Thursday, August 12, 2010

10X Bigger Than The Subprime Crisis And Ready To Explode! Student Loans.

If I had all the time and money in the world, I would spend it on documentaries that create world-shaking change that ultimately shift the ways things are done in culture, society, and the world. My favorite documentaries include The Cove, Food Inc, and The Corporation, and I’m really looking forward to Waiting for Superman, which comes out this fall. All of these documentaries shed an exposing light on things we often overlook – food, business, and education – revealing truths and problems that need to be collectively reformed in order to make the world a better place.
After watching The Lottery, which uncovers the failures of the traditional public school system, I started to think about the shortcomings of the current traditional education system. Since the pinnacle of education is getting into college, I believe higher education has shifted from learning to profit maximization as its core purpose. The pursuit of short-term profit and greed is a common theme in all of the documentaries I have listed, which is what ultimately led to the predicament we are in today.
If I had to produce a documentary, I would shed a light on the inevitable student loan crisis, and the collective action we can do to prevent it from happening.
Much like the Great American Banking Crisis (this is a must read article from RollingStone), I believe we will witness something just as globally shattering with the looming crash of higher education loans. The rising cost of higher education coupled with the diminishing value of college degrees can only lead to a downhill spiral.
More Here..

Reagan insider: 'GOP Destroyed U.S. Economy'
Get it? Not "destroying." The GOP has already "destroyed" the U.S. economy, setting up an "American Apocalypse." 
More Here..


  1. The recession started in 2007. A lot of 2008 grads couldn't find jobs, and are probably still in a bad situation. You get 3 years worth of deferments.

    Those deferments should be ending soon, or within the year. That is when you will see the mass defaults.

    The government will respond by bailing out the student loan companies, so they can get back to harassing the indebted, prospect-less suckers who went to higher education to improve themselves.

    As with anything, the entire thing depends on the percentage that are doing well vs the percentage that aren't. Once the percentage that isn't doing well is at least 40% or so, the entire thing collapses. It takes awhile to get to that, but we're almost there.

  2. 10:10 view the trailer "waiting for superman". In one school of 60,000 pupils, 40,000 did not graduate. Which Grads were you talking about that can't get jobs? Lol

  3. I agree with your article 100%, The biggest mistake was the GOV. guaranteeing student loans for the banking industry! It was in the interest of these banks to drive cost higher they didn't care that the students taking out loans wouldn't be able to pay because they would get paid by the GOV. And to add insult too the whole thing you can't file for bankruptcy on federally backed student loans!

    We're going to have a lot of young people leaving the USA for Canada, Europe, and other parts of the world to get from under this madness, or be a slave and not have a life because of this.

  4. I view this much differently, yes the gov't has screwed up everything it touches, however, these people that signed up for these loans reaped the benefits for low interest loans, they received an education (I think).

    They were mature enough to take on the responsibility to sign for the loan, they should be responsible for paying it back. I could care less if they have a Masters, flip burgers or wash cars. They made the committment!

  5. 1:55: That is not how things work, or are supposed to work. Why are student loans specially singled out in terms of bankruptcy laws? Why are loan companies socialized? If somebody can't pay back a loan, then you made a bad decision loaning that person money and you lose that money.

    If I invest $100k in a startup and the startup goes belly-up and can't pay me back, I can't just go hounding the people that founded that company. I made a bad decision so I take the loss.

    But the fed backs these student loans, that's why they are so high. When students default, the fed pays for it, through taxpayer money. The loan companies then can chase after these people all they want, but if there's no money, there's no money. The only thing that happens is more harassment, and bad credit to ruin the chances of ever actually getting a decent job.

    Also, I don't care how many cars you wash, you're not going to pay back $100k+ in loan debt washing cars.

    And on top of that, there is mass media propaganda pushing people into taking loans. We generally as a society don't like old people to be scammed, but young people are in the same boat. The statistics higher education puts out are completely falsified, that is why the education is worthless.

    This is just another of the ponzi schemes that is going to blow up, and it will blow up. Sheeple like 1:55 can't figure this out of course, and don't understand just how screwed up everything is.

    This is the next HUGE ponzi that will fall apart, I think the numbers are even WORSE than the subprime crisis. It's hilarious that some sheeple still can't figure out how far gone the US is.

  6. ---STOP---

    Everyone reading these words is a Slave.

    knock knock...
    wake up Neo

    You are a battery to the Federal Reserve system.

    Do you want to unplug?

    "Ask and you shall receive"

    But what will you do if you had infinite abundance?

    The Aborigine's say "we are just beginning to learn how to live in infinity."

    Think about what that means.

    Peace be with You.

  7. Back in 1968, not be able to get into the military (glad that did not happen), I got a student loan and went to college. When I got out of college a couple of years later (Fire Technology Associate of Science Degree, a two year course), started taking test with fire departments. Was hired by the one I was a volunteer with, and paid off my student loan in just a few months. Of course then, the fire service was expanding and expanded for the next 25 years. Timing in that was everything in fact when I took the test at the fire department I was a volunteer with, only 20 people took the test, and they hired 12. Now it is thousands that take the test for the same fire department. Times changed for sure.

  8. At 50 years of age I am back in college. The books are way too expensive. I'm in a community college so part of the tuition is paid by the state, yet my part is still high, but nowhere near what Private colleges charge. I have at least another year to go before I get my 2 year degree. I can then transfer to a 4 year college, but I have my doubts as to whether I can afford it. I find it disturbing to hear that there is no work for college grads. I need a job and health insurance! It is scary to hear that the economy is getting worse.


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