Quote:I'm taking the other route. I'm going to enroll for another Masters degree. I'm too old to ever reach the lifetime borrowing limits and I get the full time student forbearance. If each degree takes 3 years to earn then, with a 2 year break in between I should be able to earn 3 more degrees before I drop dead. Then it gets written off and my kids don't have to deal with the lingering debt.
playing the system...I like that
Quote:100% agree...I'm 48 and still have almost 10 years left on my student loans
Quote:I'm taking the other route. I'm going to enroll for another Masters degree. I'm too old to ever reach the lifetime borrowing limits and I get the full time student forbearance. If each degree takes 3 years to earn then, with a 2 year break in between I should be able to earn 3 more degrees before I drop dead. Then it gets written off and my kids don't have to deal with the lingering debt.
Interesting that this came up. I happen to think that student debt (college loans) is the next big bubble. It's basically sub-prime loans made with no real tangible collateral. The only collateral is based on the theoretical future earnings of people that take these loans. While some that take these loans will work and pay them off, how many others will default? Getting a loan for college these days is too easy, regardless of the income of the prospective borrower. So you want to become a lawyer? Here is a $200,000 loan to pay for your schooling. That should be enough to pay your tuition. Never mind the fact that you barely made it through high school. It's that easy and that crazy.
Wrong_box - without going into specifics, what kind of degree did you get from your education and how has that helped you make a living? I ask this because at 48 you are very close to my age and in debt more than I am. Heck, I just bought a new truck and am not in debt for 10 years by any means. I'm not asking this question to smear you, and if you want to answer in a PM that's fine. My point is, you are still in debt and have 10 more years to pay on that (according to you). I personally cannot fathom someone going into debt for a college degree that does nothing for them (not saying that this is you). I also can't fathom anyone around my age having any significant debt for 10+ years.
Mark my words. Banks doing student loans are going to eventually fail. Investment banks buying these toxic loans are also going to fail. It's a bubble all over again.
Quote:Mark my words. Banks doing student loans are going to eventually fail. Investment banks buying these toxic loans are also going to fail. It's a bubble all over again.
Makes me very glad I have a degree paid for by my GI Bill, I'm working towards my PA while paying my way along with real estate. If the overall economic bubble bursts I'm in good shape to be alright individually.
Quote:Interesting that this came up. I happen to think that student debt (college loans) is the next big bubble. It's basically sub-prime loans made with no real tangible collateral. The only collateral is based on the theoretical future earnings of people that take these loans. While some that take these loans will work and pay them off, how many others will default? Getting a loan for college these days is too easy, regardless of the income of the prospective borrower. So you want to become a lawyer? Here is a $200,000 loan to pay for your schooling. That should be enough to pay your tuition. Never mind the fact that you barely made it through high school. It's that easy and that crazy.
Wrong_box - without going into specifics, what kind of degree did you get from your education and how has that helped you make a living? I ask this because at 48 you are very close to my age and in debt more than I am. Heck, I just bought a new truck and am not in debt for 10 years by any means. I'm not asking this question to smear you, and if you want to answer in a PM that's fine. My point is, you are still in debt and have 10 more years to pay on that (according to you). I personally cannot fathom someone going into debt for a college degree that does nothing for them (not saying that this is you). I also can't fathom anyone around my age having any significant debt for 10+ years.
Mark my words. Banks doing student loans are going to eventually fail. Investment banks buying these toxic loans are also going to fail. It's a bubble all over again.
I have a MBA, and [BAD WORD REMOVED] for industrial production manager and a couple trade schools for Residential HVAC and electrical installation/repair...To be honest, trade schools are the best value and really all you need...The MBA isn't all it's cracked up to be...It does help some if you want to get to higher level exec positions, but again to be honest, I use very little of the traditional college education and more of the trade schools training, and even more of the practical application education coming from being in the same field all of my life with exception to my 5 years in the Navy...
why did it filter....OH I know I have a Bachelors of Science (the abbreviation caught the filter) industrial production management
Quote:Its unpopular and unreported but the first last and best line of defense is an informed consumer.
If every borrower asked for an amortization scheduel as part of a long term budget then they would have started walking away from over inflated prices that carried 30 year commitments before the bubble got as big as it did.
Also, this had nothing to do with capitalism. Wht you say? Because at the heart of the mbs credit swap merry ho round were two massive government sponsored entities. The conductor in this fiasco was the community reinvestment act forcing banks to making loans that defied common sense and creating the need for extra actuarial risk displacement that defied sanity.
The greatest political mistake in the history of presidential politics occured in 2008. Mccains team didnt ask the country one simple question, what did the community organizer organize?
Its unconscionable that barrack obama was allowed to run AGAINST a financial crisis caused by the very housing policy most of his legal career was spent promoting and propping up.
Wow. What a contortion. You've blamed the housing crisis on Obama. Need I remind you that BUSH was the President for the 8 years leading up to the crash of 2008, and he was still the President during the crash of 2008? Obama was a 2 year back-bench Senator. But somehow, he engineered the crash? That takes the cake.
Quote:Wow. What a contortion. You've blamed the housing crisis on Obama. Need I remind you that BUSH was the President for the 8 years leading up to the crash of 2008, and he was still the President during the crash of 2008? Obama was a 2 year back-bench Senator. But somehow, he engineered the crash? That takes the cake.
Obama directly no. The Democratic Party and their housing laws dating back to Clinton's Administration yes.
Quote:Obama directly no. The Democratic Party and their housing laws dating back to Clinton's Administration yes.
Of course the right blames it on the left. But gee, I wonder who the economists blame?
Quote:Of course the right blames it on the left. But gee, I wonder who the economists blame?
The leftist economists blame the right. The rightist economist blame the left. I blame them all.
Quote:The leftist economists blame the right. The rightist economist blame the left. I blame them all.
Not true. But I'm not here to convince you. If you wanted to know the truth, you could google it. You don't.
and the thread was going so well without getting too political
Quote:Wow. What a contortion. You've blamed the housing crisis on Obama. Need I remind you that BUSH was the President for the 8 years leading up to the crash of 2008, and he was still the President during the crash of 2008? Obama was a 2 year back-bench Senator. But somehow, he engineered the crash? That takes the cake.
You poor little baby. Its ok. Mommys here.
HOUSING POLICY doesnt turn on a dime. It takes YEARS EVEN DECADES to see its full effect. In 1977 the fedearal government took a more active role in housing policy as a means of redistributive justice/social engineering.
Community Organizer barrack obama's career was spent pushing the subprime affordable housing agenda.
Over time, as thet always do, the liberal dream of free mortgages collapsed on itself (because it was underwritten with bad math).
As usual the left found a charismatic leader to run against the problem it caused (fannie freddie ginnie mbs etc.) with solutions that have never worked (stimulus/shovel ready jobs).
Barrack obama fought for advanced and championed the state sponsored central pricing of risk to fit a social agenda (derivative fascism). Every time the bush administration wanted to audit or regulate the government sponsored entities that set the benchmark for conforming loans and bought half the paper in the country he was called a racist bigot homophobe goodtime rock and roller. Then when it all blows up because of runaway government intervention blame capitalism (math).
Quote:Not true. But I'm not here to convince you. If you wanted to know the truth, you could google it. You don't.
Yes, yes, your team is best team. We know.
Quote:Yes, yes, your team is best team. We know.
I was only talking about what the economists say.
Quote:You poor little baby. Its ok. Mommys here.
HOUSING POLICY doesnt turn on a dime. It takes YEARS EVEN DECADES to see its full effect. In 1977 the fedearal government took a more active role in housing policy as a means of redistributive justice/social engineering.
Community Organizer barrack obama's career was spent pushing the subprime affordable housing agenda.
Over time, as thet always do, the liberal dream of free mortgages collapsed on itself (because it was underwritten with bad math).
As usual the left found a charismatic leader to run against the problem it caused (fannie freddie ginnie mbs etc.) with solutions that have never worked (stimulus/shovel ready jobs).
Barrack obama fought for advanced and championed the state sponsored central pricing of risk to fit a social agenda (derivative fascism). Every time the bush administration wanted to audit or regulate the government sponsored entities that set the benchmark for conforming loans and bought half the paper in the country he was called a racist bigot homophobe goodtime rock and roller. Then when it all blows up because of runaway government intervention blame capitalism (math).
Are you drunk? Barack Obama caused the housing crash? You cannot be serious. I'm speechless. Your post is so ridiculous I can't even argue with it. Was this a joke?
Books have been written about the causes of the housing crash, but I have never heard anyone say it was caused by a community organizer in Chicago. Did Obama cause World War II also?
Quote:Are you drunk? Barack Obama caused the housing crash? You cannot be serious. I'm speechless. Your post is so ridiculous I can't even argue with it. Was this a joke?
Books have been written about the causes of the housing crash, but I have never heard anyone say it was caused by a community organizer in Chicago. Did Obama cause World War II also?
Lol. Im sorry that u cant respond. It mostly has to do witg the fact that there is no redponse but no matter.
Im sorry liberalism let you down. Im sorry u havent been taught the critical thinking to actually attempt a counterpoint. In your world "thats such a joke I WONT RESPOND" is a legitimate Cover for not being familiar with subject matter. That's okay don't you worry son this is where the healing begins!
Quote:Lol. Im sorry that u cant respond. It mostly has to do witg the fact that there is no redponse but no matter.
Im sorry liberalism let you down. Im sorry u havent been taught the critical thinking to actually attempt a counterpoint. In your world "thats such a joke I WONT RESPOND" is a legitimate Cover for not being familiar with subject matter. That's okay don't you worry son this is where the healing begins!
It's not that. I'm just too lazy. You are so far around the bend, it would take a major re-education effort just to bring you back to reality. I'm not up for it.
Quote:Lol. Im sorry that u cant respond. It mostly has to do witg the fact that there is no redponse but no matter.
Im sorry liberalism let you down. Im sorry u havent been taught the critical thinking to actually attempt a counterpoint. In your world "thats such a joke I WONT RESPOND" is a legitimate Cover for not being familiar with subject matter. That's okay don't you worry son this is where the healing begins!
Realmarty isn't a liberal i think u guys are just missing each other's points. You where saying Obama ran a campaign built on changing America because bush ruined the economy, while it was really police's he spent his life advocating along with other liberals that caused the financial problems of 2008. Marty responded that you where saying it was Obama himself that caused the market crash. If I'm understanding it right you meant or said police's not Obama himself which in that case I agree. Bush was a liberal and liberal police's implemented during the Clinton and Bush years caused the financial problems of 08. The irony is we turned around and elected another liberal. And once again it looks like a forth liberal will be in the white house.
Quote:Obama directly no. The Democratic Party and their housing laws dating back to Clinton's Administration yes.
Quote:The leftist economists blame the right. The rightist economist blame the left. I blame them all.
Quote:Not true. But I'm not here to convince you. If you wanted to know the truth, you could google it. You don't.
Actually, as far as the politics of the matter goes, it was the fault of both political parties. However, it wasn't just politics that contributed to the meltdown in 2008.
- People borrowing and spending money that they couldn't afford to pay back. Mortgages, credit cards, smart phones, smart TV's, college loans, home equity loans, etc.
- Predatory lenders preying on the elderly, the poor and the less educated talking them into loans that they couldn't afford.
- Mortgage brokers loaning money for homes to anyone with a pulse.
- Wall street bankers borrowing money against toxic assets.
The list goes on and on. Quite frankly people spend money that they should be saving and/or investing. We have become a consumer based society and it's backed and pushed by both political parties. I would wager that there are more people on this message board that have more debt (excluding mortgage or student loans) than they do savings. Want a new flat screen HDTV? No problem. Rather than pay cash for it, put it on a credit card. Want a new vehicle? No problem. Just get a 5, 6 or more year loan for a car.
We also have people that expect our employers to pay for our medical needs and retirement savings.