Hunger: Motivation to Revolt?

Economics, I know not.  However, there are a few simple concepts that I think I understand.  The USDA released a report stating that the corn crop will fall by 4%.  As a result, the price of corn has surged in the last couple of days.  Cow and chickens eat corn, so meat will become more expensive.  High Fructose Corn Syrup is in darn near everything (sorry, Corn Sugar), the price of all those items may increase as well.  I think the only reason why we haven't revolted to date is because food in America is relatively affordable.  Therefore, we eat and remain fat, happy, lazy and passive.  Maybe this is the push that we need to fight for our futures.
Can anyone out there explain the impact of this? Am I exaggerating the potential effects?  Potato Famine anyone?

A Must Read Letter

A BIDER fan sent in a letter that is a must read. If this was made into a youtube video it would likely go viral because this person tells some uncomfortable truths about our education system and the state of the nation. I'm sorry that so many of our readers had a horrible school and job search experience after wasting so much money. Good luck and YES definitely think about leaving the country because you deserve better than living at home unemployed for the next decade. There are volunteering and teaching programs in Asia, the Middle East, and Europe that cover health care, housing, and airfare. Look into it!

Dear Angel, Hardknocks, and BIDER readers,

I did not go to law school. I received my Masters degree last year and have been unable to find a full time job. I live with my parents and work temp jobs when I can find them. I am seriously considering moving to another country as Angel and Hardknocks have suggested. The United States will unlikely recover from years of corporate and political corruption and mismanagement that continues to this day. Your JD or Ph.D will not change the damage that has been done to our country's infrastructure and it will not get you a job. I want to advise any college student reading this to take Angel and Hardknocks seriously when they tell you not to attend law school. Also think twice about getting a graduate degree in most disiplines. Maybe you will be unemployed for a while but it is better to be an unemployed college graduate than an unemployed JD or Ph.D after spending countless years in school with $200000+ in loans to pay back.

I have agreed with Hardknocks that education is important in the development of one's mind and understanding of the world. However, higher education has become a Ponzi scheme. It is no longer about educating students but about stealing as much money the universities can get away with charging to pay for unnecessary renovations and give their employees corporate wages all in the name of profits, fake prestige, and US News & World Report rankings. It is a business as corrupt as Goldman Sachs and the so-called academics who make corporate sized salaries have the same amount of sympathy for their victims as Bernie Madoff. I was astonished at how little the administration at my school cared about the student body. They did not take the job search seriously enough and career services has not extended their hand to help the majority of last year's grads find jobs. This is just my personal experience but after reading the law scam blogs this type of attitude seems to be common with administrators and deans at most graduate schools. The money they make is a crime when they know so many of their students will end up jobless and with crushing debt. How can they live with a clear conscience? It's dispicable.

Everything from campus news to the career fair is a public relations stunt. I heard from other students that the employers at our career fair were there only as a favor to career services. They were not serious about giving anyone a job. Most of my classmates did not find a job through the career fair. We were angered that we had wasted our time and money to buy a new suit and print out a hundred resumes only to hear the same thing over and over again: "We're not hiring." So why are you here? Career services had their cameras ready and bragged in a blog post with photos and video about how so many employers came to the career fair. They forgot to mention that no one ended up with a job offer.

I personally cannot wait for the tuition bubble to burst and some of these schools close down for good. Only then will these deans and adminstrators feel what it is like to be unemployed. Or will they purchase a more powerful marketing team to fool the next generation of students? The education industrial complex and the media have successfully brainwashed middle class parents and students at a young age to be ashamed of occupations that use one's hands or don't require an advanced degree. They push students to go to college and ignore signs that some students would do better off as a plumber or electrician. I would love to have one of those jobs right now.

The law school scam movement is one of the few grassroots movements to take on the education industrial complex. College students should feel lucky to have this resource on the web. Those of us several years older did not get honest advise and now our dreams have been destroyed because we chose to further our education. When I listen to politicians and businessmen giving commencement speeches about the importance of an education and doing good in the world, I only hear lies and hypocrisy. These are the criminals who stole money from taxpayers, caused irreversible environmental and economic disasters, continue to send our young men and women to kill and be killed in foreign lands, and have never helped a poor soul in their life unless it's for a photo op. It's sickening but this too is part of the university's publicity stunt.

Don't make the same mistake we did and don't allow these crooks to take any more of our money. They have destroyed an entire generation. The skeptics and non-believers who criticize the law school scam movement should watch their backs because any one of you can be out of a job tomorrow. There is a thin line between the middle class and poverty for most Americans.

In Solidarity,
A Victim

Interview With the $500K Doctor, Michelle Bisutti!

Today was my lucky day. No, I didn't get a job, don't get overly excited. I had a chance to speak to the famous, or infamous, Dr. Michelle Bisutti--from the Wall Street Journal article entitled The $500K Student Loan Burden. She was sweet as apple pie, and was very excited to reach out and talk to my readers, who have also suffered from the student loan scam. I spoke to her on the phone and I tried my best to quote her verbatim. Excuse me, Michelle, if I didn't get it quite right. But the message certainly there. Michelle is not a sob story. She's allowing herself to be the poster child for a revolution. I hope she didn't tell her story in vain. Enjoy...

1. Are you surprised at how popular the story from the WSJ has become?

Yes. I knew it would grab people’s attention because of the number, but I’m surprised at how many people picked it up. Rush Limbaugh, Ron Paul and Michael Moore picked it up. Radio commentary and on-line as well. Rush Limbaugh blamed the govt. for the high fees that I was charged. At the time, I thought that he didn’t know what he was talking about, but I’ve learned some things [which I will get into later]. On Michael Moore’s website, one of the most popular articles is one featuring my story. They are on opposite ends of the spectrum, but they both used the article to make their points. It was very strange. Those are the just the ones that I got to. It was nauseating at first to see how popular the article was; I’m a private person and to see my name all over was very embarrassing. But people need to know what’s going on. What’s happening to students is criminal. In regards to the government’s involvement, I thought that Sallie Mae owns Financial Management Systems (FMS), my lender, but FMS is basically a government agency. 80% of its revenues come from the government. It contracts with the Dept. of Education and Dept. of Treasury. It’s basically a government agency. So, it’s the U.S. govt. that charged me that $53K penalty for default. FMS collects on student loans, Medicaid, and Medicare for the government.

2. Why did you decide to give your story to the WSJ? Two reasons. First, I wanted people to know about these crazy fees that you are charged if you default on your student loans. It’s outrageous and criminal and legalized loan sharking. Second, I want parents and their kids to know what they’re getting into when they get a loan. What does it mean for interest to accrue, what does it mean to defer, what happens if I default? These are the tough questions that kids need to ask if they decide to sign on for a student loan.

3. If you could do it again, would you? What would you do instead? I don’t know. There are not too many things that I love to do and medicine is one of them. I used to be a personal trainer. Both professions go hand in hand, really.

4. Why did you decide to leave being a Personal Trainer? That was a side job. I did it while I was going to school. I didn’t think it would be satisfying. I wanted to go to law school, but I found out that Columbus has the most attorneys anywhere per capita. So I decided that isn’t a good idea. At the time, I foresaw taking out 70K in loans, and not finding a job as an attorney. So I went back and did pre-med requirements in two years after college and went to medical school.

5. What is your current monthly payment? My loan is partially in collection. $550-600 and the other one, $990, with only $100 going to the principal. They are trying to charge me another $32K penalty fee, so that the loan can be sold to another student loan company. They are asking that I sign on and agree to that penalty. I am meeting with attorneys and trying to figure out what I can do to avoid this. I’m trying to enter the Income Based Repayment program but I’m not sure what portions of the loan will qualify and what won’t. It’s been 2 months since I applied. I know I’ll be paying this back the rest of my life.

6. What caused you to fall behind? I did my residency and Wells Fargo loans came due 2 years into my residency, so I started paying on those loans. I deferred the others while I did my residency and then I did a fellowship in sports medicine. While I was in my fellowship, I defaulted. I was not making enough to survive, so I couldn’t pay it.

7. Did you live extravagantly while in Medical School? Do you live extravagantly now?? Far from it. I drove a used Honda and lived in an apartment. I haven’t been on a vacation in five years. I still own a used Honda accord. I live in a house my boyfriend owns. Like I said, I haven’t been on vacation in 5 years.

8. What is your plan for tackling your student debt? I have applied for IBR and that’s all I can do. You can’t get out of student loans. I can’t not pay them. They garnish wages. I’m getting 100s of emails about stories much worse than mine. At least I don’t have children and I have a job. I’ll be okay and I’ll be able to pay these, but the fees are absolutely criminal. A lot of these people are not going to be okay. It’s horrible what they are doing to people that tried to get an education, better themselves and live the American dream and now they are indentured servants for the rest of their lives.

9. If called to testify before congress about your student loan experience, would you? Yes, I have become the poster child for the student loan crisis. Without a doubt.

10. Do you have any feelings on the student loan scam? Do you think that the system should change? I think there is a scam, evident by some of the actions of the Bush Administration when they created the 2008 budget. I won’t get into that, but there was something seedy in the way that Sallie Mae was dealt with. But this take over by the U.S. Government of student loans is a good thing, to take out the middleman. But it’s the government is the one that charged me these unreasonable fees. So, I don’t know what to say about that. But I know that the middleman is making billions of dollars off of us, which is criminal.

11. Any advice to students? I advocate higher education, but doing it smart. Take out as little as you can, if you can live at home and stand your parents, take out low interest loans, and be aware of what would happen if you get out and can't find jobs in your chosen field. Especially now, when so many people can’t find a job in their field. Know what kind of money you will be looking at repaying. You cannot get out of student loans. You have to pay them. People say the two things you can be sure of are death and taxes, but add to that—paying off student loans. They need to know what can happen. Get a major that you can get a job with, like being an engineer. But don’t go to school, just to go. Like getting an art history degree. That won’t work and you’ll probably be waiting tables. I don’t want to keep people from going to college, just know what you’re getting into. I have given some thought to whether we’re better as the uneducated masses or the educated masses. I think it’s better that we’re educated. Because if we’re educated, we can fight this.