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Originally posted by Komodo
Been expecting this to happen since i saw it on the documentry "Inside Job"
they mention this very thing near the end of the movie.. and they were right.. but, my question is.. how could we have stopped this? You can't bankrupt SL's, it's against the law...or at least you couldn't; and since you can't bankrupt a student load, guess what..
they'll come for your house to pay it off..
Originally posted by loam
reply to post by MidnightTide
Originally posted by MidnightTide
Why does blame the banker get thrown under the bus, but never the government?
Because of ignorance.
People blame the free markets for the abuses that arise without ever understanding why they occur in the first place.
And now we've entered a new era of vilifying business in this country, ensuring our problems will only get much worse.
Businesses are *supposed* to make money.
Complaining about that is like complaining that water is wet.
What is broken is the role government plays in the free markets.
It incentivizes the creation of bubbles....it restricts real competition....and it promotes fraud. The trifecta of financial market disaster.
But for most of the public, it's easier to be spoon-fed dribble from the MSM, making them believe the corporate guys are the evil ones.
Someone recently made this analogy: Its like the issue with Pitbulls. It's not the breed that is bad, but the owner who encourages and produces the dangerous behavior.
Plain and simple.
edit on 30-9-2012 by loam because: (no reason given)
Originally posted by Cornczech
I have not read all of the responses on this thread, but I HAD to respond as this issue has just recently come to bite me in the proverbial arse....
I have a 25 year old student loan that I apparently am considered "defaulted" on. here's the story:
I took out about $5,000 in Federal student loans in 1988 to attend a for-profit vocational school in Phoenix to become a surgical technologist...to BETTER myself, (eyes rolling)....
About 4 months before I was set to graduate, the school shut down taking all of my 5 grand and leaving me in the lurch with regard to my education. Another local vocational college allowed me to finish, with me having to borrow additional funds to graduate. My little piece of paper cost me a LOT of money and I never got to work as a surgical tech outside of the field I had already been working in: ophthalmology....so a useless education because every hospital wanted EXPERIENCE and my schooling was not continuous.
I paid on my student loan like a good monkey for the first 3 years after graduation, even though I never got to work in the operating room as a surgical technologist. I stopped when my finances got bad and could no longer afford the whopping interest and fines and fees.......fast forward 15 years...after never hearing a word about my student loan...I get a letter stating that my student loan had been discharged as a class action suit was brought against the original school that closed and that my debt had been discharged as a result of this lawsuit. I never worried about that loan because I refused to be personally ripped off by the closure of the school and the uselessness of my "degree"....remember....this loan was taken out in 1988 and was for less than 5 grand....
I got a call a month ago from someone stating they were with the DOE and that I owed THOUSANDS OF DOLLARS! I think the amount with fees and penalties and this WHOPPING interest rate was over 30 (yes THIRTY) thousand dollars on a 5 thousand dollar original loan! (one that had been discharged with a lawsuit AND a bankruptcy in 1994)
So...my point being....EVEN AFTER DEATH...a student loan collection agency will call to get money from the living relatives...from wills...taxes.......ANYTHING...and had my loan only been a few grand over the 5 grand I originally borrowed, then I could have handled it....but THIRTY GRAND from a FIVE GRAND loan? This is usury and COMPLETELY illegal and immoral...hell..even the BIBLE...the Torah...and maybe even the Koran, (I've never read it so...) states that usury is immoral!
This goes WAAAAAAAAAY beyond a "debt bubble" but another RIP OFF from the big banks to make sure the average human is a debt slave FOREVER.......
medical debt and student loan debt....two HUGE killers in American society that could be avoided if we were like OTHER civilized nations that provide free healthcare and a free education.....
but my opinion doesn't count or even matter in this nasty country that Amerika has become........
Originally posted by rickymouse
We need to get half way descent paying factories and teach kids how to work in the trades and agriculture. All the old farmers and ranchers that supply our food are getting old. Farming and animal husbandry is a respectable job. We need plumbers, electricians, construction workers, etc. These jobs don't need college education, all they need is high school education. No loans to default on are needed. These college kids are straddled with debt and have lost years of working. Overeducated workers many times feel they are worth more than the trades jobs and screw up the other workers. They need to get the country back on track and fire all the people that said this would work. I see many big businesses going under within two years because noone will be able to afford things. We need to nip this in the butt, not by 2020, that will be too late. Our big businesses need to take immediate action to get this country back on line or get their butts out of this country and let someone who will create real jobs get a shot. Big corporations who outsource jobs can move their office to a foreign country and be banned from selling anything in the USA. Half of them are fronts anyway for other interests. They are not real Americans if they are outsourcing everything.
Originally posted by trekwebmaster
reply to post by all2human
If you only see two options then there you go..
and i am completely on topic and have a valid point.
Apparently you are saying people have no choice and i'm outright saying that they do!!
I'm sorry for your predicament but your acting like a victim in all this and it flat-out isn't true.
Truth is you knowingly made a deal and defaulted on it,the reasons are irrelevant.edit on 30-9-2012 by all2human because: (no reason given)
It's not that kind of situation. Putting a gun to a person's head infers they had no choice but agreeing to a contract / loan there is a choice, but is there? Not really if you want an "education."