The college debt problem

[Hitch]

I'm not sure if you folks are aware of this, or care, but here's what it is...

The college school loan debt bubble is massive, it's gotta burst.

I met a guy today, unemployed, sells pot for a living. He has 3 college degrees. His debt is north of $170,000 in school loans.

I didn't ask any questions, so don't ask me any either. I have no idea how the numbers work in this case.

All I heard was the sound of a bursting bubble. Thought I'd share this with you all.

[Jewboo]

He has 3 college degrees.



Majors (https://static5.businessinsider.com/image/538f5f216bb3f72321722538/the-10-worst-college-majors.jpg) probably as useless (https://i.makeagif.com/media/12-25-2015/_8OCVM.gif) as he is.

[Cebu_4_2]

I'm not sure if you folks are aware of this, or care, but here's what it is...

The college school loan debt bubble is massive, it's gotta burst.

I met a guy today, unemployed, sells pot for a living. He has 3 college degrees. His debt is north of $170,000 in school loans.

I didn't ask any questions, so don't ask me any either. I have no idea how the numbers work in this case.

All I heard was the sound of a bursting bubble. Thought I'd share this with you all.

Unforgivable school loans. On his record for life. Can't get a job cause if they do any type of background they see 170K in back loans. If he gets any type of legit job all his wages are garnished... Poof! Selling weed is much more profitable in his case.

[Hitch]

Unforgivable school loans. On his record for life. Can't get a job cause if they do any type of background they see 170K in back loans. If he gets any type of legit job all his wages are garnished... Poof! Selling weed is much more profitable in his case.

This is what baffles me. The guy took out loans, not employed for some 7 years to get the 3 degrees. Racked up $170,000 in debt, while not making any income at all...and the system financed him? Even encouraged his behavior?

How in the fuck does THAT happen? Yes, college debt is there for life, but still, some sort of employment should be required to take it!

Selling pot off the grid is his best solution, sadly. He's a product of creation of our effed up society standards.

[midnight rambler]

It's the banksters' model for the future. It's a great plan, for them. Virtually everyone in debt for their entire lives. Sweet!

Most people I know finance any new (or used) automobile purchase. I NEVER borrow money for an automobile purchase and I literally have a fleet, four of which are less than four years old.

[Cebu_4_2]

This is what baffles me. The guy took out loans, not employed for some 7 years to get the 3 degrees. Racked up $170,000 in debt, while not making any income at all...and the system financed him? Even encouraged his behavior?

How in the fuck does THAT happen? Yes, college debt is there for life, but still, some sort of employment should be required to take it!

Selling pot off the grid is his best solution, sadly. He's a product of creation of our effed up society standards.

After the banksters took my equity I was convinced it was a scam under obama. I'm fucked. 150K gone. I ran like a rat to get a home. Busted balls since 91 and had equity. A lot. Refinance suddenly I don't qualify and they took my shit. Thats fair right?

[mamboni]

This is what baffles me. The guy took out loans, not employed for some 7 years to get the 3 degrees. Racked up $170,000 in debt, while not making any income at all...and the system financed him? Even encouraged his behavior?

How in the fuck does THAT happen? Yes, college debt is there for life, but still, some sort of employment should be required to take it!

Selling pot off the grid is his best solution, sadly. He's a product of creation of our effed up society standards.This poor investment and reckless deployment of capital to finance a risky venture is only possible because of unbacked credit creation a la central banking and the government enabling and backstopping the "investment." The entire financial system is built atop a mountain of unpayable debt. Government financed endless school loans to naive kids employing magical thinking: if I get a degree I'll get a high paying job and have a great lifestyle and pay off the loan no problem. This simple formula worked for the boomers like myself because school tuitions were a lot cheaper and good paying jobs were relatively plentiful. Today, the tuitions have been artificially pumped up by government financing similar to what mortgage lending has done to housing prices and shadow banking has done to automobile prices. The heretofore good jobs are gone - off shored to India, China, Singapore, Vietnam and Mexico, never to return. The banksters have made financial fool of us, having us borrow their fiat chits to outbid eachother for homes, cars and education. Imagine if we collectively decided to adopt a minimalist lifestyle and cash only purchases like our depression era grandparents. Prices would come down and banks would collapse. Cash would be king and thrift and savings would be the order of the day. Alas, once a pickle never to be a cucumber again. To be sure, this massive debt incurred by equally massive malinvestment will be paid, either through defaults and wealth siezure or inflation and destruction of middle class savings.

[Hitch]

This poor investment and reckless deployment of capital to finance a risky venture is only possible because of unbacked credit creation a la central banking and the government enabling and backstopping the "investment." The entire financial system is built atop a mountain of unpayable debt. Government financed endless school loans to naive kids employing magical thinking: if I get a degree I'll get a high paying job and have a great lifestyle and pay off the loan no problem. This simple formula worked for the boomers like myself because school tuitions were a lot cheaper and good paying jobs were relatively plentiful. Today, the tuitions have been artificially pumped up by government financing similar to what mortgage lending has done to housing prices and shadow banking has done to automobile prices. The heretofore good jobs are gone - off shored to India, China, Singapore, Vietnam and Mexico, never to return. The banksters have made financial fool of us, having us borrow their fiat chits to outbid eachother for homes, cars and education. Imagine if we collectively decided to adopt a minimalist lifestyle and cash only purchases like our depression era grandparents. Prices would come down and banks would collapse. Cash would be king and thrift and savings would be the order of the day. Alas, once a pickle never to be a cucumber again. To be sure, this massive debt incurred by equally massive malinvestment will be paid, either through defaults and wealth siezure or inflation and destruction of middle class savings.

What you are saying is 100% correct.

However it does not help us at all. Kids can tally up a debt so massive these days, any sort of logic, simple math, and reason means nothing.

Basically, the only question left, is when is this going to collapse? That's the only thing that matters right now, a simple when it will happen. When the credit/debt bubble bursts, the best thing for any of us is to be as far from it as possible.

[cheka.]

This poor investment and reckless deployment of capital to finance a risky venture is only possible because of unbacked credit creation a la central banking and the government enabling and backstopping the "investment." The entire financial system is built atop a mountain of unpayable debt. Government financed endless school loans to naive kids employing magical thinking: if I get a degree I'll get a high paying job and have a great lifestyle and pay off the loan no problem. This simple formula worked for the boomers like myself because school tuitions were a lot cheaper and good paying jobs were relatively plentiful. Today, the tuitions have been artificially pumped up by government financing similar to what mortgage lending has done to housing prices and shadow banking has done to automobile prices. The heretofore good jobs are gone - off shored to India, China, Singapore, Vietnam and Mexico, never to return. The banksters have made financial fool of us, having us borrow their fiat chits to outbid eachother for homes, cars and education. Imagine if we collectively decided to adopt a minimalist lifestyle and cash only purchases like our depression era grandparents. Prices would come down and banks would collapse. Cash would be king and thrift and savings would be the order of the day. Alas, once a pickle never to be a cucumber again. To be sure, this massive debt incurred by equally massive malinvestment will be paid, either through defaults and wealth siezure or inflation and destruction of middle class savings.

(((nyc.dc))) chooses to mis-price the loans. getting an elec engineering degree? pay 2 percent with 10 percent down. get an african studies degree? pay 30 percent with 50 percent down.

it's just math

[Jewboo]

When the credit/debt bubble bursts, the best thing for any of us is to be as far from it as possible.



Becoming a refugee to escape Clown World is impossible. Go where exactly? We were also naive in the GIM1 days thinking beans, bullets, band-aids, and bullion are the answer. There is no "escaping" the collapse of society (https://youtu.be/1l1wRFqEqk0).