Wealth Under Construction: From Debt and Despair to Financial Strength and Peace of Mind

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I want the government to forgive all mortgages that it owns and guarantees, which are many trillions of dollars — same as student loans, only bigger.

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Think how happy these homeowners will be, to be suddenly debt-free. OK, that was bad joke. All discussions about broad debt forgiveness are a bad joke. Government guaranteed and owned student loans are no different than government guaranteed and owned mortgages.

Who needs life insurance?

Actually, we can look back to the financial crisis to see what happens when bad loans go bang. The government bailed the creditors and let the debtors lose their homes. The consequences of that move are still shaking society today. Student loan forgiveness is the flip side of the same process, only the debtors get bailed, and the creditors lose their asset.

The debtors also got rid of their debt the mortgage that was far higher than the value of the house since house prices had plunged, but debt remains the same. Walking away from a deeply underwater house and getting rid of the debt is a DEAL! Of course, this would mean that some student loans will never be repaid if the student never attains the required level of income, but if the student becomes a Doctor etc. Of course loans for subjects that will not lead to well paid jobs should be avoided, unless there is some reason why these jobs are beneficial to society in other ways.

A good friend of mine became a Doctor and had the choice of slowly paying of his student debts via these small automatic deductions for many years, possibly most of his career, or choosing to pay them off much quicker by opting to pay larger sums.

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In the end he chose the standard smaller automatic payments for a quicker easy life. It was the ONLY credit a lot of people could get. The oil companies figured a college age kid with no real job or income was good for a tankful of gas and it got them to buy gas from your companies gas station. No responsible financial institution was going to loan serious money to a teenager. It was up to the school and the student to work out tuition etc.

If you were uncertain you could join the military and get the GI Bill. The money was yours so if you dropped out, no foul. They may not have had the latest deconstructionist or transgender studies professors scribblings in them but they covered the material you really needed to know or should be expected to know. He has been bankrupt before and nearly lost his marriage over it. Make a budget and earmark where every dollar is going at beginning of the month.

How much do I need?

The natural response is to pay minimum payments on debt hoping that it will be easier to pay in the future. The sooner the debt is gone, the sooner you have control of your life.

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Hey you really are old school I agree with you Guess in this crazy world that makes me olde school as well. Besides the real problem is that good jobs are so hard to find. All my friends that went to Harvard became rich, because of their contacts they made in college. My rich friends pay off their kids college debt, so who holds this debt? Only the poor, just another means to keep the poor permanently poor. Because they are the majority of the USA population. This is precisely why Biden, despite being a corporate shill, an empty suit, and more than a little soft in the head, will be the nominee.

It comes down to how Warren is packaged and sold to the sheeple. She is a particularly odious hypocrite who used a fake minority status to advance her career. She was busted for being an undocumented Indian, but no documentation is required to claim to be an Indian from south of the border.

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He has a habit of flaming out. He will come across like Hillary, not genuine. Plus his two children are trainwrecks from what I understand. He probably has the best intuition of any politician. In a way, he defeated a whole system aligned against him by connecting with people. It is clear he likes throwing himself pretty unscripted into a crowd. The people that like him cheer for him just like they did for a great boxer.

You want him to be the undefeated heavyweight champion by knocking off all challengers. There is a deep syate. There is a two tiered justice system. Trump has an ability to brand people with one word early in the fight. Trump has the intuition that people are just Fed up with political correctness so he tries to violate the correctness all the time. Trump is so good, you have to catch yourself to make sure his policies are good. The economy was rolling over when he came in and his policies bought us at least 2 more years of expansion.

These were typically college seniors who would be graduating. I was the private business owner brought in to go over the private sector, and self employment. I started with a survey of the students. Let the banks take the losses. Or put a special tax on the profiteering banks to repay the public. Bailing out banks was an enormous moral hazard — thing that steepened the slippery slope. We can either course-correct and move towards sanity or just go wild west and be fine with plunder. I work in higher ed and your comments are spot on. I think your analysis could also be taken to American agriculture, which would absolutely collapse if it were not for government subsidies around things like ethanol, crop insurance, and diverted acres programs.

I am telling you American Agriculture is walking zombie, and nobody realizes it! Why is a choice only between debt forgiveness and keep paying the loans? In the real world, a loan is restructured, or payments reduced, or interest lowered, etc. I noticed when I try to make a principle payment, the government sometimes choses to reduce the term, and sometime choses to reduce the monthly payment.

Just like all the government agencies, they are maximizing the loan benefit for them, not me. They want my regular payments only on a high interest loan to fund their spending, but I am not going along with it. There is a middle ground to this problem, but neither the government, nor the borrowers would like it: adjust rates lower on loans now, automatically optimize principle payments to be in the best interest of the borrower, not the government.

Send them all to work camps like the days of the chain gangs to pay off their debts. The bankruptcy laws need to be changed so none of them could ever declare personal bankruptcy due to school loans. He is really sticking it to deadbeats while demonstrating his moral superiority. You nailed it Wolf. All the frills at campuses will be examined. Think of it like a capitalist, it is a capitalist society anyway. The schools make a fortune off sports programs anyway and every player is paying the school to be there, any business with that model should be self-sustaining.

In the end we would likely see trade schools and STEM turn out the best results once students start taking courses with guaranteed work waiting in the outside world. If we forgive the current debt, where does that leave us going forward? Does college become free for everyone? Including living expenses?


Wealth Under Construction: From Debt and Despair to Financial Strength and Peace of Mind

Or is there just a lucky group in the middle who got it for free? Higher ed has become a huge source of influence peddling. Brint Ryan College of Business.

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  • From Debt and Dispair to Financial Strength and Peace of Mind.
  • What to Do About the Student-Loan Fiasco: Is “Debt Forgiveness” Really the Answer?.

There will of course be some new money for taxation and tax research LOL! The world has levered debt from about 1 times income to 3 times income in the last 30 years. Got to lug the debt around from here on out. Probably going to be games like in Europe when you are broke all you can do is lower the interest and extend the terms to keep payments manageable or let the defaults begin. The worst cases are those people who go into debt over their ears and study someting next to useless but pk and then they wonder why it is so difficult to find employment with their degrees.

And when they manage to find employment, their earnings are such they can not both live and pay off their mountain of student debt. What is the split between student loan debt owed by students who matriculated at private universities vs.

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How about those that graduated vs. The issue is nonprofit v. Unpayable debt will not be paid.