The Economy's next big blow, errr Bailout

[bluehenbillk]

http://www.mybudget360.com/one-trillion ... get+360%29" onclick="window.open(this.href);return false;

Makes perfect sense - especially after having worked at a company who's main source of revenue was delivering potential students to "for profit" colleges.

If you think this sounds sketchy in anyway - check out the demographic stats with the poverty statistics released earlier this week. People colleged-age & right out (age-wise anyway) have been hit hardest with this economy.

Man, I'm glad it's gonna be 15 years till my oldest kid gets out of college. I couldn't imagine having just spent $150K or higher to send my kid to 4 years of college to be making $30K or less a year & still living with me! (and that's if he's lucky)

[Grizalltheway]

I graduated in December '10, and managed to get out with <20,000 in debt, all of it gov't backed, no private loans (thank God). As of now I'm not in danger of defaulting, but it's pretty worrisome how many people are. I definitely feel for them.

[HI54UNI]

Let's bail all of them out too. Especially the ones that have $200,000+ in debt while majoring in philosophy, cello, or some other worthless fucking degree.

[catamount man]

"for profit" colleges prey on minorities yet you'll never hear black "leadership" talk about that. It's always the white man's fault that their kids didn't study hard enough to get scholarships.

[LeadBolt]

I believe in a graduated tax system, but why would anyone have to ever pay more to the government of an incremental dollar than they can keep?
I believe in the government providing a safety net, but why do we support people for most of their life if they are not handicapped?
Why do we have to continue to pay for protecting borders and freedoms around the globe when we don't do so in our own country?
If my Mother lives through the holiday in death taxes, why am I going to have to pay a sizable tax to the government for her longevity?

Please tell me why I paid for my own graduate school.
Please tell me why I scrimped and saved and did without to give my daughters a higher education with no debt to start off living on their own.
Please tell me why I live within a house that I paid for and own without government help. A very nice lady in my neighborhood brags about still living in her home when she hasn't made a payment in over two years. She will eventually be foreclosed on and drive the price of my home down, as several already have.
Please tell me why I don't carry credit card debt.
Please tell me why I travelled away from home working 60-70 hour weeks most of my adult life to better my family financially and missed dance recitals, band concerts, basketball and soccer games.
Please tell me why I have foregone living better now in order to build up a sizable retirement account?
Please tell me why I am a target for higher tax rates to pay for any jackass who defaults.
What good does playing by the rules and getting an 800+ credit score and becoming debt free do me?

Why shouldn't I just go on a spending spree, blow it all and let you younger posters on here get stuck with the bill when I'm bailed out so you can pay for your "progressive ideals" by bailing me out, paying for your own educations and those of your family, for your own home, your own retirement, own descrestionary expenditures, etc.?

Yeah I know....

[Pwns]

I'm not convinced there is going to be a higher education "bubble burst" any time soon. In order for the higher ed bubble to burst, we will need to see a decline in college applications. As long as kids get the message that you are a loser without a 4-year degree and that anyone can be an orthopedic surgeon if you just put your mind to it ( ha! ), there will always be another fresh crop of dunderheads to put into the meat grinder.

We need to cut off the for-profits from the federal student aid welfare teet. But that's not going to happen any time soon because (1) the for-profits now have enough money to buy up influence in congress and (2) our government is convinced that the best way to be competitive in today's global economy is to have lots of people with degrees in multicultural rainforest studies.

[AZGrizFan]

Please tell me why I paid for my own graduate school.
Please tell me why I scrimped and saved and did without to give my daughters a higher education with no debt to start off living on their own.
Please tell me why I live within a house that I paid for and own without government help. A very nice lady in my neighborhood brags about still living in her home when she hasn't made a payment in over two years. She will eventually be foreclosed on and drive the price of my home down, as several already have.
Please tell me why I don't carry credit card debt.
Please tell me why I travelled away from home working 60-70 hour weeks most of my adult life to better my family financially and missed dance recitals, band concerts, basketball and soccer games.
Please tell me why I have foregone living better now in order to build up a sizable retirement account?
Please tell me why I am a target for higher tax rates to pay for any jackass who defaults.
What good does playing by the rules and getting an 800+ credit score and becoming debt free do me?

Because you have integrity and a conscience. Two traits which are in short supply in today's America.

[native]

Please tell me why I paid for my own graduate school.
Please tell me why I scrimped and saved and did without to give my daughters a higher education with no debt to start off living on their own.
Please tell me why I live within a house that I paid for and own without government help. A very nice lady in my neighborhood brags about still living in her home when she hasn't made a payment in over two years. She will eventually be foreclosed on and drive the price of my home down, as several already have.
Please tell me why I don't carry credit card debt.
Please tell me why I travelled away from home working 60-70 hour weeks most of my adult life to better my family financially and missed dance recitals, band concerts, basketball and soccer games.
Please tell me why I have foregone living better now in order to build up a sizable retirement account?
Please tell me why I am a target for higher tax rates to pay for any jackass who defaults.
What good does playing by the rules and getting an 800+ credit score and becoming debt free do me?

Because you have integrity and a conscience. Two traits which are in short supply in today's America.

Ditto. You are a good man, LeadBolt!

[Col Hogan]

Over 270,000 people have signed a petition asking that ALL student loans be forgiven...in the name of economic stimulus...

Forgiving the student loan debt of all Americans will have an immediate stimulative effect on our economy. With the stroke of the President's pen, millions of Americans would suddenly have hundreds, or in some cases, thousands of extra dollars in their pockets each and every month with which to spend on ailing sectors of the economy. As consumer spending increases, businesses will begin to hire, jobs will be created and a new era of innovation, entrepreneurship and prosperity will be ushered in for all. A rising tide does, in fact, lift all boats - forgiving student loan debt, rather than tax cuts for corporations, millionaires and billionaires, has a MUCH greater chance of helping to rise that tide in a MUCH shorter time-frame. The future economic success of this country is wholly dependent upon a well-educated, prosperous middle class. Instead of saddling entire generations with debt from which there is no escape, let's empower the American people to grow this economy on their own!

http://signon.org/sign/want-a-real-econ ... _by=663202" onclick="window.open(this.href);return false;

No one is willing to accept responsibility anymore...if you accept a loan...PAY IT OFF as you agreed to do...

If you are not willing to pay it, don't take it...

But, I know that will go no where...

[kalm]

Over 270,000 people have signed a petition asking that ALL student loans be forgiven...in the name of economic stimulus...

Forgiving the student loan debt of all Americans will have an immediate stimulative effect on our economy. With the stroke of the President's pen, millions of Americans would suddenly have hundreds, or in some cases, thousands of extra dollars in their pockets each and every month with which to spend on ailing sectors of the economy. As consumer spending increases, businesses will begin to hire, jobs will be created and a new era of innovation, entrepreneurship and prosperity will be ushered in for all. A rising tide does, in fact, lift all boats - forgiving student loan debt, rather than tax cuts for corporations, millionaires and billionaires, has a MUCH greater chance of helping to rise that tide in a MUCH shorter time-frame. The future economic success of this country is wholly dependent upon a well-educated, prosperous middle class. Instead of saddling entire generations with debt from which there is no escape, let's empower the American people to grow this economy on their own!

http://signon.org/sign/want-a-real-econ ... _by=663202" onclick="window.open(this.href);return false;

No one is willing to accept responsibility anymore...if you accept a loan...PAY IT OFF as you agreed to do...

If you are not willing to pay it, don't take it...

But, I know that will go no where...

Wall Street has lead by example.

[AZGrizFan]

Over 270,000 people have signed a petition asking that ALL student loans be forgiven...in the name of economic stimulus...



http://signon.org/sign/want-a-real-econ ... _by=663202" onclick="window.open(this.href);return false;

No one is willing to accept responsibility anymore...if you accept a loan...PAY IT OFF as you agreed to do...

If you are not willing to pay it, don't take it...

But, I know that will go no where...

Wall Street has lead by example.

Uh....TARP was all paid back....WITH INTEREST.

[native]

Wall Street has lead by example.

Uh....TARP was all paid back....WITH INTEREST.

Us non-bankers seem to confuse the $700B Troubled Asset Relief Program ("TARP") with other actions and programs. TARP was implemented as part of the Emergency Economic Stabilization Act of 2008, passed by both Houses of Congress and signed into law by president Bush in October, 2008.

I found the following two references to be helpful:
http://www.multifamilyexecutive.com/leg ... terms.aspx" onclick="window.open(this.href);return false;
http://en.wikipedia.org/wiki/Emergency_ ... ct_of_2008" onclick="window.open(this.href);return false;

Can you point us to better references and factual updates, AZG? My concern is that plans for the liquidation of the "troubled assets" were dropped from the program and the falsified/inflated asset listings were never reconciled. My understanding is that this is particularly true in the case of Bank of America, which is still holding the bad assets it acquired from Countrywide. Correct?

[kalm]

Wall Street has lead by example.

Uh....TARP was all paid back....WITH INTEREST.

The entire student loan market is 1/9 of what the fed loaned financial institutions in 0-3.5% loans at the height of the crisis. And as Native implied there's still shit out there.

Responsibility!

[Col Hogan]

So, for shits and grins, let's assume we forgive every student loan out there today...waive the magic wand, and POOF, the students owe nothing...

What do you say to the students still in school getting loans....are they also forgiven...

What do you say to the students who start school in January...that your loans are also forgiven, before you even apply???

How far do we take this insanity???

[kalm]

So, for shits and grins, let's assume we forgive every student loan out there today...waive the magic wand, and POOF, the students owe nothing...

What do you say to the students still in school getting loans....are they also forgiven...

What do you say to the students who start school in January...that your loans are also forgiven, before you even apply???

How far do we take this insanity???

My point is that it's interesting how government picks winners and losers. It's ok to socialize the risks for one group but irresponsible in the case of another.

[native]

So, for shits and grins, let's assume we forgive every student loan out there today...waive the magic wand, and POOF, the students owe nothing...

What do you say to the students still in school getting loans....are they also forgiven...

What do you say to the students who start school in January...that your loans are also forgiven, before you even apply???

How far do we take this insanity???

My point is that it's interesting how government picks winners and losers. It's ok to socialize the risks for one group but irresponsible in the case of another.

Agreed. Put some bankers in jail and tell the students to get a fvcking job. Start with BofA.