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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.
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Please see the linked video of Velvet Jones' "I Wanna Be A Ho" below for further information.
Hookers offering services on credit. The next, next bubble.
"Having to suck dicks sucks dick!" - Kumar, faced with the prospect of a cockmeat sandwich, in Guantanamo
or Rock Hudson...
http://www.youtube.com/watch?v=876pmxUFYmY
"I was addicted to dick"
Classic problem. If you cant get a job stay in school because you can defer your loans. Of course it requires more loans but hey...These are American kids...and we know they arent the brightest in the world.
In fairness I should add- "Usually".
These kids can immigrate to China
True.
They do eat dogs, cats and rats in the Middle Kingdom.
I'm sure they can add "lound eye chow mein" to the menu.
If not yet...soon.
soyrent gleen.
A fine layer of the Ponzi and the only part where you can get a linguistics degree but remain an ignoramus...
Consumer (sheeple) BA BA black sheep have you any money yes sir yes sir 3 credit cards full.
Wow! Debt slavery overdrive!
The future's bright?
Can you say Short Phoenix College, Sullivan University, and any other psudeo 'University'?
Once the easy fed student loan funds dry up these places are toast.
Remember Rhodesia!
they may or may not be the first to go... they certainly won't be the last. The problem with growth of any kind built on an expectation of perpetual growth... it is usually leveraged and based on stated growth. When the music stops, there are going to be a ton more universities than there are chairs.
Makes sense seeing how everyone is getting laid off so they go back to school to accumulate more debt/hope for the future. Debt serfdom at it's finest... Can't default on student debt, won't go away even in BK.
I graduated college during a recession. tons of my friends went to grad school because there weren't a lot of jobs (though in reality, many were just too lazy to work, but I digress). The problem... it actually worked out OK for them. In general, I don't think people see this as a bad strategy. It's not going to work out this time.
That's how this pyramid scheme pays out. Great for those that get in on it early, okay for those later, and terrible for those late. Everyone going in now is late.
yup... but not many see it coming. People understand what a ponzi scheme is... as described by a Bernie Madoff kind of investor scam... people don't recognize that we live inside of one giant global fiat money / credit / debt ponzi scheme.
Man. This is the worst of all the bubbles. It is preying on emotions like never before.
It is preying on a generation of American's who deep inside know something is terribly wrong and fear that thier kids will not live better than them (or even equal to them). They "feel" the American Dream slipping away - but can't seem to put 2 and 2 together. They see the world thier kids are going into as binary: haves and have nots. And they equate a college education to the deciding factor in determining what side of the line kids fall.
It is preying on older Americans who have lost thier job and still have hope that a higher education will help them get back what they have lost.
It is preying on a generation of kids who have been pushed towards college like it is only way to succeed, and must be done at any cost. These kids have been sold a lie that similar to what the previous generation was sold regarding home ownership - and what the generation before that was sold in terms of a lifetime of service to company thinking they would be taken care of in retirement.
ROI is lost on all these folks out of social programming and desperation. When this bubble pops, the sheep will officially be awake and pissed off.
Very well said. I have a kid going into Engineering. A talented, eager to learn student. Do I just say 'no way', get a job right now doing, well, nothing? (as most factories are laying off current employees)
Johnny Yuma said:
It won't even go away in death. If you have student loan debt when you croak, it takes top precedence before your estate ever sees dime one. It's like a graverobber that never needs to touch a shovel.
Taht's a lotta doors going to be kicked in when the popo come to collect that debt.
Hmmm, good point. Go long doormakers?
The backlash against the higher education system is going to become epic.
A good business to get into would be affordable trade schools that actually teach people a skill that there is a demand for, as opposed to all these liberal arts degrees and MBAs that funnel people into our dying FIRE economy.
Make $1500/week in just 6 short weeks
http://www.youtube.com/watch?v=lZVnve5wG0A
to build what? no jobs there really either. the cabal has done a fine job of totally destroying the United States and the world economy generally. and wasn't that the plan all along?
There will always be a demand for people like plumbers, electricians and mechanics of various sorts. If you can fix/repair/assemble/install something that the average person cannot and which needs to be done on site, chances are it's a decent skill to have.
'specially when no one can afford (or get) anything new. The repair business is already a great barter business, and it's going to get much, much bigger.
They are 3 steps ahead of us in Russia. They subsidized BA's and MA's for years and ended up with an army of astrophysicist taxi drivers. About 5 years ago, they cut the funding, and now only the brightest, or the kids from rich families pursue the 4-8 year degrees. They are pushing the new workforce into technical schools....boosting the supply of skilled factory and ag workers.
Putin / Medvedev.....love them or hate them....they seem to have the country's best interests at heart, imo.
Oh good. And here I was thinking it was all about re-directing the hamsters.
There's a great school for all of that...
It's called... THE FUCKING INTERNET
errr, lessee..print money with debt attached to loan to the people of the world enslaving them to usury and then watch the debt pile up until all are fleeced and then shit on the complete pile and watch the fireworks.. naw..no one is that smart.. it all must just be a bad mistake...
ACORN said they were going to help me...
Yeah but are these students taught to think or taught what to think ?
Obviously a rhetorical question - we all know the answer to that one.
Hmmm, too hard or too easy. Everything looks like that these days.
Reminds me of that character on the Simpsons out robbing people to pay of his student loans.
The Bubble to Make the World Safe for Bubbles
All that debt just so you can get a better paying job so you can pay more taxes, get a bigger mortgage, finance a car or two ,and then wonder where your life went because you had to work 24/7 to pay your bebt. Get a collage loan for dumb fucks.
You gave me an idea to make a beautiful collage with all my loans and collection letters. Thanks.
The next socialized liability.
Taking a month long trip in a shipping container to a foreign country with the PROMISE of employment
could be a better ROI choice in the coming yrs....
Post-Bachs ftw!
Short story: I was back in the town I grew up in last fall and an old friend of mine needed a ride to the CC. His class was at 6PM and all of the parking lots were full. Everyone 18-34 is back in school.
Ev.Re.One.
"Peak Oil armchair scientist" is one of the new scorching hot carreers. Oh, did I mention it's also subsidized by BP and the nuclear industry?
Back to school! Fuck yeah! Party on!
It's funny that you write that on this article because I have studied Peak Oil Theory at a University under someone who gets paid to give lectures on the subject. Do you get paid to research peak oil? Didn't think so. And you got your degree from listening to Alex Jones, who is not a geologist, and who admits to using "If A then not B" logic when making his assumptions.
He assumes if he disagrees with all that the "Illuminatti" publicise he will stand in the know. Ironically, even though the Oil Major's geologists have admitted Peak Oil is happening, the economists at the Oil Majors don't. Then add to the clusterfuck the Oil Majors have never once tried to convince anyone, not even any POTUS, that peak oil is happening, and what do you have? You have the "Illuminatti" hiding peak oil, except for their geologists.
Now who should we believe? The geologists, or the economists? Hmmm......tough one.
http://www.youtube.com/watch?v=wYuLjGQQ-jg Try that for peak oil
I am not going to watch your video.
Look, are there alternatives? Yes. Hemp oil for cars, solar has room to improve, etc. But the basic premise of POT stands correct.
"who should we believe?"
That IS the problem. You blindly believe someone.
Try thinking for yourself once in your life.
So much for your "Theory":
http://www.peakoilfordummies.com/science.html
EDIT: I will answer the text you added.
When I first started on ZH I didn't know what to think. I read Palast' Madhouse and thought that because reserves are so large that meant POT was DOA. The more I studied POT, the more I realized it isn't about reserves, but EROEI.
First an ad hom arguement and now you throw a link at me. I am not going to read your link.
Why not succinctly outline how a finite resource which is used as the major energy source for production and declining in supply is not going to be a problem?
yeah, right. And your puny little brain has deducted that oil is the only source of energy in the whole fuckin universe. Make that in all of the infinite parallel universes.
Way to go Einstein!
Hmmm. Finite planet. Exponentially growing population. Nah. Doesn't compute. Guess we better crack those dark matter quantuum physics secrets pretty quick since global supply chains rely on oil and EROEI does in fact drive the economics here - which of course are based on perpetual growth.
Exponential growth phases don't last forever, nor do they have to result in a population crash.
Even in the absense of new energy sources, we can maintain our standard of living with more advanced technologies, local food production, local manufacturing, etc.
But of course, there are other energy sources. It's just that governments currently stand in the way of the markets, so they can't effectively pick the most efficient replacement.
Yeah, we could go stationary. Technology is the key to pulling this off. Forget continued expansion though...unless aliens deliver some interplanetary transportation device so we can continue to reproduce like bunnies.
Government standing in the way of the markets is certainly one part of the problem. Another part is the design of the current monetary system - which really isn't geared for this sort of investment. Is sort of paradoxical I suppose that government is likely candidate in making such investments but in this case is the obstruction.
Humanity will survive.
The point is, certain lifestyles will not survive Peak Oil
Sure we will make up for the increase in cost and decrease of availability of Oil with new energy sources and more efficient use of energy, but changing from an energy inneficient society which is highly dependent on a specific form of portable concentrated energy into an energy efficient society using re-usable forms of energy storage will cost time and, very literally, energy (after all, all those inneficient devices and outdated infrastructure will have to be replaced). Not only that, but given the tendency of our society to procrastinate (look at the endless can-kicking on Greece for proof of that), the needed changes will likelly be delayed until the last minute and will thus be far more costly and hard.
Peak Oil means that we in the western developed world (more so in the US, since it's more dependent on Oil) will go through a period of lower quality of life before infrastructure and technology catch up and restore that quality of life with new energy sources, new energy distribution systems and more efficient devices and trasportation. How long and how hard will that period be is the big question and the big worry.
AL KADA - SADDAM HAS NUKES - PEAK OIL - RICK SANITARIUM HAS A PENIS - it all a scam my poor poor deluded friend. The f*cking world ain't "Pleasant Ville", Blood is read and pain hurts.
The cost of oil has noting to do with available capacity or reserves - we're in a oil glut - the cost of oil is a function of dollar devaluation paying for war war war everywhere allowed by dumb as nails minions of shabby sheik Wal Mart bling queen elites' "block the straits" fearfully faithful sect of the "there's a durka durka commie taliban with a nuke under my bed and rick sanitarium makes my cloaca ooze bumping uglies juice" branch of CUFI International, Inc.
Did you read that stuff in a book - Peak Oil! Do you believe in the theory of atlantis, big foot UFOs and Milli Vanilli?
Come on - for your own sake - for your gerbils sake - quit pretending what the CNN MSNBC FOX YNET hypno tube flesh puppet guy shills has anything to do with reality.
It's like this:
Yesterday 1 dime could buy you a lollipop.
Today 2 dimes are required to buy the same lollipop.
Does that mean we are approaching peak lollipop or does it mean today's dime has devalued to the buying power of yesterday's nickel?
It's called inflating the money supply. The FED has been printing TRILLIONS since the Globalony National Security and War on Terror PONZI begain, The debt for the wars and revenues lost to so called free (loader) trade tax gifts to multinationals is paid for by central bank counterfeiting also known as monetizing and quantitative easing (by increasing quantity). The stock indexes are not advancing because the value of a stock can demand its market price - it's because it takes more euro/gold equivalent dollars to trade it. Inflation not value not availability not demand not market bottlenecks is why prices are skyrocketing - the f*cks are doing every thing they can to scare up prices and restrick the market.
Consider the difference between value and price and take time to listen to Dr. Paul's comments at a Hudsonville Mi rally Sunday, for a better clarification on the pricw/value issue.
Good luck!
Abiotic FTW. The alternative is to believe that zillions of dinosaurs died in mass graves around the globe.
FWIW----My cousin is a geophysicist. He claims that peak oil is real & also confirmed the article on ZH re: fracking causing earthquakes.
When we get to peak cow flatulence... I predict the next ice age will begin...
Also FWIW, when you are a hammer, everything looks like a nail.
I must be a nail, I only want to get hammered...(hic)...
My cousin is a geophysicist. He claims that peak oil is real & also confirmed the article on ZH re: fracking causing earthquakes.
And you were too long on Solaris and now try to story your "should be packing paper" certificates up? Forget it! Check Nanosolar for a direct investment in IR voltaic. technology.
Would you be interested in an "Instant Water Franchise"? It's a powder - to make a class of water, simply empty the packet of "Instant Water" into a glass and "Just Add Water"
BTW: Did your cuz get that 20 min degree at the Internet Vulcan Mind Meld University?
OR: Are you one of those 2 Million Obama Truth Team Troll Army recently leached into the internet?
It's called "Theory" for a reason. I'm sure your peep who gets paid to give lectures on it has the inside line on the truth, for no one but the initiated Priests of Science know the truth, AGW for example. We peasants who did not hear the paid lecture could not possibly know anything.
Thanks for that.
All scientify explanations are called "Theories" because it's part of the Scientific Process to never take an explanation as an absolute fact no mater how long it stood the test of time. Even Newton's explanation for how gravity works is a theory.
Only Politicians, Mainstream Media Reporters, Theologists and other such form of scummy sheeple manipulators will state concocted explanations as fact.
Do not be deceived by Science's habit of challenging it's own explanations - it's there because Science has no need to make itself sound assertive and absolutelly certain since Science's purpose is not to manipulate the weak minded with emotional leadership tricks.
While I understand the confort that many will get from hearing assured, assertive and confident explanations from people in positions of authority, life has taught me that those who deliver explanations in that style are the ones who know litle and can be trusted the least - the true seeker of knowledge quickly learns that the more you learn the more questions you have, and that the more complex the subject the more wrong explanations there are. The humility and skepticism that come with it are not good for one who's dialetic style is to maintain an aura of certainty, so those types do not seek to broaden their knowledge.
I would trust the man that tells me a theory and and ponctuates his explanations with "as far as we know" far more than the one that delivers an explanation as if it had been given to him by God himself.
So who pays him?
Myself included. Though I pay as I go.
For many of us who have been out of work for 24+ months and are no longer counted as unemployed, education seems to be the only option both to keep our sanity as well as to account on the resume for the unemployed period.
Who needs college? Need a job? JOIN THE ARMY! Big business has plenty for all to do! Now march off to your death and feed those global corporations.
Free clothes and food as well. All the Pb you can stand! FTA is not just for the uneducated any more, you too, Peak Oil Major, can have Fun, Travel and Adventure!
ICEBERG !!!!!!!!!!!!!!!!!!
I would short SLM here, but I am too scared of Bernanke's printing press to short anything.
I would like to recommend that you take a look at the following article http://vermont.academia.edu/RobertSkiff/Papers/1296007/Blowing_the_Last_...
We did a great job predicting what was going to happen and point out a couple of ways out of this mess. Higher education is in a lot of trouble and they are ignoring the problem to keep the party going--the rest of us are paying a horrible price.
I've gotten a lot of hits on this article. I'd love your opinion on it.
Can students get debt forgiveness like banks?
nope
...although your interest is tax deductible. Unless, of course, you have US student loans and you make the damn fool decision to move somewhere like Canada. Not that I know anyone that retarded. I certainly don't speak from experience. Why are you looking at me like that?
Aside from the fact that that was a rhetorical question... can we make it an election issue?
Yeah, not only nope but "hell no." The only debt that can't be discharged in BK. I've warn everyone I know about this over and over, and even told my soon-to-be college bound daughter she's better off unemployed and not in school over taking on student loan debt.
It's interesting as you explore education, jobs, and ROI that it becomes evident for a certain class of degrees and workers, the ROI is higher with nothing or an associate's degree than it is for a BS or MS degree due to time lost from working, student loans, and the low pay in the chosen career field. There's a definite payoff for degrees in engineering, but a terrible payoff in the "soft" studies like psych/education/arts.
The collapse of higher education is one I'm actually looking forward too, as our educational system is nearly as fucked up as our health care system is, because of the distortions in risk premiums from outside money.
any teenage nowadays who grows up with you tube, facebook, twitter, & cable TV sees college as 4 years to get drunk & naked...
carbonmutant
Can students get debt forgiveness like banks?
NOT EVEN THRU BANKRUPTCY.
Passing the Brunner Test seems to be an effective method of discharging a student loan.
(Brunner v. New York State Higher Educ. Servs. Corp., 831 F. 2d 395 (2d Cir. 1987).
Interesting...and...if you flip it over...it is the chart of American test scores...nuff said!
Think you nailed that one Lone Star! Good observation.
O.K. 4 Life.
Comment of the Day.
I paid my own way thru college in the 80's - graduated in '91 and typically "in state" tution at a top ten public school was roughly $800 per semester for books and tuition. Now it costs $8000 per semester and the quality of the education has gone down. WTF?!?
Same here. College, grad school, then grad school again. Out in '96. Worked weekends, nights while in school. Lived in a shithole for 2 years after grad school and paid off all my loans as I was making great income. People looked at a 'Doctor' living where I did and I'm sure shook their heads. F'em. Try telling kids to do that these days.
Good for you. My alternative plan was to work my ass off in high school and get a scholarship to a second-tier private university. You don't have to pay off what you don't borrow.
I'm just waiting for Goldman to start selling Student Default Swaps...
They were ready to do that, but someone reminded them that student loans can't be discharged.
That is the horror of this bubble.
Unlike housing or credit card debt, this won't be just written down like a short sale or negotiated away in a bankruptcy.
It will take decades to unwind in the current system.
That's why I think it's going to end with the government forcing people to work off their debts through community service. Basically indentured servants by another name.
They can try, but it will not end pretty.
It will take decades to unwind in the current system.
It will never be "unwound"...it is going to break. And that is not decades away.
At least the students cant default on those...
No.. They will default and become indentured servants to the government. They will be part of the Obama "Community Employment Program". Where people can pay off their debts by doing odd jobs for the government. $300 for ratting out your neighbor!
They already have.Loans are securitzed with cds counterparties.
Precisely, we need more PAPER STAT!!!!
(sarc)
+1
Trick question, this isn't a bubble because rubes with student loans can't DEFAULT
they can still die penniless and face down in the gutter though. Or have they figured out a way to keep them just undead enough to continue making the interest payments?
Define default. If millions of Americans don't pay because they have no job is it a default?
Or just payment in arrears? Does it matter?
Good thing the economy is on the rebound to create all manner of high paying jobs to cover these loans...shit! Things are rough for new grads, and this bubble will be a comedy maelstrom, with it's twin the US Treasury. Though expecting student loans to get wiped by combo of forgiveness(get the youth vote) and Zimbabwe Ben manning the presses.
I am long diplomas, bongs, and black light posters.
Come on people, we want college graduates in our unemployment lines~!
err..one has to work first b/4 one can receive unemployment..these poor schmucks go tits deep in debt to the UNCLE SLAUGHTER and come out with a worthless 50,000 dollar piece of paper. suckerz!!! ahaha lol idiots actually believe the stupid TV and talking heads.. idiots all...
It's a shame that a lesson in compound interest isn't a prerequisite to getting a student loan (or any other form of credit).
I knew it was student loans right after I looked at it... Not to mention Obama spent 30 mins this morning selling the bubble to keep it from bursting.. Must be because Nellie Mae now owns the rights to our future generation by printing up money out of thin air and lending it to our children at 6.95%. These loans have to be payed back, no matter what and if the student dies, the parents are responsible. The Government wants our children on their treadmill for life, it's that simple...
The same FED with the dual mandates of stable pricing and job creation, that traps kids into education loans, all the while shipping every fucking job they can offshore, so the kids with the loans don't have a fucking chance in hell of ever getting a job in their degreed skillset, if any job, FED??
================FUCK THE FED===============
Buffett's near term housing forecast *
*(cut and paste in year x+1 if need be)
Shorted APOL based on this very chart. However, like everything else, this stupid game will continue for at least a few more years.
I'm sure that all those loans are for nothing but the highest quality degrees. And the recipients will make valuable contributions to society with degrees like golf management and queer musicology.
Only costs 65,000 for a nursing degree from Apollo college, so you can get a job @ 10 bux an hour wiping old decrepit asses. What a bonus! Where in the fvk do i sign.. send me the paper work TODAY..don't wait kids, seats are filling fast. And if you dont want to pay it back?? hell then you can be all you can be and kill people in foreign lands that have an oil pipeline and a goat herd.. what a life of fun and adventure!
Too bad modern colleges' grads couldn't pass olden-times high school courses...
Looks just like a propaganda and bullsheit bubble.. As the economy continues to tank, the graph will go exponential
Ratio of dick pills purchased to books read in Amerika.
Recent college grads are graduating with a lot of student loans and federal debt burden. I read friday's IBD editorial that says my toddler's share of the federal debt is $1.5 million while the boomers are less than $200k. It is just ashame that their are sheep stupid enough to beleive that the government will keep their promises. It doesn't take a Phd in economics to know that this will not be paid under any circumstance. I asked my son if he was going to be able to pay his growing share of the federal debt and he said NO. He says no to everything but I still had to ask since no one in the real media asks the pertinent questions. I wonder what the current college crowd will say in a few years with crappy jobs and poor prospects for wealth creation if they will support paying obsene taxes to keep this joke going. Why don't we see polls asking our enlightened college students these questions?
I sure as hell wont hire one as the poor dumb bastard will have to rob me blind to afford payments and food. Hope they cant afford an AK47
Speaking of bubbles, new all-time high for AAPL bitchezzzz!
It's no coincidence that student loan chart correlates strongly with AAPL revenues
My second guess was that this is the projected default rate on student loans over the next decade.
Nope, they have millions of "volunteer" (read: slavery) positions ready for all of them. Americorp, etc.
new skillz to be learnt by the 99'ers
Viagra bubble.
recession fallacy is like erecton fallacy; its there or its not!
Some of that is mine! And I mean at the bubblicious level.
Recently I was assigned to do a series of presentations on Health Care Law with a bubbleheaded scholar, to use the term lightly, who works in the student placement office. She told me the majority of the students at my law school (600 or so enrolled) maxed out their federal and private borrowing each semester- and then promptly were broke in two months because they spent it all on drinks, iProducts, and trips when they wanted to get out of the rigors of the student life (snicker). She couldn't believe I worked full time to minimize costs.
This isn't a student loan bubble--it's an extension of the home based ATM bubble from 2003-2007, now without the chance to "just walk away."
Man is this gonna get ugly.
I wondered about that very issue.
Require the educational institutions to make the loans to their students and the following will result:
(1) Price of the education will come down
(2) Only credit worthy students will get loans
(3) Taxpayers will be off the hook.
PROBLEM SOLVED
Not a chance when faculty are the ones that benefit most from this system.
Govenment teacher union pensions must continue to be funded so it's no wonder they've matasticyzed onto an unforgivable debt instrument administered by the government.
Certainly don't want this important voting bloc tied to the social security system now do we?
Bonus points for using 'matasticyzed' on ZH. Your student loan money was well spent Sir.
Dam speculators
Nessy
Your chart is incorrect. This might be debt owed directly to the federal government, but it doesn't accurately reflect the increase in total debt outstanding.
The debt due directly to the government shot straight up due to financial reform essentially taking all federally guaranteed student loans inhouse. The government now lends to students and keeps the spread. I can't believe Ben B. didn't take this business for his own. It's a trillion dollar opportunity.
The perversion of the government issuing debt to finance government institutions (schools) on the backs of young people is not to be missed. When the government supports and subisdizes a product (higher education, homes, solar panel manufacturers) there is invariably a misallocation of capital. In every other case, at least the party being helped by the government can declare bankruptcy. Not with student loans, they are an eternal debt albatross.
And how are these graduates are going to buy the houses from the boomers and current retirees?
Yup with massive non dischargeable debt and crappy or no jobs they won't at least not for current valuations. This is a big follow up question that no one in the MSM wants to ask.
The ones who managed to get jobs? Cheaply.
it's called liberal indoctrination
It's called conservative indoctrination.
"Debt from educational loans in the U.S. rose to $867 billion last quarter, according to the Federal Reserve Bank of New York.
The total increased from $865 billion three months earlier"
http://www.bloomberg.com/news/2012-02-27/u-s-student-debt-rises-to-867b-...
A $2 billion increase? That just shows how many people are going back to school in the hopes that they'll find a job afterward but if everyone is doing it... Does the world need more sociologists or PhD economists?
Everybody can see it, it's the bubble of anger.
two utes walk into a college financial aid office, dirt-poor
1/2-hour later, they are middle-class
2 years later they are upper-class
then: hi mom & dad!
then: might as well get another degree! things are better in school!
The End
might as well get another degree! things are better in school!
especially for THE SCHOOL...
plus, rodney used the ploy to reveal the triple-lindy to academia,
not to mention: [Kurt Vonnegut - Back to School]
L0L!!!
Fucked For Life Bubble
WOW...!
Thats alot of dough to make stupid people.
In honor of the Underpants Gnomes...
1. Eliminate everyone's job and convince them they need to apply for government backed re-education loans that are non dischargeable
2. Graduate and find out you still have no job prospects (see #1) only now you have god knows how much non dishargeable debt.
3. Go directly to debtors prison - or the FEMA camp closest to you.
Pete
PS
Can't fit securitizing the loans, writing CDS, etc into just three steps.
The FEMA camps are up and running on the 1st of March, so who are they going to put in there first ?
Debt Slaves Forever Bubble
One is only a debt slave if they commit to paying the debt - shit - do what wall street did - don't pay when the collateral man comes a callin'.
I was thinking "Hows does one write a CDS against Freddie Mac? and has Goldman already "stuffed that market?", and then it occurred to me that the chart looks a lot like Al "the Bore" Gore's infamous pig `n a poke CO2 hockey stick.
The amazing thing about the "hockey" stick and subsequent emergence environmental security banking industry racket is the timing! Yes folks the scalawags environmental boy lovers timed the shit out of that whole "show me yours i'll show you mine" daisy chain of hand to hand tug battle with each others throbbing Pink German Helmets to SUN SPOTS.
SOLAR MAX - lots of SUN SPOTS - the sun vents energy through SOLAR FLARES and the earth's climate is relatively cool, However, the SOLAR MIN phase, which we are just coming out of, has few if any SOLAR FLARE events and the sun behaves like an oven warming to "baking temperature" and earth is assaulted by incrementally "warmer" solar output.
The CO2 ponzi was timed to hatch just before our most recent SOLAR MIN. The PONZI was timed to the solar cycle. Remember, you heard it here first folks!
Remember, total student loans is greater than total credit card debt
But it doesn't have to be.
Once a student has determined that strategic default is the only way out, creative serfs have loaded up on unsecured debt, (preferrably as offered by the originator of the student loan), pays sallie off and declares bankruptcy on the unsecured debt. It's the American way as foisted on the people of the US by the big 5.
The government will always backstop them anyway, they're tbtf.