Welcome to PatsFans.com

Another Economic Topic: Yes, Boring!

Discussion in 'Political Discussion' started by PatriotsReign, Feb 11, 2012.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    27,294
    Likes Received:
    194
    Ratings:
    +552 / 6 / -24

    #18 Jersey

    The latest "Bubble" appearing in mainstream media business sections the growing student loan bubble that will explode in the near future if someone can't let the air out first.

    S&P says student loan debt could be next financial bubble

    "Student-loan debt has ballooned and may turn into a bubble," S&P said. "There are more defaults and downgrades for some student loan asset-backed securities."

    Federal and private student-loan debt is approaching $1 trillion and surpassed credit-card debt for the first time in 2010, according to Mark Kantrowitz, publisher of FinAid.org, a college grant and loan website. Under U.S. law, student-loan debt -- unlike credit-card borrowings -- can rarely be discharged in bankruptcy court."


    S&P says student loan debt could be next financial bubble - latimes.com

    Student Loans Could Be America's Next 'Debt Bomb,' Report Finds

    "Growing numbers of Americans are finding themselves bankrupt, with their college diplomas partially to blame.

    Slightly more than 80 percent of bankruptcy attorneys say the number of their potential clients with student loan debt have increased "significantly" or "somewhat" in the past three to four years, according to a survey by the National Association of Consumer Bankruptcy Attorneys. And there's little hope those debtors will get out of their obligations; 95 percent of bankruptcy attorneys surveyed said that very few student loan debtors will be discharged from their loan as a result of undue hardship."


    Student Loans Could Be America's Next 'Debt Bomb,' Report Finds.

    The problem with student loans is that no one has to qualify to get one. Historically, that wasn't an issue back in the 60's, 70's and 80's because a college education just wasn't that expensive relative to average income and far fewer people wanted to pursue a higher education.

    Not so today with $40k+ annual expenditures for a college education. Now we have older, unemployed citizens attempting to retrain themselves by going back to college.

    They are GUARANTEED student loans....yup, our gov't guarantees them so universities give them to anyone.

    But....and it's a big BUT...even if you go bankrupt, you still have to pay 100% of it back.
     
    Last edited: Feb 11, 2012
  2. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 7, 2009
    Messages:
    16,406
    Likes Received:
    399
    Ratings:
    +769 / 14 / -6

    #24 Jersey

  3. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    43,133
    Likes Received:
    318
    Ratings:
    +808 / 26 / -33

    Wasn't this one of the issues that OWS was talking about, and the right poo pooed their concerns???
     
  4. Real World

    Real World Moderator Staff Member

    Joined:
    Aug 15, 2006
    Messages:
    27,435
    Likes Received:
    320
    Ratings:
    +893 / 7 / -3

    If they were upset about student loans, then why weren't they protesting the very people who were charging them $30, 40, or $60k a year in tuition? Or the government that inflated the tuition market with cheap money?
     
  5. Real World

    Real World Moderator Staff Member

    Joined:
    Aug 15, 2006
    Messages:
    27,435
    Likes Received:
    320
    Ratings:
    +893 / 7 / -3

    If this bubble bursts, can we blame Obama? Afterall, when I look at the calendar, it would have happened on his watch. [​IMG]

    In all seriousness, this is where the OWS protesters lost me. They should have been protesting both government, and these universities as well.

    This articles timing fits nicely.



    UMass staff dominates public salary list

    Top 36 earners were employed by university

    By Stephanie Ebbert
    Globe Staff / February 11, 2012

    The University of Massachusetts again has the distinction of employing all but one of the state’s 50 highest-paid public workers, 2011 state records show.

    The two top earners are Michael F. Collins, the University of Massachusetts Medical School chancellor, who made $761,314; and Terence R. Flotte, the medical school’s dean, who was paid $701,141.

    Overall, 7,066 employees earned more than $100,000 last year. Three toll collectors earned more than $100,000, including one who earned $123,662. The number was higher than the 2010 tally of 6,400 public employees who earned more than $100,000.



    UMass leaders among state’s top earners - The Boston Globe
     
  6. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    43,133
    Likes Received:
    318
    Ratings:
    +808 / 26 / -33

    But this article was about student loans..

    I do agree that University Salaries are hyper inflated though. No need for that, governments have allowed this to happen under the guise that we want "good" education.
     
  7. mcgraw_wv

    mcgraw_wv In the Starting Line-Up

    Joined:
    Feb 5, 2008
    Messages:
    2,257
    Likes Received:
    7
    Ratings:
    +7 / 0 / -0

    When the government gets involved in markets, prices go up. FACT.

    If you want stable continual growth, and prosperity, you want government out of our day to day lives.

    If you want life dictated by bureaucrats, prices to swing wildly, and a continual rise in cost, you ask the government to get involved. One thing we know is that when government gets involved, it ends in a windfall of profit for the already rich, which goes to help re-elect officials who delivered the turnout.
     
  8. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    39,614
    Likes Received:
    753
    Ratings:
    +1,971 / 41 / -31

    #24 Jersey

    I paid mine off for 8 years .......... :scared: :D
     
  9. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    27,294
    Likes Received:
    194
    Ratings:
    +552 / 6 / -24

    #18 Jersey

    It's called continuous news MrsP. Do we only post breaking news stories?

    Did we stop posting about the recession or the real estate collapse because....well, because it's just old news?
     
  10. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    27,294
    Likes Received:
    194
    Ratings:
    +552 / 6 / -24

    #18 Jersey

    Took me about 12 years! My drinking delayed many payments!!:D
     
  11. Titus Pullo

    Titus Pullo Banned

    Joined:
    Dec 31, 2009
    Messages:
    2,612
    Likes Received:
    0
    Ratings:
    +0 / 0 / -1

    do you seriously think that's the cause of all this? big government? all these disparate failures across all these sectors?

    seriously?

    no dude, it's much MUCH deeper than that. Literally.

    the sooner you accept that reality, the better off you'll be.
     
    Last edited: Feb 13, 2012
  12. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    27,294
    Likes Received:
    194
    Ratings:
    +552 / 6 / -24

    #18 Jersey

    Actually, it's not unless you want it to be Titus. I'm guessing you believe the cause of all this is that "growth is over". But inefficiencies started long before growth stopped.

    With this specific thread topic, the "growth is over" theory is irrelevant.

    Fact is, holding the price of costs constant (fuel, etc), it has always cost more to have gov't provide services than it has to give it to the private sector...again, that's a fact.

    Take a look at all the various services many towns and states have given to the private sector for your proof. Airport Security, Waste manangement & toll collecting are just 3 prime examples.

    Private companies would never allow people with these kinds of jobs to have lifetime health insurance or make $150k+/yr.

    I don't believe anyone could successfully present an argument that big government is an efficient employer or provider of services.
     
    Last edited: Feb 13, 2012
  13. Titus Pullo

    Titus Pullo Banned

    Joined:
    Dec 31, 2009
    Messages:
    2,612
    Likes Received:
    0
    Ratings:
    +0 / 0 / -1

    This is a little like saying the Patriots lack of a pass rush wasn't their downfall. It was a lack of good pass rushers.

    Do you even know when growth's fate was sealed? How can you possibly state this above? It comes off as some chicken/egg thing. I could argue that "inefficiencies" started as soon as certain power circles (federal OR private) understood growth was unsustainable.

    Not theory. And never irrelevant when the words "economic topic" are in the actual thread title. ... Ever. Sorry.

    Putting the word "fact" at the very beginning and very end of your paragraph doesn't show anything. But it may make you resolute in your cause. Happy for you that way.

    Please learn the difference between correlation and causation. Then reassess what "proof" means.

    It depends on how you frame the equation. Are you factoring in all the inevitable corruption involved as deregulation runs rampant? That costs. Or the masses left to fend for themselves that may eventually throw a flaming ****tail through your private company's front window? More cost.

    The party of exclusion has one major major problem with their privatize everything platform: Corruption and a lack of oversight is an input cost on any industrial society. Whether they like it or not. Whether they prefer to ignore it or not. ... One need look no further than what happened in Iceland recently as a prime example of that.
     
    Last edited: Feb 14, 2012

Share This Page

unset ($sidebar_block_show); ?>