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(Salon)   Why is it a city like Detroit can hide behind Chapter 9 Bankruptcy protection, but not the 37 million Americans drowning in student loan debt?   ( salon.com) divider line
    More: Interesting, Americans, Detroit, collective investment scheme, sticker price  
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5430 clicks; posted to Main » on 24 Jul 2013 at 9:46 AM (4 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

Voting Results (Funniest)
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2013-07-24 09:49:16 AM  
6 votes:
Let me sum it up: Because Bush Obama Benghazi Snowden Wikileaks Fox News.

That's why.

Oh, and also Obamacare Welfare and Bootstraps.
2013-07-24 10:04:38 AM  
2 votes:
I remember reading an interview with Donald Trump a number of years ago in which he was explaining some of his financial situation which went something like this;  "If you are some guy that defaults on a $200k mortgage, the bank is gonna come after you for the money you owe them.  Basically, if you owe a bank $200k you're farked, but if you owe them $200 million, you're partners."
2013-07-24 09:51:10 AM  
2 votes:
Because Detroit knows how to change the brakes on a 15 year old Ford Escort?

2013-07-24 09:46:55 AM  
2 votes:
Because fark you, that's why.
2013-07-24 12:29:18 PM  
1 vote:

what_now: So, if you could discharge your Sallie Mae

Is that what the kids are calling it these days
2013-07-24 11:59:09 AM  
1 vote:
Detroit has value, but no money. You simply have no money.
2013-07-24 11:02:51 AM  
1 vote:

Joe Blowme: "Egalitarian doctrines maintain that all humans are equal in fundamental worth "

True egalitarianism can occur when we rid this world of capitalism.
2013-07-24 10:56:12 AM  
1 vote:

Eponymous: I ended the interview by telling her she was clearly not qualified for the position when she couldn't explain to me the formula to calculate a mean..

Back when Bodies: The Exhibition was in town, I went there with my aunt. We were having a great time going through the exhibit and learning cool stuff about anatomy when we got to the stone fetus and I heard a woman say 'There's just no way. It would come out when you pee. That can't be real.' The exchange after that involved someone else asking her how she could possibly not know that your vagina and urethra are two different holes, and her saying that she was a history major in college who works at a bank, so how is she supposed to know things like that.

If anything, I hope she at least learned that your vadge and your pee hole are different holes after visiting that exhibit.
2013-07-24 10:33:19 AM  
1 vote:
In bankruptcy you have to sell items to satisfy creditors.

I think student loans should be discharged through bankruptcy but the person claiming bankruptcy should have to undergo a lobotomy to erase all that knowledge they don't want to pay for.
2013-07-24 10:13:56 AM  
1 vote:

FarkedOver: Because students and other people saddled with student load debt do not have the balls in this country to stand up for what they farking believe in.  Take to the farking streets.  Make them hear you.  You won't get change from a ballot box and you want get change from either major party.

i1239.photobucket.comView Full Size
2013-07-24 10:12:51 AM  
1 vote:
Ooooh, Oooh!

It's because the Banks own the Democrats and Republicans, isn't it!

The same reason that the Banks get to borrow the money they lend to you at basically zero percent and then charge 22% on a credit card..

The same reason none of the fraudulent bankers who destroyed the economy have been criminally prosecuted.
2013-07-24 10:12:39 AM  
1 vote:

FarkedOver: Because students and other people saddled with student load debt do not have the balls in this country to stand up for what they farking believe in.
Take to the farking streets.  Make them hear you.

When you believe in the right for people without any credit to get non-collateralized loans at low interest rates that can be discharged you probably shouldn't wast time having people hear you.  It will just make you look silly.

You won't get change from a ballot box

And there we go again.  Students just looking for handouts of change instead of working to earn dollars.

and you want get change from either major party.

I have no idea what that means.  Maybe you can get a refund on some of the tuition you paid?
2013-07-24 10:10:44 AM  
1 vote:
Because if you want a loan with the ability to declare bankruptcy, go get one from a private bank and not a loan backed by my tax dollars.

Better sollution: get rid of the student loan program so my tax dollars aren't supporting colleges to raise tuition through the roof.
2013-07-24 10:04:14 AM  
1 vote:

vernonFL: Because bankruptcy is an extreme last resort and most people would rather do everything they possibly could before declaring bankruptcy over student debt?

Hardly.   There is nothing like racking up 100k of debt and just declaring bankruptcy, discharging the debt, and getting a job.   Its no problem being able to rent a room when you are 23.   Then, the new job starts paying you the big bucks and you are on easy street.

At minimum, if you discharge your govt student loan, you should not be eligible for a home to be backed by freddie.  It would probably still be worth it to skip town on your 100k, but at least you would have to think about it.   People would probably get around this one by having their parents buy the house and the kid makes the payments.  Once the house is paid off.  Parents simply quit claim.  Now, none of the kids had to pay for college.
2013-07-24 10:03:28 AM  
1 vote:
i.imgur.comView Full Size
2013-07-24 09:58:29 AM  
1 vote:

dukeblue219: I know it sucks, but who would make a student loan that was dischargeable in bankruptcy? You'd have ten million students every year graduating with $160,000 in student loans, no assets, no income, and immediately declaring bankruptcy to get out of it. In a sense, no bank would ever loan that much money unsecured at a reasonable interest rate, unless the collateral is your future earnings.

//That's my understand of why that's how it has to be. Am I wrong?

Okay, so what you're saying is that we'd go back to responsible loan practices instead of just writing blank checks for ever-escalating higher education and maybe actual capitalist market forces might start to exert a bit of control over this part of our society infrastructure?

You make it sound like such a bad thing.
2013-07-24 09:50:48 AM  
1 vote:
It would be a moot point if secondary education was affordable.
2013-07-24 09:49:28 AM  
1 vote:
Is the answer Socialism?
2013-07-24 09:48:00 AM  
1 vote:
Because Detroit had assets when it established its line of credit?
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