Student Loans In America: the Next Big Credit Bubble 768
PolygamousRanchKid writes "In late 1965, President Lyndon Johnson stood in the modest gymnasium of what had once been the tiny teaching college he attended and announced a program to promote education. Almost a half-century later these modest steps have metastasized into a huge, federally guaranteed student-loan industry. On October 25th the Obama administration added indebted students to the list of banks, car companies, homeowners, solar manufacturers and others that have benefited from a federal handout. In response to students burying their obligations in court during the 1970s, anti-default provisions were imposed to make it almost impossible to shed student loans in bankruptcy. There are increasingly loud calls for reform of the system, with demands that range from a full-fledged bail-out of borrowers to a phased curtailment of government lending. The changes announced this week are designed to ease the pressure on struggling graduates. Borrowers who qualify will get payment relief, not debt relief. The administration says these changes will have no cost to taxpayers."
No Problem... move along (Score:5, Funny)
Re:What is really needed. (Score:5, Funny)
Is to outlaw unjust discrimination on basis of education. In other words, a job offer can't have education requirements that can't be justified (asking for just "college education" without specifying a degree is right out) , any more than one can hire personnel on the basis of what car they drive.
Damn, and we hired our latest intern because he has an 8 passenger vehicle so we can all bum a ride to lunch... guess we'd better cover that up (easy to do, he's also really good at the tech work.)
Re:Who's to blame? (Score:0, Funny)
OMG! live within your means!? You sir do not belong in America. We have officially decided to live in luxury and have the ethereal banking overlords bail us out. At least that's what all my high school teachers taught me... they mentioned something about tenure and unions.