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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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Yeah, but our discussion is just piddling in the wind, as several other posters have made clear. This isn't about moral relativism, it's about something planned and carried out with absolute certainty as to its outcome by the ruling class. The bankers knew it would come to this, they intended it to. Same for the politicians who enabled it. It's just more assrape for you and me. They get richer, we are locked even tighter into our debt servitude. And if you think you ain't, because you paid off your loans and your house and you drive a clunker, more fool you. That's why society has assumed the debt burden. So there is no escape for you or for me.
I find it interesting that Bill and Hillary Clinton become squillionaires through a life spent in government "service" and nobody questions it. Off topic, but not really.
My best friend in high school used to say,
"a silver mallet up their asses." Still find that funny.
So your bud was a big croquet player?
I had a buddy that used to say "I'm as broke as a fart in a mitten".
It used to always make me laugh. Then again, everything was a fart in a mitten.
Fuckin car is useless as-
Guy's dumber than-
The guy went into advertising. Still to this day I expect to see a 'fart in a mitten' commercial.
"Trojan brand condoms...fit as snug as a fart in a mitten."
Good luck with that
I can't believe you said that. Vote for Publicus!!
Free money for everyone, not just for the super rich.
Justice for the Publicus!! I'm gonna help you on the campaign trail but I want to be FinMIN..
We need pictures of you and your wife, eating dinner, her jumping on you, you playing your favorite instrument (I don't mean your dick, though that could be an interesting approach to the whole election)...
This is how you will be vetted, we will conduct focus groups on twatter.
What If I can hold her up in the air with only my favorite instrument. Do I win?
I edited a bad pun.
You win.
Go make me a sandwich.
Five years ago I would have still had the energy and stamina to perfrom the aforementioned feat.
These days we would both be happier to just go to bed early and watch reruns of King of Queens.
It would be one hell of an improvement on the last vetting.
Free money for everyone means nothing for everyone. How about no free money for anyone?
You mean like today? Free money always goes to someone, today it's the super rich.
Don't laugh too loud. A national dividend paid in debt-free money would have been a much better idea than QE, if anybody had been serious about fixing the problems caused by the financial crisis.
right
in agreement.
https://www.youtube.com/watch?v=ocQWs8EteqI
Steve Keen is right!!
Silly rabbit! The purpose of the tax payer is to PROP up the rich, at all costs!
free shit for all, MOARRRRRRR
knukles,
It's better than printing!
Sheeple deserve everything they got coming.
The sad reality of your comment is the fact that the sheeple, or the majority of them, are not doing that bad right now sucking off the hind teat of the likes of us. When it does finally hit the fan, to whatever degree that is, we will be fooked right alongside them, albiet hopefully to a lesser degree.
Why should the rest of us be held to a higher standard than the banks?
Because moral hazard is a one way street.
Remember hearing this all the time? "They're not making any more real estate. It always goes up." Yeah yeah sure. Then you hear how your life is over without a college education.
People think I'm kidding when I say "How do you steal money from people who don't have any. Give it to them." It's fucking true when you can print the shit out. Real estate prices went flying off the hook and so did education by giving out money left and right. Get the number so fucking big that it becomes a national disaster that only can be dumped on...you guessed it...taxpayers. This is deliberate!
The real estate was NEVER worth what the run-up told us and neither are these wacky priced educations that sit in mark/fantasy books. At least with BK you might be able CRAM DOWN the costs to something realistic but NOOO. BK got changed to exclude this for guess what? MORAL HAZARD.
Take this out of the bankers bogus QE money and the also the educator jerks that RAN UP the price. They'll yell your "you're anti education" pffft who cares they're lying. THEN shut down the "Consumer Finance Protection Bureau" and their 600 million dollar budget because they don't protect anyone but themselves and their cronies.
To suggest that any politician or banker scum, regardless of spot or stripe, would give a fig, lift a finger, bat a lash, or make anything more affordable or better in any way shape or form for anyone other than themselves is fucking bullshit.
They figure out how to steal your money before you even have it and then blame it on you!
That doesn't justify shovelling money to the banks following an orgy of fraud and waste with one hand and scrooging the little guys with the other hand. There is no faster way to ruin than unequal government based on political connection. Your point is that we do no good, having prostituted ourselves to the banks, by further prostituting ourselves to the students. I'm not so sure you're right about that. For one thing, moral hazard is different for students and billionaires. Unlike banks, most students are unlikely to conclude that the government will save them next time, because students don't have personal representatives in the government.
Obviously I didn't come across right because I believe these students are nothing more than a vehicle for the banks to financially ass-rape whoever they can. And the education "system" did nothing to stem this but also got fat on this way past "inflation" which is supposedly non-existant. You gotta also know damn well that these smart wall street hedge fund ass-holes will profit every which way but loose by making bets against them.
This is and was never about education it's about theft and fraud.
edit - one more thing before I start drinking - Tyler has Hank the Shank Paulson as a tag on this. Suggesting "default insurance" on this fraud/debt will also be bailed out on secret terms like AIG.
+1000 Chunga
how about canceling all federal funding of universities. american public universities are madrasas of the left that corrupt our youth
Hospitals too. They kill, maim, and cripple more than universities..,
well maybe not.
Fuck it man, I'll pay my debt, but how about stopping all these fucking taxes so that I can...
Yeah and when these organizations ask for donations or more funding:
American Federation of Teachers
Campaign for America's Future
Courage Campaign
Daily Kos
Democracy for America
LeftAction
Project Springboard
RH Reality Check
RootsAction
Student Debt Crisis
The Nation
Working Families
act accordingly
Too bad that California can't convert some of that debt into water.
This really pisses me off. My family scrimped and saved my entire childhood so I wouldn't have to worry about not being able to afford college tuition.
How bout some kind of compensation for those of use who paid in full for four years? We didn't have any of the fancy dorms or gourmet dining halls that jack the price up so much like now. No AC, normal cafeteria food, only pay phones down the hall...
I want my money back!
tuition was affordable back then
it is out of hand now...
and therin lies the rub...
Rich banksters never scirmped nor saved at all. There's always the tax payer to give them free money when the banks blow it.
I saved and paid for my kids' college. Do I get that money back? Obviously, I was a fool for trying to do it right and now I am getting screwed again because I can't earn any interest on my savings.
I know.
At least I have the comfort of knowing my kids dorm rooms looked like something out of '50's Soviet architecture even though they charged me rates like the Hilton.
I hear ya. Starting to feel like I live in the Soviet Union, but not quite as free.
Knuckles, you must be over 40 since
you obviously don't understand the
new world. I worked in a supermarket to pay for
college but that is now considered stupid. More
votes for the Obama free shit army.
Fuck, why did I scrimp and save and pay off my student debt? I shoulda bought a bigger house! You gonna pay me back? Didn't think so.
And, to make myself even dumber, I saved for my own kids education. And didn't live large while in college. I thought I was supposed to be a poor college kid. I am a big dumbass.
As somebody caught between the sense of personal responsability of my forebears and having a student debt that I FOOLISHLY accrued, I will say that cancelling such debt has a certain allure if I thought that such a cancellation was not the machination of some foul and selfish purpose to appear later.
canary, the international banks got trillions, you do understand that? corzine walks free you do understand that? congress and their staff are exempt from insider trading laws you do understand that, selling cigarettes on the street gets you choked to death you do understand that. loans given to poor who have no abliity to pay is a crime. you do understand the housing bust was because of fraudulent loans and the wall street crime of CDO's SDO's sold as AAA. got it
if not then pay your debt, if you do understand then the debt is fraudulent
According to the new generation - yea - you
Hey, kids, you want your debts gone? Help us get rid of bankers and politicians.
Cancel all debt... but all degrees will be null and void. That's the only solution to this.
many already are, sans jubilee
Followed quickly by cancel all future elections. What a joke this country has turned in to with the Marxist con man at the helm.
Student loans always a bad idea. Completely unfair and bad for the country.
Bailing out private failure is bad too. Let the private market entities drown if they fall overboard, no tax payer life preserver for them!
God... Is nobody responsible anymore?
Sure! You are responsible for it.
knukles, are you responsible for all the insane comments you made about ebola. wasnt it you who yelled every day about how its the end of the world. Anything you say is just BS.
Hey, I am actually for this. I went to grad school, in hopes of a career in the federal gov't, wasted 4 fing years trying to break into various agencies to no avail. Dreams canceled and student load debt is killing me. Now I'm working a job that didn't even need a graduate degree. heh, and I actually wanted to do good for my country and fight the good fight.
BTW, I can always expatriate abroad and leave it all and quit the bs rat race.
So...what about all of us suckers who put their kids through college/universities without any student loans?
We are the new niggers on the government plantation.
Meet the new nigger, same as the old nigger.
Dude please don't use that word. You sound ignorant and people that frequent zerohedge are smarter than the average idiot in America.
Nigger: Used as a disparaging term for a member of any socially, economically, or politically deprived group of people.
http://www.thefreedictionary.com/nigger
This definition has evolved quite a bit over the years. It is offensive to blacks and/or people of color, it has also been co-opted by the folks it has traditionally been intended to hurt.
One camp says never use it. Another camp says use it so much it gets watered down and means nothing. Another camp says only African Americans can use it and take the sting out of it.
Unless you are in the .001%, I think there is a way to look at it that we are all Niggers, always have been since 1913. The printing press niggerized us all, baby.
And yeah, some folks use it here to get in little jabs. But unless I am sure it is about race, I cannot assume what the word means in someone else's post.
I am Sparticus. I am a nigger. I hope you can see hope in where that goes. Not the melting pot, but united.
Bullshit. The use of the word by non niggers is as offensive to niggers as Chelsea Clinton was when she claimed not to be interested in money. By claiming to be a nigger you try to put yourself at their level like any other whigger.
More on whiggers here:
http://www.youtube.com/watch?v=OLdIKlXl3ZA
You really need the distinction between you and black people to feel good about yourself? There are all kinds of blacks just like there are all kinds of whites. All kinds of oppression. All kinds of masters/abusers/sociopaths.
You a nigger and don't even know it. You'll wake up soon enough, or not. Nig.
Or do you think the elite like you bettern' black folk? Do you curry favor with your masters, asking them to love you more than they love blacks cause hey, you ain't black? Because other wise it gets you nothing to make the distinction and it makes no sense.
Black people may be offended that I am saying I am a nigger in the eyes of the Fed and the elite. That is their perogative. They can say to me, you don't get to join the club because I am more oppressed than you. And when they argue with me they may be making valid points. And while me and the hypothetical black person argue the points, the bad guys get away with the loot, laughing their asses off because we are distracted by details.
You don't get to make the rules, you are a nigger. You don't get Corzine brand just-us. You are a nigger. We all niggers. Silly niggers at that. All the niggers need to get together and show master just how stupid the niggers are (or are not).
You are full of shit. You are not a nigger. Stop rationalizing your misuse of the language. If you are not a nigger you are not a nigger. Period.
Find another word to call yourself. How about slave?
From what we have heard you might actually be part of the 1%, hypocrite.
SUCKER!!!!
That's okay, I worked hard for many years to pay my own off, and now am working hard so my kid does not get into debt at all.
[MsCreant looks in the mirror] SUCKER!!!!
You Get It!!! Good for You!!! A Fellow SUCKER!!!!
Yes I got it, which is why I get it!
I am still working on it. I am usually a happy nihlist about it. I still have to deal with the pissed about it days here and there.
Stop it Nut Sacks! I have one out, on firm ground now. My last is preparing to enter this fall as a fucking engineer of all things, aaaaaa. I can't use my old favorite anymore, "Don't let your Son's grow up to be engineer's".
I'm going to go puke on my boots now., lol.
Sooo, how exactly does that teach responsibility?
He has no loans. He is on 3 scholarships. It just about covers everything but I do take care of some overage. If his grades fall and he loses the scholarships, he also loses my financial support and then he will have to take out loans or drop out. We are really clear about this. There have been a couple of close semesters but he has made it two years so far.
As background, his father has a fuck ton of student loan debt. My son sees what happened to his dad and wants no part of it. That is it's own long fucked up story. The guy refinanced his house and student loan into one loan, making the student loan part inelgible for all the breaks that they have been giving borrowers having trouble paying it back. His dad is a mess, my son knows the score.
@Mark It's justified by saying anyone who can pay his own way, can do so because of his privilege. If you've got a business, you didn't build that, so it's not yours anyway. And no, I don't think uncle Obama is going to cancel any of my debt, even if I have to take it out.
That is of course if your business is in making subprime loans that present a existential threat to the stability of the financial system. Then you will get bailed out...
The Free Shit Army salutes you.
The gladiators used to say "we who are about to die, salute you.'
Same difference.
Ave Caesar (Imperator) Morituri Te Salutant
Please give unto Caesar his due recognition. The big O would probably eat that kind of homage up
Spits on you, you privileged shitlord douchenozzle.
We stop paying taxes and start killing politicians.
Dupe
Oh, both you and they will pay for the party girls' mistakes. That's what taxpayers are for.
Children are, in truth, the most important investment most people will ever make. Realistically, they and not any (almost certainly hopelessly underfunded) pension will be paying for your upkeep in old age. So I hope, sincerely, that you paid for the kids to get STEM degrees and that you're on good terms with them.
It should be only fair that the District of Columbia should pay the whole bill since they have the highest paid jobs and are one of the 57 states..er 51,,uh how many are there?
..
someone will pay for this.
That which can't be repaid, won't be. Either obama or someone like him will end up writing off all these loans so as to appear magnanimous to the plebes, but as taxpayers, you all better get used to the idea that one way or another, this shit ain't getting paid back, ever. If you want to do the right thing and pay back the govt the money you 'borrowed', go right ahead, but you will be in a minority
loans are banks credit to you, you can't stole from banksters or someone will pay instead of you
If they do this, it will be an attempt to try and rearrange the big balance sheet. What will suffer is the system itself which trickles down to you and me.
There is no making this current model sustainable, something will give, if they do this, it will be an effort at controlled demolition, a big, heh, heh, heh, give.
it's almost a rounding error. Total student loan debt ~ 900 Billion.
sure why not its only 1.3 trillion which is a bigger bailout than the 800 billion bank bailout after the housing bubble collapsed that started this shit storm. They did not cancel my house pmts.
Geeze they make you go to counseling before you take them out so you understand the loans. Pay up ye bums
If you are in default on loans you willingly took out, You need to be labled as a credit risk and not creditworthy for a few years until you get your shit together like everyone before you has. Suck it up.
It's not a matter of a few years. Student loans, unlike most other unsecured debts such as credit card debt, are nondischargable in bankruptcy. Which means there is no legal way to default.
Because, you see, the banksters can't repossess your knowledge of physics, or of engineering, or of gay angst, like they can your car or your house with a secured loan. Which is why the only reason the banksters agreed to make student loans in the first place, was on condition that the politicos would make them nondischargable.
The bottom line is, take out a student loan that you cannot pay back and the banksters will be hounding you to your grave.
As someone mentioned earlier, moral hazzard is a one-way street.
I do believe in fulfilling one's obligations; but imagine what would happen to a school's reputation if their name was a prominent fixture on a bankruptcy judge's docket?
Life has a way of happening: no blanket-forgivness, but bring back bankruptcy protections as deemed appropriate by the courts to individual circumstances.
"Technical" schools are notorius for ass raping the students that were stupid enough to enroll in them. ITT avg grad loan; 30k. ITT avg grad salary 32k.
Apparently our beloved leader's Consumer Protection Bureau will protect us from ITT's "unlawful acts or practices relating to the advertising, marketing, or origination of private student loans".
http://www.nytimes.com/2014/01/19/business/inspecting-a-student-loan-spi...
FFS you can get the same schooling at a community college for about 1/5 the price.
You know we're fucked when the government tells us they're going to help protect us from our own stupidity. LOL
It is a matter of a few years because students take out years worth of loans and don't address the issue for 5-6 years. The loans are explained explicitly and that they cannot be claimed in BK case but people take them out anyway. So. absolutely no sympathy from me. I did borrow my last year and paid the accrued interest with a part time job while still in school and paid the balance off it as soon as I got out. If your to stupid to understand compounding interest you don't belong in college. IMHO
The fact that the government is subsidizing college is the reason costs have skyrocketed in the first place and the loans should never have been allowed to begin with. IF only students who could afford to pay for college were the only ones going, you would see how fast these ridiculous prices for tuition and books go into free fall.
You're* too* stupid..... sorry, someone with two spelling errors in a sentence calling other people stupid... I just couldn't help myself.
But the only money left to pay it with is my social security benefits.
That's only $1.1 trillion or so. How much did the Fed dole out to the banksters? Free money for all is the end result of massive fraud of the Fed. Goldman will not approve helping out the little guy while Blankfein can always use more.
Hey, debt-ridden student slaves - if you wait a bit, the dollar may collapse on its own freeing you from your enslavement.
Why not give (not loan) every American $1,000,000? All debt could be paid and The Fed would have the inflation it wants.
I like it but send my check a week before everyone else.
Sure, why not. The banksters only got a 8 year jump on us.....
This is an interesting discussion...what would happen if the fed printed $1M into everyone account?
It'll never happen.
I will sign your petition as long as you agree to also cancel all debts related to these three things: 1) Maple leaf & eagle coins that may have sunk in boating accidents; 2) All Remington, Winchester, Glock, Ruger, Hornady, PMC purchases since 2008; and 3) Any and all outstanding tax liens due to the IRS.
Deal?
I'd say "cancel all student debt" only when there is a so-called "bail-in" from the higher education monopoly.
- Ned
See the end-game play out.
If they can have a debt jubilee for Wall Street, they can do it for Main Street.
Why just student debt? Let's have a REAL debt jubilee, just as soon as I take out a mortgage and a car loan...
The crazy thing is that all of these baristas that borrowed $200,000 to get a degree in Feminist Studies from Oberlin College could easily pay back their debt by offering their services for a month or two. Open wide hippies.
Wait - my new girlfriend went to college at Oberlin.... When she gets home from the Hillary for Pres meeting I'll ask. For some reason those meetings go late and they involve unusual amounts of lotions. Strange
Fuck all of you free loaders with liberal arts degrees who can't find a job. You borrowed the money, pay it back.
Just as long as you are that mad at GM, AIG, Citi, and all the other free loaders and slackers on Wall Street.
Molon labe.
Moron labia.
Biggest welfare scum of the Earth..bankers.
Yeah, and also cancel my credit card debt. Some folks made mistakes.
Yea, like letting my mistress have my Black card.
I see people talking a lot about X and Y bubbles.. they often neglect the bubble right under their noses.. The student education bubbles. Without a doubt, some college institutions, are certainly approaching a "Lehman like" moment.
WHEN interest rates hike (and to anyone hoping for interest rates to chase the magic NIRP fairy to -10%, sorry.. won't happen) student education is going to be turned upside down. In fact, a lot of things are going to be turned upside down, and almost unequivocally, those things have government's sticky debt-bubble creating fingers all over them.
Interest rate hikes will coincide with a shock to the sov. debt markets. Either hikes will cause debt crises, or debt crises (at already historically low rates) will cause interest premiums to emerge.
Note: I disagree with the article OP. I actually believe that writing off this debt would be absolutely the LAST and WORST thing anyone in education could hope for. It basically tells creditors "hey, you know those stupid loans you are giving to all of our kids? Yeah.. they're never going to be repaid." It would force the artificial demand in the sector to evaporate overnight. Huge supply of teaching staff and universities vs. shrinking demand for product = lower nominal prices. The question is whether this outpaces the sort of deflation which would occur in a liquidity crises. Probably not.
"The world needs ditch diggers too."
Actually, could you imagine it?
Banks and institutions unwilling to just throw miney out for any student loan, perhaps asking people WHAT they might study, and how prepared they are, evaluating risk?
Heck, with all that tightening up, all those degrees already held become actual commodities, and increase in value overnight... if you were quick enough to get in before the bubble burst.
whatever the reasoning on future delinquency... there is a moral side to US Student Debt
it's collateral is something key out of a human, in this case his right to default and start fresh
if the US continues to go down this path, then neo-feudalization goes further
the next collateral/repossessions in the line are debt prisons, forced labour, forced deportations, organ harvests, forced blood banks, medical experimentations
some of it already exists, other of it was done by the early British Empire, and some is on the cusp of happening
the moral high ground of the creditor is that a deal was made, and deals should be honoured. a world of peers, strangers to each other, engaging in peaceful market exchange
this high ground breaks down when the markets are monopolized, the power differential is too great and morally dubious consequences are enforced to the letter of the agreements
and this was, historically, the exact spot where ancient jubelees were set. lending was unbalanced, too many debtors were sold as slaves, and the whole economy was going down the drain because of excessive repossession in a crisis given by excess credit (in that case, a fresh increase of silver production in the state mines)
if unhindered, people are willing to pledge too much of themselves to a debt. It will look like Freedom, for a while. And then... it can become it's opposite
credit, independently if administered by a technocratic caste of Seers, Augurs and Haruspices from the cathedrals of finance that dominate the cities landscape or from an ancient oligarchic elite using honest metal or from powerful abbotts of nearly every religion, has moral responsibilities. and every age has it's capitalists insisting that it hasn't any except profit, claiming the protection of their freedom while creating slavery and serfdom with it
Aye...Aye El Capitan, the wheelhouse is still above sea level, and the engine room is flooded.
I'm not outraged here and support discharging student debt with some caveats, most notably that only debt held by the government and only if the government were to concurrently get out of the student loan business entirely. This would poke a big hole in the tuition bubble as now debt would be payable to someone with a sincere interest in getting paid back and as such would be significantly more likely to qualify an applicant and then moniter that borrower's progress.
If you want to attach some form of bankrupcy into the proceedings, that would be fine as well.
Anyone paying attention to this fiasco can see that the ultimate unintended consequence of this particular government sponsored fucked up mess is a generation within out economy that will go underground or flat out quit.
Neither of those outcomes is particularly good for anybody.
Let's not forget that students assumed this debt because they were fed a load of shit from birth about what a great "investment" a college education would be. (A Pew study that looked at net worth rather than income determined that high school graduate with no debt has a higher net worth at age 40 than a college graduate with student debt.) And I agree, contrary to Tyler's assertion, forgiving the debt will deflate tuition costs, not cause them to go even more expnonential. Wall Street and the 1% have been enjoying prosecution-free criminality and consequence-free personal irresponsibility since the dawn of the Greenspan put. Let's democratize the "irresponsibilty." You either reset all the debt or you hang on to your I-had-to-pay-mine-back-so-fuck-everybody-else-who-hasn't attitude until deflation sucks the entire supply chain into a black hole and there is blood in the streets.
Just students? Kill it all. Student, mortgage, credit card, car, businees debt and loan sharks
The Pope DID announce an upcoming Jubilee Year!
Uh.... hold on. First of all, the Pope means Jubilation as in forgiveness of our sins. [Big deal. We do not need him to let us know that God foregives us.] He does not mean foregivenss of financial debts. Second, it sounds like a Trojan Horse to hide the NWO agenda. I do not trust him and I am Catholic.
<<See, then, the meaning of a new citizenship, which we feel strongly here,>>
Is not this money owed to the public as opposed to money owed to the private banks?
By forgiving this debt it increases the already huge debt of the govt (public) but most importantly for the bankers, it allows these people to now borrow new money from the bankers (profit for bankers) and allows these people to spend the money (demanded by the govt to repay the loans) making other purchases (makes them better consumers - profit sources).
Well, Frick. Should we right now start applying for student loans?
As Bartleby said,......."I prefer not to pay"
Cancelling student debt is a way of extending the life of the collapsing debt bubble since it leaves these formerly indebted people free to take on some new debt.
A good illustration of what the central planners hope to achieve: keep the scheme viable in hopes that somebody or something will eventually inflate or grow our way out of the mess.
"Help me, Obi Wan Man Boobies, you're my only hope."
Makes sense. If the bubble blows when it reaches a high enough debt/income ratio, then clipping debts should stabilize the ratio and the bubble.
They’ll buy houses. As soon as this passes, go long houses in areas with ‘charter’ schools.
I have a lot of student debt.
My goal is to get you, the American taxpayer, to pay for it.
There is no need for anyone to pay for it. The debts are cancelled, the creditors, usually financial institutions, lose a lot of money and everyone with financial investments loses money one way or the other. This "losing of money" is the payment.
That usually means old people relying on pensions. At the end of the day defaulting on student debt is a younger generations way of telling their parents they are now on their own.
Downvoted by old farts who tacitly counted on younger workers to pay their retirement.
I have news for you: Your assumptions were wrong, you future losses are some elses relief and as we all know, if you dont hold it, you dont own it. You were sold a bill of goods.
Prizes include everyone getting a titanium hip replacement.
Um, no. Sorry. Party girls and gold-diggers who had to go home to daddy after four years of bed-hopping with nothing to show for it but a useless degree and tens of thousands of dollars of debt? Fuck 'em. The men who wisely avoided them in favour of finishing their STEM degrees are under no obligation to clean up their messes (assuming the men haven't had their jobs outsourced to India).
The liberal arts majors want money? It's called Craigslist. If they're not women enough to put their only valuable assets to work to pay their debts, they'll have to wait for the next hyperinflation to wipe out their debt, just like the rest of us will.
Of course, that'll wipe out daddy's pension too, so they'll still have to get a job of some kind to keep themselves and mom and dad from starving. Good luck with that, girls. By then you won't earn nearly as much on the game, and pretty much everything else a woman can do will be computerized. Empty rich women's catboxes? They'll have robots to empty those.
Experience keeps a dear school, far dearer than any university. Pity a woman will learn in no other.
Banking and finance is a man's game. I am really sorry about the young lady that burned you so bad that you have to spill your contempt for her all over these pages as contempt for all women.
They want to divide us. They want the Crackers hating the Niggers, the Millennials hating the Boomers, men hating women, oh and let's not forget the Faggots, etc.
The problem is the bankers, that is where I will focus my contempt.
Care to join me?
.......
This will end up being a fucking banker bail out damn it, wait for it, you'll see...
Banking and finance are not the only way to make good money, you generally will make more if you are good in EE/CS than finance.
Yes,,, Always remember who the enemy is...
"They want to divide us."
You go girl! TESTIFY!
You forgot women hating men....you know the War on Women.The equal pay disparity myth, the yes means No if I change my mind about the consensuall sex later type of legislation the go ahead and lie about being raped and get a wrist possibly gently slapped. The list goes on and on. and yes when most women selfishly support these memes either actively or passively; it unfortunatley causes a contempt for women as a group,
You are absolutely right he needs to work thru his anger and judge each individual by the "content of their character" Redirecting his contempt to the banksters, politicians and the miserable excuse of our mainstream media is a good idea.
The liberal media tosses around the term misogyny, like the central bankers toss printed money to the banksters
all of us should understand: criminal system of money control.
from the FED the corruption of FRN's creates a society of criminals, yes every one who uses FRN's is committing crime. paying for goods and services with fiat out of thin air,so called money. the debasement of equal value in fair trade corrupts the nation.
a small few benefit greatly- the rest must eat your peas.
it is foolish to argue about debt as a contract - not in this corrupt nation where the supreme court becomes insane in such rulings as kilo and ACA..
ask Hank Paulson who got the cash, oh you can't congress made him exempt from law..
go head and fight about who owes what and who should pay..you might as well be yelling in the drunk tank at bellvue hospital.
there is no moral ground to enforce contracts when the law itself is corrupt..
Student debt has no standing in our courts- the legal system by inaction and non enforcement of our laws TBTF (corzine)makes the law criminal itself.
If it's focusing contempt squarely on the Bank$ter$, please count me in! My Bio on ZH explains that well 'nuff. It's way cool to find a community where so many "get it" in that regard.
Yes, once more, the tax payer will shore up the rich bankers who raped them begin with. NEVER forget your place! You are a peon. When a bankster walks by, you are to lower your eyes and remove your hat!
You're right. The college women are ho-bags.
I was banging them silly. Would have been nice to have a family of my own. Problem was, I'd have to marry one of these ho-bags in order to do that, and who wants to do that????
So, I've accepted that this is what society is like and have had to adjust my expectation accordingly. Just how it is I guess.
If you were banging THEM silly, then you were not being someone the woman you do want to meet, would marry. Goes both ways friend, both ways.
It didn't remove the fact that these women were ho-bags and some sucker ended up with a chick who'd been done by half the dorm.
If you think I should feel bad that none of these skanks wanted a long term relationship with me, you lose.
Wrong.
I think you need to understand that you screwing them means that you are just as much of a "ho-bag" as they are.
You cannot meet women you would like to start a family with because you are not acting like a man that they would like to start a family with. THAT is the only point I was making to you.
You gave up. That is fine. In fact it might be great becasue when you stop screwing everybody and decide all that screwing is not right for you, that is when you stand a good chance of finding someone who you would like to start a family with.
You are fine to screw around. So are the women who do so as well. I do not judge any of you. But if you want to meet women who don't screw around, and get one interested in you, then you need to be the kind of guy they are not afraid will screw around, cheat, pick up diseases. A careful woman looks for a careful guy. She wants someone she can trust. If you are screwing the same women half the dorm has had, the woman you want will see that and not give you the time of day.
Truly all I meant by it. The contempt you have for them, can be turned on you. You have a double standard and don't see how it is hurting you. I could be sad for those girls, but then I would be sad for you. All of you are doing what you need to do to figure out what you want.
cancel my credit card debt while you are at it. Thanks
Sure, erase student loans after it took me years and half a liver to pay mine off.
Where are the cancel home mortgage petitions?
You can start one. Really.