Comments on: Counterparties: America’s worst long-term trends http://blogs.reuters.com/felix-salmon/2012/06/14/counterparties-americas-worst-long-term-trends/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: TFF http://blogs.reuters.com/felix-salmon/2012/06/14/counterparties-americas-worst-long-term-trends/comment-page-1/#comment-40290 Mon, 18 Jun 2012 19:05:27 +0000 http://blogs.reuters.com/felix-salmon/?p=15058#comment-40290 Understood, Curmudgeon, but you can successfully pay back $200k in student loans on a high school music teacher’s salary. (That is very different from saying it is a good investment.)

I agree that the system of private student loans desperately needs reform. We can begin by stripping them of bankruptcy protection.

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By: Curmudgeon http://blogs.reuters.com/felix-salmon/2012/06/14/counterparties-americas-worst-long-term-trends/comment-page-1/#comment-40282 Mon, 18 Jun 2012 14:30:14 +0000 http://blogs.reuters.com/felix-salmon/?p=15058#comment-40282 @TFF and others – I once knew a very good musician who couldn’t make a living at it and subsequently became a brilliant electrial engineer. He told me that if you haven’t dropped out by your junior year because you’re making that good living as a musician, then all you’re ever going to do is teach high school. This message often doesn’t reach those who invest $100K or more in an education in large part because the college is getting their money to keep you on as long as possible. That is the real tragedy here. We trust our educators when they have conflicts up the wazoo.

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By: MrRFox http://blogs.reuters.com/felix-salmon/2012/06/14/counterparties-americas-worst-long-term-trends/comment-page-1/#comment-40260 Sun, 17 Jun 2012 04:29:12 +0000 http://blogs.reuters.com/felix-salmon/?p=15058#comment-40260 @YouN – Wily, Racist, Skinhead, Troll here.

I’m one of the unfortunate 53% who actually pays federal income tax. Guess you’re one of the luck ones who doesn’t. Me and my ilk are on the hook for that portion of Freddy’s lavish romp through music school that was funded by direct federal loans. We also are priviliged to cover that portion of his private loans – the biggest part of the package – that were federally insured. Not clear from the article just exactly what that amount is – ProPublica couldn’t find time or space to mention that little detail – but whatever it is, me and other taxpayers will be picking that part up too.

The uninsured portion – nobody has to eat that loss. All that cash came straight from money-heaven.

OBTW: you forgot one further epithet to hurl my way, and pin on all of us White Trash who worked and paid our own ways through school – Chump.

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By: youniquelikeme http://blogs.reuters.com/felix-salmon/2012/06/14/counterparties-americas-worst-long-term-trends/comment-page-1/#comment-40251 Sat, 16 Jun 2012 20:17:10 +0000 http://blogs.reuters.com/felix-salmon/?p=15058#comment-40251 Fox, you are a wily racist (the young man who died has a name… it was freddy) but you haven’t yet told us just how this young man’s death and his student loan will somehow become your responsibility.

Unlike most kinds of debt, private student loans are not dischargeable through bankruptcy, so all you are doing is showing your skinhead/troll underbelly and yes you are guilty as charged.

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By: TFF http://blogs.reuters.com/felix-salmon/2012/06/14/counterparties-americas-worst-long-term-trends/comment-page-1/#comment-40230 Sat, 16 Jun 2012 01:12:48 +0000 http://blogs.reuters.com/felix-salmon/?p=15058#comment-40230 younique, there is minimal risk in giving a $160k loan to a lower-income individual if that loan enjoys bankruptcy protection. (This case is a perfect example of why that clause is so insidious.) Besides, he might have made a respectable income in music. We just don’t know. Hard to judge the case without facts.

MrRFox, I am perhaps a little closer to this kind of situation than you? Some of our students are from immigrant households. They still have dreams — our goal is to find a way for them to reach those dreams (hopefully) without falling into this kind of trap.

The simplest solution would have been a $200k term life insurance policy. Cheap for somebody that age. Might be a good idea to make banks price that into the loans.

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By: youniquelikeme http://blogs.reuters.com/felix-salmon/2012/06/14/counterparties-americas-worst-long-term-trends/comment-page-1/#comment-40215 Fri, 15 Jun 2012 19:24:31 +0000 http://blogs.reuters.com/felix-salmon/?p=15058#comment-40215 Thanks Fox, but I never said they were virtuous… nice try. I said they should never have been put on the hook for such loans and if in fact, the taxpayer is eventually on the hook that is also wrong.

I would think anyone who understands the current debt crisis would be prone to liken this to the sub-prime mortgage mess, as the loans should never have been made in the first place. THAT should be the concern if there is taxpayer liability. (And surely you must have proof of that being this case has insinuated itself into your life)

Your twisting of my comments to put words in my mouth is beyond obnoxious. I also paid my dues and never took a dime from anyone or a loan, but manage to have sympathy for a man who lost his son. My heart isn’t bleeding, but I am thankful I at least have one.

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By: MrRFox http://blogs.reuters.com/felix-salmon/2012/06/14/counterparties-americas-worst-long-term-trends/comment-page-1/#comment-40210 Fri, 15 Jun 2012 18:11:30 +0000 http://blogs.reuters.com/felix-salmon/?p=15058#comment-40210 @YouN – lovely post – just the right combo of bleeding-heart and smug, politically correct, superiority. One couldn’t help but be taken by this part –

“Doesn’t this all have an air of familiarity?”

It sure as hell does – the prudent and responsible picking up the tabs for the self-indulgent cadres of irresponsible who’ve insinuated themselves into our lives; it’s depressingly familiar. I know – the poor and the immigrant are inherently more virtuous than the WASPy White Boys (particularly the self-supporting ones of modest means – what self-satisfied pricks they are) – it’s just that the “flippant/arrogant” side of me demands to be heard sometimes. My apologies.

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By: youniquelikeme http://blogs.reuters.com/felix-salmon/2012/06/14/counterparties-americas-worst-long-term-trends/comment-page-1/#comment-40202 Fri, 15 Jun 2012 17:13:41 +0000 http://blogs.reuters.com/felix-salmon/?p=15058#comment-40202 MrRFox, while a good number of students work their way through college or have daddy pay, many require loans, and what this story does is add another facet to the ever growing bubble that is student debt.

Why was such a large loan given to someone who likely cannot repay, given the field of studies? How could a co-signer sign with that low an income, if the student was already considered a risk.

A Federal one was waived, one was for 7k and yet another with a shady financial service was $160k. How wasthe student given 3loans, given the risk?

Why does noone know who owns the loan? Doesn’t this all have an air of familiarity?

Also the grieving family should be given some respect for having lost their son, not flippant/arrogant remarks about their ethnicity, first language or their own low income status.

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By: MrRFox http://blogs.reuters.com/felix-salmon/2012/06/14/counterparties-americas-worst-long-term-trends/comment-page-1/#comment-40189 Fri, 15 Jun 2012 14:17:25 +0000 http://blogs.reuters.com/felix-salmon/?p=15058#comment-40189 About this –

“Heartbreaking
Grieving father struggles to pay his dead son’s student loans – ProPublica”

Well, the kid is dead, but padre did sign on the loans, so …. But why be hard-hearted?

Took me longer to work my way through through u/g & law/s, and I didn’t get to enjoy the kind of college life that kids like his did when he burned through damn near $200k for a music degree, so me and others who graduated debt-free – we’ll pick up the tab for your departed nino, amigo.

OBTW: learning English might improve your earning power, pops. Just sayin’ ….

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By: mfw13 http://blogs.reuters.com/felix-salmon/2012/06/14/counterparties-americas-worst-long-term-trends/comment-page-1/#comment-40163 Thu, 14 Jun 2012 23:44:28 +0000 http://blogs.reuters.com/felix-salmon/?p=15058#comment-40163 I wonder how many people who are long-term unemployed have considered starting their own businesses?

Now not everyone has the skills or drive to do so, but it’s often a much better option than sending out endless resumes…

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