JoeB131
Diamond Member
I was not born then. Be more specific, old man.
Oh, then you don't remember what an American Middle Class looked like. You know, before Reagan fucked it up.
It explains much.
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I was not born then. Be more specific, old man.
Bottom line is that people shouldn't take out loans that can't pay back. Don't get a 200k student loan and major in Middle Eastern folk art unless you know you have a path to a good paying job after graduation.
Colleges have become too expensive. Ferrarri's are too expensive too, which is why I won't buy one even though it would be very fun to have one. Granted, student loans are given out for virtually any amount,. but that doesn't preclude the student from excercising a little common sense.
Sanders just said it again. Does he realize how stupid and unfair it is for those who paid their debt fairly and those who never took on debt or decided to bypass college for another career. That dude is a complete moron.
Where does all this interest from our debt go then?Incorrect. The government doesnt print money. The government borrows money from the federal reserve, and that money is borrowed with interest owed to the federal reserve. The government then loans that money to students, also at interest to the student.Please wake up.
College tuition is a scam perpetuated on the young. Millions of young Americans are starting life deeply in debt. They are debt serfs.
Now try to analyze the situation fairly. The government prints the money at no cost to them. Then they lend it out at high rates of interest, to college students. Is that fair?
Government has even taken the extraordinary step of preventing student loan debt from being forgiven in bankruptcy proceedings.
The consequences of preventing young people from attaining the American Dream, are not good for society.
The money, and the interest is owed back to the federal reserve. If the government does student loan debt forgiveness, the debt is still owed to the federal reserve, plus interest.
You are an idiot.
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So, while the treasury actually prints the paper currency and mints the coins, the federal reserve controls the money supply. The u.s. government creates debt in the form of bonds, which the banks buy, and the federal reserve loans money on those bonds (IOU's), which has interest attached to it.
So, while my initial statement is actually incorrect, the government doesnt borrow from the fed, the premise that all created money has interest attached to it and is owed to the fed is still valid.
I could be wrong, but this is the way I understand the monetary system. Feel free to correct me if I'm not understanding correctly.
the federal reserve controls the money supply.
They influence, they don't control it.
debt in the form of bonds, which the banks buy, and the federal reserve loans money on those bonds (IOU's),
The Fed buys bonds from the banks (primary dealers).
They typically lend very little.
the government doesnt borrow from the fed, the premise that all created money has interest attached to it and is owed to the fed is still valid.
Still baloney. I hold FRNs, never saw any interest attached.
Most of the money supply is created by bank lending, none of which is owed to the Fed either.
Here's how I understand it:
Government issues bonds (IOUs) and the banks buy them, the fed then buys that bond from the bank in the form of a check (another iou) and then currency springs into existence. The banks then use that money to buy more bonds.
It's basically the treasury and the fed swapping ious. The government then taxes us in order to pay a portion of the interest owed to the fed.
I'm just getting all of this from that video I linked above, which is pretty in depth, and if accurate, explains the whole system pretty well.
Point is, there is always interest on every dollar created, and there is always more debt in the system than currency.
And yes, those dollars in your wallet do have interest attached. It's called taxes, both taxes on your income, as well as taxes for every single thing you buy, or service you use, and interest on any loan you take or credit issued.
If you don't want the borrowers to pay what they owe, then you want the taxpayers to take it up the ass. There is no third alternative.Huh?ROFL! So that means the taxpayers should take it up the ass? Sorry, but no one forced anyone to get student loans. The idea that people who didn't borrow the money should pay off the loans is absurd.How about college professors? Aren't they guilty as well? Aren't they the primary beneficiaries of this system?Instead of simply writing off the debts, why not hold the guilty parties accountable? I see a class action lawsuit against the colleges and the banksters who conned naive kids into a lifetime of debt.
They're benefitting from it, true, but I'm not sure they're responsible for the student debt industry. The government created that.
How did your tiny brain get that out of what I posted? Is English a second language for you?
I was not born then. Be more specific, old man.
Oh, then you don't remember what an American Middle Class looked like. You know, before Reagan fucked it up.
It explains much.
Sanders just said it again. Does he realize how stupid and unfair it is for those who paid their debt fairly and those who never took on debt or decided to bypass college for another career. That dude is a complete moron.
That's the spirit... Been doing something wrong for decades, if we stop wouldn't that be unfair to the people we already shit on...
Wow, what a policy...
Do you want to put jews back in concentration camps? Sorry for the extreme example but it makes a point, if something is wrong, just stop doing it..
That's just another scenario where the taxpayers get fucked up the ass.If you don't want the borrowers to pay what they owe, then you want the taxpayers to take it up the ass. There is no third alternative.Huh?ROFL! So that means the taxpayers should take it up the ass? Sorry, but no one forced anyone to get student loans. The idea that people who didn't borrow the money should pay off the loans is absurd.How about college professors? Aren't they guilty as well? Aren't they the primary beneficiaries of this system?
They're benefitting from it, true, but I'm not sure they're responsible for the student debt industry. The government created that.
How did your tiny brain get that out of what I posted? Is English a second language for you?
The "third" alternative is what I just suggested. A class action lawsuit. You really do seem to have reading comprehension problems. Very eager to jump to conclusions.
Again. I was not born then. While you were in line for Studio 54. I saw Studio 54 too. The Movie!
Most people do not understand that in Fractional-reserve banking - Wikipedia , as banks loan money for housing at upwards of 12 to 14 times the total of available deposits in the commercial bank ; that is , banks are earning 33 billion per quarter from interest on loans created out of absolutely nothing - aka FRAUD .The same with the students. There is an additional problem with student loans. It isn't that they can't pay back the loans, they just don't want to pay it back.
They whine, "I'll be saddled with this debt for decades!" That is the whine of a child who wanted what they wanted and doesn't want to have to pay for it.
They KNEW that they'd be saddled with the debt for decades, still, they chose to take the loan.
Payback the money. It does not get more moral than that.
There is a difference between commercial and investment banking .They were defaulting on loans and you wanted them to be bailed out with more loans?
Seriously?
Companies that made bad investments should NOT have been bailed out, regardless of their ability to pay it back. But the key here is that the DID pay it back
Originally , fannie mae and freddie mac were limited in providing low down payment and fixed interest loans to at risk borrowers to promote housing growth among lower income recipients and that worked fine .How would the homeowners who took out to large a loan and couldn't make the payments manage to payback to large a loan to bail them out?
Again. I was not born then. While you were in line for Studio 54. I saw Studio 54 too. The Movie!
Yes, your ignorance is abundant...
That's just another scenario where the taxpayers get fucked up the ass.If you don't want the borrowers to pay what they owe, then you want the taxpayers to take it up the ass. There is no third alternative.Huh?ROFL! So that means the taxpayers should take it up the ass? Sorry, but no one forced anyone to get student loans. The idea that people who didn't borrow the money should pay off the loans is absurd.They're benefitting from it, true, but I'm not sure they're responsible for the student debt industry. The government created that.
How did your tiny brain get that out of what I posted? Is English a second language for you?
The "third" alternative is what I just suggested. A class action lawsuit. You really do seem to have reading comprehension problems. Very eager to jump to conclusions.
Sanders just said it again. Does he realize how stupid and unfair it is for those who paid their debt fairly and those who never took on debt or decided to bypass college for another career. That dude is a complete moron.
That's the spirit... Been doing something wrong for decades, if we stop wouldn't that be unfair to the people we already shit on...
Wow, what a policy...
Do you want to put jews back in concentration camps? Sorry for the extreme example but it makes a point, if something is wrong, just stop doing it..
Bottom line is that people shouldn't take out loans that can't pay back. Don't get a 200k student loan and major in Middle Eastern folk art unless you know you have a path to a good paying job after graduation.
You know what, guy, I've written thousands of resume for people in all walks of life, and I've NEVER met the person who supposedly got the "Middle Eastern Folk Art" Degree.
In fact, almost all of them took very practical majors, and they still struggle to find jobs.
Colleges have become too expensive. Ferrarri's are too expensive too, which is why I won't buy one even though it would be very fun to have one. Granted, student loans are given out for virtually any amount,. but that doesn't preclude the student from excercising a little common sense.
Here's the problem with that argument. You can get a pretty good job without a Ferrarri... without a bachelor's degree, not so much.
Now, there's a reason why College is so expensive now. It used to be that States ran them as a public service. Now they've become a money-making business.
Much like health care, when you have someone over a barrel, you can take advantage of them.
Sanders just said it again. Does he realize how stupid and unfair it is for those who paid their debt fairly and those who never took on debt or decided to bypass college for another career. That dude is a complete moron.
That's the spirit... Been doing something wrong for decades, if we stop wouldn't that be unfair to the people we already shit on...
Wow, what a policy...
Do you want to put jews back in concentration camps? Sorry for the extreme example but it makes a point, if something is wrong, just stop doing it..
But that's not the Trump way.
In Trumpian land, if you got shit on, it's your duty to double down on the shitting and make everyone suffer twice as much.
It's why Trump's presidency has been such a joy for so many Trump shitters.
Sanders just said it again. Does he realize how stupid and unfair it is for those who paid their debt fairly and those who never took on debt or decided to bypass college for another career. That dude is a complete moron.
That's the spirit... Been doing something wrong for decades, if we stop wouldn't that be unfair to the people we already shit on...
Wow, what a policy...
Do you want to put jews back in concentration camps? Sorry for the extreme example but it makes a point, if something is wrong, just stop doing it..
But that's not the Trump way.
In Trumpian land, if you got shit on, it's your duty to double down on the shitting and make everyone suffer twice as much.
It's why Trump's presidency has been such a joy for so many Trump shitters.
* Banksters Earning Something From Nothing "
* Private Lending Absent A National Bank *
Most people do not understand that in Fractional-reserve banking - Wikipedia , as banks loan money for housing at upwards of 12 to 14 times the total of available deposits in the commercial bank ; that is , banks are earning 33 billion per quarter from interest on loans created out of absolutely nothing - aka FRAUD .The same with the students. There is an additional problem with student loans. It isn't that they can't pay back the loans, they just don't want to pay it back.
They whine, "I'll be saddled with this debt for decades!" That is the whine of a child who wanted what they wanted and doesn't want to have to pay for it.
They KNEW that they'd be saddled with the debt for decades, still, they chose to take the loan.
Payback the money. It does not get more moral than that.
The issue for most is not about paying back student loans at issue is promoting USURY and GLUTTONY of debase BANKSTERS saddling students and young workers with +8% interest based upon money that is not even real .
Prior to captain dumbass precipitating the Financial crisis of 2007–2008 - Wikipedia , fannie mae would refinance college loans at 2% .
The practical issue is not about cheating " entrepreneurs " out of just profits , the practical issue is to emphasize higher education and skill sets for competitive economics and to reserve FIAT currency to ensure that capital fluidity remains available to the public and not just in the hands of those earning money based on fraud .
A similar condition existed prior to the affordable care act where , unless ones children was attending college , after 18 years of paying family premiums for health insurance , after a time when claims were minimal , health insurance companies booted ones children off the policy and compelled them to pay the exorbitant premiums , again , during a time when youth are least likely to make claims against health insurance .
* Money Takers *
There is a difference between commercial and investment banking .They were defaulting on loans and you wanted them to be bailed out with more loans?
Seriously?
Companies that made bad investments should NOT have been bailed out, regardless of their ability to pay it back. But the key here is that the DID pay it back
Investment banking is capital loans for business - risk capital and investment banks inherently expect to defaults on those loans ten to fifteen percent of the time ; however , defaults are not warranted for home loans based within commercial banking and its Fractional-reserve banking - Wikipedia .
* Big Setup Of Over Inflate And Repossess *
Originally , fannie mae and freddie mac were limited in providing low down payment and fixed interest loans to at risk borrowers to promote housing growth among lower income recipients and that worked fine .How would the homeowners who took out to large a loan and couldn't make the payments manage to payback to large a loan to bail them out?
Sponsored in name for weights and measures ( gramm ) , a leech ( leach ) , a captain worthy of mutiny ( bliley ) , the Gramm–Leach–Bliley Act - Wikipedia that prevented the securities and exchange oversight of the derivatives market , also repealed the Glass–Steagall Act of 1932 - Wikipedia thereby removing the consolidation of commercial and investment baking assets that also currently violates Federal Deposit Insurance Corporation - Wikipedia underwriting such that fdic is 100% absolutely fraudulent and does not have to pay out one penny to depositors ever .
The Financial crisis of 2007–2008 - Wikipedia was spurned on by clinton and then bush who allowed hud ( housing and urban development ) to bypass fannie mae and freddie mac lending requirements for at risk borrowers and allowed variable rate interest loans to at risk borrowers through commercial banks as credit for program , all while the credit default swaps and derivatives market were undermined and went unchecked .
Eventually the federal reserve inserted the pin to pop the balloon by raising interest rates that caused at the plethora of risk borrowers to default on their loans and precipitated the entire catastrophe , after which some attempts were made to refinance default loans and the federal government bailed out the lending systems rather than shoring up the borrowers .
* Banksters Earning Something From Nothing "
* Private Lending Absent A National Bank *
Most people do not understand that in Fractional-reserve banking - Wikipedia , as banks loan money for housing at upwards of 12 to 14 times the total of available deposits in the commercial bank ; that is , banks are earning 33 billion per quarter from interest on loans created out of absolutely nothing - aka FRAUD .The same with the students. There is an additional problem with student loans. It isn't that they can't pay back the loans, they just don't want to pay it back.
They whine, "I'll be saddled with this debt for decades!" That is the whine of a child who wanted what they wanted and doesn't want to have to pay for it.
They KNEW that they'd be saddled with the debt for decades, still, they chose to take the loan.
Payback the money. It does not get more moral than that.
The issue for most is not about paying back student loans at issue is promoting USURY and GLUTTONY of debase BANKSTERS saddling students and young workers with +8% interest based upon money that is not even real .
Prior to captain dumbass precipitating the Financial crisis of 2007–2008 - Wikipedia , fannie mae would refinance college loans at 2% .
The practical issue is not about cheating " entrepreneurs " out of just profits , the practical issue is to emphasize higher education and skill sets for competitive economics and to reserve FIAT currency to ensure that capital fluidity remains available to the public and not just in the hands of those earning money based on fraud .
A similar condition existed prior to the affordable care act where , unless ones children was attending college , after 18 years of paying family premiums for health insurance , after a time when claims were minimal , health insurance companies booted ones children off the policy and compelled them to pay the exorbitant premiums , again , during a time when youth are least likely to make claims against health insurance .
* Money Takers *
There is a difference between commercial and investment banking .They were defaulting on loans and you wanted them to be bailed out with more loans?
Seriously?
Companies that made bad investments should NOT have been bailed out, regardless of their ability to pay it back. But the key here is that the DID pay it back
Investment banking is capital loans for business - risk capital and investment banks inherently expect to defaults on those loans ten to fifteen percent of the time ; however , defaults are not warranted for home loans based within commercial banking and its Fractional-reserve banking - Wikipedia .
* Big Setup Of Over Inflate And Repossess *
Originally , fannie mae and freddie mac were limited in providing low down payment and fixed interest loans to at risk borrowers to promote housing growth among lower income recipients and that worked fine .How would the homeowners who took out to large a loan and couldn't make the payments manage to payback to large a loan to bail them out?
Sponsored in name for weights and measures ( gramm ) , a leech ( leach ) , a captain worthy of mutiny ( bliley ) , the Gramm–Leach–Bliley Act - Wikipedia that prevented the securities and exchange oversight of the derivatives market , also repealed the Glass–Steagall Act of 1932 - Wikipedia thereby removing the consolidation of commercial and investment baking assets that also currently violates Federal Deposit Insurance Corporation - Wikipedia underwriting such that fdic is 100% absolutely fraudulent and does not have to pay out one penny to depositors ever .
The Financial crisis of 2007–2008 - Wikipedia was spurned on by clinton and then bush who allowed hud ( housing and urban development ) to bypass fannie mae and freddie mac lending requirements for at risk borrowers and allowed variable rate interest loans to at risk borrowers through commercial banks as credit for program , all while the credit default swaps and derivatives market were undermined and went unchecked .
Eventually the federal reserve inserted the pin to pop the balloon by raising interest rates that caused at the plethora of risk borrowers to default on their loans and precipitated the entire catastrophe , after which some attempts were made to refinance default loans and the federal government bailed out the lending systems rather than shoring up the borrowers .
The far Left like Sanders are going to get Trump elected again. Trump would never be President without an absolutely inept Democratic party. The Democrats better get it together. Trump should be the most beatable incumbent President in history.Sanders just said it again. Does he realize how stupid and unfair it is for those who paid their debt fairly and those who never took on debt or decided to bypass college for another career. That dude is a complete moron.
Now, there's a reason why College is so expensive now. It used to be that States ran them as a public service. Now they've become a money-making business.