Taking Out A Student Loan? Think Twice
The Market Ticker ® - Commentary on The Capital Markets
Posted 2011-06-08 09:23
by Karl Denninger
in Education
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Taking Out A Student Loan? Think Twice
 

You could have the SWAT team break down your door at 6:00 AM.

No, I'm not kidding:

STOCKTON, CA - Kenneth Wright does not have a criminal record and he had no reason to believe a S.W.A.T team would be breaking down his door at 6 a.m. on Tuesday.

"I look out of my window and I see 15 police officers," Wright said.

Wright came downstairs in his boxer shorts as a S.W.A.T team barged through his front door. Wright said an officer grabbed him by the neck and led him outside on his front lawn.

....

The U.S. Department of Education issued the search and called in the S.W.A.T for his wife's defaulted student loans.

PS: The original link has been removed; here's a new one.  The original video, however, is still present - and I'll be happy to embed that... 

Ps2: Updated the original link.

Got it folks?

Go ahead.... sign the FAFSA "for your kids."  And a few years later, when they can't pay on their loans as they can't find a job after racking up all that nice debt, your act of "kindness" and "duty" in signing that form can be the reason their door gets kicked in by the SWAT team, and perhaps their dog - or even your own son or daughter - is shot.

Still think it's a good idea to sign that form, do you?

Incidentally, it is (theoretically) unconstitutional to imprison someone for debt.  This means such an event is not a criminal act, it's a civil one, which in turn means - at least if the government gave a damn about The Constitution - they had no cause to use "law enforcement" in this sort of circumstance at all.

Of course when it comes to government, the Constitution is an inconvenience.

PS Again: The video has been removed and the original article updated; here's the updated link and a short excerpt:

A U.S. government official confirmed for News10 Wednesday morning federal agents with the Office of the Inspector General (OIG), not local S.W.A.T., served the search warrant. The official would not say specifically why the raid took place.   He did say the search was not related to student loans in default. 

He went on to say OIG is a semi-independent branch of the U.S. Department of Education that executes warrants for criminal offenses such as student aid fraud and embezzlement of federal aid. 

This, of course, does nothing to explain the "kick down the door" warrant service, and the original video, which is available on Youtube, which says clearly - with the warrant pictured - that it was over delinquent student loans.... Hmmmm. 

http://www.youtube.com/watch?v=GMzBwnI0dkI

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User Info Taking Out A Student Loan? Think Twice in forum [Market-Ticker]
Rbarreira
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Portugal -> Sweden
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Country of liberty.

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In Soviet Russia, the government regulates the banks.
Randy123
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Pay to play

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China is the Enemy. Wake Up.

New Normal. Same As The Old Awful.
Smacktle
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This doesn't make a bit of sense. Whoever ordered this needs to go down!

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Marketswork
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Fire..... smiley

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Over 300 million guns and over 1 trillion rounds of ammo, 535 pricks are pushing the buttons of 300 million or more free gun owning people. --I don't like the odds for those pricks.
Icanhasbailout
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Imaginationland
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On the bright side, after suing the pants off everyone involved, he should have more than enough free cash to pay off the loan.

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Fraudster
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Gen how can one argue that America is not turning into a police state. The Federal Government busting down peoples' doors and hauling them out in the middle of the night? Seems like a slippery slope. What is next? Ad hoc declarations that people are terrorists? Perhaps bloggers that talk the truth? This is some really scary stuff.

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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte

"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov
Theox
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Ican: +1
Anti
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Why can a search warrant be issued for defaulted debt? What were they looking for? They say his wife, but it wasn't an arrest warrant.

The city was being over-cooperative, with the Feds in supplying a SWAT team where only an officer was requested, but it doesn't seem right for there to even be any kind of warrant issued here.

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Eli
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Holy ****ing ****!

Mark this day, we have now gone full Fascists police state.


Vision of our future and our present.
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Fraudster
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Eli +1

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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte

"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov
Resistance
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The Police States of America.... What, you didn't believe me? As I've been saying for years, detentions are iminent, prepare accordingly.

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The banksters are in control. That's why Goldman encouraged it's banksters to pack firearms.

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Theox
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Quote:
"All I want is an apology for me and my kids and for them to get me a new door," Wright said.


What a dumbass- SUE THEM.
Bertdilbert
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Empowered after his uncontested order of the murder of Osama Bin Ladin, Obama orders the DOE to go after the student terrorists. This **** is out of control.

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Is there a web site collecting / tracking all of these nazi-storm trooper incidents? Not isolated.


Sounds like they did not own a pet dog since the pigs did not shoot any.

If you are a piece of **** on that SWAT team and you go in all Delta Forced up like your Chuck Norris over student loans you need to go prison for a long time next to some people who really like cops.

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Ftboomer1
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jacksonville, FL
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Who staffed the SWAT team? Does the Department of Education have its own or did they get another department of hired guns to do the work?
Eli
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Pretty much sums it up for me.


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If you want a vision of the future, imagine a boot stamping on a human face - forever.
George Orwell

Steph4liberty
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Did a judge sign off on the search warrant or is the DOE allowed to issue & carry out search warrants with no oversight? I'm guessing the latter.

This is some scary stuff...

SWAT was lucky that they broke into a house where the person was unarmed...if they had picked on some of us here, they would have gotten a few rounds of fire back in their faces.

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Zarathustra
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Funkytown
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Debtors prison is next...

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Fraudster
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Zara debtors prison is a guarantee. That will give the financial elite even more leverage over an increasingly cowed populace. Would help to break their backs and keep them compliant. Another step on the path of un-reformable corruption.

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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte

"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov
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I'm an atheist but I believe the phrase, "God help us all" best sums it up.

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Its called creeping TEOTWAWKI. Just because it doesn't happen all at once doesn't mean it isn't happening.
Mpilar
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Starting to build a new house later this year...am definitely going to quietly incorporate some front door 'security' for this sort of thing...

This is starting to be a normal occurrence and will continue until these bastards start dropping dead.

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Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats. H. L. Mencken
Zarathustra
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Funkytown
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Well, I'll go ahead and lock myself up like Otis on "The Andy Griffith Show."

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Flaps10
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Anyone remember last year (or so) when the Department of Education ordered all those Remington 870 shotguns?

Now you know what they were for.

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