Aired on the Doomstead Diner on March 17, 2015
Discuss this Rant at the Podcast Table inside the Diner
You Fucked Up! You TRUSTED US!
A Potpourri of Ranting on the Student Loan Debt Bubble, Brazilian Collapse Issues, Saber Rattling in Europe, Austrian Banking Collapse Contagion and Topping off the Pi with some Greek Feta Cheese!
…Sadly of course, the Jig is Up on this, and not only are there not sufficient jobs for the recent FSoA Kollege Grads at a high enough pay rate to service their debts, neither are there even enough jobz for the Indian IT grads to make a living at 25% of the pay rate in the FSoA EITHER.
BUT, because there are no decent jobs out there for recent HS grads, EVERYBODY goes to Kollege to study SOMETHING, and Da Goobermint guarantees the loans they take out to do that. The fact that upon graduation at least 1/3rd of this population can’t pay off the gobs of money they borrowed to do it has become a huge stinking mess of a problem now, getting exponentially larger by the day.
Said Loans to these students are not collateralized in any way, and you can’t Repo an education out of somebody’s brain, even if there was any value in doing that. So now you have $1.3T in debt here, a MINIMUM of 1/3rd of which just is not gonna get paid off, no way no how, and a HUGE population of people who face Debt Slavery for the rest of their lives because laws were ALSO passed to make student loans non-discharchable in a Bankruptcy. A typical Fracking Company can go BK and the managers and Geochemists who got salaries paid on the debt issued to them can walk away scot free, but if you took out a loan to study IT networks at the Devry Institute, you cannot go BK, EVAH! You made a mistake, you fucked up, you BELIEVED the lies that were sold to you this would continue in perpetuity, so suck it up and take your punishment!…