09/2014 - 15:09 | 4838035 BorisTheBlade
BorisTheBlade's picture

Obama's way to handle any economic crisis is to distribute money he doesn't happen to have to the people who didn't earn them.

When that fails, it's time to redistribute freedom and democracy to those who didn't ask for it.

Mon, 06/09/2014 - 15:58 | 4838252 Slartebartfast
Slartebartfast's picture

"Are there no prisons?   Are there no workhouses?"

Mon, 06/09/2014 - 19:18 | 4838913 NuckingFuts
NuckingFuts's picture

+1 for the Dickens refernce, obviously missed by some

Mon, 06/09/2014 - 17:06 | 4838530 TruthHunter
TruthHunter's picture

"I don't have a fucking bit of compassion."

 

You should be glad those whom you look down on still

have a little compassion for your kind. When they run out, they follow

people like Lenin, Stalin, Mao, or Pol Pot

Mon, 06/09/2014 - 13:57 | 4837679 NOTaREALmerican
NOTaREALmerican's picture

Re:  still americans

What defines Merica is how Mericans loath other Mericans.

Mon, 06/09/2014 - 14:22 | 4837812 Oldwood
Oldwood's picture

It is quite obvious that those who live within their means are the culprits here. Rich people aren't paying enough taxes. If we would just take their money, everything would be as right as rain. People can't be blamed for borrowing and spending too much. After all, they are told it is their patriotic duty and those who hoard their money, who refuse to buy useless crap, are the real problem. Increasing income taxes on these rich fuckers is not enough! If they won't piss their saving away, we need a wealth tax to take it away so we can piss it away for them!

This is the message, right?

Mon, 06/09/2014 - 14:31 | 4837859 NOTaREALmerican
NOTaREALmerican's picture

Re:  This is the message, right?

I don't care about the Trash Class either.    As long as they aren't rioting or dieing in front of the nice restaurant I'm in, I could care less.

I personally think the Trash Class are perfectly happy right now.   They've got all the near-food, sports, internet, and bling they need.   The only people bitching about the Trash Class are those who happen to be aware they are part of the Trash Class.  

Mon, 06/09/2014 - 14:37 | 4837878 mc225
mc225's picture

how can we even have a real discussion about living 'within' or 'outside' of means when the entire monetary system is fake?

Mon, 06/09/2014 - 14:42 | 4837909 NOTaREALmerican
NOTaREALmerican's picture

Re: monetary system is fake

It's not fake.   It's a GAME system.  Some people "get" the game.   Most people don't.   

That's the problem with those who talk about an honest or fair or open or free system.   If it was ANY of those it wouldn't be worthy to win.   

Mon, 06/09/2014 - 14:51 | 4837938 Oldwood
Oldwood's picture

If you can't figure out how to spend less than you earn, then you probably don't have a decent chance at a game of Monopoly, much less the world we live in. Living in debt is the only alternative to living within your means...and yes accepting an entitlement check from the government is a debt. Its called dependency.

Mon, 06/09/2014 - 14:04 | 4837710 Hippocratic Oaf
Hippocratic Oaf's picture

Arius is a worthless troll

Go fukin die in a goddamn fire

Mon, 06/09/2014 - 14:07 | 4837730 Gene Parmesan
Gene Parmesan's picture

Seconded. Go sell unicorns somewhere else.

Mon, 06/09/2014 - 14:18 | 4837793 ShrNfr
ShrNfr's picture

In the case of Obama, no.

Mon, 06/09/2014 - 14:46 | 4837934 grozniy
grozniy's picture

I worked two jobs while paying cash for tuition. Liberal arts majors and literature majors in top schools are in debt because of their own faults. No Compassion for you! No Compassion for them!

Mon, 06/09/2014 - 14:49 | 4837942 Kirk2NCC1701
Kirk2NCC1701's picture

Arius, aside from possibly being sarcastic, you should realize that "compassion" is for people you know, not for abstractions out there in the world.

Ever heard of Darwinism?  Cooperation and compassion within the group, competition outside the group.  All "compassion" outside the group is one of mutual benefit and convenience (quid pro quo) -- as it should be per Mother Nature, and not per some warped sense of "Christian morality".

Mon, 06/09/2014 - 14:59 | 4837993 Pareto
Pareto's picture

There is nothing American about laying the realization/capitalization of your intertemporal preferences on the backs of others who will receive no material benefit in doing so - EVER.

Mon, 06/09/2014 - 15:11 | 4838042 RealityCheque
RealityCheque's picture

fuck them, and fuck you.

This bullshit isn't compassion. its more slavery, for longer.

Mon, 06/09/2014 - 15:12 | 4838043 MFL8240
MFL8240's picture

Are u fucking joking? I worked 9 to 10 hours a day, 6 days a week and went to night school in New York which I paid every dime for for 9 years to get my BBA and did my homework on Sundays. You want to have compassion for people who went away to college to drink and fuck while I paid my own way because I came from a poor family? Fuck you liberals! At age 40 I returned to weekend school to get my masters while raising 3 children and I am to have compassion? What the hell happened to personal responsibility and hard work???

Mon, 06/09/2014 - 15:24 | 4838095 Herd Redirectio...
Herd Redirection Committee's picture

The problem is, you are told if you graduate with said degree your job prospects are "beyond terrific". 

And your current job prospects are "beyond horrific".  So there is a tremendous incentive, based on professionals lying to potential students, to not work your way through college, but rather take out the debt.  Besides, working your way through will just delay your graduation, and all the other grads will get those sweet jobs, instead of you.

But remember, it starts with a lie.

Mon, 06/09/2014 - 15:56 | 4838244 Oldwood
Oldwood's picture

And the lies will never end. Until we accept that we live amongst liars who will steal the bread from your mouth, we will always be screwed. If all we want to do is believe the lie because it is what we want to hear, then we will be forever fucked. My father, who was born in 1919, believed it with all his heart that success lie just a diploma away. I knew it wasn't universally true in the seventies and we surely know it isn't true today, when costs have gone up more that ten times since then.

Mon, 06/09/2014 - 16:27 | 4838379 drendebe10
drendebe10's picture

Step right up!  Step right up!  Hurry! Hurry!  Hurry to get your freebies in exchange for your vote from the lying flim flam man in chief!!!!  Step right up! Hurry! Hurry!

Mon, 06/09/2014 - 16:40 | 4838438 Agstacker
Agstacker's picture

I've been repaying my student loans.  Will I get to have that money back?

Mon, 06/09/2014 - 16:43 | 4838456 deKevelioc
deKevelioc's picture

Let's coddle everone, then.  I need a free airline ticket to Nepal.  Can I get an executive order for one?  Ipromise to pay back in easy payments for the rest of my life.

Mon, 06/09/2014 - 13:51 | 4837647 drendebe10
drendebe10's picture

bravo...  another great move by the arrogant narcissistic illegal kenyan indonesian alien sociopathic liar in chief ignoramus.... 

Mon, 06/09/2014 - 13:51 | 4837652 drendebe10
drendebe10's picture

BTW, its lying voice is like finger nails on a chalk board....

Mon, 06/09/2014 - 14:07 | 4837729 thamnosma
thamnosma's picture

Why are Taliban fighters like your local poiicemen?   They're never around when you need them.

Mon, 06/09/2014 - 13:55 | 4837668 therover
therover's picture

"Obama,

No money, no problem, Bad Credit, No credit, No problem.  Kick the wheels on this baby.  For 9999.99 you can drive this baby off the lot today..."

Stated like Art Fern (a classic Johnny Carson character). Only Art got angry when you could not pay. 

 

Mon, 06/09/2014 - 14:13 | 4837770 SAT 800
SAT 800's picture

T hey all vote Democratic. They're taught one thing; and one thing only; Be a Liberal; it's the right thing to do. so, of course; they're getting paid off.

Mon, 06/09/2014 - 14:23 | 4837819 Oldwood
Oldwood's picture

Only if you know whats good for ya.

Mon, 06/09/2014 - 14:20 | 4837807 whirling tword ...
whirling tword freedom's picture

Merkin spring???   /sarc

Mon, 06/09/2014 - 14:39 | 4837818 williambanzai7
williambanzai7's picture

.

More smoke and mirrors to create the illusion of  election year progress.

But all they have done is enriched a bunch of overpaid University shitheads, subsidized JPM and Goldman Sachs and sucked up the blood of our younger generations.

Once again, I am sickened more by the the people who designed this fine scam more than I am by the young people who fell for it.

You know, the ones who are not born with silver spoons in their mouths and are constantly humdrummed for 12 years into believing a degree is the way to get ahead in America.

And my kids do not owe one penny of student debt either.

Mon, 06/09/2014 - 15:48 | 4838216 machineh
machineh's picture

The U.S. has been governed by a succession of Harvard and Yale graduates since George H. W. Bush (1989).

Many of their 'opponents' were Yale/Harvard too -- e.g., Mitt Romney (Harvard Law) vs Barack Obama (Harvard Law) in 2012.

Now hundred-milllionaire Hillary Clinton (Yale Law) is lecturing about the evils of wealth inequality. She treats her serfs like family!

Here is a barf-inducing photo of the Hildabeast, for those who haven't eaten in the past 4 hours:

http://www.washingtontimes.com/news/2014/may/25/one-percenter-wealth-of-...

Mon, 06/09/2014 - 16:32 | 4838398 drendebe10
drendebe10's picture

"There ain't nuthin uglier than an old white woman."  Fred Sanford, Sanford and Son

Mon, 06/09/2014 - 14:37 | 4837880 Chewybunny
Chewybunny's picture

The slavery is the joke part. The students don't know how much power they have over these banks right now. There is very little they stand to lose at this point by defaulting. I graduated in 07' with over 30k debt. After a year and a half of paying it off I called them and told them I can't pay anymore, I don't make enough money, so they gave me a 2 year break from having to pay it. THe interest piled up but who the hell cares. Then I did a diffirent deal, I am now paying $20 a month. Will probably pay that same amount till the day I die, but who cares, 20 bucks a month? Pfft. That's assuming they last that long! I know for a fact they rather have my account on the books rather let me default. I know for a fact how much leverage power I have.

I encourage all my fellow recent grads to do the same. There is so little recourse. At worst they can do what, wage garnishments? on an already highly unemployed segment of society? Wait till the riots break out on that one.  

Mon, 06/09/2014 - 14:57 | 4837975 Oldwood
Oldwood's picture

Bodes well for our future. Our society is dominated by banks and law firms forcing us to fill out endless pages of contracts, all for the purpose of their self protection, not ours. We have lost the value of our word and now this corruption seeks to make us all into liars and thieves.

Take what you want and let the next guy worry about it.

Everything society has ever hoped for.

I hope for your sake that if you ever find someone owing you, they do not share your cavalier attitude towards commitment.

Mon, 06/09/2014 - 15:27 | 4838113 Herd Redirectio...
Herd Redirection Committee's picture

The lesson society is teaching its young right now is: "Hey, you are going to pay for our mistakes.  Deal with it.  You can pass the buck on to the next generation when the time comes."

Mon, 06/09/2014 - 16:06 | 4838288 Oldwood
Oldwood's picture

By society, I presume you mean our current leaders and intelligentsia. The only mistake I have made is believing lies just as my forefathers and just like the youth of today. While I may have made my mistakes in believing, I have also been working and contributing quite handsomely to boot, a large difference than what many of our younger generations are looking to do. Our economy suffers from a waste of resources (malinvestment) and loss of productivity. Wealth (not money) is created from wise investments and the productivity that those investments combined with individual efforts produce. Wealth IS NOT created by buying for a dollar and selling for two, which is the current dominant theme. The illusion of wealth creation while simply transferring money from one pocket to another.

Mon, 06/09/2014 - 14:52 | 4837958 JJdog
JJdog's picture

When student's income is $0 because there aren't any jobs, what will be the 10% payment cap equals to? 

What a freaking clueless clown! And all the morons who voted for this scam in to the white house are the ones to blame. 

 

Mon, 06/09/2014 - 15:08 | 4838028 SeattleBruce
SeattleBruce's picture

"When student's income is $0 because there aren't any jobs, what will be the 10% payment cap equals to?"

Sounds like a great story problem for our high schoolers, or perhaps our college grads, only since we're not measuring any results, and results based education is SO unfair, perhaps you'll be penalized only if you answer correctly...

"And all the morons who voted for this scam in to the white house are the ones to blame." = 70 million people or so - scary thought...

Mon, 06/09/2014 - 20:20 | 4839098 RmcAZ
RmcAZ's picture

They will take 10% of their unemployment checks, and give it back to the government. Take from one pocket and put it in the other.

And then they will increase unemployment checks by 10%. Problem solved.

Mon, 06/09/2014 - 15:05 | 4838013 SeattleBruce
SeattleBruce's picture

Love the metaphor - Obama the first used car salesman Prezudent.  Certainly not the first Pusher Prezudent (we've been pushing massive debt onto the taxpayer since 1971, thank you very little...), but he's a Pusher extraordinaire...

Mon, 06/09/2014 - 15:24 | 4838094 gatorengineer
gatorengineer's picture

Dont think many hedgers can read.  This is for FEDERAL DIRECT loans.  These are loans to Obamas people......  these are not the government insured loans offered to white middle class kids by banks.......

Mon, 06/09/2014 - 16:47 | 4838471 g speed
g speed's picture

thank you---just another reason why I will never hire a black/brown -----if the deck is stacked, I get to cheat--When you go to brown town you pay double at the vegie stand if you're white--just a fact of life.

Mon, 06/09/2014 - 16:06 | 4838287 doctor10
doctor10's picture

He hasn't a clue-its not the debt-its the lack of  job opportunities

It also, just happens to be, the nasty interplay of creditors and the beneficiaries, the colleges, continuing to sell degrees not capable of providing a means with which to service the debt.

Fed.gov is the enabler in the room

Mon, 06/09/2014 - 16:08 | 4838297 tempo
tempo's picture

My grandson just finished two years of pot smoking, no effort classes and now has a large student loan. He is working at a city day camp 15 hours per work at a minimum wage helping with crafts. He is calling all the relatives to co sign so he can continue another year of sex and pot. Good luck!!

Mon, 06/09/2014 - 16:59 | 4838513 inhibi
inhibi's picture

So going to college now really only costs a permanent tax of 10% on earned income, because lets face it, no one is going to be making enough to pay it off at 10% (or $200/month for median wage after taxes).

 

Good to know, thanks Barry!!!!

 

/s

Tue, 06/10/2014 - 05:07 | 4839794 Divine
Divine's picture

Students will become great debt slaves because these people had some expectations about their future quality of life. If they canno't achieve this level without proper jobs - they will borrow everything they can from the TBTF - because renting is so proletariat..

Here in Scandinavia, if you don't have a job - the government will pay for your rent, healthcare, electricity, insurance, hobbies etc + give you 500 euros to play with each month.

If you are a student, the government will pay you about 480 euros for living each month (no-one lives this cheap here - my rent on 48 sq. meter (about 470 sq foot) 1 bedroom house is 1065 € a month) Then government will back a student loan for you so you can borrow 300 euros each month from one of the selected banks. 

In essence - if you dont do anything productive, you will be taken care of. If you study and aim to be something, the government will force you to get debt from private institutions.

Ok, so its free money anyways so why am I whining? Its quite simple - my student debt + student aid comes to about 780€ each month, my rent is the said 1065€ + other living expences. So I need to earn about 500-700€ a month to make a living.

So when all these college/university kids need to make extra money on top of their aid + debt, who will hire the kids without education? The answer is no-one. Who would hire an unmotivated/unskilled person who knows he can get as much money from the government without working 160 hours a month?

So all the university & college kids work while they are studying, whats wrong with that you ask? The average time it takes to complete higher education has increased with over a year because people need to take work shifts during the week. People burn out under a shitload of work. The non-students will never get the work experience to become a productive members of society. The students will become furious to non-students because non-students/non-workers have exponentially better standard of living.

To receive validity to get student welfare, one needs to study full time. Then they dont pay the students enough to live (even the student debt doesnt help much) - so the students need to pick up a job. After you get a job you need to be careful to not to earn over 850 euros a month or you will go over "earning limits" and need to pay back student aid to government. So now every student needs a low paying, low hour job with as much work on the weekend's as possible - so not to mess their studies and student aid program. So the only problem is, where can people find jobs like this?

Mon, 06/09/2014 - 13:40 | 4837595 drchris
drchris's picture

Nice, get ready for another tuition bump.

Mon, 06/09/2014 - 14:00 | 4837694 post turtle saver
post turtle saver's picture

NO SHIT

this isn't a student bailout, this is a college administration employee bailout... tuitions: never down, always up... fees: never down, always up... salaries & bennies: never down, always up... easy credit to dupes: always on, never turned off... did we mention that many college employees are PUBLIC employees? gotta make a wave and ride it all the way

BOHICA

Mon, 06/09/2014 - 15:48 | 4838213 SDShack
SDShack's picture

You forgot one...Campaign contributions, never down, always up. It's what completes ths cycle.

Mon, 06/09/2014 - 14:14 | 4837782 Panafrican Funk...
Panafrican Funktron Robot's picture

Indeed, this is heavily price supportive of the .edu complex.  Time to build that student housing @ the University of Colorado and/or Washington with a pizza place and weed shop on the ground level.

Mon, 06/09/2014 - 15:22 | 4838085 SeattleBruce
SeattleBruce's picture

Time to become a permaStudent dude.  Booyah!

The whole world is operating on the principle, "There's a (greater) sucker born every minute."  (David Hannum re: PT Barnum).  Hmmm...wonder if this grand ponzi has a limit?

Mon, 06/09/2014 - 14:26 | 4837836 Oldwood
Oldwood's picture

I'm sure as a professor, Obama would have no reason to suspect his treasonous tenured fellows would have any interest in this discussion.

Ten out of ten professors believe the world would be a better place if run by professors. I'm pretty sure hookers and car thieves have about the same statistics.

Mon, 06/09/2014 - 14:39 | 4837891 mc225
mc225's picture

hookers could run things a lot better than professors... and hookers would probably be more well-read.

Mon, 06/09/2014 - 14:45 | 4837927 Oldwood
Oldwood's picture

At least hookers understand how supply and demand work.

Mon, 06/09/2014 - 13:44 | 4837598 youngman
youngman's picture

Well..there is an ELECTION coming up

Mon, 06/09/2014 - 14:08 | 4837744 thamnosma
thamnosma's picture

This criminal is going to pull all sorts of nightmares out of his pocket the closer we get to November.  However, I don't think the current tsunami of illegal youths is going to help the commie party.

Mon, 06/09/2014 - 14:22 | 4837815 PAWNMAN
PAWNMAN's picture

How can people not realize that Obozo is just buying votes again? This turd is so transparent, and yet the music just keeps on playing. The ONLY thing this scumbag s good at is running campaigns, and shilling for votes using gutter tactics. How embarrasing to have such a lowlife, disguised as an intellectual as the leader of our country.

Mon, 06/09/2014 - 13:41 | 4837604 i_call_you_my_base
i_call_you_my_base's picture

Now they can carry that debt to their graves. Winning.

Mon, 06/09/2014 - 13:53 | 4837657 tecno242
tecno242's picture

Incorrect.

After 20 years, the debt is forgiven and transferred to you, dear taxpayper.

If they get a public service (government) job, it gets transferre to you in 10.

Mon, 06/09/2014 - 14:02 | 4837700 DrData02
DrData02's picture

That's how you encourage folks to enlist in the military. 

Mon, 06/09/2014 - 14:16 | 4837784 Colonel Klink
Colonel Klink's picture

Until you're killed and your education is worthless to you and society.  But your debt lives on through the federal deficit and taxpayer's backs.

Mon, 06/09/2014 - 14:05 | 4837721 Postal
Postal's picture

If they get a gov't job, it's all transfered to you.

Mon, 06/09/2014 - 14:38 | 4837888 ElvisDog
ElvisDog's picture

After 20 years, the debt is forgiven

Not quite, Any debt that is forgiven is treated by the IRS as taxable income. The sheeple will be stoked that their $100K student has been forgiven until they are presented with a $30K tax bill due right now or penalties will apply.

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