Thanks for the tip, anonymous BIDER reader. I can't wait for this bubble to burst. Heads are going to roll.
Wednesday, September 1, 2010
A Chart That Requires No Commentary.
Thanks for the tip, anonymous BIDER reader. I can't wait for this bubble to burst. Heads are going to roll.
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ReplyDeleteTalk about tuition going parabolic!!! All bubbles burst and when this one does the healing process can begin for the millions of young people in this economy. So much unproductive debt being piled unto the youth of this nation. In my most recent post, I discussed how this "debt" in reality functions as a tax as the department of education student loan portfolio has ballooned to 600 billion plus. Proceeds from our student loan payments will be sent to the Treasury and disbursed to the boomers who made a living hell out of our economy. I foresee the DOE loan portfolio growing to at least 1.5 trillion by 2015. At a 10% average interest that is 150bil in rev per year, excluding defaults lol
ReplyDeleteI know this is working the system. I am only stating this because many folks feel the system worked them. If you are unemployed for any length of time, you start seeing a mental health professional. There are many diagnoses, some fall in and out of favor. You read the DSM, on your diagnosis. Everyone has something wrong with them if you read that book. After a time, staying unemployed is important, you get a doctor to say you are permanently and totally disabled. All of your student loans will be written off. They may be conditionally written off, so that means you have to ride that wave for 3 years. You can and probably will draw social security in the mean time. No student loans, and you can start fresh. (Or you can just make under a grand or work under the table and continue drawing social security.) The beauty of this is that at some point in the future, as long as you can get any doc to say you are not permanently and totally disabled...easy to do, then you can take out more student loans to pursue a different career if you so choose. Just a thought or two for the desperate.
ReplyDeletehttp://consumerist.com/2010/09/student-loans-gateway-drug-to-debt-slavery.html
ReplyDelete1 love it, 11:36. Might post it as an idea to escape debt.
ReplyDelete