Name The Bubble
As the title suggests, please name the latest bubble:
If you said student loans, you were correct. What is curious is that while virtually everyone has known about the student loan bubble in recent quarters, it is only for the past 3 that the Fed has actually started to disclose this data in its consumer loan excel spreadsheet (link - page 3). For historical data prior to 2011 we had to pull Bloomberg data (TDBCSTUD Index) going back to 1999. Perhaps the recent astronomical jump is why the Fed has been keeping a tight lip on this data...
And for those to whom this is news, here are some thoughts on the matter from before.
(27 votes)
»
- Login or register to post comments
- 34869 reads
- Printer-friendly version
- Send to friend
Similar Articles You Might Enjoy:
- Guest Post: The US Education Bubble
- Student Loan Bubble To Exceed $1 Trillion: "It's Going To Create A Generation Of Wage Slavery" And Another Taxpayer Bailout
- The Fraud At The Heart Of Student Lending Exposed - The One Sentence Everyone Should Read
- GOP Blocks Bill To Extend Low-Interest Student Loans
- A Modest Proposal: Students Refuse To Become Debt Slaves, Opt To Sell Equity In Their Future Wealth Instead
Scheisse!
Hopium
But you MUST be part of the bubble.
A PhD will INSTANTLY get you a job as CEO of something!
A Ferrari in the garage. A supermodel trophy wife. A 16 room McMansion. Your name in the Hall of Fame.
Keep your face buried in them books slaves!
Don't raise your heads! We don't want you to see the world around you burning!
Nothing especially wrong with books.
Books can encourage people to think.
Better than sitting in front of wall-to-wall "reality" TV/MSM propaganda broadcasts, surely?
Not when those books are part of the indoctrination of the police state controlled education racket.
OT: Anon says they are going after GS on Twitter...
Goldman Sachs: Expect us. Today. via @anonops #GIFiles
Here we go again. Another libertarian rant about a noble virtue like education. It is my personal theory that redneck libertarians are hostile toward education because educated and enlightened liberals almost always reject their crazy ideas about free market economics. The more educated people are, the more they will understand the need for higher taxes, tighter regulations and more government oversight of greedy profiteers. THIS is what libertarians are terrified of.
You're starting to sound like Max Fischer Rex Culus.
Max Fischer is a legitimate douche... MDB is more like 'Morgana the kissing bandit'
http://mcgarnagle.files.wordpress.com/2011/06/morganna-the-kissing-bandit.jpg
Are we sure that The Bernank isn't really a Phoenix?
Education Connection Commercial Jingle - YouTubeIts the U.S. welfare usage chart
wealth effect, bitches.
the hubba bubble, the mother of all bubbles.
Good thing this is not tampering the purchasing power of the avg college grad to buy houses or anything else for that matter.
Is is Silver?
We're going to have a lot of very brainy people...
Aren't bubbles something many believe in at the time and want to be part of? Education and student loans could be it . . . but how about social media?
Education is propaganda supporting the government class and elites. Ninety percent of the students are too stupid to figure it out. A few question but most are just hoping to be in the elite oppressor classes that have good vacations, light work, and big paychecks.
http://usa-wethepeople.com/2011/07/usa-university-economic-propaganda-exposed/
Currency bubble.
haha, this is one of your better onces.
I'm OK with forgiving all student loan debt in bankruptcy and not issuing anymore. Education in the USA sucks anyway.
Fairly misleading when you are using data from different sources in the same chart...
Post and Pre 2011.... That would explain the jump in debt... ie... Bloomberg was using incorrect data... Perhaps there is no bubble...
I paid back my loans. I'd be pissed if others' loans were forgiven.
How many different ways do you want to make responsible people suckers?
Must be 50 ways to make a sucker ...
http://www.youtube.com/watch?v=RTiyLuZOs1A
Apologies, Paul.
Debts that can't be paid won't, so be prepared to be pissed.
gtb, if you've already paid back your student loans they were probably pretty small and probably from decade(s) ago. Today's kids owe something else altogether, think $100k-ish. Not at all comparable. Consider yourself lucky that you were in school when education was still reasonably priced. Rather than getting pissed at these kids, be pissed at the adults who made this mess.
Here, here. Jubilee from the fractional reserve counterfeiting debt.
If you do not make the payments the gov't will just take your tax refund. Why bother with those monthly coupons when the work is done for you every year by the gov't. Sure my loans were less but I also chose to attend a cheaper, lesser known State College. I have friends who went to Harvard and they are no better off than I. Parents should not be encouraging thier children to get into the Ivy Leagues just so they can brag about Jonny going to MIT.
What the gubmint is doing, is trying to force those with college loans to "volunteer" for the Army to get the Loan Repayment Program.
I did it, took 3 years, didn't get a W-2 for the first year and hit with back-taxes (on the repayment, considered income) while I was in Bosnia.
I'm just glad I got out before being sent to a depleted uranium-soaked country (they tried), or go for the Officer route (and able to be recalled until you die)....
If you actually paid them back in full, you are a sucker and honestly deserve what you get. Take that education and use it as a golden ticket out of the country and never look back. Eventually, one day, many years later, you might get a phone call from some 8th-string collector working for SLM who wants to make a deal. That $80k you borrowed is now $400k on paper... but you are gonna make them settle it all for $10k, and they'll take it, because you make it clear that's all they will ever get and it's now or never, final offer. They can't garnish, there are no tax refunds to seize, and they have zero jurisdiction of any kind in the country you live in now. Then you go back to whatever you were doing and laugh about it.
Just be sure to get all the paperwork backing up the settlement and be sure to force them to have a board member sign off on it with a real, notarized signature... make that shit iron-clad. You also want the negative tradelines deleted. Their choice, $10k now, or nothing ever because you literally do not have to care
In the meantime, be sure to let the IRS know how poor and insolvent you are, so that $390k "profit" incurs no taxes.
And that's how you get a decent college degree for $10k.... in fact that's just about the only way anymore.
They can't be paid back. The numbers just aren't there. How can someone with no income and very weak future job prospects pay back a six-figure debt? That's the situation a lot of graduates find themselves in. It's just not going to happen. Realistically, the question is whether we're going to try and paper over this with more financial shenanigans and allow it to be a drain on an entire generation, with a bunch of wealth going into a financial black hole of bad debts, or whether we will pull an Iceland and liquidate the debt and allow everyone to move on.
I'm much more inclined to let students off the hook than I am individuals who purchased outrageous McMansions that they could never afford. Students were, on the whole, misled by the adult generation that was in charge of "guiding" them. However misguided, their intentions were far more noble than those who just wanted to splurge and buy up "goodies" that they couldn't afford. We need to radically reform education and the way we finance education but I don't think we should sacrifice an entire generation of young people to perpetual debt slavery just so that corrupt college institutions and banks can continue to reap their profits.
Amen. They just can't be paid back. It's not mathematically possible.
More inclined to let students off, because they are being "sold" hope for a decent furture. Who doens't want that? Forget the people with McMansions and forget Goldman Sachs--the biggest recipients of bailout money.
Not buying the misled / everyone a victim mantra (albeit it is very in vogue), but propose new rule: No student loans to any student without parent guarantee for anyone under 21. That might slow down student loan growth a little.
uh no. Far more than half of the "students" have no fucking business being there. They are wasting money to have effectively an extended party.
They graduate with degrees in "African American Studies" so they can tell us how idiots like Jose Hustle go on Youtube to brag about how they "been had polo" and that this is a "feature" of "African American English" and part of the oral tradition of black people making utter idiots out of themselves. Well, they don't characterize it like that, they praise this materialism and braggodocio instead of calling it the buffoonery that it is. And all because they "studied" for four years how awesome black people like themselves really are.
They are wastefully employing tons of useless idiots to teach them useless shit. They really OUGHT to be taking out loans to pay for some smart kid's engineering education as that latter kid is the only one of them that will ever be even vaguely productive.
The kids who studied this shit are stupid. They should pay. Kids who studied STEM should get welfare. For a fucking change, let's let the people who CREATE EVERYTHING have some rewards instead of the goddamned leeches.
For many years, getting a useless liberal arts degree was pretty profitable and was seen as "productive" by society as large. Throughout much of the 90s and definitely from 2000-2008 or so, you could graduate from any relatively decent liberal arts college with a bullshit B.A. and get a $60,000 a year job somewhere (banks, non-profits, bullshit "startups," real estate, etc). Even more if you go to an Ivy. It was all fueled by central banker funny money but society at large not only condoned it but relished in it. Get a B.A. in "Business" or "Finance," go to Wall Street, make a $200,000 bonus your first year for doing something you don't even really understand ... that was the goal for millions of students due to an entire lifetime of indoctrination at school and from parents. I don't think young people should be held down for decades because they were unable to challenge the hegemonic worldview of their society at age 17. What does society gain by having this generation throw away a significant % of its income into Sallie Mae (the federal government) and a bunch of zombie banks?
me too but twenty years later and a more realistic understanding of the system, student loans allow every person in the education food chain to demand more salary and bennies. tenured profesors, can't fire them and they won't stop spewing their statist bullshit
the payrolls of public universities are often publicly available. Random campus cops make 150k. Professors of some such shit get well over 200 in the Illinois system.
'Education"...
Eh JEW cation... (there ~ fixed it)...
It isn't education........ It's schooling!
Come get schooled..zero down , easy payments
Of course you are because you are too ignorant to know the origination where doctors and lawyers used to summarily file for bankruptcy upon graduation.
You know, the usual culprits those evil elitist zionistas.
Law Schools often subsidize other graduate departments. A law school staff, books and facilities do not cost $55,000 per student, especially when you consider that the professors are often overpaid.
The Medical School system is heavily subsidized by Medicare and state governments.
The entire educational financial structure is deeply flawed and liable to fall apart if the U.S. actually undertakes any significant budget cutting or if the feds stop subsizing tuition. The smart schools will retool, the not-smart ones will fail (I foresee hundreds of smaller, regional colleges closing across the U.S.)
Translation: Education, Bitches!
Lighten up Francis
Yeah, those redneck ones are really embarrassing to us Green neck. The orange are ok too but the yellow necks are the worst. Of course I am a silver neck libertarian and I will still be standing long after reality has set in on that thinking.
You should be terrified...someday I'm going to buy you to amuse me.
....different strokes for different folks, and so on and so on and dooby dooby dodah....(Sly & the Family Stone).
Thing is, they all want to take you higher - until they fall off the cliff. Sort of like Sly Stone did, afterwards, living in a car somewhere in CA - a poor result for a great artist.
educated and enlightened liberals
Contradiction in terms. Nice start to the week, tho', MDB. I'll give it what Mr. Kotter gave Vinny Barbarino: an F-Plus.
Because you support the inflationary monetary policies of the various central banks, I hereby rename you:
TrillionDollarBonus_
THIS
I'll take taxpayers for 24 trillion , Alex.
Gotcha!
I'm a born redneck in GA, and have two PHD's (nothing to do with economics...computers and mathematics).
I claim no political association; they're all assholes.
So there.
Beautiful, MDB, I always look forward to reading your posts, although, lately you have been a little off your game. You are best when you hit and run. Make one comment and let the rest of us savor your prose. Don't linger because you end up ruining your initial comment.
Redneck Libertarians? hardly...most rednecks are in the fashion of conservatism; from my perspective, as an "uneducated" Chicano (Mexican American, who failed to be indoctrinated into the "system" ).
Conform, dammit! Please?
@MDB: Libertarians are afraid of an overzealous government hell bent on centrally planning our way into the worst depression the world has ever seen... You really believe this unprecedented level of debt is just going away? We have not seen an actual free market since the FED was created and the Gold Standard was dropped. The only regulations that count: Back on gold standard, balanced budget amendment (do you think we would have invaded Iraq if the american people actually had to PAY for it via higher taxes??), and either simple flat tax or simple consumption tax. Get the government out of our lives and then watch what the free market can do... Until then, you are speaking for the central planners who have gotten us to where we are now...
What you term "education" is simply an indoctrination into the Status Quo, Central Planning agenda... Seriously, why do you think 99% of the higher education establishment is Liberal? Is this a balanced eduation? Is this how we want our youth to learn - only look at arguements through one lens? Only listen to people who have the same point of view? Only associate with people to whom we agree? Most libertarians I know are fairly educated - in fact, I have not met any of these "redneck" libertarian types, but you may want to take a look at Detroit if you want to see the endgame of the policies you espouse.
"balanced budget amendment" - The solution to all our problems, right there.
Never know whether to give that guy a thumbs up or down. He's just so fooking funny, maybe I'll just give him the finger.
Education is one thing . . . cramming it down the throats of citizens of this country with a very expensive price tag, as if we're rasing foi gras, is quite another. And if you don't think psychological manipulation on a mass scale is possible or real, please have your head examined.
I'm very close friends with a single mother in a VERY low paying job--less than $20k per year. She has a four year degree that she paid for with student loans, and she did very well in school. Unfortunately, we live in a world where she is simply unable to get a job as a teacher, since counties are "cutting back" across the board. So she took the job that she could get.
Just today I found out that her student loan provider intercepted her income tax refund--money she was counting on for survival, and you're telling me this system isn't rigged? Like she couldn't have found a $20k per year job without going to college? And we let Lehman fail so that the fear of collapse would allow Goldman to get paid hundreds of billions with taxpayer money, and real people are struggling to makes ends meet--real people that could have used that money to get an extra step on life.
The world we live in absolutely sucks. The people at the top are cared for, and everyone else is literally stepped on. MItt Romney should be in a fucking infinite tax bracket, as should anyone who makes more than $7 million per year.
$7 million per year is like WINNING THE FUCKING LOTTERY EVERY YEAR!!!!!!
This is how revolutions start. Everyone has "expunge-able" loans but the kids? You squeeze every last drop out of them and think nothing will happen? Eating our young. Nice.
so she's a teacher...SOMEONE has to pay so that fucking police officers and firemen can earn 200k to jack off all the time, so government workers can be paid to not show up and so we can have entire agencies staffed to the gills with black people for "diversity."
Your friend is one of the ones who pays. Either GTF over it or join my side. Repudiate all the stupid silly liberal shit you believe and accept the truth.
Double post.
'education' by the elite will indeed cause the serfs to understand better the need why the few must rule the many and why their wages need to be spend by their overlords.
Education is propaganda supporting the government class and elites. Ninety percent of the students are too stupid to figure it out. A few question but most are just hoping to be in the elite oppressor classes that have good vacations, light work, and big paychecks.
http://usa-wethepeople.com/2011/07/usa-university-economic-propaganda-exposed/
MDB...As of this writing, you have 98 red down arrows. These morons on ZH still don't get your schtick.
These are just test runs to determine how the Algo's read twitter and other conventional news sources. The twitter spambots are in place, we just need to find the keywords used to toss the information around and why it's used.
After the test runs Anonymous will be combing the usual sources to see who brags and blabs about how their toys stood up to Anonymous.
Then they'll get both barrels.
http://irc.lc/anonops/
Hmmm, the owner of the site was brought in for questioning.
Anon took down the Greek Ministry of Justice website last week, and that site is still under construction;
http://www.ministryofjustice.gr/
Did the Greeks lay off their MOJ web master(s) under the new austerity program..???
Yet, it is not a complete lack of "education" since you are learning about beliefs and how the majority of sheeple think within the system. Which is still in place...value depends on your viewpoint going through the process.
One could learn what other are being "Taught" and then learn what you need to do to play in the game. Or the more popular which is believing at surface level what your being taught in college is fact and that is the way things really are.
Depends on how you go through the process, I think it is important to get an education and knowing what others believe and are being taught is still very valuable...where people falter is thinking that is the only way.
Just sign up for audiobooks.com or audible and your choice of listening to thousands of books of your choosing. Everybody ought to be taking advantage of this now that its available.
The sum total of human knowledge available to us all at the click of a mouse.
not everyone with a degree or two is a total dip shit, they come in all kinds of orange jumpsuits.
this bubble pays my salary; don't pop it!
+1
You just inadvertently echoed the entire moto of modern man.
Yep. "Everyone else can fuck off and die, except me."
You're so sweet and clever.
I think you give too much credit to pre-modern man.
Thomas said:
This bubble also pays my salary. Nevertheless, it's a money hungry, wasteful behemoth, and I don't like what it's doing to my country. It's filling its victims with false hopes while chaining them to a lifetime of Sisyphean debt. The only winners are the credential mills themselves and, once again, the parasitic lenders.
Pop it? Fuck yeah!
there's nothing you can do to stop it. Take as much as you can without guilt. Let the silverbugz and deflationists sit around and whine as they get left behind
Books can encourage people to think.
That depends on which books they are.
Or who the people are.
...and, cmoe to tinhk aoubt it, whteehr tehy can raed.
I see you went to Evelyn Wood...
No, I read the label of a Vitamin Water - Focus.
Is that what that says?
I thought it just said... "I pissed in this shit & am now selling to you for $3 a bottle"... Joke's on you...
I've got 22 cases of 'em in my basement. Can't wait to see what I can get for them when someone else "needs" 'em. :D
That's fine...
I've got a well under my property... I plan on 'giving' it away if anybody needs it...
Me too. And the independent power to pump it and filter it. The V Waters are mostly for barter.
Looks like we'll both be around for a post-SHTF partay. Joy.
Now you tell me. I was getting so smart watching Abby Joseph Cohen on CNBC telling me to buy stocks for a decade, now.
You do not need to pay ridiculous college tuition in order to read books; in fact, it can interfere with real self education, since you usually have to pay attention to their pc requirements and give left wing faculty members obsequious obedience. College is for collecting a piece of paper that you think will help you get a job, which in many cases it will not. Currently, it usually turns into vacation at a very high price. Much cheaper just to go to Hawaii and read books or work on your skills on the internet.
Yep... lots of PC requirements and left wingers... <rolls eyes>
The elitists are slipping in Hegelian dialectics in that Materials Science course....
Fucking socialists ruinng the Calculus courses....
Why don't you go masturbate in the bathroom of the John Birch Society....
How many unrelated humanities courses do you think engineers and mathematicians have to take?
More than one, by a lot. And the requirements always seem to be one way--on the rise.