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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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Depends on the viewer.
+1 for the strike, boo for not seeing the fun.
That's what you get for all that tea and opium.
Where can I sign up to legalize my future loan fraud?
Give every American 50k. Then make those in debt pay their debt.
So does this mean the people who paid their way get an income-tax jubilee, equivalent to the value of student loans? Of course not.
And the universities? There's the real bailout. What happens to the taxpayer>government>student>university>Democrats money channel when Big Gov declares that the student-loan spigot has effectively increased from huge-with-strings to infinity with no consequences for the borrowers? Soon that Third Under-assistant to the Vice President for Politically Correct Behavior on Wednesdays will be making a seven-figure salary.
Bill Clinton tightened the screws on student loan discharge and Joe Biden finished the suckers off with his Bankruptcy bill in 2007, he fronted for the credit card scammers while a Senator.
The banksters on the Upper Eastside of Manhattan got TRILLIONS, perhaps SEVEN TRILLION taxpayer dollars. Most of these students were just doing what SOCIETY said to do, and why should their LIVES be ruined, forever? A dear friend of mine's son did what everybody says you should do and got loans and went to college to study engineering. Upon graduation he found that the firms were hiring Indians and other Asians for those engineering jobs. His father had been IT who was kicked out after he trained his Indian replacement. So since all the "favorites" of the regime have been getting "goodies" from We, the Suckers, why shouldn't some of our own get it? For goodness' sake. You have all of these White folks going into MAJOR DEBT to become school teachers and now they find they are NOT WANTED, make no mistake the Tribe is DEADLY SERIOUS about eradicating jobs for Whites:
The Benefits of Minority Teachers in the Classroom
Anna Egalite & Brian Kisida, Real Clear Education, March 6, 2015
SCREW THE BANKSTERS and their PUPPET in the Black House.
What do you think this is if not RACIAL DISCRIMINATION against Whites?
Bill Gates Millenium Scholarships
"Students are eligible to be considered for a GMS scholarship if they: • Are African American, American Indian/Alaska Native, Asian and Pacific Islander American, or Hispanic American;"
"The goal of GMS is to promote academic excellence and to provide an opportunity for outstanding minority students with significant financial need to reach their highest potential by:
Reducing financial barriers for African American, American Indian/Alaska Native, Asian Pacific Islander American and Hispanic American students with high academic and leadership promise who have significant financial need;"
http://www.gmsp.org/
http://college.lovetoknow.com/Bill_Gates_Scholarship
The “Hispanic Scholarship Fund” (HSF) says that it “aims to put a degree in every Latino household by 2025” through its affirmative action program in college recruitment.
Funding for the HSF comes from a large number of corporations, which, according to that organization’s website, include the FedEx Corporation; the Mazda Foundation; KLASS Time; GMAC Financial Services; Lowe’s; the McNamara Family Foundation, Inc.; Goldman Sachs; Procter & Gamble; Toyota Motor Sales U.S.A., Inc.; the Verizon Foundation; McDonald’s; Target; the Morgan Stanley Foundation; Nissan North America, Inc.; the Sallie Mae Fund; Wells Fargo; the Draper Family Foundation; the Shell Oil Company; the Wachovia Foundation and the UPS Foundation, amongst many others.
The HSF says specifically that it is only for “Latinos” and those of Hispanic descent.
It obviously does not concern these corporations in the slightest that their money is used specifically for non-whites.
On the HSF’s website, under their “Frequently Asked Questions” section, the policy is spelled out in no uncertain terms:
“Do I have to be Hispanic/Latino to apply?” is the question the website asks.
http://www.hsf.net/innerContent.aspx?id=1196
The answer is: “Yes. You or your family must be descended from at least one of the following countries: Spain, Mexico, Guatemala, Honduras, El Salvador, Costa Rica, Nicaragua, Panama, Colombia, Venezuela, Ecuador, Peru, Argentina, Chile, Bolivia, Uruguay, Paraguay, Cuba, Puerto Rico, or the Dominican Republic. Students from Brazil are eligible to apply.
Straight White male here,,,living in NY.
And...Im short too.
Do u know how brutal it is?????????
:(
Oh noes, a white kid that was a mediocre student is losing out in job competition to better-prepared asians.
Nice pointed hood.
my brother is one of the vampire suckers off the system being completely irresponsible with his financial choices. he's the complete opposite of me. i save, defer/eliminate consumption, put lots of cash in the bank for a rainy day so i never have to be a burden on anyone. my brother? was in bankruptcy twice, foreclosure once and last year went into a short sale after buying a house he couldn't afford because the guy he was buying it from make $150k in 2 years only to watch said house be worth $150k less 2 years after he bought it. every time he walked away and was even allowed to write off the mortgage interest on his taxes for a larger refund! while i don't believe in debtors prisions and such people should be made to have more responsibility for their poor choices instead of everyone sharing in them.
Why?
When banks create debt from thin air and then skim 5% a year for 30 years. Why should people be required to pay debts back? It's not like the money came from someone else. It's not as if it's someone else's money you are spending. Debtors prisons existed because historically it was someone else's money you had spent. By not paying it back you had stolen some of their life and their wealth. That is *not* how money works today.
Today, money and debt are created by banks from nothing at the point you go and take out the loan. there is therefore no moral responsibility to pay the debt back beyond your responsibility to yourself.
Two wrongs don't make a right and money doesn't function if any dufus can print their own.
RIC EDELMAN is on TV, apparently he is the countries best Financial Adviser.
- But I've never heard of him
- Maybe he is involved with Accounting Control Fraud?
- I didn't see any confessions, admonitions, cautions, or Explanations about 2005-2010 Bubble-Crash
Maybe Ric Edelman is a Communist??
Should we Report Ric Edelman, go after Ric Edelman, Trace Ric Edelman, Expose Ric Edelman??
Sounds like the consensus thinks debtors' prisons are the way to go.
That would be an Ex Post Facto law
I never read anything about debtors prison in the contract terms.
...bitch!!!!
Right you are. Of course, government could pass a law saying the debtor complies with a certain plan. If no compliance, get a court order. Deny the order; you're in contempt.
Only if Dimon, Blankfein, and the rest are there breaking rocks with these kids.
Raise teacher union income, cancel student loans. Raise union teacher wages.
http://www.mlive.com/news/detroit/index.ssf/2013/05/obama_education_secretary_dunc.html
"What is a debt, anyway? A debt is just the perversion of a promise. It is a promise corrupted by both math and violence. If freedom (real freedom) is the ability to make friends, then it is also, necessarily, the ability to make real promises. What sorts of promises might genuinely free men and women make to one another? At this point we can’t even say. It’s more a question of how we can get to a place that will allow us to find out. And the first step in that journey, in turn, is to accept that in the largest scheme of things, just as no one has the right to tell us our true value, no one has the right to tell us what we truly owe.
If history shows anything, it is that there’s no better way to justify relations founded on violence, to make such relations seem moral, than by reframing them in the language of debt—above all, because it immediately makes it seem that it’s the victim who’s doing something wrong."
— David Graber, Debt: the First 5,000 Years
all i can say is, as students borrow in
california and new york,
ice fishing and alligator hunting
become topics for reality television
productions;
just an observation.
and how about the john dupont
depiction in the movie "foxcatcher"?
there be a "crazy", dark horse, classic.
.
if you don't erase the student debt the
next generation will be raised on even greater
desperation than the last, and, you have added
to the population of the doomed a resented
education in search of justice.
.
it sounds like the beginning of a strategy
balanced on failing fibers in flames.
...
we see the hand of fate, the knuckles
or the palm?
the power of the state,
man all in his realm.
.
in flames the state has all
consumed
the entertaining man,
retired for he who
over lords, himself,
upon the land.
man o man
Go Nero! <snaps fingers>
Do not forgive their loans. This generation will be the ones that finally stand up and pay for what they actually borrowed. It's a win-win for all of us senior citizens.
BS
why should they pay up, your generation didn't.
Only if you consider a Hover-round-jacking to be a business plan.
If they "the students" can actually form a cogent thought expressed in a literate manner; and can manage simple sums related to basic living expenses etc.. then maybe they should get their student loans forgiven, because that "might be" the best that we can expect.
What really bothers me is that we are absolving millions of young people from the responsability of honoring their commitment and word through their signature. Look, they signed the loan agreements; it's their job to perform their own due diligence prior to the commitment.
SH
the problem is the student is
never notified or informed that
by signing any commitment with financial
bearing they are taking a blanket
put on the future actions, decisions, whims
and determination of an unknown or unidentified
cabal of psychopaths by definition and determination.
.
weird breeding thing?
"What really bothers me is that we are absolving millions of young people from the responsability of honoring their commitment and word through their signature. Look, they signed the loan agreements; it's their job to perform their own due diligence prior to the commitment. "
What really bothers me is that we are absolving congress from the responsability of honoring their commitment and word through their signature and oath. Look, they took the oath; it's their job to perform their own due diligence prior to the commitment.
...what's the difference?
You know that the majority of this debt was taken on by their parents, right?
Make the universities reimburse them. The education was obviously not worth it if they cannot pay it back. Bizarro world speeding towards something. Not sure what.
Before you forgive the loan they have to correctly answer a skill testing question. Like, "what is 17 plus 6".
Plus one. Everyone knows that the answer is 176.
Or how to spell LOSE (opposite of win)
and LOOSE (opposite of tight).
Well spotted and your write about the spelling
Thats pretty cute hahaha
forgive the USURY............not the debt.........repayment extinguishes credit money......
Can we issue bonds back by student loans? I know S&P has to rate them 'AAA' in order to sell to developing countries. But hey, recovery is on the way, dollar assets are 'strong', more people get 'jobs' so the risks of defaults are dropping.
They're probably rolled up in your tranches right now.
My respect for zerohedge readers is dropping by the second. For God's sake. Why were these loans disbursed? To keep people off the unemployment roles... and the welfare statistics. The loans were disbursed because you have to keep the population fed unless you want riots, and there are not enough fucking jobs to go around. Not that pay enough to survive on, anyway.
More than that, the loans were disbursed with full knowledge that they weren't going to be paid back, that they COULD NOT be paid back. Something like this was baked into the cake from the word go. It was probably already being planned for.
As for those that took the loans, they were lied to. Not just lied to, but force-fed a MASSIVE propaganda campaign promising the good life for everyone who has a degree. Even a lot of highly intelligent people will fall for good propaganda (and our slavemasters are brilliant propagandists), and bear in mind that Joe Average Student has an IQ of 100. Not 120, not 110... 100. He/she doesn't have the capacity to see through the bullshit.
As a corollary to that, I see a lot of comments upthread berating anyone who didn't major in a STEM field. It takes a pretty bright person to succeed there, and even the highly intelligent may have trouble. My IQ is north of 150, but I simply can't handle the high-level math an engineer requires. Mind just doesn't work the right way. Besides, if everyone majored in STEM, those careers would be just as saturated. Most of that shit is fixing to be offshored, anyway. Indian engineers are way cheaper than western ones.
I do have a question for all of you: what the fuck do you suggest? The debt is unpayable. These former students are BROKE. Those student loans have steep enough payments that without that high-paying post-college job you are FUCKED. As near as I can tell most of you must be advocating debtor's prisons or some kind of forced labor. What can't be paid back, won't be. And those who issued it knew it would come to this.
Finally, consider the past 30 years or so. Reagan legalized the derivatives market to address a specific problem: inflation-adjusted wages had been in clear decline for over a decade. The choices were a sharp minimum wage increase, telling Americans to get used to austerity, or starting a debt party. Option 1 was not palatible for corporations and therefore off the table, option 2 had already had a light test run with Carter... option 3 was left. Every damn bit of prosperity since the mid-80s has been bought on credit and there is no way back.
I'm gonna stop rambling until I'm more sober.I know what I'm trying to say but not quite getting there.
Good points - no need to sober up.
Hear hear.
keep drinking, you make a lot of sense.
maybe the down voters should drink whatever you are into.
lol
Debt frogiveness based on doing something useful with their liberal arts education; we'll leave the puzzle as to what that means as an exercise for the reader.
Hmm . . . "or else" what?
All financial aid was simply welfare to teachers, and school owners.
Most of these schools dont teach anythingof value and students are getting into debt for tens of thousands just so a principal can drive a bently.
Yeah these kids are something else. I think they are the smart phone generation because they can stop with their phones. I am not neccessarily that old but I grew up with land lines. I am Gen X and never did we have instant communication. We did not have internet. We had a curly cord that that went to a phone jack and later a 14.4 modem. We never though much of it at the time. I grew up with no cable TV and no internet and just a few encyclopedias. Staring into a candybar sized electronic screen was never anything we would have imagined.
Did you need a Facefuck profile update? I have a young man whom I work with who thinks he is going kick the world's ass. He is 21 years old and he thinks he can kick ass and take names. He tries to tell me points of information and pissed me off. He posted his shit on facefuck and I saw it all. You will never find me on FaceFuck. I like the kid but he needs to get real because he thinks he is smarter than everyone else because he has a half assed two your degree in agronomy from some shit community college. He really thinks he is good. He doesn't care about his debt, He does get anything at all. It is like a non fatcor to him. Nope, he knows everything in his own mind and won't change that view..
I do not say much but I want to. I really want to tell him that life does not work like you think it does. I stay silent on that. When I was that age I used to think I beat the world too but it has not worked exactly I though it would. I like the kid but I have to let him go. He has to figure it out for himself and there is nothing that I can do. Like I am perfect anyway? As long as I don't sell I am still good.
This kid thinks he is not afraid . He will talk shit to my face but he knows that I am asshole too. He has much to learn though.
Don't sweat it. When you have a problem with an employee, ask yourself a simple question. How much of your time is it worth to try and save him? Some are worth putting in time. Most aren't. If the answer is "5 minutes", then lay it out to him in 5 minutes, and if he doesn't straighten out fire him. And explain what you're doing, it'll be a good lesson to him.
Just be sure you have a good understanding of how fungible the position is.
I thought I was gonna have to add the last paragraph to this article, until I got to the last paragraph of this article...
So instead, I'll just say, I concur...
This is a massive subsidy to colleges and universities.
We should wait until all those disappear before forgiving student loans. Hard on the students, but good for the country.
well considering we bailed out banks, and wall street, and half of Europe, why not. I'd be OK with having my student loan debt written off. Then maybe I could actually buy a house. And no, I'm not looking for a 250k cookie cutter HOA suburb shithole. I want 50k Project. But with the new rules counting student loan debt against debt to income I'm SOL. So yes, I support this measure. While we're fucking up everything in sight why not pass something that actually helps the demographic that will actually help the economy with large scale purchases?
Debt jubilee time. Sounds about right as the Shemitah ends in September.
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... http://goo.gl/ezLA00
go away creep.
You suck cock don't you?!
Blowing Winter!
Must be Edgars son
Thats a whole lot of semen swallowing.
If he is blowing Winter, I wonder if it is frozen?
I would not have thought one could make money by inserting objects in one's rectum; I stand corrected.
This is not only about enslaving millions of young smart people so they do not think "revolution" but also a result of corporate taking over of public and private universities. The common scheme is as follows:
When university needs to build say $50 million new facility, no reasonable loan nothing is offered. At that moment Hedge fund approaches and says we donate $100 millions university if you build something for a billion $ and we will finance you. At the end their build $300 million worth facility university does not need, for a cool billion $ with 600 millions fees and costs as their profit leaving university with a billion $ debt and quarterly principal+interest bill to pay for decades while HF rolls over the debt with ZIRP.
How university manages it? Through tuition hikes, firing staff and faculty, increasing fees or by allowing HF backed so called scientific institutes or think tanks on the campus with no charge, or selling stadium name of on campus sponsorships etc., nothing to do with academia. TBTF corporations and HFs are practically running academia.
They tell academic establishment what to do and what to publish under financial threat, academic level and quality of education collapsing for last 20 years. And here you have role on display of student loans in all of it which is to pay debt to HF and incapacitate revolutionary by nature youth. Circle closed of this black op.
Put the college lectures online and have $20 an hour email question answerers and test graders. Get rid of the rest, especially the pompous libtard professors and administrators who have no practical understanding of how the world outside academia operates. No more fancy campuses, no more wasteful sports programs. Then Americans can have as much education as they please, and without all the debt.
Hmm. Sounds like a business opportunity.
Hard to compete against the promise of drunken revelry and pussy though.
Still cheaper for the students if you sent them a keg of beer and a stripper every Friday afternoon.
Heads up...................
It's an unfair world...........
Sounds like a plan. Just as long as we do away with tenure.
What the fuck is Puerto Rico doing in that chart?! Last time I checked, Puerto Ricans were NOT Americans...
Puerto Ricians are U.S. citizens,what are you fool?????
Puerto Rican's are issued US passports, receive Social Security benefits AND THEY PAY $0 of FED INCOME TAX.
Puerto Rico is literally a welfare country of the US, their laws are extremely restrictive to any sort of free trade. If you are not a Puerto Rican born person you cannot sell ANYTHING unless you go through a Puerto Rican national. They F' up their economy and suck billions from the US coffers so they can vote (yes they get to vote) for more free shit and morons like Frank, Reid, Pelosi and 0bama. Puerto Rico, the other communist state.
You can always tell when an asshole got shut down by a latina/latino....just another hateful pillow biter...
LOL
Puerto Rico: America's gift to Cuban tourism.
why not cancel all housing-related debt?
would be a huge boon for consumption, right?
Free shit! Free shit! Free shit! Free..........
What happened to ZH? The student loan scam came as a result of the same "government guaranteed" loan mechanism that was the housing bubble. Loans were guaranteed (not even dischargeable in bankrupcy! Even more secured than housing loans that can at least have forecloased collateral) and banks created jobs shoveling out these electronic money creations. The "money" was sent to universities that were filled with utopian liberals (and btw, largely populated by an Academic Jewish elite) and they raised salaries and padded their own shit. The established schools created their own elite class of tenured profs who make minimum 200K and are offered real estate to attract them - then the building of libraries (which aren't needed anymore) and student unions started apace - with glossy school brochures setting off the competition for "most renovated" looking campus for students to dump their fake government printed money into.
It was very much the same sort of "funnel money to the elite" program that has plagued the US the last 30 years...and do you notice the sectors that this elite are in? Education, banking, finance...emancipation in Germany many years ago had the same result, folks. Anyway, now we have young professors (not even that young ~40s, even) working on per-class credit basis. People with Ph.Ds can maybe get $20-30k a year if they work ass off, while their seniors in tenure make cool 6 figures with retirement, vacation, and "sabbatical" (a.k.a. shabbatical"). This gruop who was robbed are not in tenure-tracks and those tracks don't exist because adjunct faculty is how they keep the bubble going. There is absolutely NO downward pressure on salaries or tuition.
We get to this point where some people have $200K+ in loans at 7% interest rates which means they will be $1million+ in the hole and never able to pay it off. I mean - I am in such a situation and frankly the best option for me is to just go Galt. There are no jobs, there certainly is no advancement available on the horizon - the older set just keep consolidating their gains from the massive ripoffs and act like there is no depression - meanwhile the younger generation is stuck in their parents basement and assclowns on ZH proclaim they don't know what hard work is. I'm not gonna say that Millenials and their facefuck lifestyle isn't horridly obnoxious, but keep in mind that these so-called "tech innovations" (i.e. porn, facefuck, and free copyrighted media) is really just the only salve these folks have as they stare the smoldering corpse of the country their parents gave them in the face. In the cities, black folks are feeling the same hurt and look at whites, especially educated whites, as if they're the problem - meanwhile these same millenial whites have absolutely shit nothing to look forward to and less stability than a Section 8 SNAP recipient.
Obviously loans should be forgiven. If they were, I would give up my license and degree and perhaps return to the US and try to make it with my own hands again. However, as of now - what's the point of working yourself out of a hole when it is gonna double every 10 years and the salaries we're making are lower than they were 30 years ago. This is insanity created by the government, which benefitted a certain class of elite and is killing the rest of the nation - obviously we should burn down the schools, put farms in their place...but before that, we should forgive all the loans, reset the professors' salaries, and put some quotas of some sort back into place. Not everyone is a genius who will be some sort of celebrity in this world...but the system in place ensures that those with intelligence and skills have about as good as a chance as someone with a narcissistic personality disorder and a lack of reality awareness...because those in charge have such personalities.
The housing bubble was caused by people who never should have been given loans because of their poor work, savings and credit history. They were doomed from the outset to fail and it was obvious to all involved, the only reason they received the loans was due to the leftists like Barney Frank, Pelosi, Reid and 0bama threatening banks with political sanctions if they did not make loans which never should have been made.
The school loans are the same BS, 'students' who had terrible grades and never should have been given a loan to go to University were given loans through political pressure by leftists.
The leftists destroying America one dollar at a time.
Oh please, I saw plenty of conservatives getting loans for houses much bigger than they could afford, taking out equity to buy jetskis, and investing in paper that enabled this nonsense too.
I never knew Phil Gramm was a leftist.
Your are right about millennials but it started in later 1940-ties with so-called great generation that took bribes (well paid and plentiful jobs) and shut up instead of demanding true change of regime for sake of their children. They fuck them up and abandoned on cheap just for their retirement money.
Read to see what happen before millennials screwed up by design of higher power:
https://sostratusworks.wordpress.com/2015/01/31/diversity-of-one/
I... do... not ... know what to say anymore. This petition is exactly the kind of thing that spells the end of an economy and for that matter dollar hegemony. So what is another USD1.3trn. Hell, why would any nation hold USD in their reserves?! Irresponsible financial decisions, ridiculous lending policies, and the "entitled" generation. If this is path the US has decided, it is about time the country goes to ruin. I do not understand how responsible Americans would feel about this. If I were them, I will take a torch to Congress , the Senate and the White House and burn the bloody buildings down.
i don't know what to say anymore.
you, as a nation, have benn screwed, blued and tatooed by the banking mafia ala the fed.
you, as a nation, have been roped and doped into countless losing wars.
your 'entitled generation' is working, when working, at s*it jobs, living on the streets, on welfare because of the robber baron banks.
...and you think that the student loan fiasco is going to crater the $$ as a reserve currency?
but then itake it you are not a responsible american, from your own words, so what in the f*ck are you babbling about?
The biggest con is the 'Degree'
I never graduated from anything, no degree, no nothing. Learned everything on a need to know basis.
I did all right. Owned businesses, had good jobs.
I am stll working so I feel fortunate.
Funny thing, I am self employed. Not one of my customers has ever asked me if I was qualified, ie: posess a 'degree' in anything. They just wanted to know if I can do it and how much.
That is all it takes.
how true.
a degree can maybe get you through the door but after that it ain't worth a twit.
and as watered down ami education has become many degrees are a scam anyway.
Be careful with the "watered" down comment. If you are referring to K-12 education, it makes you sound incredibly dumb. That is, if facts really do matter.
Yeah. Something weird going on in the schools. My eldest started kindergarten last August. He's already reading, and using an abacus, and doing basic algbra (2 + x = 4, x=?). And he's just an average student. What the fuck? They learned me to talk in kindergarten, had to get that down before I could start any of the other shit.
Maybe it's all downhill from here.
You guys are right. Look at GM – couldn’t engineer a car with their fancy degrees.
Go to the non-degreed Pakistani doctors. They’re cool, when you can understand them. Degrees are dumb.
if you're going to bail out the banks, why not bail out the students?
if the public is paying for the bank bailout why not have the banks pay for the tuition bailout?
and finally if CA has 4meg+ more in assets ie students with advanced degrees, i think WY should ask for an equal amount of bailout to compensate for their lack of student debt.
fair is fair.
just sign the petition.
said the communist
That first class after the debt amnesty that has to pay off there student loan is going to be PISSED.
OK, we'll cancel that student debt, just as soon as your parents give back the BMW and new high-end kitchen they bought with it.
Oh, we want your iPhone 6s back too.
damn downtoo, you got bmw's and high end kitchens and iphones ..where did that line form for this stuff?? and who is the "we "you talk about, that is going to cancel the debt??
Well they should at least get a refund to get their debt down to what the actual degree is worth. Kind of like if you purchase something online and then when it shows up at your house its broken, you should get a refund. Most of these kids were marketed a golden ticket, and what they paid for is toilet paper, so they should pay the toilet paper price, just sayin.
yeah i got a degree in finance but I quit that corrupt game. so a finance degree IMHO has negative value...they should return my money and then some.
yeah i got a degree in finance but I quit that corrupt game. so a finance degree IMHO has negative value...they should return my money and then some.
A landmark Canadian federal appellate-court ruling could conceivably lead to the cancellation of Canada’s debt-based money system, and its repercussions are expected to be felt by central banks around the world.
http://www.ukcolumn.org/article/amid-media-blackout-canada-lawsuit-chall...
Another example of the much needed 'net neutrality' when articles like that show up. It should be renamed 'net neutered'.
It should be canceled. It's a system designed by a bunch of greedy fucks running the colleges/banksters/governement to ensnare young people and lure them in with lies about the economy and education.
I would think, considering the crowd here at ZH that constantly bash corruption, that more of you would be supportive of throwing such a farce back into their faces and telling them to fuck off.
Don't blame the kids and their irresponsibility. Blame the system that brought them up. And please, those of you crying that you had to pay yours off----don't be so damn selfish.
I suppose, perhaps, I might have more compassion because i've taken a couple courses of interests relating to my hobby at the local community college and have got to know and listen to a lot of these kids. To hear the shit that comes out of their mouths is just proof positive to me that they've been duped. I don't have the heart to tell them otherwise, with everything I know from the economy to technology and the changing world, that the majority of them are just wasting their time. This insanity, if not an outright calamity, needs to come to a screaching halt immediately.
With the economy turning into more and more low-paying service jobs, it will be difficult for people to afford nice homes and be crafted into 30 year debt slaves. These bastards devised a way to rob the craddle and create debt slaves out of people before they even get their feet on the ground. Gee, what a surprise that it's helped turn everyting into pure shit.
it's idiots like you that assure NOTHING will ever be fixed...
No, it's dumbasses like you who have stood there for 40 years with dick in hand as our economy was financialized. When the rent seekers took over, fools like you were silent. Now, when an entire generation looks to a future of debt servitude you finally speak up. Against the victims.
No, you are the problem and a coward.
The proposal is simply to change who the victims are (taxpayer instead of student), rather than bring the perpetrators to justice. He's not a dumbass, you are.
The students are taxpayers too, or we sure hope they will be soon. Again, because idiots like you stared off into the air as our economy was devoured by the financial services industry, these young Americans are destined to be in debtors prison forever.
And please, stop the victim bullshit. You are only a victim of your own stupidity. These poor kids will be taking care of your worthless ass long after you have lived out your usefulness. Perhaps that wit isn't so quick after all.
Really there was a major "taking" when the law was changed. A lot of these debt agreements were entered into by people who thought they could go bankrupt if their education didn't result in an income capable of paying back the debt. The option of bankruptcy was removed to support the lending institution. Simple as that. Bring back bankruptcy option and see what market forces do in this labor market?! I say fucking yes its about fucking time for value discovery. The rest of the student debtors are the lost optionless hopeless generation whose limited access to money and society leads them to student loans as a long term form of social security.
Except before 1976 student loans practically were nonexistent - for the precise reason that they could be discharged in bankruptcy. That's your value discovery.
Ssssh... he still thinks they'll let him in the gated community if he toes the line just a little longer.
Obviously you have been educated by the leftists who are hell bent on destroying this country with the production of numbskulls who believe the free shit mantra - 'what about me and F' everyone else paying my bills...'
So then you agree that pension obligations should be met, right? Since you don't succumb to the "What about me" horse shit. I mean, you will happily collect that Social Security and Medicare that will be funded by these kids.
Things for you are "entitlements", things for me are "traditional American values".
Let's fund this jubilee by eliminating the mortgage interest deduction!
I'm sorry. I couldn't hear you over the Rushbo echodrome you've made of your car.
The land of the free LUNCH
The dumb black muslim is gonna hose us again
Well first we need to stop the leftists from dividing America along racial and economic lines. Those other countries do not have and will not stand for groups of people demanding free shit, refusing to work because a job is 'below' them, when in fact it is all they are qualified for.
We also need to stop unions, in particular government unions, from robbing the future of America via their ridiculous pensions and pay structures.
We've been eliminating unions for 25 years and it has done nothing but made people like the Koch brothers and the Waltons even more wealthy than they would have been anyway as they shipped jobs to China where they don't have unions and it shows.
Always interesting to see conservatives claim that businesses and the government should not honor commitments made to people (who actually fucking work for a living) because it might hurt the performance of their bonds.
I hope someone was smart enough to include they want tax exclusions from the cancelled debt... Otherwise they might want to start another petition to cancel the canceled debt tax.
Kind of a slap in the face to everyone who worked their way though school, since they will be asked to share payment for their less industrious comrades.
Stop wetting yourself, and please refrain from the "less industrious" bullshit. Yes, these students are drowning in debt upon leaving college, but their lack of being able to service these loans has nothing to do with lack of industrious. It's about jobs, always. Here at ZH we constantly bitch about the fake employment numbers, lack of jobs producing solid middle class salaries, etc., but then blame these kids for being lazy and living in mom's basement.
Remember, we have been telling these young people for a long time that the key to prosperity is a post secondary education. A high school diploma just isn't good enough anymore. Hell, even a bachelor degree isn't good enough. Yes, this whole fucking thing is a colossal mess, but it's not the kid's fault. It's ours.
If 3000 people show for 10 spots at Mickey D's, that doesn't make 2990 people lazy.
Here's a fun fact;
41 million Americans now owe $1.3 trillion in student debt. Incredibly, 86% of this debt is owed to the U.S. Government
Just keep adding to that pile of gov't debt! Don't worry, we'll just print more. No need to be concerned about future generations.
Obozo owes the Treasury $15 billion for his Hawian getaways.
More vote buying pandering to be paid for by all us folks that actually work for a living and pay our bills. This country is well and truly fcked.
Enjoy watching the Tea Party attempt to pivot to this new audience...they've even hired Lil Jon as a spokesnigga:
"Pay tax for what?!"
Wow !! I don't think I ever seen an ISSUE divide ZeroHedge almost 50-50 down the middle as much as this one.
My .02 cents the kids were lied to and duped. Spun around. And robbed. Still it doesn't seem like the right thing to do. But then I come back to one of my favorites.
How do you Rob someone who has no money ??? Give it to them. (And if they are 19 and gullible, even better)
The older generation stole from the younger generation. And that disgusts me mmost of all.
Exactly Right.
The money you borrowed was punched into a computer screen, it didn't exist before your loan. In a contract, both parties must bring "Consideration" to the table and ideally it should be of relatively equal value. So the bank punches in some numbers [that's their Consideration. BUT you have to scramble around to find a job or two or three to make payments over the years, living on the cheap, struggling from paycheck to paycheck, trying to find a well-paying job which is like trying to find a polka-dot unicorn - that's your Consideration. All I can say is that if you can scam an inherently corrupt system that treats the 99% like shit, MORE power to you!
If we go this route than it should be mandatory that anyone who has a free ride must work for five consecutive years (doesn't matter at what) without any government subsidies. If they do not stay employed for 5 consecutive years the loan kicks back in.
This requires exporting the 14 million illegals so there is a large enoough job pool available.
An excellent way to keep people employed for precisely 5 years. but this is better than stim-u-less how?
I am a student debt borrower and gladly paying back my 7% interest US government loan. What I think may be a better alternative....stop charging 7% interest. I had a car payment for 2.8% and now have a mortgage payment at 3.97%. Why the fuck are you charging people straight out of college (at their lowest earning potenetial) 7% interest? Maybe people would be more inclined to pay it back if the rate was set at market value. And why is that never a topic of discussion in the comments when we post anything about the student debt bubble? Everyone says either don't forgive it or if you can't afford it, don't go to college...maybe we should just simply, lower the interest rate? Rather get some of it back then none...right?
Here's the deal, each and every one of you that have student debt pick a day in the near future and stop paying. Thats right, just stop. Each and every one of you stop. Let's get the reset started!
Last week, zh feeds us the map of student debt by state. This week, they petition that we might want to liberate the DC fags from their obligations. More free free lunch, imagre? I don't think so. You made your bed, YOU sleep in it.
Manson was right. Here's a tidbit from "the most wrongfully (living) prosecuted man in the world".
https://www.youtube.com/watch?v=E-qWLlER1N0
In the MSM you are nobody until you've interviewed Charles. Manson. Thats your hebe benchmark. I just wish he was articulate. Which should give you limp dick school boys some hope about getting a piece... But look at this man, in prison. He's you.. You're on the yard because you comply, he's in the hole because they needed a goat. Thats what you are.
Charles Manson got death for maybe doing something every president since Lincoln does. With respect to property value the Constitution says no citizen is above any other, has the same right to self defense. The same lawyers that keep this man in prison are the same guys who own Obama. You want a measure of market distortion? This is it.
Meet Charlie.
I am Spartacus!
He's Spartacus! (much shorter movie)
Not ALL student debt, just the debt of students who aren't really studying anything, but taking a 4-5-6 yr hiatus from doing something productive.
Let those students off the hook who are actually learning something and not using dumbed down grades to make it appear as if they are. And all 6' - 7 ft basketball players keep the debt they rack up which can be settled with a few months of their pro contracts.
Let's not go whole hog on trying to rectify the 5 trillion dollars that the treasury under the auspices of the FED gave to the Jews of Wall street for abysmal failure and bringing the global economy to the precipice in 2000-2007, and keeping all of it for themselves.
The amount of debt by good students, forgiven, would be petty cash compared with what those black-eyed, rat bastards, the sons of Shem have been getting away with.
I love the attitude, "Yeah, well education should only be valid and worthwhile if it wins you a job and some money. Otherwise, its worth nothing." Yeah, I suppose if you see it that way you are entirely right. Why bother learning about Shakespeare, and Machiavelli and philosophy and ancient literature or feminist studies if it ain't used for making a buck. I totally agree - those are subjects that should not belong in school!!!!
In the old days, there used to be University education and then there used to be vocational school training. But someone, somewhere decided that everyone had to go to University education and then suddently Universities became vocational schools. Then the next thing you found out that the label of having a university edcuation became a useful commodity and then over one generation, the cost of going to school went up by ten times the price. I rememer 20 years ago, one quarter at UCSD cost you 500 bucks.
I got lucky, I won a scholarship and made it all the way through....
Education used to be for the common good, but now it is a money shakedown of profound proportions. Its all bullshit and I blame the population for buying into the bullshit in the first place.
Cunts.
Blahblahblahbittyblah....but is our children learning??
Nevermind the children; how about the supposed adults?
Don’t take credit anymore. They’ll gyp your ass.
LOL
Who thinks we should let these financially challenged crybabies get away with this?
Fuck these fucking people. I paid my loans back because I got a job with a degree that was actually worth more than the paper it was written on. I'm not paying for these shitheads to go party at school, explore Marxism and fall all over celebrities. Fuck that!
If President Cunt lets these slippery fuckers off... then I want my fucking mortgage paid off too... Don't do it and I might just think about putting a pin in my little part of this motherfucking bubble we live in. Get enough of us to do that, and we'll just let proven Darwinian principles in an economic collapse run their course... taking out the garbage, problem solved on our end.
You are right, 90 percent of Americunts are GARBAGE.
Whereas 95% of Eurotrash...
I didn't go to college because I couldn.t afford it. But because I am fucking MENSA I am able to pay for my 2 kids college ( by working my ass off!!!!). It,s my fucking job to help my kids achieve greatness! Now I might have to pay for some welfare slobs bastards, jewels in someone elses crown? SUCK ME!!!!!!!!!!!!!!
"Enslave the children!"
- The Petition that WinsYou think it would be ok if little kids had to borrow to attend elementary school, and faced lifelong burdens if they couldn't pay? It's no different with college students.
In this here capitalist system all debt leads back to the owners of capital. The government is only an intermediary.
Sooner or later student debt comes down to Wall Street forcing debt on higher education because they have so much money they don't know what to do with it. Post-WW II, higher education saw a tremendous expansion of public funding that allowed students of viretually any income level to go to college. But, around the late 1970s the public funding was cut back precisely to force students to borrow.
Trace this predatory lending back to Wall Street, where it started. Let them give up their extortionist gains in terms of the "money" the Fed has been printing for them.
It's a political problem, not an economic one.
Found a link on US School System based on German/Prussian Education System and a Crazy Psychologist named Wilhelm Wundt (1832-1920).
The bottom line is that we had a literate country in the United States before the importation of the German educational system, designed to “dumb down” the mass population. It was more literate that it is today. The textbooks of the time make so much allusion to history, philosophy, mathematics, science and politics that they are hard to follow today because of the way people are “taught to think.”
https://feltd.wordpress.com/2010/09/16/the-prussian-german-educational-s...
https://en.wikipedia.org/wiki/Diane_Ravitch
Using the basic philosophy prescribing the “duties of the state”, combined with John Locke’s view (1690) that “children are a blank slate” and lessons from Rousseau on how to “write on the slate”, Prussia established a three-tiered educational system that was considered “scientific” in nature. Work began in 1807 and the system was in place by 1819. An important part of the Prussian system was that it defined for the child what was to be learned, what was to be thought about, how long to think about it and when a child was to think of something else. Basically, it was a system of thought control, and it established a penchant in the psyche of the German elite that would later manifest itself into what we now refer to as mind control.
The educational system was divided into three groups. The elite of Prussian society were seen as comprising .5% of the society. Approximately 5.5% of the remaining children were sent to what was called realschulen, where they were partially taught to think. The remaining 94% went to volkschulen, where they were to learn “harmony, obdience, freedom from stressful thinking and how to follow orders.” An important part of this new system was to break the link between reading and the young child, because a child who reads too well becomes knowledgable and independent from the system of instruction and is capable of finding out anything. In order to have an efficient policy-making class and a sub-class beneath it, you’ve got to remove the power of most people to make anything out of available information.
This was the plan. To keep most of the children in the general population from reading for the first six or seven years of their lives.
Now, the Prussian system of reading was originally a system whereby whole sentences (and thus whole integrated concepts) were memorized, rather than whole words. In this three-tier system, they figured out a way to achieve the desired results. In the lowest category of the system, the volkschuelen, the method was to divide whole ideas (which simultaneously integrate whole disciplines – math, science, language, art, etc.) into subjects which hardly existed prior to that time. The subjects were further divided into units requiring periods of time during the day. With appropriate variation, no one would really know what was happening in the world. It was inherently one of the most brilliant methods of knowledge suppression that had ever existed. They also replaced the alphabet system of teaching with the teaching of sounds. Hooked on phonics? Children could read without understanding what they were reading, or all the implications.
Still want to spend $1 Trillion a year for State Education through Property Taxes??
What do you think? Is this the True History of US Education? And BTW this makes College & University a Business under Capitalism and under State Control as the Article mentions... fed by the Failure of K-12.
But then there is the addition of Charlotte Iserbyt who discusses implementation of a Federal Program during the Ronald Reagan Admin.
https://en.wikipedia.org/wiki/Charlotte_Thomson_Iserbyt
Priorities People!
No football or basketball coach can be left behind!!
Geez, what's the BFD? It only comes to $4000 for each man, woman,. and child in America. We can just make our children (and theirs) pay it.
/sarc
Zerohedgers bitch mightily about the manipulated unemployment figures, and the lack of good jobs. Then they call millions of young college grads lazy because they can't find decent jobs. Okay...
Zerohedgers bitch about propaganda and lies. But we expect 18 year olds who have never seen what the real world looks like to see through the propaganda and make good choices. Okay...
I could go on, but you get the idea. the cognitive dissonance here is stunning. Frankly, i can't believe anyone who calls themselves awake and aware believes the system has any legitimacy at all, or that it ever did. You know what my greatest and most unfullfillable fantasy is? that every single motherfucking debt slave in the US would wake up tomorrow and say fuck this, I'm not going back to work. Ever. Watch the whole rotten cesspool burn to the ground.
They also are opposed to the state, war and violence except when it comes to busting unions or shooting niggers. They support a gold standard and the right of sovereign nations to mint fiat money. They claim to be for individuals, meritocracy and capitalism but support closed borders and protectionism of their idolized nation.
Best that you speak only for yourself.
In that case, include a provision to pay back all the parents who saved for their kids educations, and all the kids who worked their way thru college.
Entitled monsters.
I propose a 10% wealth tax on the net worth of all wealth in excess of $10 million so that every American taxpayer get a check for $50,000-they can pay off student loans , all other debt or use it to save and spend to stimulate the economy. If 10% is not enough, Mr, Yellen can print the money to make up the difference.
The entitlement commies, with their white towers of intellectual power indoctrinated and endorsed mental retardedness diplomas, will be unleashed when the financial responsibility shackles have been broken.
If this idiocy comes to fruition, the last chains that bind the full tilt bumrush onslought by the libtards will be unleashed upon the Republic.
Start with collateral that is backing ABS held by TIAA-CREF