Lower restrictions and barriers and bring in more competition.
Nassim 'Black Swan' Taleb Blasts Biden's Student-Loan Bailout
- Thread starter The_Krakenite
- Start date
Lower restrictions and barriers and bring in more competition.
Agreed but the government made money on the TARP bailout though. Fannie and Freddie are still under government control and they paid back the entire debt and an additional $100B so far.
Now if you take a look at student loans, there's no ROI on college students who graduated with many of these garbage degrees. Why is it the taxpayers responsibility to pay this shit off. We need to start weeding out the stupid people.
We should run the student loan forgiveness like TARP. You can take the money, but if you make over $125,000/year any time throughout your life you have to pay extra taxes to help fund the program. You're essentially on the hook with the government from that point on.
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The bigger problem is that many (most?) degrees are completely worthless. If you have a degree in something that ends in "studies" or anything outside business and STEM, it's probably worthless. Government has that data. For every degree, they can compile starting salary, time it takes to get hired in that field, etc. How about we start with only funding degrees that lead to a good salary? We follow the same approach with healthcare. Medicare won't pay for stuff that is not shown to provide benefit. There's also some responsibility on the parents. Shame on parents who allowed their children to get worthless degrees. Why didn't they guide their kids towards success?
The other part is stop requiring college degrees for jobs that don't really need it. You don't need to go to college in order to do most software engineering jobs. What you need to know is available for free on the internet. Stop forcing people to waste 3-4 years of their lives learnings other unrelated / unnecessary garbage.
agreed
The basic BS/BA degree has gone the way of the union. Seventy or eighty years ago you needed to go to college to hone your writing skills, acquire higher math proficiency and explore diverse topics of interest. Kids today are taking calculus in the 11th grade. Back then the unions protected workers against unsafe conditions, child labor and negotiated a decent wage - today they primarily protect those that should have been fired long ago and little else.
While both have significantly decreased utility today, the left clings to them because it keeps their power and control via forced union contributions and sky high tuition at universities that enjoy many billions in endowment funds while still accepting gov't financial support. They want your job to be controlled by the union and your ability to get a job to depend on you paying top dollar to sit through four years of liberal indoctrination.
It appears to many (that are paying attention) that both are overplaying their hands today, but it only matters if voters, the courts and the public are going to do something about it.
While both have significantly decreased utility today, the left clings to them because it keeps their power and control via forced union contributions and sky high tuition at universities that enjoy many billions in endowment funds while still accepting gov't financial support. They want your job to be controlled by the union and your ability to get a job to depend on you paying top dollar to sit through four years of liberal indoctrination.
It appears to many (that are paying attention) that both are overplaying their hands today, but it only matters if voters, the courts and the public are going to do something about it.
Yes they foot the bills for trillion-dollar multi-national financial companies who amassed massive debt from reckless gambling trading with MBS and CDO's and yet they fret over paying for somebody's student loans that's not even close to the crap from the 2008 financial losses. If they don't want to foot the bills, they shouldn't foot the bill for anyone and just let everybody sink or swim on their own especially when they are lot better capitalized than some poor students otherwise it's just hypocritical.
And btw Liberal Arts degrees are needed so you are not all churning out intelligent human machines but instead cultivating free thinkers. I think Nassim should just concentrate on managing risks on black swan events which might be coming up soon now that Powell has confirmed that he's dead set on controlling inflation.
Very funny. University creating free thinkers?
Are you a social justice warrior or what? There is no longer any free-speech allowed anymore at University. Which has been part of the backlash for a while against those institutions.The universities now have fallen into an idiotic pool where not only free speech is now forbidden, but you can't even go to the school libraries during certain days an hours because of our new (anti-white safe-spaces). Yes, this stupidity is a legal THING now. I thought that was supposed to be racist stuff a generation ago? Not today! There is a double-standard of course, thanks to the libertards. Not to mention whites now are discriminated into entering university because of their (drum roll please),.... white privilege.
And we need to jack up the tuition also because universities are so busy spending fortunes to remove things like RACIST ROCKS. No joke, that's a thing too now!
I for one would be pissed as a US Tax payer if I had to support even more Wokeness like this.
Very funny. University creating free thinkers?
The universities now have fallen into an idiotic pool where not only free speech is now forbidden, but you can't even go to the school libraries during certain days an hours because of our new (anti-white safe-spaces). Yes, this stupidity is a legal THING now. I thought that was supposed to be racist stuff a generation ago? Not today! There is a double-standard of course, thanks to the libertards. Not to mention whites now are discriminated into entering university because of their (drum roll please),.... white privilege.
And we need to jack up the tuition also because universities are so busy spending fortunes to remove things like RACIST ROCKS. No joke, that's a thing too now!
I for one would be pissed as a US Tax payer if I had to support even more Wokeness like this.
Doesn't sound like you've had any post-secondary education.
If you actually read the transcript of Biden's remarks of how debt forgiveness is being funded, then you wouldn't be mindlessly regurgitating authoritarian talking points.
https://www.whitehouse.gov/briefing...den-announcing-student-loan-debt-relief-plan/
"...Let’s be clear. I hear it all the time, “How do we pay for it?” We pay for it by what we’ve done.
Last year, we cut the deficit by more than $350 billion.
This year, we’re on track to cut it by more than $1.7 trillion by the end of this fiscal year. The single-largest deficit reduction in a single year in the history of America.
And the Inflation Reduction Act is going to cut it by another $300 billion over the next decade because Medicare will be paying less for prescription drugs, and over a trillion dollars if you add it out for the next two decades.
The point is this: There is plenty of deficit reduction to pay for the programs — cumulative deficit reduction — to pay for the programs many times over.
I will never apologize for helping Americans working — working Americans and middle class, especially not to the same folks who voted for a $2 trillion tax cut that mainly benefitted the wealthiest Americans and the biggest corporations, that slowed the economy, didn’t do a hell of a lot for economic growth, and wasn’t paid for and racked up this enormous deficit.
Just as we’ve never apologized when the federal government forgave almost every single cent of over $700 billion in loans to hundreds of thousands of small businesses across the — across America during the pandemic.
No one complained that those loans caused inflation. A lot of these folks and small businesses are working and middle-class families. They needed help. It was the right thing to do.
So, the outrage over helping working people with student — with student loans, I think, is just — simply wrong. Dead wrong.
Third thing: We’re fixing the student loan program system itself. We’ve talked about this at length. This is really important.
We’re proposing to make what’s called an income-driven repayment plan — simple and fair. And here’s how: No one with an undergraduate loan today or in the future, whether for community college or a four-year college, will have to pay more than 5 percent of their discretionary income to repay their loan. That’s income after you pay the necessities like housing, food, and the like.
You currently pay 10 percent. We’re cutting in that in half to 5 percent.
And after you pay your loan for 20 years, your obligation will be fulfilled if it hadn’t already been fulfilled, meaning you won’t have to pay any more — period.
And borrowers whose original balance was less than $12,000, many of whom are community college students, will be done paying just after 10 years.
These changes will save more than $1,000 a year on average for the borrower. It’s a gamechanger.
We’re also fixing what’s called — and this has been the bane of — driving me crazy when I was out of office — the Public Service Loan Forgiveness program. Now, this program forgives student loans to encourage those students who have those loans if they go into public service.
Think of the millions who are public school teachers, local police officers, workers at local charities, members of the military and the National Guard, and so many more.
Think of the folks who work for federal, state, local, Tribal governments, keeping essential services going and responding to natural disasters — all those firefighters and cops.
The program is designed so that if you serve in one of these jobs — and we’ll be able to list those in — you’ll be able to accurately assess whether you do — and make your loan payments for 10 years, even if it’s not consecutive years, your remaining balance will be completely forgiven.
It’s a great idea, but the program is a mess. It’s so inefficient and complicated, too many people just give up."
Very funny. University creating free thinkers?
The universities now have fallen into an idiotic pool where not only free speech is now forbidden, but you can't even go to the school libraries during certain days an hours because of our new (anti-white safe-spaces). Yes, this stupidity is a legal THING now. I thought that was supposed to be racist stuff a generation ago? Not today! There is a double-standard of course, thanks to the libertards. Not to mention whites now are discriminated into entering university because of their (drum roll please),.... white privilege.
And we need to jack up the tuition also because universities are so busy spending fortunes to remove things like RACIST ROCKS. No joke, that's a thing too now!
I for one would be pissed as a US Tax payer if I had to support even more Wokeness like this.
Exactly! We're furious. These dumbasses think money grows on trees