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Perhaps you don't understand - the issue is systemic. If we were to "do nothing," we'd end up with another financial crisis as the default rates continued to rise, the SLABs imploded, and then the various funds and investment vehicles and banks which hold SLABs would also go into meltdown.
Sounds good. Let the weak parts finally go so we can move on and make the stronger ones stronger.
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Originally Posted by tablemtn
Sorry, but if you are part of the modern American economy at all, you don't get to live in a walled garden. If we were talking about student loan debts in the low hundreds of billions, it wouldn't be nearly as much of an issue. But at $1.1 trillion, with derivatives and other exotic credit spinoffs interlocked into the performance of the debt, it is now a serious systemic issue.
Odd, I don't remember being consulted as people made their own personal decisions in their own personal lives. I made my own in my own life and adjusted to the changing environment like everyone else.
You're picking up the Obama college welfare banner
I'm not sure what you mean by that, either. This is actually one of the reasons it's tough to discuss systemic problems - partisans hear a buzzword or two, leap to conclusions, and try to derail the discussion.
You'll have to be a lot more specific than that. Do you have any kind of framework for managing the implosion of the student loan bubble? I'd love to hear it, and in any case, it's going to be a much bigger issue in the medium-term future.
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Let the weak parts finally go so we can move on and make the stronger ones stronger.
Do you honestly think that the US government would permit a major bank to fail? That would run contrary to everything we know about the people who make those kinds of decisions within the government, irrespective of administration...
Rather than contemplating longer-term structural issues with the economy that will have to be dealt with (the elimination of human labor via automation, for example), it's easier and more comforting to assume that those grads must have screwed up somewhere along the line, and their fate is their fault. It eliminates the need to think about difficult issues with no easy resolutions.
The education fairy comes down to tablemtn and says to him/her, "I hereby eliminate all of your debt. Here is a job with an entry-level position with raises to follow based on performance. Be well."
College financing is hitherto this campaign's central welfare offer. Last campaign it was Obamacare.
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