March 26, 2012 at 11:55 pm #2090
[article]213[/article]March 27, 2012 at 4:10 am #2094
The con is pretty simple.
The Big Finance Capital “club” wants zero risk so they lobby the operatives their mega corporate fronts financed and promoted into office to guarantee the student loans their mega banking fronts made – zero risk for the banksters.
But that wasn’t enough.
They wanted more… They knew the debt would crush the economy and the students wouldn’t be able to pay off their debts, so they saw another profit making opportunity – on the default of those student loans.
So they got their Congressional financed and promoted operatives to make it so that student loans couldn’t be defaulted in bankruptcy.
Like any good “business person,” they then set up the corporate structure to profit billions more from the student loan collection process by controlling the biggest student loan collection companies and lobbying their Congressional operatives to give them the sweetheart government contracts.
Isn’t tyranny grand?
JP Morgan crimes:
1. Bribed Jefferson County officials who went to jail.
2. Bribed Goldman to stay away from Goldman.
3. Bernie Madoff’s “back end.”
4. Keeping stolen loot from MF Global American Subjects (we are no longer citizens by any reasonable definition)
5. All the student loan collection crimes.
6. All the MBS securities frauds.
7. All the perjury robo-signing crimes.
All aided and abetted by BOTH establishment political parties (both controlled by Big Finance Capital).
Remember, the Republicans could shut down “Obama’s” spending and debt generation any time they wanted to (they control the House of Representatives – they control the *money*)… but they don’t want to.March 27, 2012 at 11:58 am #2102
That is just anecdotal. Only a judge can authorize the confiscation of funds from someone’s paycheck. The government can confiscate income tax returns without court order, but a clever taxpayer could get around that one easily, just by always owing a bit of tax at the end of the year.
As RE said on the other thread, you cannot confiscate what isn’t there. We’re talking $219/month here. Give me a break. They have loaned out a trillion dollars, and the total is rising rapidly. It is a ponzi scheme, plain and simple. The economy isn’t expanding fast enough to push up wages and employ these borrowers, assuming they are learning anything of value, which is debatable.
Even if they go after spouses, parents, etc. that would just be sucking money out of the economy and push us farther into recession. The whole point of student loans is to push more credit into the economy and keep the mirage going.
Once the music stops, the dollar will quickly lose almost all of its buying power. I’ll give it five years, max.March 27, 2012 at 5:16 pm #2106
Brian Pretti’s excellent commentary today at
demonstrates that without student loans, the year to year change in consumer credit has been net negative since mid-2009 and that total consumer credit has also fallen by about 16% during this period. Big money, indeed.March 27, 2012 at 5:56 pm #2107
Integral Research SocietyParticipant
Interestingly enough, I noticed while out walking errands today that a printing company in the neighborhood was missing a few cars from their parking lot. As I walked by the front door, I noticed that the State of Washington had withdrawn their business certification due to non-payment of $47,000 or so in taxes. I wonder if we’ll see more of this sort of thing?March 27, 2012 at 8:31 pm #2111
Looks as if a college education will be something only the 1% can have soon. What else is new?March 27, 2012 at 9:30 pm #2112
Golden Oxen post=1712 wrote: Looks as if a college education will be something only the 1% can have soon. What else is new?
That would be a reversion to the historical mean, but I’m not too certain a “College Eduction” will be on anybody’s plate or that the University model will perpetuate itself.
Of all the social structures we have developed since the Enlightenment, the Universities have been among the most durable, with Oxford founded around 1100 or so. Nevertheless, the University structure was developed around the scientific method through an era when we were busy conquering Nature with our inventive prowess.
The upshot of course is that in the end Nature was not conquered, and the pace of innovation is slowing down. I suspect with the collapse of the energy conduits, science and innovation will slow to a snail’s crawl, if it moves at all.
In this world, the University may not have a place, even for the 1%, whoever that turns out to be on the Other Side of the Zero Point.
REMarch 28, 2012 at 7:41 am #2128
@RE There certainly is a massive change coming. The road from Oxford to today has most certainly ended, thanks in large part to our bankster friends. The universities went along with the easy debt for all game also, and should have known bettter or did. Same old short term pleasure over the long term consequences story. Free or inexpensive internet education might be some sort of solution for many of our poor but knowlege seeking youth?March 28, 2012 at 8:26 am #2129
Golden Oxen post=1729 wrote: @RE There certainly is a massive change coming. The road from Oxford to today has most certainly ended, thanks in large part to our bankster friends. The universities went along with the easy debt for all game also, and should have known bettter or did. Same old short term pleasure over the long term consequences story. Free or inexpensive internet education might be some sort of solution for many of our poor but knowlege seeking youth?
Education in all its manifestations is a primary focus of mine, since of course I am a Teacher. The University model also interests me, since it is part of my personal history, I’m an Ivy League brat also. This still represents only a small part of time for me in learning, a few years of my life where really I spent a good deal more time Drinking Beer and banging Illuminati Spawn than I did in class time, and really I could say that most of what I learned there hapenned inside of a week or so each year in Low Library right before Finals, charged up on Jolt Cola (all the Sugar and Twice the Caffeine!) and Doughnuts.
I wonder what people really need to learn in the future, and what the best way is to accomplish such learning? Mostly I’m an autodidact, and for me I wonder just why it is that people don’t teach themselves what they want to know? The Internet certainly facilitates that these days, but really Books have been round a long time and Libraries also. I hate the Credentialism of the University system, it stifles a lot of creativity IMHO, and boy the whole biz cost a lot of money/is inefficient in its utility. I cannot see how this can function in a world of scarcity as opposed to surplus, it simply makes no sense.
The technological meme is so powerful that it is very common that people take it as an irrevocable axiom that University Education is the Ticket to economic/social success. I question now that this will be so in the future. I think Learning will always be important, but I do not think as we move forward here into a low energy footprint world that the University Model can survive, any more than Carz or Ring Road Suburbs can survive.
My focus these days as a Teacher is in teaching HOW to learn in the absence of structure. Its not a popular idea really, because ALL teaching paradigms are structured paradigms. Public Education is of course the worst of these structured paradigms, but even the Private University structure is not much better. I don’t think either one will survive this collapse. Something else must take the place of this if what we have learned and hope to learn can be conserved and then prepetuated and expanded on. Its a difficult problem overall.
REMarch 28, 2012 at 9:19 am #2130
@ Re Books and libraries are still here RE, and are still quite adeqate for someone looking to self eductate. They are rapidly losing their importance and funding however, and will soon cease to function as they have historically. I am from and still live in the Boston area, a university area for sure, and the libraries are becoming run down terribly and hardly ever replenish classical fiction or subscribe anymore to material that exists online. In the suburb where I live the public library, which I frequent almost daily, has most everybody sitting around staring at their laptop with a few senior citizens present reading newspapers, hardly anyone is ever seen reading a book. Then of course there is encyclopedia Britannica’s announcement last week that they will no longer publish a print edition. I am afraid our beloved libraries and books will be the next thing to go to pay for the ever growing police force and their pensions as well as the other government workers we can no longer afford.March 28, 2012 at 9:53 pm #2140
Reminds me of the end scene in Zardoz where the library shelves are all full of Books that are decomposed dust.
I hadn’t heard about Brittanica, that IS sad.
Looks like we will need a new generation of Monks transcribing all the old books once the internet goes dark.March 28, 2012 at 10:27 pm #2144
Yes RE, a religious order of scribes to preserve the best of our culture’s books. I recently came upon a gorgeous leather bound set of Harvard Classics on E-bay which I purchased for the hoped for use of my grandson. It was gorgeous and in like new condition. I bid 600 dollars for it and won the auction at 115 dollars which shows you how much books are revered these days. I have wrapped each volume in a plastic baggie and covered the entire set with plastic protectors. I wonder if I am leaving him a gift of knowledge or a precious antique from a civilization destroyed by debt. Whatever the case I marvel at what a dollar will still buy in the book market of today and get a real bad vibe from what it probably means.April 1, 2012 at 2:21 am #2207
I took on $70 K in debt to get my MBA. I never really thought I would be able to pay it off. After all, I was 55 when I got my MBA. What I didn’t realize was just how much more difficult it would make it to get a job. Any job. Even minimum wage jobs want younger people. Overeducated but under-experienced people are really not in demand. I was beginning to think I might as well tell them I’ve got ebola as tell them I’ve got an MBA.
But things are looking up. I finally got a part-time, minimum-wage job. And I didn’t even hide my MBA. In fact, I used it to play the sympathy card, and it worked. As for paying back the loan, it doesn’t look like it’s going to happen. But I’m not in arrears at all. I’m paying them back with the “income-based repayment (IBR) plan”. My income for 2011 was less than $1300, so my payment was $0. With my new job, my payment will still probably be $0. After 25 years on the IBR plan, the remaining debt will be forgiven. That’s the policy now, anyway.
As the saying goes, “you can’t squeeze blood out of a stone.”April 1, 2012 at 4:19 am #2211
Uglee post=1811 wrote:
As the saying goes, “you can’t squeeze blood out of a stone.”
That is the TRUTH.
If I was UE right now, I would seriously consider going back to school to get yet ANOTHER degree, maybe Law School this time 🙂 A JD would be nice to add to the list of letters after the name. LOL. I don’t think I would have too much trouble finding a Law School which would accept me even at age 55, considering I used to teach the LSAT for The Princeton Review. I’d be 58 upon graduation only 4 years from taking an Early Retirement SS payment, so they can take my repayments out of that until I croak even if I can’t find work as a Scum Sucking Bottom Feeder Lawyer.
Meanwhile, on Credit, I could spend 3 more years at Harvard Law School banging Illuminati Spawn! It would be just like the Good Old Days at Columbia!April 1, 2012 at 2:06 pm #2215
I think even Illuminati spawn prefer younger guys. 😉April 1, 2012 at 5:46 pm #2218
Candace post=1819 wrote: I think even Illuminati spawn prefer younger guys. 😉
Quit messing with my fantasy Candace!
I’ll just play the Friendly Grandpa who is there for them when they catch their boyfriends cheating on them, then BAM! LOL.
Or maybe they won’t have time to write their arguments for Torts or Contracts and I can offer to do that for them. For a Price of course. BAM!
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