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(LA Times)   China holds $1.1 trillion of U.S. debt. Guess who also holds $1.1 trillion debt?   (latimes.com) divider line 190
    More: Scary, U.S., U.S. debt, student debt, Tom Colicchio, Sallie Mae, for-profit colleges, credit risks, loan defaults  
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8594 clicks; posted to Politics » on 25 Jun 2013 at 11:33 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-06-25 11:26:00 AM  
Hitler?
 
2013-06-25 11:34:03 AM  
Your mom?
 
2013-06-25 11:34:59 AM  
China?
 
2013-06-25 11:35:21 AM  
The US? US citizens? Other bond holders? ECONOMISTS WHO ACTUALLY UNDERSTAND MACROECONOMICS? Who, damn you!
 
2013-06-25 11:38:22 AM  
No Federal Loans for For-Profit Universities.

They are a *huge* scam that bilks students out of a future, and the government out of billions.
 
2013-06-25 11:39:47 AM  
As long as Wall Street continues to rule the republic this will not change.
 
2013-06-25 11:41:01 AM  
This is no real surprise, when you realize that today's Republican party and the right wing are doing everything they can to return this nation to the way it was in the 90's.  The 1890's that is.

When the poor knew their place and had no way of actually bettering themselves (unless they were very lucky).  That seems to be their end game.
 
2013-06-25 11:42:05 AM  
Can someone explain to me why we can't simply cap the interest on student loans?  If someone takes out a loan at $40,000 at 17% and it then balloons up to $100,000 within a few years, shouldn't we say "Okay Sallie Mae, you've now made over double the original loan, maybe stop adding interest onto this loan and hurting this human being who was just trying to get an education."

To me this seems like the simplest solution, Sallie Mae can still make insane profits, but maybe we just cut them off when they start drawing blood.
 
2013-06-25 11:44:45 AM  
Those unemployed college kids should just pull themselves up by the bootstraps already and work for free and stop asking me for a handout just because they preform labor for my corporation. By the way, I need a few more tax breaks.
 
2013-06-25 11:45:48 AM  

AurizenDarkstar: This is no real surprise, when you realize that today's Republican party and the right wing are doing everything they can to return this nation to the way it was in the 90's.  The 1890's that is.

When the poor knew their place and had no way of actually bettering themselves (unless they were very lucky).  That seems to be their end game.


1890's?  Aren't you an optimist.
I'd say the 1690's are much more likely.  You can't tell me that Peter King wouldn't like to hold few Washington Muslim Trials and burn some Sharia-lovers.
 
2013-06-25 11:48:11 AM  
One should only loan money if there is a likely chance it will be repaid.

Which makes China pretty stupid, and the U.S. government extremely stupid.
 
2013-06-25 11:48:28 AM  

Karac: AurizenDarkstar: This is no real surprise, when you realize that today's Republican party and the right wing are doing everything they can to return this nation to the way it was in the 90's.  The 1890's that is.

When the poor knew their place and had no way of actually bettering themselves (unless they were very lucky).  That seems to be their end game.

1890's?  Aren't you an optimist.
I'd say the 1690's are much more likely.  You can't tell me that Peter King wouldn't like to hold few Washington Muslim Trials and burn some Sharia-lovers.


Oh, as far as things like that, I think they'd love to turn the US into a 'Christian' version of Saudi Arabia or Iran.  That's what these guys mean when they scream how the US is a 'Christian nation'.  But that's another discussion entirely. :)
 
2013-06-25 11:49:08 AM  

dehehn: If someone takes out a loan at $40,000 at 17%


Holy balls. Please tell me student loans at 17% were never a thing.
 
2013-06-25 11:51:25 AM  
I've racked up $60,000 in student loans getting my Masters degree in Psychology. In the last year, not only could I not find work in my field, I couldn't find work, PERIOD. Being broke, I moved back to live with my parents, and just got a job at a book store. Making $7.25 an hour, part time.

FML.
 
2013-06-25 11:52:44 AM  

thurstonxhowell: dehehn: If someone takes out a loan at $40,000 at 17%

Holy balls. Please tell me student loans at 17% were never a thing.


For private ones, potentially.
 
2013-06-25 11:54:00 AM  
And in hall honesty I don't know what my loans are now, after interest; I've not been able to pay a cent. :/
 
2013-06-25 11:55:26 AM  
Ff we can get these deadbeats to pay back their loans, the United states of America could repay it's debt to China in full. The solution is, thus, to force these indebted individuals into work camps where their pay is directly taken to pay down the national debt. Also, tax cuts for the rich.
 
2013-06-25 11:57:00 AM  
This was avoidable.  We privatized Vo-Tech education beginning in the 1970s, because we all just knew every one of our precious snowflakes were college bound.  Cheaper and easier to have a single college prep curriculum anyway.  Now when a student needs vocational training, we can rely on the free market to meet the need.  Everybody wins!

/students excepted
 
2013-06-25 11:57:18 AM  
I have 50k in student loans that I have been paying on for 10 years. How much did I have when I started? 52,000. Heloooo capitalized interest.

We seriously need to get business OUT of government.
 
2013-06-25 11:57:52 AM  

Lackofname: I've racked up $60,000 in student loans getting my Masters degree in Psychology. In the last year, not only could I not find work in my field, I couldn't find work, PERIOD. Being broke, I moved back to live with my parents, and just got a job at a book store. Making $7.25 an hour, part time.

FML.


(hugs)

Lawl School for me. I found a pretty good job but have a lot to pay back. Also due to the oversight of primarily myself and my financial-aid department one of my loans got left out in the cold during consolidation. 9 months later I found out about this through a debt collector.

I set up a payment plan...but the note was then repackaged and sold...then repackaged and sold again....then again. At this point they can't even tell me who the original issuer was.
 
2013-06-25 11:58:18 AM  
More than 38 million Americans have student loans outstanding. To put this in perspective, 38 million is the combined population of New York and Florida. And this collective debt is on par with the entire GDP of Mexico.

Scary?  Yes, yes it is.
 
2013-06-25 11:58:19 AM  

thurstonxhowell: dehehn: If someone takes out a loan at $40,000 at 17%

Holy balls. Please tell me student loans at 17% were never a thing.


I want to say that my step-dad had his MD on about 15%.  Of course, that was back in the 70's and early 80's when everything was like 10-15% interest.  By the time he paid them off, he was down to 5%.

If you're in double digits these days, you got screwed.
 
2013-06-25 11:58:30 AM  
FTFA:  96% of students who enroll at for-profit colleges take out federal loans

Jeebus.  When only 4% of for-profit college students can afforded attendance, then something's seriously wrong.  Given that education is necessary for democracy to function, this does not bode well for the future.
 
2013-06-25 12:00:57 PM  

dehehn: Can someone explain to me why we can't simply cap the interest on student loans?  If someone takes out a loan at $40,000 at 17% and it then balloons up to $100,000 within a few years, shouldn't we say "Okay Sallie Mae, you've now made over double the original loan, maybe stop adding interest onto this loan and hurting this human being who was just trying to get an education."


Because student loans and for-profit education is one of the next big bubbles.
 
2013-06-25 12:01:44 PM  
If I owe you $100, I have a problem. If I owe you $100,000,000, YOU have a problem.

Students - or at least those with combined interest north of 8-10%, or those who now owe more in interest than the loan was ever worth - should start mass-defaulting. If the debt-holders want another thin dime, they can agree to some new, less usurious terms.
 
2013-06-25 12:02:17 PM  
China has problems hiring factory workers, China should hire college graduates from the US for work entry programs because Chinese college graduates don't want to work in factories.

Working in Chinese factories is probably better than working at Starbucks or McDonald's.
 
2013-06-25 12:02:34 PM  
Dick Cheney, George Soros and the rest of the Big Money Traveling Lemon Party and Show Band?
 
2013-06-25 12:06:36 PM  
I knew a couple guys in college who were getting $50k culinary degrees. Guess what neither of them does now?
 
2013-06-25 12:07:42 PM  
The student loan bubble won't pop like bubbles past.

Normally what you see when these bubbles pop is that the people who pay into the system, tech investors, home mortgage borrowers, or whomever else, suddenly stop paying into the system en masse.  But you can't stop paying student loans.  You can't walk away.  The debt stays with you for life and there is presently almost no way to discharge it in bankruptcy.  You can't dodge creditors.  There is no statute of limitations on either suits to recover student loan debt, or on recovery of a court judgment.  In short, the people paying into the system are stuck paying into the system long after a rational investor or rational home owner would have taken his ball and gone home (or to his apartment because his home was foreclosed on).

So instead of a sharp cliff, like the tech bubble or the mortgage bubble, you're going to see something more like a shallow, muddy hillside descending into a tar pit.  People will feel poorer, even if they make as much as the generation before them at the same real income level.  Lending will tighten up, and it won't be entirely clear why.  Returns on student loans for banks will be lower than they are hoped to be, but not so low as to cause any sort of collapse.  Without a clear shock, Congress will just do more of the same to shore up the system: they'll make it cheaper to carry larger amounts of debt, and add further guarantees for banks and schools that borrowers will be forced to pay the money back.  Eventually, the problem will trickle into the schools, through lower enrollment, and the economy, through a general brain drain, but we won't understand exactly why and we'll probably get lost in a debate over welfare cheats and teachers' union busting.  Don't be surprised if it takes us 30 to 40 years to find our way out.
 
2013-06-25 12:09:13 PM  

djRykoSuave: No Federal Loans for For-Profit Universities.

They are a *huge* scam that bilks students out of a future, and the government out of billions.


Said it before and saying it again.

I'm just trying to get my affairs in order before the "College Cost Bubble" pops and we get Great Recession 2.0.

/Paying down all debt
//No new debt
///Driving cars that are 8 and 13 years old
 
2013-06-25 12:10:07 PM  

djRykoSuave: No Federal Loans for For-Profit Universities.

They are a *huge* scam that bilks students out of a future, and the government out of billions.


How is that any different from public universities at this point? Why are four-year degrees now needed for every entry-level non-technical job?

There's still a handful of for-profits with 100% job placement... it's 90% of them giving the rest a bad name.
 
2013-06-25 12:12:42 PM  
The US citizens hold way more than that in US debt.

This is a trick question.

I'm going to guess... students.

I have 30K of that 1.1 trillion, but I also have a really good job writing software, because I didn't spend 40K on chef school.

That said, the world needs skilled tradesmen too, not just college grads.  I'll be happy if my kids decide to be plumbers or programmers.  Hell, as plumbers, it's a job that can't be outsourced to India!

//Yet...
 
2013-06-25 12:13:58 PM  

AurizenDarkstar: This is no real surprise, when you realize that today's Republican party and the right wing are doing everything they can to return this nation to the way it was in the 90's.  The 1890's that is.

When the poor knew their place and had no way of actually bettering themselves (unless they were very lucky).  That seems to be their end game.


Sadly I don't think that's the case. I think the problem is that we wanted everyone to go to college kept promising great jobs when they graduated. Students spent the money for school but then found out that there are only so many college level jobs available and someone still needs to clean the windows. Degree inflation set in and now you need a college degree to be a file clerk. Now you have to go to college to get a job that still pays like a high school graduate job would have thirty years ago and a high school degree qualifies you to flip hamburgers.

There are too many people with college degrees for not enough college level jobs and the only way to distinguish yourself is to spend even more money. The biggest disservice we've done to this country is emphasizing colleges over trade schools.
 
2013-06-25 12:14:26 PM  
I don't know how long until we seize wealth to stay afloat, but it's a-comin'. I feel it in my bones.
 
2013-06-25 12:16:48 PM  
Donald Trump holds $1.1 trillion debt. And it's the classiest, most upmarket debt anywhere on the planet.
 
2013-06-25 12:18:06 PM  
This is what happens when you overprice education and require it for an adult to make a living wage.
 
2013-06-25 12:18:28 PM  
You guessed it............Frank Stallone.
 
2013-06-25 12:23:28 PM  
$200k in student loan debt between my wife (who stays home with the baby) and me, and I'm paying it down at about $1,600/mo.  But I can afford the payment (mostly) so I consider myself lucky.
 
2013-06-25 12:23:56 PM  
isn't the bubble here tuition costs?
 
2013-06-25 12:25:11 PM  

Dimensio: Ff we can get these deadbeats to pay back their loans, the United states of America could repay it's debt to China in full. The solution is, thus, to force these indebted individuals into work camps where their pay is directly taken to pay down the national debt. Also, tax cuts for the rich.


That is all fine until you end up with another situation like we do with the indebted servants from Ireland demanding basic rights. Do we really want to see such group strength amongst english and philosophy majors a century down the road?
 
2013-06-25 12:25:38 PM  
Crony Capitalism. Banksters come up with a get-rich scheme ( enslave huge numbers of American youth with student debt) and then have the state encourage greater numbers to go college than ever before. 3) Profit.
 
2013-06-25 12:28:43 PM  
suddenly my $225 isn't so bad after reading some posts here. too bad i have years left to pay. unless i get a job back east, then i could make more and decrease other expenditures with cheap housing(free) and cheap daycare (inlaws).
 
2013-06-25 12:30:19 PM  

skullkrusher: isn't the bubble here tuition costs?


A little from column A, a little from column B.

They're feeding each other.

What gets me is states cut higher education funding, leading to increased tuition costs (teachers and support staff don't work for free and like any other job expect raises and their contracts to be honored), then let the feds pick up the funding loss through loans to students.
 
2013-06-25 12:30:24 PM  
ftfa:  "One student I worked with illustrates the despair. Believing that education was the path to financial security, he financed his culinary education by taking out a $42,116 private loan - at 17.375% interest."

of course they have to use this ridiculous example.

The average debt for students who have debt is around $20k.
There are other students who have no debt at all.
 
2013-06-25 12:31:22 PM  
I've heard from prominent conservatives that China owns most of our debt. It's good to see we don't really owe that much.
 
2013-06-25 12:32:53 PM  

Vectron: Crony Capitalism. Banksters come up with a get-rich scheme ( enslave huge numbers of American youth with student debt) and then have the state encourage greater numbers to go college than ever before. 3) Profit.


It's an absolutely disgusting industry.  The bubble is coming soon.  Needs to be dischargable in BK in certain circumstances, that would IMMENSELY help many.

/Graduated without ever taking out a loan, so yes I have every right to say let 'em BK it.
 
2013-06-25 12:32:56 PM  

Vectron: Crony Capitalism. Banksters come up with a get-rich scheme ( enslave huge numbers of American youth with student debt) and then have the state encourage greater numbers to go college than ever before. 3) Profit.


not to mention the number of people enslaved by those banksters for buying a house, a car or starting a business! People must be required to pay for everything, up front, in cash. How else will we put an end to this madness?!
 
2013-06-25 12:35:02 PM  

meat0918: What gets me is states cut higher education funding, leading to increased tuition costs (teachers and support staff don't work for free and like any other job expect raises and their contracts to be honored), then let the feds pick up the funding loss through loans to students.


Not only that, but, if state schools could keep tuition down, then there would be more downward pressure on private schools. Sure, some kids and parents will go balls out to get the piece of paper with a fancy name on it, but a whole lot of them will look at $10k/yr for public school vs $40k/yr for private and decide they'd rather get a Model S and a similar piece of paper from a state school.
 
2013-06-25 12:35:06 PM  

skullkrusher: Vectron: Crony Capitalism. Banksters come up with a get-rich scheme ( enslave huge numbers of American youth with student debt) and then have the state encourage greater numbers to go college than ever before. 3) Profit.

not to mention the number of people enslaved by those banksters for buying a house, a car or starting a business! People must be required to pay for everything, up front, in cash. How else will we put an end to this madness?!


Those can be discharged in bankruptcy, hence, debtors are not enslaved. Please do keep up.
 
2013-06-25 12:36:10 PM  

meat0918: skullkrusher: isn't the bubble here tuition costs?

A little from column A, a little from column B.

They're feeding each other.

What gets me is states cut higher education funding, leading to increased tuition costs (teachers and support staff don't work for free and like any other job expect raises and their contracts to be honored), then let the feds pick up the funding loss through loans to students.


We have a very affordable and high quality higher educational system in NY. Let's see that elsewhere in the country. Public entities competing with private institutions would HAVE to force the private schools to reign in their fees. The elite of the elites will always cost a fortune but the mid tier private schools have no justification charging $50k a year aside from the fact that they can get that sort money.
 
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