View Single Post
Old 09-30-2012, 11:02 AM
stompk's Avatar
stompk stompk is offline
I work for God
Join Date: Jan 2008
Location: In the valley
Posts: 545
Default Deadbeat College Students Defaulting In Droves

Everyone loves to blame poor people for our financial problems. The housing bubble was due to too many loans to poor people, the 47% riding the govt gravy train, etc..

But little is mentioned about how the 'smarter' folks can't pay their bills.

And while it is impossible using historical data to extrapolate with precision what the current consolidated federal student loan default rate is, we do know that there is now $914 billion in federal student loans (which also was mysteriously revised over 50% higher by the Fed just a month ago). Using simple inference, all else equal (and all else has certainly deteriorated), there is now at least $122 billion in federal student loan defaults. And surging every day.

Ladies and gentlemen: meet the new subprime.

Stupid idiots push college like it's the only way for a country to advance.

How about on the job training, like normal people do?

God controls death. Hope He never takes it away.
Reply With Quote