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Next Mega-Bailout On Deck: White House Studying "New Bankruptcy Options" For Student-Loan Borrowers
A quick reminder of what the biggest debt bubble currently facing America's population is.
Why is this a problem? Because as the TBAC revealed a few months back, the default risk from the $1 trillions in student loans is several orders of magnitude above the 9% student loans which the Fed has revealed as currently "in default", as one has to add those 12% of loans in deferment and 11% in forbearance to the entire risk pool. In short: a third of all student loans are likely to end up unrepaid!
And, the punchline: according to the TBAC's worst case scenario of the future of student debt, this gargantuan load will triple over the next decade, to as much as $3.3 trillion by 2024.
This means that up to $1 trillion, and likely more, in household debt will go "bad" over the next decade. The problem: student debt is not dischargeable in a personal bankruptcy.
That is about to change.
It appears that just as the administration is finally figuring out what HFT is, it also decided to take a look at the charts above and has made a decision: the next bailout is about to be unveiled, and it will involve a "streamlined" bankruptcy law allowing students to discharge their student debt.
Moments ago this hit the wires via Dow Jones:
- WHITE HOUSE STUDYING NEW BANKRUPTCY OPTIONS FOR STUDENT-LOAN BORROWERS
- CURRENT U.S. LAW LARGELY PROHIBITS FEDERAL, PRIVATE LOANS FROM BEING DISCHARGED IN BANKRUPTCY
And some more color from Reuters:
President Barack Obama is slated to speak to students at Georgia Tech on Tuesday about how he wants to make the process of repaying student loans easier to understand and manage. Obama will sign a student aid bill of rights and will speak about an assortment of policy tweaks and projects to try to make it easier to help people with student loans pay back their debt.
"It's our responsibility to make sure that the 40 million Americans with student loans are aware of resources to manage their debt, and that we are doing everything we can to be responsive to their needs," said Ted Mitchell, undersecretary of education, on a conference call with reporters.
More than 70 percent of U.S. students who graduate with a bachelor's degree leave with debt, which averages $28,400.
The White House said it will require clearer disclosures from companies to make sure borrowers understand who is servicing their loan and how to set monthly payments and change repayment plans.
"Repayment rates improve when servicers work well and work directly with borrowers, helping them understand the terms of their loans," said Sarah Bloom Raskin, deputy secretary of the Treasury Department, on the conference call.
Obama will direct his Education Department to create a system by July 1, 2016 to better oversee and address complaints from borrowers about lenders, servicers and collection agencies, the White House said.
His administration will also study whether it needs to propose changes to laws or regulations to create stronger consumer protections, the White House said.
Which can only mean one thing: the appointment of a Student Loan Czar is imminent, as it the "discharge" of tens if not hundreds of billions in debt, which would never be repaid in any case.

And since there is no such thing as a free lunch, it will be the US taxpayer who will as usual end up footing the bill. Expect college fees to go vertical once deans and administrators understand that they can charge anything and the taxpayer will end up footing the bill.
* * *
One can read the Fact Seet on the "Student Aid Bill of Rights: Taking Action to Ensure Strong Consumer Protections for Student Loan Borrowers" below:
Higher education continues to be the single most important investment students can make in their own futures. Five years ago this month, President Obama signed student loan reform into law, redirecting tens of billions of dollars in bank subsidies into student aid. His historic investments in college affordability include increasing the maximum Pell Grant by $1,000, creating the American Opportunity Tax Credit worth up to $10,000 over four years of college, and letting borrowers cap their student loan payments at 10 percent of income. He has also promoted innovation and competition to help colleges reduce costs and improve quality and completion, including a First in the World fund. While these investments have helped millions of students afford college, student loans continue to grow.
That is why, today, President Obama will underscore his vision for an affordable, quality education for all Americans in a Student Aid Bill of Rights. As part of this vision, the President will sign a Presidential Memorandum directing the Department of Education and other federal agencies to work across the federal government to do more to help borrowers afford their monthly loan payments including: (1) a state-of-the-art complaint system to ensure quality service and accountability for the Department of Education, its contractors, and colleges, (2) a series of steps to help students responsibly repay their loans including help setting affordable monthly payments, and (3) new steps to analyze student debt trends and recommend legislative and regulatory changes. In addition, the Administration is releasing state by state data that shows the outstanding federal student loan balance and total number of federal student loan borrowers who stand to benefit from these actions.
A Student Aid Bill of Rights
- Every student deserves access to a quality, affordable education at a college that’s cutting costs and increasing learning.
- Every student should be able to access the resources needed to pay for college.
- Every borrower has the right to an affordable repayment plan.
- And every borrower has the right to quality customer service, reliable information, and fair treatment, even if they struggle to repay their loans.
Today’s Actions to Promote Affordable Loan Payments
Americans are increasingly reliant on student loans to help pay for college. Today, more than 70 percent of those earning a bachelor’s degree graduate with debt, which averages $28,400 at public and non-profit colleges. Today’s actions will help borrowers responsibly manage their debt, improve federal student loan servicing, and protect taxpayers’ investments in the student aid program:
Help Borrowers Afford Their Monthly Payments: The President will announce a series of steps to improve customer services and help borrowers repay their direct student loans, which are made with federal capital and administered by the Department of Education through performance-based contracts. High-quality, borrower-focused servicing helps more borrowers successfully repay their federal student loans. Building on the stronger performance incentives put in place last year, the Department will now raise the bar by:
- Requiring enhanced disclosures and stronger consumer protections throughout the repayment process, including when federal student loans are transferred from one servicer to another, when borrowers fall behind in their payments, and when borrowers begin but do not complete applications to change repayment plans. These steps will better protect borrowers from falling behind in their payments and ensure consistency across loan servicers.
- Ensuring that its contractors apply prepayments first to loans with the highest interest rates unless the borrower requests a different allocation.
- Establishing a centralized point of access for all federal student loan borrowers in repayment to access account and payment processing information for all Federal student loan servicing contractors.
- Ensuring fair treatment for struggling and distressed borrowers by raising standards for student loan debt collectors to ensure that they charge borrowers reasonable fees and help them return to good standing; clarifying the rights of Federal student loan borrowers in bankruptcy; working with the Department of Treasury to simplify the process to verify income and keep borrowers enrolled in income-driven repayment plans; and working with the Social Security Administration to ensure that disability insurance recipients who can discharge their student loans are not instead seeing their disability payments garnished to repay defaulted loans.
In addition, new requirements may be appropriate for private and federally guaranteed student loans so that all of the more than 40 million Americans with student loans have additional basic rights and protections. The President is directing his Cabinet and White House advisers, working with the Consumer Financial Protection Bureau, to study whether consumer protections recently applied to mortgages and credit cards, such as notice and grace periods after loans are transferred among lenders and a requirement that lenders confirm balances to allow borrowers to pay off the loan, should also be afforded to student loan borrowers and improve the quality of servicing for all types of student loans. The agencies will develop recommendations for regulatory and legislative changes for all student loan borrowers, including possible changes to the treatment of loans in bankruptcy proceedings and when they were borrowed under fraudulent circumstances.
The full fact sheet here.
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You mean real students --right?
wtf, I had to pay for my college why can't these deadbeats pay for theirs? tell me again why I bother to keep working when all my tax dollars go to lazy fucks who refuse to pay their debts?
Because you're a conformist sucker like me. That's why. There will, however, come a time in the quick future where it no longer makes sense to work and becomes time to jump on the fraud and benefits bandwagon.
Oh my, 3 down votes. The future of the USSA is set and it is looking pretty bleak
paying taxes?
now why would u be doin that...
oh yeah, i forgot - The owners of the Fed needs they scrilla....
in exchange for ur only true resource which is your time and energy they give u worthless pieces of paper they create out of nothingness, a portion of whcih they steal from u via taxation....
I think the problem is that 17 year-olds are given what amounts to a home mortgage. Screw whoever gives them credit. The problem is that the government backs it, it's not the people who take out the loans.
17-25 year olds are just taking their retirement early. Fullly funded by .gov. Seeing as there will be no pot at the end of the rainbow in the future...not a bad option. Enjoy life and screw.
Precisely, if the government didn't back the loans and make it impossible to default on their would be no issue. To all you idiots out there saying that this amounts to a bailout is absurd. It is illegal and unethical to make a law that creates credit terms in which the lendee has no option of defaulting because it creates a undue burden for the borrower when the future doesn't meet expectations that they still have to live with. It has been a nightmare for the education industry on the student side because all it has done has inflated the cost of education and reduced its services.
Who in their right mind would lend money to a student for christs sake. The issue isn't the student borrowing money, nor the lender, it's the government backed guarantee and the terms of being a secured creditor the rest of your life.
Making stupid loans that they know can't be repaid is not to create a debt servitude for those taking the loans, but to create a debt servitude for all of us who are FORCED to back those loans, those of us who are told we MUST back them or see everything we have worked and saved for evaporate in a cascading collapse of a financial system built on lies.
No, student is such a small portion of "tax payer burden" its a ridiculous argument. The money the Fed issues is already a tragedy of the commons. This is an issue of creating unfair lending terms for a group of people. Personally their shouldn't be any loans for students, it makes no fucking sense from the lenders perspective.
How much was it when you went again? How big was the DOE when you went? I think the Education system today is much more predatory than years past.
LB sees the real problem. I got an engineering degree in 1978 for about $3000 and paid for it painting cars for $10/hr so I had to work 300 hrs to pay for my degree. Now it costs 50K-200K, but hourly pay is the same. Working 20,000 hours to pay for 4 year degree doesn't quite work out very well.
$10 an hour in 1978? They must have been damn nice cars or you were getting great tips. I was working as a house carpenter for something like $5.
Oh damn, you said "paint" I read "park." Sorry, I can see that.
Around that same time period, I was in college and paid $1000/yr in tuition and books. Supplemented it by working at a grocery store stocking shelves, which paid an incredible $14/hr (thanks be to union wages.) Fast forward to today and those shelf stockers are making $10/hr while paying 10-20X more tuition. Earning 30% less while paying 1000% more is just not viable.
You meant to say 'hourly pay to paint cars is still $10/hr'. On a quick reading, it reads almost like you said hourly wages HAVE kept up. 20,000 hours of painting cars versus 300 hours of painting cars! But yep, the kids are lazy bastards these days! /sarc
A TBTF gets a bailout, a corporation gets bankruptcy protection, but a 21-year-old gets legally bound to debt slavery and perpetual wage garnishment? Why the hell shouldn't a private citizen be entitled to the same bankruptcy protections as a business?
Businesses are people...but citizens are serfs.
An excellent summary of that aspect of the situation, Temporalist!
The "legal fiction" that corporations are persons, has made businesses become people, while the extreme imbalances driven by corporate entities having the rights and freedoms as persons have driven the previous citizens towards becoming serfs.
The fundamentals are the ever increasingly integrated systems of legalized lies, backed by legalized violence, which the American systems have gradually transformed more into being. Young people are born into a society almost totally based on ENFORCED FRAUDS. There only way to get ahead, or be socially successful, is to attempt to function within that context of ENFORCED FRAUDS.
Since that society is based on backing up lies with violence, the younger you are, the more you are being lied to, cheated and robbed by the political system you were born into. Since it is practically impossible to get out of the mess created by such a long history of ever increasing levels of ENFORCED FRAUDS being the FOUNDATION of the political economy, it makes perverse sense that one of the most symbolically obnoxious of those, namely student "loans" which are "money" made out of nothing, through the general systems of fraudulent accounting of almost everything, is merely another facet of that overall situation deteriorating.
It is extremely difficult to figure out where such systems of ENFORCED FRAUDS are going, since it IS possible to back up lies with violence, but NOT possible to thereby ever make those lies become true. America has become the leading edge of the overall human experiment of developing social systems based on more and more sophisticated systems of backing up lies with violence, where it is now taken for granted that corporations are persons, and thus, businesses are treated like people, while that was always a "legal fiction" or a legalized lie, that gradually snuck its way into becoming one of the foundations of the existing systems wherein government and corporations have fused, to the degree that the flesh and blood citizens have become reduced to serfs, with less real power than the corporations that dominate them, and the governments that those citizens are supposed to elect to represent them.
The basic systems have become government of the money, for the money, by the money, in which that "money" is based on ENFORCED FRAUDS. During that process, the citizens that were supposed to provide government of the people, by the people, for the people, have been steadily reduced to becoming incompetent political idiots, or Zombie Sheeple, who are actually worse off than serf were, because the emerging phases of NeoFeudalism are actually worse than the previous systems of Feudalism, because NeoFeudalism is actually more INSANE now, because the systems of legalized lies backed by legalized violence have been amplified to much more astronomical sizes.
The essential problem with living in a Bizarro Mirror World, where businesses are people, but citizens are serfs, is the MAGNITUDE OF THE LIES, and thus, the degree to which those LIES have spread everywhere and pervaded everything. It is practically impossible to comprehend the degree to which the current runaway systems of legalized lies backed by legalized violence have become CRIMINALLY INSANE, because each increment of them going insane took the basic foundation that it IS possible to be socially successful by backing up lies with violence, another step into the psychotic problems that those lies never become true, but rather, the society that adapts to being controlled by bigger and bigger "legal fictions" (legalized lies) steadily becomes more and more INSANE.
At the present time, there are no practically possible ways to pull out of that spiral of madness that has, bit by bit, taken more and more control over civilization. The fundamental facts were always that human beings operated as entropic pumps of energy flows, which meant that human realities were systems of organized lies operating robberies. There was nothing really "new" in civilization becoming more and more sophisticated systems of legalized lies backed by legalized violence, EXCEPT FOR THE SCALE OF THAT BEING PUMPED UP ORDERS OF MAGNITUDE!
It is practically impossible to imagine how that kind of spiral of civilization controlled by backing up lies with violence ever pulls out of its increasing criminal insanities. Since the basic nature of human beings were to act as entropic pumps of energy flows, human societies have developed to do that in ways whereby the best professional liars and immaculate hypocrites were able to dominate civilization. (E.g., President Obama, etc..)
Theoretically speaking, enough people would have to understand enough the degree to which everything has transformed into a Bizarro Mirror World, or Wonderland Matrix, where the LIES have become "the truth" by being backed up with violence so much, for so long ... resulting in a civilization where everything appears backward and absurd, while getting ever more so, faster ...
Everything from the dominate natural languages that we use, to some of the basic presumptions of the philosophy of science, have become inverted and perverted to the maximum possible degree, due to the long, long history of social pyramid systems being based on backing up lies with violence. "Legal fictions" such as that corporations are persons, were legalized lies that snuck into society, and grew, and grew, to now become the dominate monsters which are effectively controlling civilization.
Corporations ARE organized systems of lies, operating robberies, the same as every other relatively self-aware energy system. However, that is all deliberately misunderstood in the most backward ways possible. That enables the contradictions to work through that the flesh and blood people are being reduced to irrelevancies inside of the systems of bigger and bigger corporations controlling civilization. Corporations have more and more become the dominate systems of legalized lies, backed by legalized violence. That was enabled to happen bit by bit, as the flesh and blood people were more and more brainwashed to believe in bullshit. Americans now live inside of a fake democratic republic, with a fake rule of law, which is reproducing itself by providing a fake education.
For those with a sufficiently macabre sense of humour, one could appreciate the irony of paying for fake education, with fake money. However, it is extremely difficult to figure out where might be the underlying realities, when everything that exists has become so totally dominated by fakes! Theoretically, what would be required to do that is to regard human beings and human civilizations of manifestations of energy systems, which are integrated into the environmental energy systems. However, that theory runs into the practical problems that all the existing systems doing that are doing it by being organized lies operating robberies. Of course, those systems present that in the most backward ways possible, so that everything will be misunderstood to the maximum possible ways.
The most abstract way that has happened is that an arbitrary minus sign was inserted into the entropy equations of thermodynamics and information theory, so that all energy systems are being misunderstood backwards, because the concept of entropy is misunderstood backwards. That happened because that kind of misunderstanding was consistent with the biggest bullies' bullshit social stories. Hence, that society is based on backing up lies with violence is presented a being relatively positive things, rather than relative negative things. Thus, better balancing between the different systems of organized lies operating robberies is NOT possible, because of the ways that the biggest gangsters, are the banksters, that are controlling governments to act as the biggest form of organized crime.
Everyone necessarily acts as an entropic pump of energy flows. However, since that is deliberately misunderstood in the maximum possible backward ways, the established systems of legalized lies, backed by legalized violence, have become runaways, such that, more and more businesses are people, while citizens are serfs. Tragically, there are no good reasons to believe that would ever get better, rather than continue to get worse and worse, until the resulting social insanities are driven through a series of psychotic breakdowns. FAKE education is being made accessible through student loans, (of money made out of nothing) in order to facilitate the development of a FAKE democratic republic, operating a FAKE rule of law.
Theoretically, a better human rule of law would require more human beings to understand the natural laws. However, the dominate natural languages and philosophy of science are based on deliberately misunderstanding natural laws as much as possible, in order those kinds of misunderstandings will continue to be consistent with the biggest bullies' bullshit social stories. Inside that social context, the student loan issues are merely some salient symbols of how insane the reproduction of social pyramid systems based on being able to back up lies with violence are becoming.
Of course, being able to back up lies with violence IS consistent with natural laws. ENFORCED FRAUDS do not violate the laws of nature. However, within those social systems everyone who is most successful achieves that by adapting to take advantage of, and therefore promote, the established systems of legalized lies, backed by legalized violence. Schools have become propaganda factories, which mass produce more muppets. Ironically, genuine education to understand the real world should be the source of any genuine solutions to political problems. However, such a genuine education would necessarily become extremely subversive of the established systems of legalized lies, backed by legalized violence. Furthermore, if such subversive education were to be logically pursued, it would become the basis of a more "honest" society, that faced the facts regarding how and why EVERYONE lives through some systems of organized lies operating robberies, and that citizens ought to understand that they are members of an organized crime gang called their country.
Since the vast majority of young people are being brainwashed to believe in the biggest bullies' bullshit social stories, they are getting farther and farther away from being able to understand how the laws of nature actually manifest through the laws of man, as systems of legalized lies backed by legalized violence. Our schools are still almost totally based on promoting perceptions of DUALITIES, based on false fundamental dichotomies, and the related impossible ideals, which facilitate society to be dominated by the best available professional liars and immaculate hypocrites. To make our schools become more consistent with the progress made in physical sciences, those schools would have to start using more UNITARY MECHANISMS, to perceive human beings and human civilizations as energy systems. However, that can not be properly done without recognizing that we currently misunderstand energy systems in perfectly inverted ways, which has continued to pervert everything, so that while the real world must necessarily operate through systems of organized lies and robberies, those basic facts are not faced.
Therefore, our political economy is necessarily based on ENFORCED FRAUDS, while almost nobody is able and willing to understand that. Therefore, those ENFORCED FRAUDS take the form of student loans, (money made out of nothing) which are hyper-complicated ways that social pyramid systems are reproducing themselves as systems of lies backed by violence, which continue to spin out of control, and automatically become more criminally insane everyday ... Schools in general, and especially the higher universities, have become extremely strange places, where the Grand Canyon Chasm between progress in physical science, versus no such progress in political science, gets bigger and BIGGER!
The basic problem underneath that is the way that human societies necessarily operate as organized systems of lies and robberies, in which the currently best organized form of that are the banksters' corporations, which are effectively controlling governments. Progress in political science is ONLY possible by making human beings and human civilization understood as general energy systems, which are integrated into the environmental energy systems. However, doing that requires accepting the facts that civilizations necessarily operate according to the principles and methods of organized crime.
The only way that education was not still a fake is IF that real education was teaching people to understand the real world. Such a real education would connect natural laws to human laws, by recognizing that human laws were always systems of legalized lies, backed by legalized violence. That would enable more citizens to better participate in the dynamic equilibria between the different systems of organized lies and robberies. However, OBVIOUSLY, what the current fake education does is operate inside of the established systems of ENFORCED FRAUDS, in ways which deliberately deny and ignore that those are ENFORCED FRAUDS.
Therefore, student loans are more "money" made out of nothing as debts, to "pay" for fake education, which will tend more to reinforce young people being brainwashed to believe in bullshit, so that they will become even less able to understand how the world really works. Meanwhile, those who are the best at adapting to become professional liars and immaculate hypocrites may continue to find roles of play within the established social pyramid systems, in order that social system is thereby reproduced, and thus, able to continue. HOWEVER, meanwhile, that society as a whole therefore become overall more criminally insane, and more psychotically out of touch with the reality regarding that social system, and even more out of touch with how that social system is integrated into the environmental systems.
Student loans (as "money" made out of nothing as debts) fit into the overall ways that "money" made out of nothing is "paying" to strip-mine the planet. In a metaphorical way, the FAKE education that young people are receiving is strip-mining their minds. They MIGHT be learning the intellectual tools which MIGHT enable them to go through the kinds of profound paradigm shifts which would be necessary to understand the real politics that surrounds them ... However, to enable political science to catch up to, and become more consistent with, the physical sciences, so that human energy systems could be reconciled with natural systems, would require profound paradigm shifts, and a series of intellectual scientific revolutions.
Without that, then the trends we are on now, of the established systems of legalized lies, backed by legalized violence, becoming ever more psychotically insane, will continue to grow bigger and BIGGER. By and large, politics continues to be dominated by religions and ideologies which are thousands or hundreds of years old. Although it seems like it should be obvious that enabling political science to become consistent with progress in physical sciences ought to be a well-recognized priority, the consequences from doing that are way too severe to be practically possible at the present time!
Instead, the established student "loan" systems promote the runaway fake education provided by a society which is almost totally dominated by ENFORCED FRAUDS, wherein those who are the most socially successful are those who adapt the best to functioning inside of those ENFORCED FRAUDS. Thus, the basic problem with the student "loan" programs are that those are small components of the overall entrenched systems of ENFORCED FRAUDS, which suffer from the paradoxical threat of final failure from too much success at controlling society by being able to back up lies with violence, which can never make those frauds stop being false.
The deeper truths are there, as the existence of energy systems. However, those deeper truths are buried as deeply as possible under the biggest bullies' bullshit social stories, which have pretty well completely reversed the meaning of everything that they actually do, and thus, reversed the ways that most people understand the world, or rather, misunderstand the world. Fake "education," paid for with fake "money," is one of the symbolically significant components of those overall systems of legalized lies, backed by legalized violence, which have had the result of elevating "legal fictions" such as that businesses are people, while that depresses citizens to become serfs.
Now that businesses are deemed people, an honest evaluation of business behavior (I.e. maximize its return without any consideration of externalities) causes one to conclude that they are sociopaths. And immortal to boot
For sure, Real Estate Geek, there have been many documentaries and articles which have demonstrated that corporations are legally obliged and empowered to behave like sociopathic psychopaths!
It is nice to imagine a world where the various slogans of big corporations were more or less true, rather than egregious hypocrisy. However, anyone who investigates will more and more discover and be able to demonstrate that the public relations slogans of all big corporations are Bizarro Mirror World manifestations, where the diametrical opposite of what they say is what they actually do.
You are quite correct that corporations have become, legally speaking, immortal sociopaths. They are runaway systems of legalized lies, backed by legalized violence, which I believe will eventually destroy themselves, as they also first turn most of the ordinary American people into their road kill.
While a lot of those ordinary, relatively decent and hard working Americans are employed by corporations, they are all stuck working INSIDE criminally insane corporations ... I would expect that many of those people wish that was otherwise ... however, they have no practical ways to change those social situations ... The feedback of the roles of money through the political processes have resulted in the vast majority of citizens no longer being able to influence the political processes that the oligarchs are actually able to dominate and direct to do what those oligarchs want to be done.
Because, as the SCOTUS ruled, corporations are people. You, on the other hand, are just solyent green.
Particularly when the SCOTUS in multiple recent rulings has said that corporations are people too. It's legally infensible that this debt isn't dischargeable and frankly I don't understand why it hasn't been challenged already after the SCOTUS rulings.
Yep corporations are people too. The Supreme Court says so. Then again when your a corporperson you can spend a lot of money influencing judges and politicians.
Unfortunately what the TBTF banks, corporations, governments have taught the world is never pay anything back. Place all the blame for ones fuck ups on someone else, and when things get tough change the rules.
Yep, when GW removed the possibility of Bankruptsy for student loans, it was obvious it was going to blow up. Now future will pay for that bailout/subsidy.
Because local kommissar assigned you to job "worker". Now you work, comrade.
neptune--the problem is not that you work --its not using all the tax code loop holes to pay "zero" taxes and receive tax credits--(you too can play the game)---just apply for everything and hide you asssets. It's legal.
No problem Can I write you a check?
initial funding source aside, isn't bankruptcy free market?
Told Ya.....
right before the election, this card will be played.
But nothing will come of it, except maybe buy the debt from the banks so they get out without a scratch.
I wonder what the penalty of discharging your loan will be. Maybe being denied social security payments in the future while being forced to still pay into the system?
What social security payments in the future are you talking about?
Social security in the future. LMMFAO!!!
They are already doing that...
The bankruptcy laws should be changed back to what they were PRE-2005 when it all happened.
But then all the Repubs who voted for this action would be bummed out since they are weighted so heavily in the financials. Can't have that.
What about the Democrats -- this was one of Clinton's genious moves along with the repeal of Glass Steagal. If people weren't such cultish sheep, the Hillary would have changed her name and gone into hiding rather than be attempting a presidential run. And that's just based on being married to Bill, not counting her own "accomplishments.'
As much as I despise this man, I'd back him on this.
Education and Medicine should NEVER have been allowed to become "for profit" fields of endeavor.
You understand that you will still pay for this debt? He is helping banks, not PEOPLE.
but i agree with "Education and Medicine should NEVER have been allowed to become "for profit" fields of endeavor."
But again, he is not addressing the root cause is he? I agree the problem needs to be fixed but he will only make it worse - as usual.
All according to plan. We want the debt load at the maximum tolerable, but not beyond that, as revolutions sprout in the moist soil of excessive financial repression.
"Find out what the people will submit to and you have found the exact amount of injustice and wrong which will be imposed on them; and these will continue until they are resisted with with either words or blows, or with both. The limits of tyrants are prescribed by the endurance of those whom they opress"
-Frederick Douglas, Civil Rights Activist, 1857
Hat Tip To: Architecture of Modern Political Power
http://www.mega.nu/ampp/
We'll pass down your antiquated student loan degree to future generations
ahahahahamericans are so fucked in every possible way.
what's next? bail out of 18tn debt?
it's only the beginning
You can't "bail out" the debt. That would be like monetiz.......er....sorry. Disregard.
americans must face on their problems or they can't fix them. Period
We have already faced them and know we can't fix them. We, collectively, are going to ride this baby to the center of the earth.
Too bad for the rest of the world but when America has problems it's like a drunk homeless person that stumbles into your home...and now every problem is yours.
The American Family is suffering from a collective Home Invasion, which is more like an armed gang of criminals breaks into your home, rather merely a drunk homeless person stumbles in.
What problems? :))
It doesn't mater what Emperor Goebbels says, the bottom line is that you will be a U.S. Government "official" debt serf and spend your productive years doing what the government says you should od to get rid of the debt.Wise decision dumbasses; I guess you missed that class on being totally fucking stupid taking out the loans for that PolySci degree. Fucking idiots.
www.traderzoo.mobi
The reason they missed that class is because no such class exists. Each year, millions of unsuspecting students are herded off to universities after having been groomed and brainwashed their entire lives to buy into the premise that a degree of any kind = guaranteed income security. So the debt becomes a non-issue - no one speaks of it until after the fact. Most of them have no clue what the hell a loan even is when they're eighteen. People with Ph.D's and Masters in anything, from hard sciences to mathematics to liberal arts, have been living in homeless shelters for years now. The lucky ones live at home while their baby boomer parents work at Wal-Mart till they drop just to stay afloat. A few have ventured into business for themselves, the only option left, but there's no class on that, either, so many remain unaware of their own power to create opportunities.
I'm sick of ignorant fucks blaming those who have been conned, while in reality we ought to be uniting against the ones who have conned ALL OF US. Without these worthless parasites ruling over us, we would all be several orders of magnitude more wealthy.
Seems like there is some blame to be given to both sides.
Or shall I just take out a few more mortgages on my house right now and blame somebody else for my stupidity?
Pass the Mad Dog brother. Agreed entirely with this post. TPTB have harvested not only the labor of the work force but the productivity gains that yesteryears scientists and engineers provided humanity. Those in charge, at least for now, are truly evil.
They trained us so many years ago that engineering was about developing useful products and improving the human condition. Now they just blow shit up, kill women and children, and this generation writes code that transfers wealth even faster to the bad guys.
An awakening is happening.
Engineering now is all about engineering 'planned obsolescence'. How to make a product with a 5 year warranty fail, after 5.25 years (but no sooner!)
yes, material science provides such tools... but you can look to economic / monetary policies also. If there were not some form of subsidies (often low cost capital for improved automation) for the large predators, small and medium sized companies making better quality products could get to market..
competition in America (true capitalism) died with the legal tender laws in the 1850s
I could show you the most beautiful graphs, conjured up in 2005, that showed clearly and distinctly, there will be lots of jobs (LOTS!) for degree-holding graduates from 2010-2015.
BTW, it was all dependent on Boomers retiring, and when that ship sailed, and Boomers had to keep working (because of the ongoing Depression and whatnot) it all went out the window. But no one told the kids.
Well yea but my $275,000 in debt for the polisci degree let me meet the president...so I got that going for me.
Yea, but many of those PolySci nerds are in govt making very generous salaries along with excellent medical and retirement benefits all paid for by you and me and are laughing all the way to the bank...
why doesn't the media talk about HRH Clinton's hand in this student loan non dischargeable payoff to the lenders? she was fully involved in the "rewriting of the bankruptcy" boondoggle that occurred to allegedly prevent scamming the system.
It's always about the money and there is never enuf
Student loan should be issued by the colleges and we should be able to default on them. This way, they would make sure not to rise education cost too much or nobody would pay back the loan. Also they might try to make sure their students actualy get a job after their studies.
It appears some just don't understand the job thingy...
There is a debate at some colleges, I am told, whether to drop the notion that colleges are supposed to prepare students for the workforce. Many professors, mostly from the liberal arts side of the campus, entirely reject the notion of college as work prep. They refer to such institutions as "trade schools".
I'm sorry, but there is absolutely no hope. None.
To bad the banks are the government now, "no debt relief for the children!"
Who knew? It's a bad idea to turn students into debt slaves. Duh.
Also. How about our schools start teaching useful information for a change?
Also, for profit medicine is unethical when put into real world practice.
I'm convinced .gov knows the dollars days are numbered and they are going full retard on printing and spending. They should just stop the whole paying tax charade if they are going to run a deficit.
I just made 130K !!!!
THANKS OBAMA !!!!
Just when I was having my doubts.
The Messiah comes through !!!!!!!!!!!!!!!1111111111
For those about to write $50k checks to universities for annual tuition to cover two kids, do you keep your money and get the kids to borrow it all instead?
Yes!!!! Now!!!!!
get a free university education, some in English, in one of the European Welfare States
He even writes like a faggot
I would give back my accounting degree, if they forgave my student loans. I have joked about giving it back, ever since the backs moved to mark to fantasy accounting.
That would be really great, since I am farming now anyway. I guess I will just indefinately defer them instead.
So....you became a real bean counter. You will be much happier and keep your hair longer.
Yes, sir!
Local, organic, sustainable agriculture is the first work I have done in 20+ years that actually feels worth doing!
It is way better then preparing 10Ks and computing LTIPS (Long Term Incentive Plans) for the executives.
I also am farming now (veggies medium scale) but looking back since I graduated debt free, no harm/no foul. Got laid a lot, drank a lot of beer, smoked a lot of reefer and I learned some shit. Did it further my career? No, could have bought several specialized vegetable equipment and a huge greenhouse. But I paid my fucking bills.
I admire your foresite and work ethic in going at it debt free and having everything paid off. From an idiological point of view, you're way is the ethical and productive way to do it.
From the point of view of a banking and govt system that is already bankrupt, and has attached 300 to 600k dollars of debt to mine and my kids social security number, it is one course of action to rebel against debt slavery.
Maybe one day, I will pay off my debt with a sack of sweet potatoes.
Soryn,
The mrs. Has her MS in ecological agriculture (this was before there was a major, she made her own). Left a large Midwestern city 8 years ago and bought 200 acres with good water. Now have about 15,000 sq ft under plastic where we do much of the growing, field crops these days mostly onions and potatoes on a fairly large scale for our state. Don't make a lot of money and work our asses off, but have a lot of piece of mind. Hope you have a productive spring man. Oh yeah, and debt free!
Best wishes on a productive spring to you!
I am developing 10 acres just outside of Ft. Lauderdale, Fl. We are using a combination of permaculture principles, intensity gardening (ala John Jeavons) aand heavy mulch and composting (garden of eden style) to raise veggies and chickens.
We sell via farmers markets and direct to customers and restaurants.
Although my seasons are flipped.. tomatoes, kale and salad greens right now.
Yep, that's why I have all the plastic, don't have the long season you do. We are at our slowest right now. But all winter did lettuce, kale, Swiss chard, carrots, beets, etc... Plus have about 300 layers on pasture. We are not 100 % organic and do use some pre-emergents in the field to help with weed pressure. Never do spray the crops themselves though, also all the greenhouse space needs no chemicals, just compost. Good talking to ya
Maybe professors shouldn't be making 300k salaries.
Yeah and for doing jack shit. They spend half the year on sabbatical, writing a book or some other such endeavor while their TAs or adjuncts actually teach the class.
Maybe you have no idea what salaries professor's make. The average of professors (all ranks) is well under 100K. If you're worried about salary bloat, look at administration, which has grown over 250% in the last couple of decades.
This!!!
Really? Maybe you have no idea. A full professor of gender and women's studies at University of Illinois (public university) earns $154,000 year.
http://salaryguide.dailyillini.com/
You can search other sites for professors and then search their name in the above link.
Its the bloated administrative salaries that have become the main driver of increased college tuitions. Slave labor adjuncts are doing more of the teaching and professors salaries haven't grown nearly as much.
http://www.usnews.com/news/college-of-tomorrow/articles/2014/09/22/why-c...
I would argue that the red driver was the change of the bankruptcy laws that made student loan debt non-dischargeable. The banks could then loan with interest and zero risk.
adjunct labor at universities
http://richardjnewman.com/from-guernica-the-teaching-class-by-rachel-rie...
OK, say a couple hundred billion in student loan debt is discharged in bankruptcy. Who, in the end, will be the bag holder? If this debt is held by an entity, it is not repaid, then someone holds a big multi billion dollar bag, who will that be? My gut feeling is the US Taxpayer will be forced to bailout the bag holders, meaning the tax payer is the bag holder.
Mind you, all this debt forgivness could only happen in America, where the costs will be soaked up in additional money printing. The entire American system is afloat now only because of the extraordinary previlige of money printing. It is up to the world to call a halt to this sort of export market for Americans essential bankruptcy. No other nation could simply say, "oh well, hundreds of billions can't be paid, we will write it off." To prevent a disaster in financial markets and banks, money will be printed and handed out to cushion the blow.
Don't forget, as someone mentioned above, the credit cards get discharged as well: major collateral damage. And what will be the incentive for those with credit cards and student debt? Run 'em up, baby.
The crazytrain is full speed ahead with the monkey at the engine and a sharp bend ahead.
Whats the difference if we add on a few more cars?
hammer down!!!... gravity wins in the end
Absolutely, let the free market rules of debt/discharge/underwriting enter the student loan market. Long overdue.
There's no reason that Student Debt should have been under different bankruptcy rules from every other kind of debt out there.
I applaud this decision.
This will also mean that the banks that do loan in this market are going to loan in that market will be much pickier about who they loan to, which will mean cutting back on the insance oversupply of college grads with useless degrees...this is not a bad thing people.
As far as those people that somehow think this is a free ride for irresponsible students, they clearly don't understand what it means to go through an actual bankruptcy. It ain't pretty.
that's why obama introduced the free community college for everybody act....
we can't let anyone be responsible for anything. gotta take all the marginally able students and give them government financed "education". meanwhile, all the able students can borrow, so that they can get an education, so that they can get a job, so that they can continue to pay for the societal free loaders.
more fairness please :-) all your childrenz are belongs to us
Agreed on all of that, except I think that for somebody just out of college declaring bankruptcy is pretty easy. If done at that moment, the person has no assets and has plenty of debt. It's in their best interest to do so.
The banks HAVE to find a way to get the millennials into Home Mortgages one way or another.
Just transfer the student debt to a house of equal value and give them that. Done.
Soon the students can claim compensation on miss sold college degree.....
How about a bailout for the guy who did without the North Face coat and the IPhones a nd made whatever sacrifices he could in order to pay his mortgage every month?
WTF does this mean? College education and they need help understanding how to make a payment on the first of the month?
President Barack Obama is slated to speak to students at Georgia Tech on Tuesday about how he wants to make the process of repaying student loans easier to understand and manage.
President Barack Obama is slated to speak to students at Georgia Tech on Tuesday about how he wants to make the process of repaying student loans easier to understand and manage.
Process of repaying student loan in easy to understand and manage language:
1) Get Job
2) Write Check
3) Repeat 2
The job part is the killer.
Average "Full Time" McDonalds pay equal $1100 per month and walks to work.
Average Student loan Debt payment equals $250 per month.
Remaining equals $850.
Average Apartment equals $500 per month
Remaining equals $350
Fuel, gas utilities equal $150
Remaining equals $200
Average cost of eating equals $320
Remaining - $120
Unless there are good paying meaningful work the whole student loan thing is academic.
A prelude to how USA can go bankrupt.
aren't we already bankrupt?
Executive Disorder.
No,,,, they changed the accounting rules. We are still the freest and most wealthy country in the world.
http://www.independent.co.uk/news/world/boris-nemtsov-vladimir-putin-hon...
Critics have dismissed claims that the plot to assassinate Vladimir Putin’s most vocal critic was hatched in Chechnya. Even as Chechnya’s strongman leader Ramzan Kadyrov was honoured by Moscow yesterday, critics said the investigation into the killing of Boris Nemtsov was designed to distract from the Kremlin’s alleged role in the killing outside Red Square.
The investigation into the shooting on 27 February led to the arrests of five ethnic Chechens over the weekend. Among those detained were Anzor Gubashev and Zaur Dadayev. They have been charged with murder.
Mr Kadyrov responded to the arrests by claiming Mr Dadayev was a pious Muslim and a “true patriot”. Mr Kadyrov’s theory, also ventured by Moscow, was that Mr Nemtsov had been killed over his condemnation of the attack on Charlie Hebdo magazine in Paris in January.
The Chechen leader was honoured by Mr Putin, named as a recipient of the Order of Honour for his achievements in public life. But the head of the Chechen republic has been widely criticised by human rights groups for violence against dissidents. He has, however, earned gratitude from Mr Putin for his vehement loyalty.
Mr Putin’s official spokesman, Dmitry Peskov, said it was a “coincidence” that Mr Kadyrov received the honour shortly after Mr Nemtsov’s murder.
Mairbek Vatchagayev, an expert on Chechen affairs at the Jamestown Foundation and a former official for the Chechen republic of Ichkeria, scoffed at the notion of Mr Kadyrov’s involvement in the killing of Mr Nemtsov. Mr Vatchagayev said Mr Kadyrov would never “set up Putin, and especially not so brazenly, practically underneath Mr Putin’s office window”.
“I think the Islamist theory of the killing is the weakest idea investigators have provided,” Mr Vatchagayev said. “I think this whole theory is just meant to cover up the authorities’ involvement in [Mr] Nemtsov’s murder, even if that involvement was indirect.”
Vladimir Milov, an opposition politician and former colleague of Mr Nemtsov, said: “The circumstances of the arrests of the suspected Chechens gives me that feeling that the ‘Chechen connection’ is just a cover, and a clumsily executed one.”
Punishment for Hasbara should be the removal of fingers.
I've been paying for my daughters college education to keep her from becoming a debt slave. I can't save the planet, but maybe I can keep her free. At least for a little while longer.
It won't do her any good if she doesn't understand what you are doing for her.
I paid through 4 years, let her do the rest on scholarships and loans. Though she doesn't know it, she'll inherit enough to pay the loans. This way she feels the bite. Debt that's not overwhelming can be a great motivator. That said, the inability to discharge student debt in bankrupcy is obscene. It removes underwriting responsibility from the lender and in a sense insulates non-economic degree programs from real-world feedback.
Good.
Student loans are the single biggest rip-off of young people today, and forcing lenders to tighten standards by permitting bankruptcy will force banker scum to evaluate risk (like they're supposed to) and universities to teach financially beneficial skills (like they're supposed to.) Plus, the fuckedest generation might as well get a piece of the socialism pie just like fucking geezers with their free shit and inner city Afro-Americans with their free shit.
What can't this fuckwad do with executive orders? He's completely out of control.
If you default as soon as you leave college, when your credit rating isnt worth shit anyway, you will have plenty of time to get it back and free college to boot!
99% of graduating students just want a job so they can make their payments. They don't want bankruptcy.
Solution: get the government out of student loans. They should be private loans. Do you think a bank will issue a loan for someone taking engineering? Absolutely. Will they lend money for Gender Studies? Nope. Problem solved.
Or require student loans to have a life insurance component, with the balance paid off upon....you can figure out the rest.
The Kenyan is Organizing the Community!
A pain epidemic Why it’s easier for some cancer patients in Russia to kill themselves than get painkillers
https://meduza.io/en/feature/2015/03/10/a-pain-epidemic
In February 2015, in Moscow alone, 11 cancer patients committed suicide. Recently, at a meeting of the government’s Council on Guardianship, Deputy Prime Minister Olga Golodets said the public’s complaints about oncology and access to pain medication are aimed mostly at healthcare services in Moscow. Some basic measures have already been implemented: drug prescriptions are now valid for longer, and it’s become easier to get one. But members of Moscow’s city council say they don’t see the slightest reason to treat cancer patients any different from other patients. A year ago, after the suicide of a cancer-suffering rear admiral in the Russian Navy, the head of Moscow’s public health service said patients were killing themselves because of seasonal depression (the “spring blues”) that had nothing to do with problems obtaining medication or managing pain.
In a special report for Meduza, Katerina Gordeeva visited a cancer center to find out what Russian doctors are doing to help ease patients’ pain, and why it isn’t working.
Queuing for your life“There’s no end to the pain. It won’t stop next morning, or tomorrow, or the day after. It won’t disappear if a tooth is pulled out or if drops of medicine are squeezed into your ear. If you don’t relieve the pain somehow, it eats you up right to the end. It’s absolutely unbearable,” Tanya explained, whispering.
In line outside the oncologist’s office with 14 other people, Tanya and her son, Maxim, wait to see the doctor, who will give them a diagnosis and a prescription. Maxim is five-years-old. Between a green plant, a windowsill gray from cracks, and the battered, old waiting room chairs, Maxim amuses himself, commanding an imaginary army. This isn’t the first time he and his mother have been here. People in line frown at the boy. A pallid-faced man can’t resist and says, “You should have left him at home. You know that, don’t you?”
Young children are a source of infection for older patients. They are dangerous for adults whose bodies have been weakened by cancer and chemotherapy. But Tanya has nobody to watch Maxim. Her mother, Maxim’s grandmother, is at work. And there is nobody else in the family.
Someone else in line also insists that Tanya leave with her son, but she pretends not to hear. In the twilight of the corridor outside the doctor's office, patients’ faces blend into the swamp-colored walls. It’s easy to pretend that you can’t distinguish between them.
The doctor sees a maximum of four patients per hour. So Tanya, who is now eighth in line, will have to put up with disapproving stares for another two hours. “Can you keep my place for me, please?” she asks Polina, the stout woman next to her. “I called my mom, and maybe she can come in time,” Tanya adds in a whisper. (By law, patients’ relatives can also pick up their painkiller prescriptions.) With a meaningful nod, Polina promises to keep Tanya’s place in line.
Polina’s sick husband is waiting for her at home. “Three weeks ago, when there were about ten people in line, a doctor came out and said, ‘What are you all waiting for? My office closes in 40 minutes and I’ll be able to see three of you, at most.’ There was a brief silence, then the arguments started and a fight broke out. Both the sick and the healthy were fighting to see the doctor, to lay their hands on that scrap of paper that gets them their painkillers. I left. I went home to my husband and cried. He’s so sick! But I couldn’t fight with them. I just couldn’t. Maybe someone needs it even more than we do. Everybody here needs it.”
Paulina has spent more than three years waiting in lines at cancer clinics. In the beginning, before he was diagnosed, her husband used to come with her. First it was the local clinic, then it was the regional oncological dispensary, and later they waited at the Kashirka (Russian Oncological Center) in Moscow. Paulina says the Kashirka’s line was the worst: “Some of the patients sit, looking around wide-eyed. These are the people who haven’t been diagnosed yet; they still have some hope. They’re restless. They fidget, as if they want to run away and escape. Others have already been told, and they’re in line looking for the best treatment. They discuss and compare different doctors, medicines, and rumored cures. And finally there are the people whose complexion has turned gray. Sometimes they’re even yellow. These are the ones in pain.”
The door opens. A tall young man exits the office, his pregnant wife leading him by the hand. She is tiny but her belly is huge. “What did he say?” asks someone from the line. “He gave it to us!” the pregnant woman beams. “He said he’ll even prescribe some morphine, if we need it."
“Well, God help you,” whispers an old lady in a yellow jacket and wig, crossing herself. And she gives the pregnant Lelia a paper crane she’s made, “for luck.” Peter, Lelia’s husband, has been battling cancer for several years: first came the illness, then remission, and now a relapse. The pain has come back. The line gazes at Lelia with sympathy and admiration. Hanging in the air is a question: who will do all this work for Peter’s painkillers while Lelia is giving birth and then nursing her baby? But no one dares ask out loud.
Like everything prescriptions had a purpose in the beginning. Now they're used for control purposes and to keep the medical doctors and staff working. The fact that one has to return every six months or a year for incurable problems is just a money grab. Example: I have high blood pressure, but must see the doc once a year to renew a $5 per month script at a cost of $175 per visit.
The entire medical scene is now like most everything else just a control scam....
High blood pressure can be easily controlled by diet appropriate measures: eliminate wheat, corn. Only whole rice. No pork, no sugar. LOTS of fruit and leafy green vegetables.
My mother has started this regimen two years ago and after a month her pressure stabilized so no more pills.
BESIDES, the guidelines for ideal blood pressure have been established in order to have as many people as possible on medication (good for big pharma). Among honest doctors, it is well known that, normally, the high should be 100+your age.
Consult a doctor in naturopathy who will check you for nutrition needs. Leave medical doctors for emergency.
I don't buy it; there's no free lunch. If they discharge student loan debt, it will be with some major strings attached: military service is the most likely scenario.
The string is euthanasia for the retired college professors depending on those debt payments.
Siberian city gives out free bread amid price hike for groceries
https://meduza.io/en/news/2015/03/06/siberian-city-gives-out-free-bread-amid-price-hike-for-groceries
Every Saturday and on federal holidays, pensioners in the Siberian city of Tomsk will be given free bread, according to the local mayor’s office, which says it's reached an agreement with a local bread producer.
Two shops belonging to the bread producer will begin handing out bread on March 7. The program will begin with the free distribution of 30 loaves of white bread, but the selection of free bread and the number of distribution points will grow with time.
According to the Federal State Statistics Service, prices of groceries in Russia grew by an average of 3.6 percent between January and February. The price hike hit bread products, which grew by an average of 2.6 percent throughout the country. By late February, the price of a basket of goods for one month on average across Russia amounted to about 3,730 rubles ($63), which is 3.8 percent higher than the previous month and 12.4 percent higher than prices at the end of December 2014.Wouldn't it be a lot cheaper to just have high schools offer a two week course in getting college financing and paying student loans?
Wouldn't work well with the new common core education...
This is exactly how it works for the bankers - let the taxpayers bail them out.
Expect college fees to go vertical once deans and administrators understand that they can charge anything and the taxpayer will end up footing the bill.
That is exactly what will happen.
The Government Liberal Party of Estonia won the parliamentary elections with a narrow majority. But victory was possible only because nearly 100,000 ethnic Russians have no right to vote – a clear democratic deficit in the EU country.
Nearly 900,000 Estonians were eligible to vote: in absolute terms, 158,977 voters chose the Reform Party. Approximately 16,500 people less – 142,456 voters –voted for the Centre Party, the Estonian Onlinzeitung Delfi reports.
However, there are 91,000 stateless persons in Estonia, that corresponds to approximately 6.8 percent of the population. The vast majority of them are native Russian speakers , who do not have voting rights as owners of ‘grey passports’, reports the Estonian public broadcaster ERR .
http://russia-insider.com/en/2015/03/10/4281
Even if all russians get citizenship in Estonia than they could not vote in pro-russia party with 51% and could not create coalition which would get at least 51%. So cry me your river elsewhere, Kremlin troll. By the way its their choice not to pass naturalization exam and get Estonian citizenship. Some because they have not learned language of country where they live (because their parents came in Baltics as part of occupation force that did not show any respect to nation USSR occupied) and some doesnt want to have Estonian citizenship because than they will need to get visa from russian embassy in order to visit relatives in russia.
84k non citizens are inluding all those under 18 years that cant vote, so actually that number for adults non citizens is more like 50k not 100k people. But Kremlin lies will never stop.
http://estonia.eu/about-estonia/society/citizenship.html
So basically, Estonia is glad to say that occupiers and their descendants are not considered citizens, and if they haven't already figured it out, it's time to "go home" if you can't learn to speak Estonian.
And so what if about 7% of Estonians are treated this way?.... when Latvia treats about 14% of it's population EXACTLY the same way.
Lithuania actually granted citizenship to it's ethnic minorities who were occupiers, be they Polish from the 1920s-30s occupation to the soviet ones who came after... and they pay for it with a higher rate of corruption.
One has to wonder why the US hasn't given such "gray passports" to it's own invaders and occupiers, rather than a flat-out "amnesty" for breaking the law...
It will be a student loan jubillee, by any other name. Of course, you must realize under Obama that debt forgiveness can only be doled out by race. Colleges will continue to charge whatever they feel like, free from any competition, thanks to good old Uncle $am, who will always provide available cash to anyone with a pulse, all those would-be philosophers and basket makers. But we all must edukation.
colleges are run by libtard parasites so they will be protected
Masters in Basket Weaving? Degree in Lesbian Studies? Art History major? No worries... Barry's got your back. Just remember to vote Democrat at the polls.
I got a D- in Lezbo Studies! :(
That's what you get for copying from Peppermint Patti. I would have thought you'd have known better.
I thought I had it 'licked' but I guess not :(
Doesn't matter... The reason they cannot pay the loans is very few well paying jobs. That will most likely get even worse. Many are already not paying... so the difference is?
A wonderful socialist 'caring & sharing' message sent to parents who cover all their childrens education costs ... and now get to cover all the free-loaders too! Woo hoo party on! Only in Amerika!
Don't even go there, Mr. President...
You want to do something productive and useful on this matter?
Force the degree mills to take a haircut; THEY can afford it.
Then, get the goddamn government OUT of higher education. THAT'S what caused ALL of this...
...just like BloCare is developing.
m
But then who's gonna pay the liberal professors bills as they turn out future debt slaves? I guess they will all have to join think tanks.
This is an indirect/direct way to boost sales of iCrap...'cause we know whom the biggest buyers of that shit are !
So, to all current and future student loans defaulters, I say, you're welcome!
I support this move 100%.
Why?
Because kids are taught from a young age, actually brainwashed, into college good, flip burgers bad. On top of that, the US gov't is directly responsible for LIEING about the state of the economy and kids aren't taught fuck about the real world. They spend 4 years listening to horseshit in high school, then have thousands of dollars dangled over their heads and what seems like guaranteed job prospects.
The government, the schools and business created and continue to create this problem as it festers in it's own bed of LIES. Not to mention a bunch of stupid parents.
Next.......the US is already in debt so far it's collapse enroute. So what fucking difference does a few trillion more make? None.
Lastly........."we can't make a diffence' is proven BS in this case. Ban together, raise hell, and yes you can make a change. I assure you, monkeyboy isn't doing this out of the goodness of his heart.
So who should pick up the tab?
It doesn't matter. The US is headed for default.
As long as you promise to vote Democratic for the rest of your lives...you can get rid of it...and this will be true
demo rats or rino repukes - same selfserving lying fecal matter
in our new very screwed up world, he who owes the most is the WINNER, & savers are the losers as the corrupt gov bails everyone out with their money
Don't worry, Wall St gets bailed out this time too.
I guess the Kenyan figures he got a free-ride all his life ... so everybody else should too!
Yeah!!! Dump the debt on taxpayers, it's all printed out of thin air anyway.
Fuck it, maybe I'll go back to school too!