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"Cancel All Student Debt" - The Petitions Begin
With global moral hazard having long ago become institutionalized, and codified as "monetary policy", catering almost exclusively to the TBTF entities in the financial sector, we were surprised it took as long as it did for Obama to announce (as he did last week), that the administration is now studying "new bankruptcy options" for student loan borrowers: code word for an across the board student debt moratorium, or forgiveness.
To wit from "Student Aid Bill of Rights: Taking Action to Ensure Strong Consumer Protections for Student Loan Borrowers":
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.
Well, it didn't take long for virtually every leftist group: from the Daily Kos, to Democracy for America, to Campaign for America's Future and many more, to jump on this bandwagon, and demand - you guessed it - that the administration "cancel all student debt."
Sure, why not: leaving aside the very touchy topic of personal responsibility and accountability, in a world in which record debt is merely "replaced" by even more debt, and in which profits are privatized but losses are always socialized with taxpayers and future generations bearing the brunt in the form of a record $18.2 trillion in public debt (and some $7 trillion more if one adds the government-backed GSEs which one should), why not go ahead and "cancel" the debt. And don't bother trying to explain the simple math that debt is never cancelled, as every liability is someone's asset, and that asset holder will demand to be made whole in the form of more debt elsewhere or else, like Hank Paulson in 2008, it will scream mutual assured destruction and threaten to blow up the world unless bailed out.
In short, what all the concerned entities listed above are saying is not "cancel all student debt", which is impossible, but share the burden of the 43.2 million "student debtors" shown in the chart below, with everyone.
After all, "it's only fair."
Finally, since nobody, anywhere is harboring any doubt that any of the record debt the world is burdened with will ever be repaid, and instead will eventually be hyperinflated away even it means paradropping bags of cash, this proposal actually has a good chance of passing (sorry future generations not only in the US but around the globe).
Once it does, and once colleges know they can charge anything for tuition, room and board - because the debt funding it will be socialized and ultimately "forgiven" - prepare for the green line below, already exponential, to go... vertical.
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God... Is nobody responsible anymore?
If they can print money to give to the super rich, it is only fair for us to print money and give it to the little people.
I will take a couple million.
"Waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaah." - Artie Lange
While you're at it..., cancel my mortgage and credit card debt.
And send me another fucking box of cheese...
I could use a Freeeee, dental plan.
but I'm not illegal, much less black.
Never mind.
And send me another fucking box of cheese...
We will raise your cheese ration from 30 grams to 20 grams immediately!!
They should only cancel the debt for people who got science, engineering, math, tech, and medical degrees.
Ill be god damned if I pay for some whiny cunt to get a gender studies or 12th century french literature degree.
Obama can sell this idea by claiming it will only cancel student debt for illegal aliens. You know, part of the amnesty package.
Ill be god damned if I pay for some whiny cunt to get a gender studies or 12th century french literature degree.
....... or how about a degree as a Community Organizer?
"We're on the express elevator to hell, boys."
No good choices left any more. Just choices.
I'm starting a "I'd like a refund for the student loan I was stupid enough to pay off" petition. There were a shitload of things I would have rather spent the money on each month (like maybe a nicer car than the shitty Tercel I drove for 10 years), so it's only "fair".
Fuck these parasites... Before the government got into the student loan business, people found a way to attend college if they really wanted it bad enough... It's called working for it and not taking a 4 year college holiday on the taxpayer's nickel... Pay your fucking debts like adults and quit your bitching...
The bigger picture seems to be getting overlooked. The government does not own all $1.2 trillion of student loan debt. Sallie Mae (SLM), a government created entity, has been selling billions worth of new student loan debt securities every year. The buyers are banks, insurance companies, pension funds and high net worth individuals searching for yield. The publicly traded firm has noted recently there was a whopping 15 times more demand for the highest-risk, highest-return batch than there was supply ever since ZIRP.
The market in securitized loans known as SLABS (Student Loans Asset-Backed Securities) was first created in 1992 by the Sallie Mae. Of the $1.2 trillion in student loan debt, between a quarter and a third is now securitized into SLABS. As with the subprime racket, SLABS are often bundled with other kinds of loans for trading purposes.
In summary, student loan forgiveness will never happen via "jubilee" because someone has to pay. The debtor students may not have to repay their obligations, but the government may do it for them. Therefore making this proposal another bailout for the 1% of another bad asset class they happen to have the misfortune of holding.
Moral hazard indeed!!!
You're right.
Wow, those Dems are good.
It's a bailout for the 1% disguised as a populist proposal.
When the government tells you to look left, always look right.
This should be entertaining, the battle lines are drawn here:
http://debtcrash.report/entry/debt-taken-on-by-fools
Surely the sensible thing is for someone just to lend them the money to pay off the student debt. Can I have a job at the fed now please sir?
Why not have Obama give all the deadbeat welfare EBT parasites free cel phones too?
Oh wait....
And while they are at it they ought to have the TBTF banks give bank the homes to the millions of people who lost them in foreclosure who didn't have liars loans but who lost their jobs because the banks gave out liars loans to people who should have never them. There were a lot of hard working and honest people who got fucked becasue of the mortgage meltdown.
You guys are forgetting all the positives for the economy from the student loan program:
1) Higher tuition fees,
2) Hundreds of thousands of highly-paid new college bureaucrats and administrators,
3) Millions of students indoctrined with statism, global warming, welfare mentality, racism, and state supported everything,
4) New college departments such as rap music appreciation, ebonics, communications, and activism.
5) and lastly, we get to keep our kids at home for a lot longer after they graduate!
Look they gave 1 TRILLION dollars in TARP to bail out about one hundred Hanukkah boys on Wall Street who were in debt because they were over leveraged. They better give a TRILLION dollars to millions of us goys with fucking student debt.
To y'all bitching about forgiving loans to those whose majors you don't approve of (ethnic studies, women's studies, basket weaving, 16th century belgian poetry....):
STFU. It is none of your business to decide which majors are appropriate. One of the virtues of college is that it lets the mind roam free. Who are we to clamp down on that and declare that only science and engineering are appropriate studies. (caveat: i'm a physicist.)
HOWEVER..... a loan is a friggin loan. pay it back. if they forgive all the student loans, it is a slap in the face to all those who DID pay off their student loans. it is a slap in the face to all those who worked their way through college and avoided loans. and it is a slap in the face to all those who chose not to go to college because they weighed the costs against the alternatives (i.e. a lower paying job starting right away) and opted the other way. talk about fairness.....sheesh.
"One of the virtues of college is that it lets the mind roam free."
Yeah, as long as you keep your thoughts and opinions to yourself and in silence.
I guess so ;-)
I have an even better idea- cancel ALL debt. Hyperinflate and Crack-up-boom the currency. Jubilee all around. Not that it is going to be decided by politicians... the Universe has bigger plans than we can yet imagine...
Will people <stop!> thinking in terms of paying back the loans it is a mathematical impossibility without having more borrowed via re-hypothecation via the federal reserve.
It is a rigged house - or really a sub-prime house.
I look at the debt level of the top three states is equal to the entire national debt of Canada!!
We are going to go into default wether we like it or not. The real issue should be focusing on forcing the government to get through it properly. Zerohedge will have some crazy stuff to write about at this system implodes
The other thing is if nations and blocs around the world are financial basket cases causing worlds reserves to flee into the cleanest dirt shirt - the US dollar then it is being upheld by the world economy. These defaults are inevitable - and when they do come we will probably see massive outflows out of the US dollar and well things will get reaaally expensive then - like luxury toilet paper. Now if someone would invent an ass-squeegee we would be onto something. Some kind of V shaped thing you just wash off.
"it,s a slap in the face to all those"
Tell it to the millions of schmuck aliens who followed the legal immigration process...
Can grade hyperinflation be far behind?
I'm very skeptical of the % of inflation for food - looks REALLY understated, especially with all the package shrinkage going on...
The Perfect Slave System:
- Put a sum and your signature on any piece of paper and it becomes 'money' that all Must accept on penalty of your 'law'.
- Most will seek out your script because they are forced to use it in day to day transactions to survive. So, you control them.
- You can create an even greater dependency on you by enticing them to not only use your script for their needs, but to hunger for new 'wants' that they didn't know they had till exposed to your propaganda. They can 'go in debt' to you to have these new 'needs' now. So, you have even more control over them. Of course, the debt instruments are nothing but the script you create from nothing.
- For the very few who refuse to go further into debt enslavement to you, - you just create 'taxes'. Now they must use your script to buy something from you that they would rather not need - - protection money from your hired goons. Even if they pay off their land, if they don't pay you the annual protection money it will be stolen from them. -
- Even those who think 'they have no debt' are enslaved. You see, they owe a part of 'the national debt' (that's a good one ????). That can be used as an excuse to do any damned thing to them. Also 'national security' is the other great excuse for doing what you want to your slaves.
The best part of this Slave System is that the slaves have been so brainwashed by your 'schools' and media, that they will work and fight like Hell to impose this system on themselves and their fellow slaves. And even if you pointed out how the slave system works, most of them would deny it.
Their tiny little brains can't handle it - makes their head hurt to actually think for themselves.
And, if enough of them start to wake up, you can always thin out the herd & divert their attention by starting a war. Create new 'external enemies'. The slaves always fall for that one.
The Perfect Slave System is a work of genius. . . . Evil genius, but genius none the less. It does rely on magicians illusions to stay intact, however. If the slaves ever really figured it out, the whole thing would collapse within weeks.
Awesome.
Read above...
next up...
cash for clunkers sub prime auto loans.
It is not clear to me why people are opposed to this. If you know the entire monetary system is going to collapse anyways, why not, like being the first country off the Gold Standard, be ahead of the game?
Astounding how people see fit to bicker over the balance of payments in a fraudulent game. It is not possible to legitimately make payments to an entity if the method of payment is itself a fraud. A great majority of individuals have suffered dearly from this fraud wethter they realize it or not. A small minority of individuals have made obscene profits from this fraud. Why should I care if someone who has fallen prey to the fraud has not toed the line. I care alot more about the inherent fraud in the system, and those that created and maintain it, that has allowed a small minority to deceminate poverty, waste, death, disease, evil.
Yeah lets get all worked up over the symtoms of the disease and pay no attention to the cause. Genius.
.
+1, thats exactly what it is.
"The debtor students may not have to repay their obligations, but the government may do it for them. Therefore making this proposal another bailout for the 1% of another bad asset class they happen to have the misfortune of holding."
it would give me a great deal of pleasure to watch them write off these loans, and have the govt refuse to back them. It wouldn't be bailing out students, it would be bailing out banks that bought these garbage assets. All those people bought what they knew to be risky assets since they all thought a bailout would make them whole once the ball started rolling. Sorry, no bailout this time, boys, take your lumps, be more careful next time. Hopefully we would get to see a few of them go bankrupt, and maybe a few more parachute-less skydivers from a JPM building. There is no saving this system anymore. Its too broken, too corupt. If student loan write offs are what finally gets that ball rolling, fuck it, lets get it over with
"5 pound blocks of cheese, bags of groceries"..
https://www.youtube.com/watch?v=zyvMdqvH2zg
Ummmmm....like....Dude..ummmm it sounds to me as if the gubbermint got its loan money back from the 1%. So..like...why don't we just declare the the student loan debt held by the 1% void and they can have the 25 year olds with the community organizing degrees. You know...just like the Emancipation Proclamation, but in reverse. But the 1% would have to support them - no food stamps for the kids with worthless degrees. Oh. And they wouldn't be allowed to go fight for ISIS.
All kidding aside, I will be one POed cracker if they cancel that debt. Why not cancel my mortgage? Why not pay me because I paid my way through college and was never a burden to the state. Why not claw back the $200K salaries the gender studies faculty has been getting to offset the debt cancellation? Why not claw back the salaries of the staff at the student loan offices, who probably outnumber the faculty 3:1?
And some poor assed crony motherfucker is holding the toxic tranche of those SLABs.
And that same crony motherfucker recently wrote checks to donate money to the American Federation of Teachers and the Campaign for America's Future (Soros backed), so these respective 501c3's can continue to lobby for a government bailout of his toxic SLABs.
Sounds about right. I don't think 'the gubmint' gives a rat's asss abotu indebted students.
Whereas those Big Banks and Lenders on Wall Street holding the debt + keeping the fat flowing to school administrators are their only concern.
Alaric, you are one of the clearest, most consistently cogent posters on this site. Pleae stay around...
Thank you NFP.
thats what happens when the govt gets involved. All you have to do to qualify for loans is have a pulse. this is what happens when some moron in govt decides "everyone should attend college". A couple decades ago you could work part time and pay your way though it. I know a few people even 12 years ago when I started school that did that. The problem was you couldn't drink, fuck, party, and do drugs all the time if you were both working a lot and actually going to class and doing homework. The nearly limitless amount of credit extended to these naive young dumbshits takes care of the requirement to work, and the fact the colleges have 'dumbed down' their curriculum to accomodate the influx of people who really have no business in college(and the fact that these schools are mostly just diploma mills now, and have financial incentives to have all of these people stay in school) takes care of the requirement of going to class and studying. Its a vicious cycle than can only end badly.
anything that everybody can have, nobody wants.
I will take those Obamaphones...and I SCRAP THEM.
The homeless sell them to me for...ONE DOLLAR. Then they take that over, next door, to the Liquor Store and buy a 99 cent shot of liquor.
I get the Gold and Palladium. The Liquor Store garners a small profit. The homeless drunk gets his booze and his buzz...
Who loses? YOU DO.
Thanks Obama.
Over 150 Cell Phones destroyed and counting. Fuck the NSA. Yes the NSA tracking devices are being destroyed as fast as I can get my hands on them.
Government programs to "help the poor"...er...provide subsidies to the Cell Phone Manufacturer that was one of Obama's Political Supporters...on YOUR DIME...are really working out well...for me.
Thanks again. Your financial support, your support, is really appreciated. And just to let you know...I DO NOT DRINK.
People do not appreciate what they do not pay for.
Since YOU are paying for then you must appreciate that your Government is doing this.
If YOU do not appreciate this then why in the hell are you paying for this?
Sure.... right after JP Morgan, BoA, Deustche Bank.....
Cancel my mortgage. Thanks. I just dicked you.
Dear downvoters,
Hope you die in an underwater basket weaving gender studies bonfire of the hugemanatees.
k
it is ridiculous the cost of education these days
down right illegal as far as i am concerned.
students are getting ripped off to the max
fuck the leaches who trap them into debt
geesh... tuition is out of fucking hand
Agree with the debt bit but not the 'working for it' piece. My parents were able to work a part time summer job at minimum wage to pay for cost of living + school. You cant pay for school anymore with a full time year round job at minimum wage - even if they existed (thanks obummercare). I had an IT job (skilled labor) and worked the max allowed 34 hours a week, with a 40 hr third shift job over the summer. That pays for food and rent and without beer money. Dont act like that wouldnt have covered the same expenses + school + a sporty car back in the 60's.
The government shit the bed by intervening and fucking S/D, and these kids' parents shit the bed by voting for it and pushing their kids into college. Personally, I can only hold the 17 y/o signing the dotted line responsible once the first two are addressed. The arent innocent, but they were handed a loaded gun and told to pull the trigger by their parents, teachers, mentors, pastors, etc.
Got that right Ballin. I worked my way through college, but it was 1956-1961. My first year was on my savings started in the sixth grade - I was the only boy (of 22) in my senior class that did not have a car, but I went off to college with $1200 in the bank, which was enough for my frehman year. Waited tables and was a "kitchen/server boy" in a sorority for the $900 it took to get through my sophomore year -- weighed 135 pounds at the end of the year, but made it. Did ROTC summer camp and fought fire for the NFS for enough to start my junior year, then advanced ROTC picked up the slack for my junior and senior year. File clerked and became a TA for grad school money.
BUT, you sure as hell couldn't make it through that way now, the way college costs have escalated. I would still make it, but it would take me 6 or 8 years now, and maybe a rip-off loan along the way (given the severely over-achiever I was in the early days).
OT: Regarding the Putin situation, a bit more info has come out from Jim Cominsky...and I do mean a bit...but it´s interesting because of his source. In addition to Putin missing and all that, apparrently a large stage is being built in Red Square. https://www.youtube.com/watch?v=KFzU4xrwjxM Pretty recent stuff. There has got to be a cam covering Red Square to confirm this, although it is dark out in Moskow right now.
Tried Red Square and St.Basil webcams...no connections.
lol
According to Yahoo.com:
2nd posting in two days, vid says no mention on ZH but if you are reading there is. For the totally brain dead lazy I have provided a cam: http://www.earthcam.com/world/russia/moscow/?cam=moscow_hd
That cam shot doesn´t show Red Square up close. All the links I have tried through google for Red Square and the nearby St. Basil cathedral are shut off.
Could be the Corination of Putin's new born son ----the first Prince in Waiting in the new Monarchy. Would explain recalling all Russian diplomats from London for the royal festivities
I paid mine off, too. Boy do I feel stoopid.
Mine's paid, too...but I don't feel stupid, I feel pissed.
My daughter called a couple of weeks ago proudly proclaiming she paid off her loans and felt so free. I'm pissed too and hope she doesn't see this thread.
Miffed
You need hope that she does. In fact you need to share this with her.
I drove a shitty tercel to for years and didn't take out a loan, paid as I went.
https://en.wikipedia.org/wiki/Pay-as-you-go_tax
United States[edit] Main article: Withholding taxThe plan was developed by Beardsley Ruml, Bernard Baruch, and Milton Friedman in 1942. The government forgave taxes due March 15, 1942 for year 1941, and started withholding from paychecks. It is basically the plan currently followed by the United States federal government, where taxes are withheld from each paycheck and sent to the government, as opposed to paying annual taxes in one lump sum each year.
I'm starting a "I'd like a refund for the student loan I was stupid enough to pay off" petition. There were a shitload of things I would have rather spent the money on each month (like maybe a nicer car than the shitty Tercel I drove for 10 years), so it's only "fair".
You want "fair"?
Fucking socialist.
Personally I believe that being advantaged seems to be the most preferable position. I most definitely do not want "fair".
But being a Free Market advocate kind of, sort of, has influenced my judgment.
Smith,
Please ammend that to include a refund for me too. I paid my way through school and then saved and payed for my children.
I am SUCH an ass!!!
Your friend,
Dog
EDIT- Sorry peeps, I read down and saw that this has already been covered.
gold and others, include me in, I also paid for myself and children, but so what..we had the means to pay it off. that does not apply here, these loans are fraud, given to those who do not have the "means" to pay them back and the lenders know it. stop mixing the two.
many here who apply the old economic codes should understand they are missing the real main point.
corruption and crime have destroyed the contract. it is time to wake up. you and i are fools to think contracts in FRN's run by a few jews (fed) and elite criminals at banks and in .gov and at justice are good contracts what did you miss by we corzined some folks?
Are you implying that the socialistic community is growing?
Ill be god damned if I pay for some whiny cunt to get a gender studies
You will also be paying for her salary in the government sponsered "Grievance Industry" destined to become huge when Hillary is elected...
and the free gender reassignment.
The world needs ditch diggers too.
I'm glad you omitted a law degree. Too many of those criminals already.
Stem grads can be whiny cunts too ass... Lit grad with no student loan debt cocksucker...also run a business which ignores paying taxes ...so fuck off with ur bullshit about lit degrees u fucking pussy
Awesome!
The current system is based on fiat debt notes created out of thin air to keep the Ponzi going.
This, ultimately, is why government spending constantly expands.
Ya didn't really think the student loans were about 'kind government folks helping out college kids' or actually 'educating' them, did you ?
You don't think defense and spying spending is really about 'defending us',
do you ?
We don't live in a country, we live in a Ponzi racket.
...To me, i read Obama's plan is to forgive all African American student debt and double African American minimum wage...and paid by caucasian taxpayers....
LBJ promised thaty'd be voting Democrat for a 100 years. Just piling on....
Just enough to quiet them down, not enough to make a difference.
- LBJ
"Just enough to incentivize the black father to not stick around and not raise his kids. We wouldn't want them coloreds having strong male role models."
- what I'm picturing LBJ saying behind closed doors.
While LBJ was a good man with respect to honestly championing the cause of Civil Rights, much in opposition to the Selma movie which tried to play him as another "racist white cracker ass motherfucker" (meme of the times, thanks Hollywood, Ophra, et al) I don't think he really gave two shits what they did with that freedom as along as they were Democratic voting slaves. That's politics. I'll betcha that 99% of that cultural demographic still think that Lincoln was a Democrat, freed the slaves as a main priority of the Civil War, and that the Democrats who have virtually enslaved those peoples in their very own social strata's stigma for votes, see that party as their way out. Talk about having been brainwashed and propagandized. Zeeeeesh!
"When I appoint a n!gger to the bench, I want everyone to know he's a n!gger"
-Lindon B Johnson to Larry Temple on the nomination of Justice Marshall, LBJ: Architect of American Ambition, Randall Bennett Woods, pg 789
He was a great brother. ;D
Jesus fucking christ Knucks, I can't believe you just said "LBJ was a good man". And included the word "honest".
That motherfucker probably had Kennedy killed. And definitely many others. At the very least, he led the coverup of the Kennedy assasination.
A good man? I don't fucking think so.
Including his own sister (among others). I was gonna say what SD said, so... good one.
I was gonna say what SD said...
There is a problem with what SD wrote..."LBJ was a good man with respect to honestly championing the cause of Civil Rights", is what Knucks wrote.
Even the most EVIL MOTHERFUCKERS LIKE LBJ, fuck up, once in a great while, and actually do something good.
For instance Ted Bundy's neighbors thought that he was nice...
That was absolutely wrong on Socratic Dog's part.
And you are worse for not pointing out the dishonesty, but, actually supporting the assertion.
This type of post makes me wonder if dishonest trolls are using two different User Names, and, then following through with supporting their own posts in order to garner support for an obvious Character Assassination by using a Strawman arguement.
Is that a possibility?
Do you think that there may be software that I can use to see who responds to who and at what frequency?
If I can then so can Tyler.
And so can the NSA.
If you can imagine it it can be done.
Someone told me that there are programs now that are pretty good at front running the stalk market.
regards to you Tom
Ah c'mon Tom, get off your soapbox and stop the bullshitting. LBJ was an evil motherfucker. So his fucking dog loved him, maybe his kids, he was still an evil motherfucker.
And DON'T call me a troll. You who regularly talks about blowing shit up, and how to do it, I take it at face value and don't call you an agent provacateur. Christ, I don't even rub your nose in that idea you seem to have that "whom" is the plural form of "who".
I never did like tall motherfuckers.
I'm not sure what you're saying, exactly, but I'm no troll or whatever--just a college instructor transitioning into day trading, hopefully. LBJ's program has served to continue impoverishment and destroy black families, so I'm not sure how honest his "civil rights" intentions were, either. I'm not sure LBJ did anything good, and if I missed pointing that out for some reason, my mistake. But again, I'm not really sure what you're saying.
I always get a kick out of what LBJ said at the coinage act about silver.
http://www.presidency.ucsb.edu/ws/?pid=27108
tall tom, you are an idiot. LBJ was an evil motherfucker. He lied us into the Vietnam war, proabably killed kennedy, and helped debase our money. He is responsible for countless deaths. And no, the civil rights act was not a good thing. No, I am not in favor of discrimination, but I am in favor of people who own property or a business being able to use their property as they see fit, not having it dictated to them by the govt, like you apparently favor. Never thought Id see someone on here defend LBJ.
Didn't the democrats try to block civil rights legislation? Just piling on as well....
Because"white people from better neighborhoods" would poop their dog in his NY neighborhood because hes black.
Should tell that to the white MD state govt cunt who doesn't pick up her bull dogs human sized dumps in my ally.
Or a nugget 're-appears under the door handle of her bmw
>>>Should tell that to the white MD state govt cunt who doesn't pick up her bull dogs human sized dumps in my ally.<<<
Stop talking about Chris van Hollen that way. He is my Congresspuke and live about a mile away. Although I have to admit that he fits in Nancy Pelosi's lap very well.
Has been groomed for a long time to take over for the outrageous Barbara "I'm the Grocer's Daughter" Mikulski now that she is finally quitting the Senate. Would be nice to see him blow up the way O'Malley had picked Tony Brown did.
MD swinging red??? I doubt it although I hope for it.
I am picking O'Malley to be the Dem nominee. That doesn't mean I have any respect for him. Hillary won't make it, and there seem to be few other choices. Funniset things you hear about O'Malley. He can't be the nominee because he is a white male. He can't be the nominee because his protege, Tony Brown, faltered at the polls - even though he was obviously no smarter than a fencepost. "I'm Tony Brown and we can do better" Rah. Rah. Tony. What can you give away which hasn't been promised five times over. Communist puke.
Is it any coincidence the Pope declared the end of 2015 to the end of 2016 a Jubilee year? In a Jubilee, all debts are forgiven.
AlaricBalth
Congratulations. You understand the problem “The bigger picture”.
Student loans are Odious debt. Unfortunately, likely many people that are commenting here, most people don’t understand money creation.
And secondly, our government is too morally corrupted to address, and correct this problem; that were mostly created at the private sector.
Thirdly, most Americans still deluded that their lifestyle, as well as their children's future, will come back. No, it won’t.
Fourthly, the students will never be able to pay these loans. As well create enough surpluses to take care their parents—retirees—because the easy resources have been consumed already. So, the new resources that we will need to maintain our current lifestyle will be harder to access. As well as less, thus facing even more so diminishing returns--quantities.
I don’t have the answers for all these problems—including student loans odious debt. But, by reading some of the comments here, these new generation of young Americans are for a rude wakening of Jesus’ taught—for us to take care of one another. And take care of those that are in need.
Thank you. Debt created by banks for students loans did not exists before its creation. Its destruction does not remove wealth from savers, it removes future profits from banks. The same banks that got TRILLIONS in bailout funds.
The solution is to allow student loan debt to be treated as all other debt, dischargeable in bankruptcy. It was so before the feds changed it, they can change it back.
By allowing students to discharge the debt in bankruptcy court, the court gets a chance to arbitrate the debt, the student gets out of odious unpayable debt and the banks get to treat student loans with caution the would give other large loans (HAHAHA)
So the debt that was created wasn't real because it came about from fractional banking? So the money that the students borrowed that paid the professors wages as well as all other expenses incurred by the school was fake too. And the money those who received these funds spent on their lives was fake also. So should all those who accepted this fake money, regardless of how far downstream it may go refund it back? I mean if it isn't real debt and as such isn't even real money, it shouldn't be a problem right? And all of these student loans that were bundled into securities, they aren't real either, and the people who bought them just paid for nothing, even though they might have actually worked very hard for the fake money they used to buy the securities.
Wow, its really simple, isn't it. None of us should pay any of our loans. All we need to do to make it all right is to refund every fake dollar we have ever accepted or earned. reconciliation!
Nah, you missed the point. The point is "caveat emptor". If you buy a continuous revenue stream off some poor sap by throwing money at him, you should select your poor sap judiciously. If, courtesy of a government guarantee, you throw that money at anyone who walks through the door, then you fucking deserve to get burned. You are a corrupt motherfucker latched onto the government tit, and all here should be ecstatic you're gonna get burned.
Except you won't get burned. Banks never do. I will, and my kids, and theirs'.
Yep. SD on a roll.
Another couplet.
ZH is a data mine.
If all "money" is actually debt,then the easiest way to a reset is to reject the "debt" by rejecting the money. Give it back. Cleanse yourself rather than wrapping yourself in some ideological definitional bullshit. If you are trading your labors for "money" then it is real. If its value is stolen by a corrupt government, you have been "really" robbed.
Give it back and do not accept it in trade for your labors, but do not EVER suggest that the debts that YOU incur, deliberately and of free will, are not YOUR debt...something that can simply be ignored and dissolved, simply because you see the system as corrupt...a system that YOU participate in. If there is anything truly broken in our society, it is the belief that your word, your commitment means nothing, especially only if because you were lied to or deceived. All we need is an excuse, right???
Thank you to the above posters for pointing out the realities of fiat debt note creation from out of thin air. Many seem to miss the point that the current system must create more debt constantly in order to survive. The banksters/insider corporations/govt (they are all one in the same & their agents move freely between them) don't do the spending programs to benefit You. It's to benefit Them. It's to keep their Ponzi going which is their source of wealth theft and control over you.
Is amusing to read the comments of those who have been brainwashed since childhood to salute the flag and 'pay your debts'. - - Your buddy loaned you money to help get you by ? Of course, you pay him back. He earned or saved that money (fiat or not). But that ain't the same as the counterfeiting scheme of the banksters/government.
All debt is going to be wiped out in the global debt reset, either through outright default or hyperinflation. Why keep fighting it? Let's just get on with accelerating the restructuring so we can all get on with our lives.
To those suggesting that every cent of the student loans have to be paid back, just remember that if you continue down that path of reasoning, you will be also made into eternal debt servants as well, forever paying your share of the quadrillions of dollars of bad derivatives that will be tacked on to the national debt. After all, it's only "fair" that you pay back the bankers because they worked so hard to create that money out of thin air.
Yes, every liability is someone's asset, but let's not forget the bankers have yet to take a single loss, being bailed out for the past 100 years by the Federal Reserve. Don't forget who the real enemy is here.
The debt will not be wiped out. People will be wiped out. 85% of people earn through employment. To destroy the asset value of currency, which is the only way to destroy debt, will also destroy virtually every business in existence. People will not have jobs, as they will not have employers, and as they have virtually zero survival skills, they will die in mayhem. The alternative will be grinding poverty from a continual degradation of the economy. And then, in the end, you will have your beloved "reset", just as the dinosaurs did.
Hmmm. America is over $100 trillion dollars in debt!
Please, tell me who America is in debt to?
Oldwood
Obviously that you are an intelligent person. And, that you articulated your position very well at—To destroy the asset value of currency, which is the only way to destroy debt, will also destroy virtually every business in existence.
Anyway, how we let ourselves to get to this level of debt—illusion of wealth—it’s at the core of our society dysfunction.
So, tell us, were will the jobs, the factories and necessary resources, as well as income, will come from, to pay for these debts? Then, who would be the buyers? When the whole world is financially, as well morally, bankrupted.
“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” — Ludwig von Mises
The debts will not be paid. The only question is whether we will deliberately collapse the world's economy through the destruction of currency value or whether we let it die a slow death. I am torn. I don't want to believe what I just wrote, yet I do. I, like a terminally ill person, does not want to suffer but also finds it difficult to commit suicide. Many here claim to want to end it all and get it over, but I'm not convinced they are really sure about what that actually means.
it is not so much as something unique jesus taught...
many ppl have taken care of each other thro out history regardless of religion
but yes it is the right thing for ppl to help each other
esp family should help out each other....
In Italy families live together and share... (at least the one's i know)
I don’t have the answers for all these problems...
Escrava Isaura...
There's no way out of here, when you come in you're in for good
There was no promise made, the part you've played, the chance you took
There are no boundaries set, the time and yet you waste it still
So it slips through your hands like grains of sand, you watch it go
There's no time to be lost, you'll pay the cost so get it right
There's no way out of here, when you come in you're in for good
And never was there an answer, there an answer
Not without listening, without seeing
There are no answers here, when you look out you don't see in
There was no promise made, the part you've played, the chance you took
There's no way out of here, when you come in you're in for good
~ David Gilmour
https://www.youtube.com/watch?v=-ewq73ADlEg
Those with ears let them hear. Those with eyes let them see. ~ Jesus
Thanks, Tom. Great link.
Forgiven with a twist to a very long tail.
Dupe
The cancelation of the student debt means an assured victory for the Democrats.
Free higher education and the war in Eurasia it's all America needs to firmly sit on the top of the world.
Now, I can see the Obama's brilliant plan.
The cancelation of the student debt means an assured victory for the Democrats.
Could be a Pyrrhic victory that sets off demands that more and more types of debt be cancelled, collapsing the entire system and forcing the reset they seem to want to avoid.
If you like your teeth,
You can keep your teeth
Wow! Wyoming is really going to be pissed
Sure...I worked two jobs through college, only took 12 hours per/semester so I could balance work, staying at the top of my classes....and the time it took me to ride my bike between those two places and home. It was the biggest sacrifice of free time ever....I had none. But...hey, go ahead and forgive the debt of the dude that decided he'd avoid work and just borrow 40k that he'll never pay back....because now that I have a good job, I guess you'll make me pay his debt off.....because THATs fair!!
Cancel all home mortgages first.
Canceling debts also cancels the savings of the uber rich.
Jubilee, baby. This time for us plebes.
It's Pleb. That's why you'll never be rich, you socialist plebe.
"socialist"
Know any other words, Ms. one-dimensional?
the ZWO - pretty much same thing
The sad thing is: they'll probably get away with it. Trying to do the honest thing like saving money/gold/silver and paying off debt seems to be something exclusively reserved for idiots like myself.
I really wonder what'll happen if/when a BIG reset comes. What will happen to people with excessive mortgages, huge car debts and personal consumer debt. Will the slate be wiped clean and will they get a free house or car?
"No wookie left behind."
Useful Idiot better describes you. Keep hoping for "social justice" from the same system that screwed you in the first place, Pleb.
There is no cancelled debt, you dope. It will simply be repaid by the middle class through moar printing and debasement of fiat
The U.S. taxpayers loaned the fiat money to the students.
The U.S. Government ADMINISTERED the loan.
If the U.S. Government "cancels the debt" then the U.S. taxpayers have to pay for it.
All the loaned cash ended up in to US education industry's coffers. If you think about it the US Gov backed student debt plan was a MASSIVE financial stimulas plan the build up the US school system. We will need these schools to compete globally.
Cancelling debt detroys currency and liquidity. This is not good for anyone period.
Wait a minute here--I prefer Keene's debt jubilee plan, where everyone gets money.
I have paid off my student loan. I have paid off my house. If we're gonna pay everyone else's mortgages and student loans, where's my reward for not buying a bigger house or for not doing something else with that money to pay back the loans?
Give everyone--everyone worth, say, less than 2 mil? a chunk of money--say 200K. The banksters and the evil system owe us. Then force the ones who owe debt to pay it back, like pay their debts first before giving them the money. That way, those who made responsible decisions are rewarded, and those who have debt will have it paid (or most of it).
Something more like that anyway. People who paid their debts but are struggling need to be rewarded.
Why can't they primt money and give some to those of us that pay our bills do not go into debt and were not born with silver spoons in our mouths.
You don't get it, do you?
He's looking around wondering who the mark is...
This is the kind of ass kicking you can only get at fight club.
People like Vullsain are probably why Weimar happened. Long wheelbarrows!! Instead of urging your fearless leaders to not print for anybody, they want their freshly printed scrip too. The problem dear Vullsain is those ultra rich people will be happy to dump their worthless dollars into your lap when they own all the hard assets already.
Asshole I was being sarcastic.
Scotty was that supposed to be a news flash!! That is why we frequent ZH!!
I will look you up the next time I want to be reminded of the blatantly obvious.
We have all been butthurt at fight club if we fight long enough.
Shake it off.
Not sure what I should be butt hurt about. Certainly not some snarkey comments to an obviously sarcastic comment about the teat sucking culture we live in..
Fine fine sarcasm. For the many that read this site without posting now they understand. You were being sarcastic, unfortunately there are millions that really believe they should get their freshly printed dollars for nothing. They are the dangerous one along with the filthy rich bankers.
Agreed; for the most part~the millions who believe they are entitlrd to suck more and more from the system are reading and watching MSM bullshit. There are some factions here on ZH that go overboard, but I do not have to read any MOAAAAAAAR for nothing types from the Left or Right in the comments, That is why we are here on ZH. At least that is why I am here,,,
Seriously, why can't they print and give us each TEN MILLION then we could all retire to the south of France, topless women on the Riviera, skiing in Switzerland in the winter.....
We can either stretch it out or end it quickly, and even that doesn't have an easy answer. For anyone who has had to watch someone die of a lingering disease, the victim many times contemplates suicide as an option to the suffering. Its all about timing and isn't the same for everyone. We will simply know when its time to pull the plug, but will always wait a little too long.
Ass kicking on ZH is pretty weak compared to other forums. I used to be on one that got tired of kicking each others ass and we started raiding other forums. A dozen or more would join up and raise hell. What fun and we'd get banned one by one, then off to another quiet forum. Some would like the fun and join our message board. I'm burned out on that stuff now, that was years ago. Now back to your regularly scheduled program.
I remember one time I raided a quiet little forum on, I think, sewing machines. Ater a couple of rants someone posted "is he gone? What was that about?" I felt sorta ashamed. But I got over it.
To me, waking up after taking the red pill and understanding that the responsible ones, the ones who follow the rules, are the ones overtly, on purpose, being taken advantage of, IS THE ZH ASS KICKING.
This place does it like no other.
It's true. Unfortunately it means they (the rule-abiders) have to get their asses kicked before they can pull their heads out of them and see what's happening to them.
911 a fine example. ZH helped wake me up to that one. With a size 14 steel-toed, leather soled Norwegian welt.
But once I realize what is happening, then I don't see any good moral reason (for example) not to take out an unsecured credit-card loan, buy gold, bury it in the backyard, and default. As many have said here, they conjure the cash up out of thin air. I'm not allowed to do that, I go to jail, but they can do it, and do do it.
It's called survival. Is it OK to steal a loaf of bread if your kids are starving? I don't give a fuck whether it's "OK". My kids are starving.
There are many sets of "morals" we can find in cultures and religions all over the world. Some people follow the rules rotely. That is fine enough to do that. But there is a point where following a rule, because it is a rule, is a form of cowardice. You default to the rule, because it hurts too much or it is too much effort to think through a situation for yourself.
Balance that with other folks who will slip into moral relativism and break the rules when it works in their favor and it truly leaves us all responsible for ourselves. Each situation calls for negotiating the balance. It always did.
A cold wind blows out there. We need other people in order to thrive. We have to be trust worthy for one another. And you cannot abnegate responsibility for yourself and others because of a rule.
Good screen name for this discussion!
If you want a shining example of blind rule following, visit The Netherlands. The Dutch take it to extremes unknown to most on Earth. A truly painful environment to work in. With Dutch women you don't need police!!!
Same in Australia. They celebrate their "larrikan" nature, as they chop down anti-vaccers, or anti-fluoridators. Not so fucking larrikin as they think.