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| Biden Admits It: Government Is Screwing Students in forum [Market-Ticker]
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Bozonian
Posts: 19870
Incept: 2007-09-01
Saratoga Springs, New York
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In my opinion the student loans, the bailout of GM, the guaranteed loans to "green" companies, the swaps, the purchase of treasuries by the FED, are all ostensibly loans, however, they are ALSO being rationalized as ways to inflate the money supply, the logic being, "So what if they default? The money was conjured from thin air and it's Bernanke's virtual helicopter. No one loses as long as the bond market and oil suppliers are fooled into thinking the money supply isn't being expanded".
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Forget about blaming, fighting with, or crediting other people. The only real challenge in life, is with yourself. -- Me
Everything I write is my opinion and not to be considered proven fact. Nothing I write should be considered financial advice.
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Morla
Posts: 815
Incept: 2009-11-09
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Biden's so gaffe-prone he almost told the truth, good save though.. You're right Biden, LOWER PRICES wouldn't allow more people to go to school, only the government can do that! I'm sure generation debt will enjoy the same lovely results government intervention has had in the housing and health care sectors.. Is there any fire these jerks won't throw gasoline on? Quote:No one loses as long as the bond market and oil suppliers are fooled into thinking the money supply isn't being expanded Making a few people at the universities and banks stinking rich while hanging the debt albatross on thousands of students will only hurt monetary velocity in the long run..
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Fear of govt IS the government.. Statism is a pack of unbacked threats; If govt gets out of control, ignore it and go about life as you see fit. Where's your crown, King Nothing?
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Resistance
Posts: 6162
Incept: 2008-09-26
Banned
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More, non-dischargeable, long term debt = huge ****ing win for the Elite. As long as the debt is serviced, and it is so long as tax monies are stolen from the citizenry, they could give a **** less about whether the debt slaves are well off or not.
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"Why must political experiments always be in the direction of more government? Why not give the free market a county or even a state or two, and see what it can accomplish?"Murray Rothbard - The Fallacy of the Public Sector
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Redneckgreener
Posts: 42
Incept: 2011-11-03
Utah
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What's to keep someone who's 60+ from going back to school on student loans, take the minimum credit hours (6) online, take simple classes, pocket the money, go until they reach the limit, then default.
I bet there are people doing exactly that. People who don't expect to ever really return to the work force but are just trying to get by. At that age, it probably wouldn't have as much of an impact if you defaullted, other than the mandatory 10% they'll take from your SS.
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Arpwatch
Posts: 3048
Incept: 2009-11-06
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Redneck, there are. The smart ones are living in nontrad/family housing on top of it.
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Psquared
Posts: 1876
Incept: 2008-10-11
SE USA
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I worked and paid my way through college and law school. My undergrad tuition was about $250 a semester + books. (I lived off campus) I paid my tuition in fourths. (1/4 in Sept., 1/4 in Oct., etc) I worked as a waiter making $150 a week in tips. My rent was $250. It was tight but I got by.
That same school's tuition is now $5,000 a semester and books that used to cost $40-$75 are now ten times that much. Unfortunately, tip inflation has not matched tuition inflation. A waiter or waitress might make $300 a week unless they live in a tourist town.
So, tuition cost has increased by several thousand percent but the wages of someone working to put themselves through school have doubled.
The idea that someone could work their way through school is an ancient relic.
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"Our Constitution is designed only for a moral and religious people. It is wholly inadequate for any other." ~ John Adams
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Jackl
Posts: 2228
Incept: 2008-01-17
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I don't know what America will do, but I'll tell you what kids are going to do.
Not pay.
Oh sure, they'll garnish you, revoke your licenses, maybe even give some jail time. But good luck collecting from a 10 dollars an hour job.
Same thing for social security/mediscam. Have fun balancing the largest incoming cost increases ever with a diminishing wage base.
**** is not going to work, and every guy under 30 who can do basic math knows it. No matter the outcome of the next decade one way or another we'll survive the coming collapse of living standards, and take power from previous generations. Debt taken now will be written off regardless of what the dependents want. After what is to come sympathy for them will be pretty close to zero.
Those hoping we'd shoulder the cost and fund their ideologies/lifestyles are going to be sorely disappointed.
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Arpwatch
Posts: 3048
Incept: 2009-11-06
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Psquared wrote..The idea that someone could work their way through school is an ancient relic. I am. |
Mo
Posts: 12158
Incept: 2007-06-26
Pa.
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What those going into debt are paying for are the Pell-grant subsidized zombies who use their 'aid' as welfare and drop out as soon as the 'aid' stops.
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Welcome to Pottersville
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Flaps10
Posts: 5141
Incept: 2008-10-17
seattle
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My oldest son is in his third year of college. He did well the first two years in getting scholarships and grants. Now, with his degree in sight they are turning off the tap and telling him to take on loans. He also fell into the trap of accepting a "subsidized grant" which is a loan.
He tutors kids and sells his plasma just to eat.
They have him by the short ones. He's a sharp kid with a 4.0 so now it's take on debt or flip burgers.
Biden's problem isn't that he tells gaffs, it's that he tells the truth accidentally.
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"Better to die on your feet than live on your knees"
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Joejohns
Posts: 694
Incept: 2010-09-09
Banned
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Biden is not relevant.
The parents of this country believe that johnny and jane should attend college no matter the cost as that's the only way to land a decent job and the EMPLOYERS seem to agree.
There you have it.
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Pitz
Posts: 860
Incept: 2010-04-08
voluntary resigned
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H-1B's are now so entrenched into the US economy that American candidates don't even receive good faith consideration. For instance, I know plenty of guys in engineering (on both sides of the border) who completed their degrees debt free because of good planning, internships, and personal savings/earnings while in high school (in my instance, I imported slightly used computer parts from the USA, and re-sold them in bulk in Canada in the 1990s). While they don't 'deserve' the stereotype of being debt-mavens or demanders of high salaries -- firms interview and hire H-1B's instead. Not even giving our resumes the 'time of day'.
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Flaps10
Posts: 5141
Incept: 2008-10-17
seattle
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Joe, it only takes the employers agreeing to make it reality. I've spent 24 years working as an engineer without a degree. I am the focal of my group and some of them have a masters degree. The only thing it's cost me is thousands per year and the ability to write my own ticket.
If it's any consolation I have two other kids who are most definitely not college material, even though they are extremely intelligent.
Their chosen career path doesn't justify a single day in class.
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"Better to die on your feet than live on your knees"
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Jstanley01
Posts: 8166
Incept: 2008-07-30
San Antonio, Texas
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Vice President Biden wrote..It's a conundrum here scam by the politco, banksters, and academia elites -- including myself during my entire tenure in D.C. -- to loot the younger generation. FIFY, jackass.
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You can't cheat an honest man. ~P.T. Barnum
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