Odumbo and Student Debt

[DHOHHI]

Another executive order coming ....

http://finance.yahoo.com/blogs/dail...-end-up-backfiring--aaron-task-141342087.html

“In 20 years the debt goes away if you haven’t repaid it all and guess who it goes back to? The taxpayer. And I just don’t think that that’s going to end very well for the taxpayer. "

And if you work for the government or some non-profits the debt goes away after just 10 years.

After he leaves office I wonder if he'll write a book ..... "How to Bankrupt the Country"

 

[Max E.]

This is just another way for the do nothing college professors to fatten their pockets.

Get the government to pay for all of the useless 200k Liberal arts degrees so that hippy douche bags can keep making six figure salaries, with 7 figure retirement packages, while they complain about the evil people in the private sector who are paying for them to live a life of luxury while they do nothing.

As Nancy Pelosi put it when she was talking about obamacare, "This is great, now you dont have to worry about working anymore" while you try to attain your useless musical history degree.

Funny how the so called "Smartest people in the room" wont even dip their toe in the water of a job that requires competition.

 

[DHOHHI]

It might even encourage students to borrow even more $$$$ knowing they can blow it off down the road.

 

[Max E.]

It might even encourage students to borrow even more $$$$ knowing they can blow it off down the road.

Exactly, only the government, and liberals would be incompetent enough to come to the conclusion that the way to combat out of control tuition costs is to further subsidisze tuition.

 

[Ricter]

This is just another way for the do nothing college professors to fatten their pockets.

Get the government to pay for all of the useless 200k Liberal arts degrees so that hippy douche bags can keep making six figure salaries, with 7 figure retirement packages, while they complain about the evil people in the private sector who are paying for them to live a life of luxury while they do nothing...

I recall you saying some time ago that you tossed textbooks that you didn't agree with. Did you finish college anyway?

 

[Max E.]

I recall you saying some time ago that you tossed textbooks that you didn't agree with. Did you finish college anyway?

Yes, the stupidest move of my life, Degree in Commerce from York.

Very few can actually put a number on what their degree cost, but i can honestly say its in the 7 figure range, I know this because I trade with a couple of other people, and we do the same thing, I didnt have enough money in 2008 to take full advantage of the collapse, so while the guys around me were all having their first and only seven figure years, i simply didnt have the money to do alot of the things they were. Had I started trading 4 years earlier, and saved the money i blew on school it would have been worth more than a million bucks in 2008. The stock market and reading while I trade gave me a much better understanding of the concepts than any stupid university class ever did.

Go and talk to the kids coming out of college, and they dont even understand how most of the concepts taught in school actually apply to the real world, when i meet economics graduates, i constantly make the mistake of actually trying to have a conversation about economics with them, bottom line is if they were there just for the degree and dont care to learn on their own, they dont know shit.

The people on this forum know way more about economics than the average graduate does, even though i never agree with you on economics, you atleast understand the concepts, and we all understand the core rules, and core arguments, even though we all insult each other all the time Id say ET has a pretty smart crew of people when it comes to this kind of stuff. You try talking to the average college graduate about economics, or business, and at the end of what you thought was a simple copnversation they will ask you something stupid like "Whats the bid" or "Whats the offer?" They dont even understand the concept of an auction market and how the principles of supply and demand pertain to it.

 

[Max E.]

I recall you saying some time ago that you tossed textbooks that you didn't agree with. Did you finish college anyway?

Btw, the thing i said in the past about tossing the text books i didnt agree with was another example of me being sarcastic, that clearly didnt come out properly over the internet, Just like the other day when I said something to you along the lines of "The only scientists who have a credible opinion are those that support my ideas. I have no problem making fun of my own biases, atleast I recognise that i have them, as do you, I cant stand people who are so oblivious they think that their opinion on everything is 100% objective, even though every single one of their arguments lands on the same side of the political spectrum, like bigarrow, or piezoe.

Truth be told, I tossed all of my text books, not just the ones I didnt like.

 

[Scataphagos]

It might even encourage students to borrow even more $$$$ knowing they can blow it off down the road.

I don't get it. College students signed a contract to receive loans... then along comes Odumbo and abrogates the terms of Millions(?) of contracts by presidential decree?

Should be law suits about this...

 

[AAAintheBeltway]

I don't understand ho whe can do it by executive decree since presumably there is legislation about funding and collecting these loans. Maybe the law gives the Department of Education a lot of discretion about collecting them.

It's a smart political move by Obama. People with student loans have been clamoring to get out from under them, and it leaves the republicans a hobson's choice. They can go along with a giveaway that benefits a big democrat constituency, universities, or they can risk alienating millions of people with student loan debt.

The economically reasonable thing to do would be to eliminate the program altogether. Let universities figure out how to finance their own tuition. Why should we subsidize it? If the students aren't able to earn enough to pay off the debt, doesn't that mean it was economically wasteful?

If students and universities had to deal with it between themselves, there would be pressure on universities to hold down costs, which is totally absent now. I live near several, and you would not believe how lavish their facilities are. Thei rpresidents and top administrators are padi like investment bankers as will. And if universities had to depend in students' earnighs for repayment, maybe there wouldnt; be so many Deaprtments of African American Studies, etc. Maybe there would be some focus on actually equipping student sto earn a living, as shocking as that sounds to professors.

 

[Max E.]

Yeah, thats my problem as well, Useless degrees that the university is only able to provide because someone else is willing to pay the bill for it. Like Womens studies, or Musical history. If anything a "Womens Studies" degree would be a turn off to future employers, because you know that the chick would be so radical that your ass is getting sued if you try to fire her. The one thing that there is no doubt about is that anyone who takes on of these degrees will inevitably be a future democrat, which is the whole reason for funding such assinine studies.

I would have no problem with the government paying for university students where the odds are that the person will be able to pay it back, like if a person shows academic prowess in med school, and they cant find someone to finance it they should be backed.

If there was any competence in the government they would create a credit like system where yeah you could piss away four years of your life doing something stupid like African American Studies, or Environmental Arts, but if you do we are going to charge you an 18% interest rate, because the risk of default is astronomical. The people who go in to practical degrees, where they will be able to benefit society should atleast be rewarded in some way, and we should be encouraging people to go into areas where there is a genuine need for them.

subsidize The economically reasonable thing to do would be to eliminate the program altogether. Let universities figure out how to finance their own tuition. Why should we it? If the students aren't able to earn enough to pay off the debt, doesn't that mean it was economically wasteful?

If students and universities had to deal with it between themselves, there would be pressure on universities to hold down costs, which is totally absent now. I live near several, and you would not believe how lavish their facilities are. Thei rpresidents and top administrators are padi like investment bankers as will. And if universities had to depend in students' earnighs for repayment, maybe there wouldnt; be so many Deaprtments of African American Studies, etc. Maybe there would be some focus on actually equipping student sto earn a living, as shocking as that sounds to professors.