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I'm going to again mention one of my favorite gripes. Perhaps if the schools taught finance, instead of art, music, English literature (useless), basket weaving, critical race theory, intro to Marxism 101, and so forth.... we would have a population that is somewhat informed.
However since the democrats control education -- they sure seem to like the status quo - for obvious reaons.
I'm going to again mention one of my favorite gripes. Perhaps if the schools taught finance, instead of art, music, English literature (useless), basket weaving, critical race theory, intro to Marxism 101, and so forth.... we would have a population that is somewhat informed.
However since the democrats control education -- they sure seem to like the status quo - for obvious reaons.
Personal financial management is being taught in middle school, high school as well as in college.
Since 2005 Virginia has had it part of the H.S. curriculum:
The 2005 General Assembly approved Senate Bill 950, a bill directing the Virginia Board of Education to "establish objectives for economic education and financial literacy" to be required of all students at the middle and high school levels.
If what you claim is true, there'd be no reason for banks to ever sell any of the loans they originate. They could just keep them all on their books and become worth infinitely more. Note that such does NOT happen.
In fact, the money to fund loans comes from investors or the Federal Reserve, both of which buy the loans that banks originate.
I'm no banker. But they must do this either to try and make more money or reduce their risks. The loan itself does not change, especially in regards to the borrower.
The loaned money certainly can come from investors, but not necessarily and part of the point.
And the Fed is always there for backup, and/or to exchange debt paper for USD's. As in QE.
At least 21 states have personal financial literacy requirements, according to Education Secretary Miguel Cardona. In 24 states, high schools must offer personal finance education, but it’s not a requirement for students to take it. (as of Oct 2021).
but it’s not a requirement for students to take it. (as of Oct 2021)
Make it a requirement and scrap some of the other courses.
If you go to the HOME PAGE of the Next Generation Personal Finance organization, you can scroll down and see the wide array of financial topics that are available for teaching students.
I'm no banker. But they must do this either to try and make more money or reduce their risks. The loan itself does not change, especially in regards to the borrower.
The loaned money certainly can come from investors, but not necessarily and part of the point.
And the Fed is always there for backup, and/or to exchange debt paper for USD's. As in QE.
Banks cannot and do not just pile unfunded loans up on their books. The loans have to be funded and that is done via banks using their financial reserves up to the limit allowed, and/or by selling the loans to investors or the Federal Reserve.
Lending banks are NOT creating money. They are earning profits by leveraging as much of their financial reserves as allowed. Only the Federal Reserve creates money in the US.
It's been many decades since I was in high school, but in my high school we had biz classes as electives, accounting 1 & 2, and a beginning stats class, which prepped students for continuing with a biz major in college. Students were taught how to balance a checkbook, which back then was vital to learn back then, before there were the Interwebs and online banking.
It's been many decades since I was in high school, but in my high school we had biz classes as electives, accounting 1 & 2, and a beginning stats class, which prepped students for continuing with a biz major in college. Students were taught how to balance a checkbook, which back then was vital to learn back then, before there were the Interwebs and online banking.
Good stuff --- I had none of those until I got into college.
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